TLDR:
- NetScientific appointed as investment manager to Martlet Capital, covering a portfolio of c.£23.3 million investments
- Acquisition signals NetScientific’s aim to become a leading deep tech and life sciences venture capital investor in the UK and Europe
Article Summary:
NetScientific, a deep tech and life sciences VC specialist, has taken on the role of investment manager to Martlet Capital, acquiring the operational venture capital business of Martlet Capital, excluding the Martlet Portfolio. This move, led by NetScientific’s EMV Capital, brings in a portfolio of 53 investments valued at around £23.3 million as of March 31, 2024. Dr. Ilian Iliev, CEO of NetScientific, highlights that this transaction aligns with the group’s goal of becoming a prominent venture capital investor in the deep tech and life sciences space in the UK and Europe.
Martlet Capital, a seed stage investor based in Cambridge, has had significant exits in the past, including the IPO of Unicorn Abcam and the acquisition of companies like Audio Analytic and Cambridge CMOS Sensors. NetScientific’s acquisition of Martlet Capital’s business is a strategic move to increase fee income and fund mass for the company’s funds practice. It also sets the stage for potential future funds under the Martlet brand and engages a supportive investor base from Martlet.
This transaction significantly boosts NetScientific’s funds under management by approximately 89%, adding c.£23.3 million from the Martlet Portfolio. The deal also secures recurring investment management fees for a minimum of four years and carried interest over the Martlet Portfolio. Going forward, NetScientific aims to leverage the Martlet brand to explore investor appetite for the launch of two new funds managed by EMV Capital and establish preferential investment terms for Martlet Capital shareholders in future funds.
