The ProVen VCTs hosted their annual shareholder event on the morning of Wednesday 17 July 2024. The session featured a series of presentations from Beringea, the investment manager, alongside an interactive discussion with the boards of the ProVen VCTs and interviews with several of our current portfolio companies.

For those who missed the live event, recordings of key presentations and discussions are now available under the ‘Replay’ tab on the platform online here.

The event opened with insights from Malcolm Moss, Founding Partner at Beringea, who provided a brief overview of the current economic environment.

Stuart Veale, Managing Partner at Beringea, then shared an update on the most recent developments in the Venture Capital Trust (VCT) market, with a particular focus on the performance of the ProVen VCTs.

Stuart highlighted the substantial growth of the VCT industry since its inception in 1995 and emphasised the Labour government’s public support for the VCT scheme and its extension beyond the current sunset clause.

Stuart also provided an overview of the recent performance of ProVen VCTs. He noted that the last year marked a return to growth for the ProVen VCTs' Net Asset Value (NAV) total return, with an increase of just under 5% for ProVen VCT and 6.5% for ProVen Growth and Income VCT. The ProVen VCTs have also continued to meet their target dividend yields.

Karen McCormick, Chief Investment Officer at Beringea, then provided an update on the investment activity of the two funds, followed by a discussion on investment strategy featuring Karen, along with two of our Investment Directors – Emma Biasiolo and Luke Edis.

While investment activity throughout the venture capital industry declined in 2023, the ProVen VCTs had an active first quarter of 2024 in terms of deployment. This was reflected in new additions to the portfolio this year, including Farmer J, Mojo, Andersen EV, and Iceberg Data Lab. The ProVen VCTs also provided follow-on funding to several portfolio companies that have grown well in recent years – this included participating in Gorilla’s recent £20m Series B.

Looking ahead, Karen shared insights into the improving deal flow being generated by Beringea as the market continues to rebound. Karen also noted that some of the ProVen VCTs best returns have been made during challenging economic periods. For example, the ProVen VCTs first backed Monica Vinader, the jewellery brand, in 2010, and successfully scaled the business through to a full exit in 2023 that delivered a blended return of 7.7x.

The event also featured insights from members of the ProVen VCTs’ current portfolio, showcasing the innovative entrepreneurs driving value for our shareholders:

• David Martell, a seasoned entrepreneur and founder of Chargemaster – a former ProVen VCTs’ investment successfully sold to BP in 2018 – provided an update on his new venture, Andersen EV, a leading provider of home charging points for electric vehicles.

• Vidhya Ramalingam shared insights into the innovative work of her company Moonshot, which is delivering groundbreaking work in tackling online harms and the growing threats of artificial intelligence (AI).

• Finally, Jonathan Recanati shared his journey of founding Farmer J – a business that offers a delicious way to enjoy nutritious meals with their build-your-own Fieldtrays, featuring high-quality ingredients sourced from high-welfare farms.

The event closed with questions from shareholders answered by a panel of Directors of the ProVen VCTs and members of the Beringea leadership team. This panel discussion is also available to re-watch on the event platform.

Please note that if you have not previously registered for the platform, you will have to register to watch the recordings.

If you have any questions, get in touch with Beringea on 0207 845 7820 or at info@beringea.co.uk.

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Important notice: issued by Beringea LLP of Charter House, 55 Drury Lane, London, England WC2B 5SQ, registered in England & Wales number OC342919 and authorised and regulated by the Financial Conduct Authority, number 496358. This material is for information only and does not constitute an offer to buy or sell an investment nor does it solicit any such invitation. The information presented is believed to be accurate at the date of publication but no representation or warranty stated or implied is made or given by any person as to its accuracy or completeness and no responsibility or liability is accepted for any such information or opinion.