EMV Capital grows assets under management to £112.5m as venture platform scales
Published: 02:15 19 May 2026 EDT
EMV Capital (AIM:EMVC, FRA:NTK1), the deep tech and life sciences venture capital group, grew assets under management 14% to £112.5 million in the year to 31 December 2025, up from £98.5 million, as it continued to scale its core investment platform.
The group supported portfolio companies through syndicated fundraisings totalling £12 million across fourteen businesses during the year, up from £10.6 million across twelve companies in 2024.
Its Venture Build programme, which backs early-stage companies rich in intellectual property with fundraising and management support, saw the value of direct stakes in its most recent cohort rise to £10.8 million, representing £10 million of fair value creation from just £0.9 million invested, a 12.4x multiple.
A notable addition to the programme was AMR Bio, formed to acquire key clinical assets relating to the XF-73 drug platform from Destiny Pharma, a phase III-ready topical antimicrobial designed to prevent post-surgical infections and tackle antimicrobial resistance.
The group also completed the integration of Cambridge-based Martlet Capital, launched a co-investment programme targeting companies in the Cambridge high-tech cluster, and saw an initial secondary exit from the Martlet portfolio delivering a 2.5x return.
Revenue rose 17% to £2.9 million, driven by higher corporate finance fees, increased fundraising activity and recurring fund management fees following the Martlet integration.
On a core basis, stripping out subsidiary portfolio company losses, revenue grew 31% to £3.2 million, covering a significant proportion of operating costs as the platform moves toward financial self-sufficiency.
Group losses narrowed sharply, falling 83% to £0.6 million from £3.7 million, supported by revenue growth, cost discipline and £1.4 million of non-cash fair value gains.
The fair value of equity investments on the balance sheet rose 9% to £14.6 million.
Cash stood at £0.5 million at year-end, down from £1 million, with a further £0.3 million in quoted securities.
Among portfolio highlights, satellite technology company Sofant Technologies demonstrated the world's first fully functioning Ka-band transmit array using proprietary beamforming technology and raised £6.25 million, while US remote patient monitoring business Wanda Health secured multi-million-dollar contracts.
Chief executive Dr Ilian Iliev said the group was "increasingly optimistic about the medium-term opportunity set" as several portfolio companies approach commercial, technical and regulatory milestones.
