Unicorn Ascension Fund (‘UAF’) is a partnership between Unicorn India Ventures (‘UIV’) and Ascension Ventures (‘AV’). Both UIV and AV have a track record of supporting and scaling-up early stage technology businesses in India and the UK. UAF is a cross border EIS Fund that exclusively aims to help scale early stage UK based technology businesses into India. This will enable these businesses to leverage the transformational digital revolution taking place in India.
Unicorn India Ventures (www.unicornivc.com) is a VC company with multiple funds within the Indian start-up ecosystem. Its first fund is a £15m Securities and Exchange Board of India (SEBI) registered fund investing seed/early capital in technology businesses. UIV is currently setting up a £75m venture debt fund (that will back early and growth stage India-based technology businesses) and a £10m top-up fund (that will back best performing portfolio companies from UIV’s 1st fund).
Ascension Ventures (www.ascensionventures.com) launched the UK’s first SEIS Fund in 2012. AV has since invested, across 10 distinct funds (£22m+ AUM), in 70+ UK based early stage technology and digital media businesses. Ascension has participated in the Seed & Seed+ rounds of some of the UK’s most recognised tech companies, alongside some of the country’s best-known angels and VCs. Its portfolio includes Vidsy, Hazy AI, Moteefe, Blokur, Mutt, A Million Ads, and GiveVision, amongst others.
Both UIV and AV have complementary offerings. AV provides more than 6 years’ experience in the SEIS/EIS ecosystem in the UK and its network of co-investment partners includes the UK’s leading VCs. UIV will provide UAF portfolio companies a strong network of successful entrepreneurs, senior corporate professionals, senior government representatives, domain experts, VCs/investors, which they can leverage to launch products and services in India. Additionally, UAF’s investee companies will also benefit from UIV’s strong ties with corporates, SMEs, government departments and public-sector organizations in India.
EIS comprises a variety of tax benefits available to UK tax paying individuals, subject to their investments complying with the relevant conditions and requirements. Tax reliefs include:
Sample of recent Ascension co-investors