Venture fund announces inaugural dividend payment
Venture capital Blackfinch Ventures is declare its first dividend payment.
The announcement comes as the Gloucestershire firm complete its most recent £1.3m round of investments made in December 2023, continuing the strategy to invest in a diverse range of high potential, early-stage tech companies across the UK.
Chief executive Richard Cook said “I’m incredibly proud of the contribution Blackfinch is making to the UK economy through the investment and support which we provide to our VCT investee companies.
“Over the years, we have established a strong portfolio of high-growth firms which provide an industry-leading exposure to underlying revenue growth. It is fantastic that our VCT is now able to target dividend payments for 2024 and beyond as this now enables a wider range of investors to consider investing with Blackfinch.”
The VCT dividend milestone is underscored by data from the alternative investment platform Wealth Club, which provides evidence of the exceptional performance of Blackfinch Ventures’ portfolio.
The firm stands out for having the most exposure to high-growth companies by annual revenue growth in UK VCTs.
Dr Reuben Wilcock, head of ventures at Blackfinch, said: “Our investment strategy is in step with the UK’s drive to nurture a dynamic early-stage tech ecosystem. We emphasise identifying and supporting early-stage businesses that showcase not only innovative technology but also sustainable and scalable growth, contributing to the UK’s technology sector and economy.”
The most recent round of investments provides follow-on funding to two existing VCT portfolio companies alongside an investment into new portfolio company, Quin.
Quin, founded by two sisters, uses deep-learning of anonymised website traffic in real-time, to ethically predict user behaviours and serve relevant in-the-moment experiences that achieve stronger conversions.
Their artificial intelligence system requires no code so can easily integrated with minimal technical expertise, demonstrating a significant reduction in campaign costs and a 30% increase in revenue.Among the notable startups in the Blackfinch Spring VCT portfolio, and one of the firms to receive follow-on funding in the recent investment round, is Tended. This company’s wearable devices are specifically designed to increase safety in high-risk work environments like the rail industry.
Tended’s commitment to workplace safety was internationally recognised when its product was featured in Time Magazine’s Best Inventions of 2023 list. This recognition illustrates the type of impactful technological solutions Blackfinch aims to support through its investments.
