Highgate Associates and Enterprise Corporate Finance’s EIS Fund, the HG Tech Fund, has reached the initial minimum funding target.
Further investment is anticipated during the final weeks of the tax year by investors looking to maximise their tax benefits.
The fund has made its first high tech company investment in iVoucher, an early stage business that is developing a Software as a Service delivered SMS technology for the food and beverage industry.
iVoucher has a technology and service proposition that is planned to launch later in Q2 2010 that will enable all bars and restaurants to communicate with their customers and build one to one relationships.
The HG Tech Fund will invest 100 per cent of the funds raised into a portfolio of companies ensuring that investors receive the full benefit of their initial EIS relief. All money raised in the fund will be transferred into shares across the portfolio of companies selected for investment by the fund managers.
Andrew Muir, HG Tech Fund manager, says: “We are delighted to have hit this first target in record time, only one week after the initial launch. The tax benefits of investing in an EIS Fund before the first close date of 4 April are excellent for investors who still want to be involved. The fund memorandum explains the dund and benefits in detail for those who are interested.“
The fund is open to sophisticated investors with GBP10,000 or more to invest in a portfolio of early stage high technology companies and has a first close date of 4 April 2010 and final close of 31 July 2010. It is a medium to long term investment opportunity with a three to seven year exit strategy.