London-based Fuel Ventures unveils its Follow-On EIS Fund on Republic Europe, targeting high-growth startups in AI, digital platforms, and fintech with a proven track record of successful exits and strong potential for future scale.
Fuel Ventures, a London-based early-stage technology investor, has launched its Follow-On Enterprise Investment Scheme (EIS) Fund on Republic Europe. The fund operates alongside their existing Seed Enterprise Investment Scheme (SEIS) and Venture Capital Trust (VCT) offerings, targeting promising high-growth startups predominantly in scalable software models such as SaaS, marketplaces, and next-generation digital platforms. With a focus on sectors like Finance & Payments Digital, encompassing both B2B and B2C models, Fuel Ventures aims to capitalise on emerging trends, particularly emphasizing AI-native software and modern fintech infrastructure as the foundation for the next generation of transformational businesses.
Since its inception in 2019, the Follow-On EIS Fund has invested £77 million across 57 portfolio companies and reports three significant exits to date, returning £23 million to investors. These exits include notable successes such as ContentCal, acquired by Adobe for $110 million, delivering a sixfold return on investment; Capdesk, a European equity management platform acquired by Silicon Valley-based Carta for $88.4 million; and a partial secondary exit of Arbolus, an expert knowledge platform that has experienced extraordinary revenue growth of over 3,300% since Fuel Ventures’ early investment. The partial sale of Arbolus, managed in collaboration with Kayne Anderson, generated returns of up to 5.8 times the original investment, marking one of the firm’s most lucrative exits. Additionally, OnBuy, an online marketplace, currently holds an unrealised valuation uplift of 8.3 times.
Fuel Ventures’ investment strategy with this fund allows investors to “double down” on high-potential portfolio companies that the firm knows well and has actively supported, reflecting a hands-on and collaborative approach to nurturing startups. The fund’s structure includes a nominee investment model with a minimum direct investment threshold of £2,000 and does not offer a secondary market. Investors can also benefit from the substantial tax reliefs provided by the EIS framework, including up to 30% income tax relief and potential deferral of Capital Gains Tax, which can mitigate risk and enhance overall returns.
The firm has made a strategic decision to concentrate its capital, expertise, and network in businesses that align with future-focused technology trends. This includes doubling down on AI-driven innovations and fintech infrastructure, areas Fuel Ventures believes will shape the next wave of transformative growth in the tech ecosystem. Since its founding, the firm has invested in over 200 startups, many of which have scaled rapidly and attracted further funding from global investors, highlighting Fuel Ventures’ strong track record in identifying and supporting future market leaders.
Fuel Ventures’ growing list of successful exits, including the partial sale of Arbolus that returned €47 million to investors, underscores the fund’s ability to deliver substantial returns while supporting transformative tech companies. These achievements not only showcase the potential financial gains associated with their portfolios but also reflect the practical outcomes of Fuel Ventures’ model of active engagement and follow-on investment.
Overall, the Fuel Ventures Follow-On EIS Fund provides an opportunity for investors to access a curated portfolio of high-growth technology businesses within the UK ecosystem, while benefiting from significant tax advantages inherent to EIS investments. The fund’s emphasis on scalable software models and emerging digital infrastructure positions it at the forefront of innovation, aligning investor interest with the sector’s anticipated growth trajectories.
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Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative was published on 17 October 2025, reporting on the launch of Fuel Ventures’ Follow-On EIS Fund on Republic Europe. This is the earliest known publication date for this specific information. The report includes updated data on the fund’s performance and recent exits, indicating a high level of freshness. However, similar information about Fuel Ventures’ activities has been reported in the past, such as their £50m tech VCT launch in January 2024 ([uktech.news](https://www.uktech.news/news/investment-news/fuel-ventures-50m-tech-vct-20240125?utm_source=openai)) and the Arbolus exit in March 2025 ([wealthclub.co.uk](https://www.wealthclub.co.uk/news-and-insights/arbolus-fuel-eis-exit/?utm_source=openai)). These earlier reports may have been recycled or republished across various platforms, including low-quality sites or clickbait networks. Additionally, the narrative is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were identified. The inclusion of updated data alongside older material suggests that the update may justify a higher freshness score but should still be flagged. Overall, the freshness score is 8.
Quotes check
Score:
9
Notes:
The narrative includes direct quotes attributed to Fuel Ventures, such as statements about their investment focus and portfolio companies. These quotes appear to be original and have not been identified in earlier material, indicating a high level of originality. No variations in wording or discrepancies were found. Therefore, the quotes score is 9.
Source reliability
Score:
7
Notes:
The narrative originates from Crowdfund Insider, a reputable organisation known for covering emerging global finance industries. However, the report is based on a press release from Fuel Ventures, which may introduce potential biases. Additionally, the narrative includes links to Fuel Ventures’ official website and Republic Europe’s platform, providing direct access to primary sources. While the source is generally reliable, the reliance on a press release and the inclusion of promotional links suggest a moderate level of reliability. Therefore, the source reliability score is 7.
Plausability check
Score:
8
Notes:
The narrative presents plausible claims about Fuel Ventures’ Follow-On EIS Fund, including its launch on Republic Europe, investment focus, and recent exits. These claims are consistent with information from Fuel Ventures’ official website ([fuel.ventures](https://www.fuel.ventures/follow-on-eis-fund?utm_source=openai)) and other reputable sources. The language and tone are consistent with typical corporate communications, and the structure is focused on the fund’s offerings without excessive or off-topic detail. No inconsistencies or suspicious elements were identified. Therefore, the plausibility score is 8.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is fresh, original, and plausible, with no significant issues identified in the checks. The reliance on a press release and the inclusion of promotional links are noted but do not significantly impact the overall assessment. Therefore, the overall assessment is a PASS with high confidence.
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