If you’re looking for a way to fund your startup and you’re not sure where to turn, you may want to consider SEIS or EIS funding.
In this article, we're going to take a look at some UK startups that have benefited from SEIS/EIS funding. But before we dive in, let’s quickly unpack the basics. If you’re not familiar with SEIS/EIS, here’s what you need to know...
What is SEIS and EIS funding?
Put simply, the Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS) are government-supported investment initiatives designed to help fledgling startups raise the capital they need to launch and scale.
Both are attractive schemes to investors because they can invest in unique seed and early-stage companies and benefit from tax reliefs in return.
One thing that's worth keeping in mind is SEIS/EIS advance assurance. It's not essential but it will save you time and hassle, and in most cases, investors will ask for proof of it anyway.
Now, let's take a look at a few SEIS/EIS-funded startup success stories!
UK startups that benefited from SEIS/EIS investment
1. Jack & Bry
Jackfruit is a popular meat-free alternative that’s common on menus (almost) everywhere. But it’s so popular that founder Bryony Tinn-Disbury began to wonder if popular jackfruit manufacturers were prioritising quantity over quality.
Bryony decided to tackle this problem by launching her own startup which would specialise in high-quality jackfruit with a specific focus on vegan pizza toppings.
Bryony pitched her idea to investment firm SFC Capital and was awarded SEIS funding which empowered her to create the very successful startup Jack & Bry!
The cost of textbooks and learning materials is a concern for university students everywhere. These costs are rarely covered by the university, which leaves students on the hook for costs they can’t always afford.
EIS-funded startup Bibliu seeks to bridge the gap between finances and education by working with colleges and universities to provide free eTextbooks and other course materials for students.
3. Sweet Joe’s
Who hasn’t wanted to just sit down with a scrumptious bowl of cookie dough?
Most people have enjoyed licking the batter at one time or another but the US appears to have the monopoly on cookie dough treats, with multiple companies existing just to send you themed subscription boxes of cookie dough flavours you can’t get in the UK.
Enter Sweet Joe’s. This SEIS-funded cookie dough startup is here to change the game by manufacturing 12 unique flavours of cookie dough (along with new seasonal flavours!) for you to enjoy. Customers and investors alike think this startup is pretty sweet!
You’ve heard of FinTech, EdTech, and FemTech, but what about FashionTech? SEIS-funded startup Becoco blends AI technology with fashion to offer simple yet creative solutions for fashion retailers.
With an algorithm that learns as it works, Becoco’s tech helps customers find their perfect outfits and recommends a variety of fashion tips like what goes well together, what doesn’t, and what’s the best look for your body type.
And when customers like what they see, Becoco offers a one-click way to purchase your ideal outfit combination online.
SEIS/EIS investment has given many unique businesses like the examples we've shared the boost they need to launch incredible ideas and make the world a better, more interesting (and tastier) place.
So, if you’re launching a startup and you’re researching funding opportunities, don’t forget about SEIS and EIS!