In general, 2023 was a challenging year for venture capital, with continuing macro-economic uncertainties and a volatile geopolitical backdrop, as well as the interest rate cycle adversely impacting the sector. There were, however, some positives for the UK-specific sector last year, with the EIS and VCT Sunset clause being extended to 2035, which is good news for investors and spin-outs alike, and the Mansion House Compact seeking to attract pension fund investment to fuel growth companies.
We have looked back over 2023, and we are proud of our achievements shown above in our annual ‘Parkwalk in Numbers’ infographic. We have had another busy year, and we were able to:
- Deploy £45m capital into 28 funding rounds
- Complete 6 exits, bringing the total cash returned to investors at £150m
- Launch our Third Knowledge Intensive EIS Fund, which can help with income tax relief for 2023/24 or 2022/23
- Fully deploy our Knowledge Intensive EIS Fund II, with the EIS5 certificate due shortly
- Successfully close our 6th University of Oxford Innovation Fund at £3m
- Close our 9th University of Cambridge Enterprise Fund at £4.3m
- Launch the Founders at the University of Cambridge, a pre-seed accelerator in conjunction with Cambridge Enterprise
As well as our recognition at the 2023 Growth Investor Awards as ‘Best EIS Investment Manager’ for the second year running.
From everyone at Parkwalk, we wish you a prosperous 2024.