EIS Success Stories: The Complete Collection

EIS and SEIS have funded some of the UK's most successful companies. They have also funded many companies that failed. An honest assessment of the scheme's track record requires looking at both — because it is the portfolio-level return, not any individual story, that matters for investors.

This page collects detailed case studies of notable EIS and SEIS-backed companies, including an honest account of what early investors experienced at each stage.

Notable EIS-backed companies

Revolut — fintech, est. 2015

The UK's most valuable private company. Early EIS investors who participated in seed and Series A rounds have seen extraordinary paper returns. Liquidity has been limited but secondary sales have provided partial exits at large multiples for some early investors. The full investment story — including the income tax relief on entry and the CGT-free gain on disposal — illustrates the best case for EIS investing.

Zoopla — property technology, est. 2007

An EIS-backed property portal that grew to become a FTSE-listed business and was ultimately acquired for £2.2 billion. Early investors who held through to the IPO received CGT-free gains on their EIS-qualifying shares. A strong example of a market-creating business where EIS backed genuine innovation.

Deliveroo — food delivery, est. 2013

A more complex story. Early EIS investors saw extraordinary paper returns through successive fundraising rounds. The IPO at 390p was followed by a significant share price decline. The outcome for investors depended critically on timing and whether they sold before or after the IPO. An important lesson in the difference between paper returns and realised returns.

Monzo — banking technology, est. 2015

Several Monzo crowd funding rounds on Crowdcube were EIS-qualifying. The company has grown to a valuation of approximately $5 billion and achieved profitability. Early investors hold valuable shares — but liquidity depends on a future IPO or acquisition. The income tax relief received at entry continues to reduce the effective entry price for investors still holding.

Gousto — food technology, est. 2012

UK recipe box market leader. Grew to unicorn status in 2021 following strong pandemic-period growth. Early EIS investors have seen substantial implied valuation growth. The company is profitable and growing — but a full liquidity event for all shareholders has not yet occurred.

Bloom & Wild — direct-to-consumer, est. 2013

A journey from SEIS seed round to Series D, illustrating the full progression from seed-stage investment to growth-stage venture. Early SEIS and EIS investors participated in different rounds at different risk levels. The company has expanded internationally and become the UK's leading flower delivery brand.

The honest context

These success stories are not representative of typical EIS outcomes. The majority of SEIS and early EIS investments do not result in the kind of outcomes described above. Most companies fail to return capital. A smaller number return modest multiples. A very small number — the companies on this page — generate the large returns that make venture investing as an asset class viable at the portfolio level.

The tax reliefs change the arithmetic. With 50% income tax relief on SEIS and 30% on EIS, the loss relief available on failures, and the CGT exemption on gains, investors need a lower rate of outright success to achieve acceptable portfolio-level returns than they would without the reliefs. But the tax reliefs do not turn a bad investment into a good one — they reduce the downside on failures and amplify the upside on successes.