New fundraise of £20m for Puma Alpha VCT to continue backing ambitious UK scale-ups
Puma Investments is pleased to announce the launch of a new £20 million fundraise for Puma Alpha VCT, offering new and existing investors the opportunity to access a carefully curated portfolio of ambitious UK scale-ups. The VCT is designed to deliver attractive returns by investing in established businesses that have moved beyond the start-up phase and are demonstrating strong commercial growth.
Since its inception in 2019, Puma Alpha VCT has invested in 25 UK VCT qualifying businesses, supporting brands, software, and business services with clear paths to profitability, strong management teams and supportive sector dynamics. This year alone, Puma Alpha VCT has invested into six innovative companies including LOVE CORN, NRG Gyms, Semeris, Runa, YASO and HubBox, reflecting the VCT’s commitment to backing businesses with significant growth potential.
The November 2025 Budget introduced significant changes to VCT rules, effective from 6 April 2026. These changes broaden the scope for investing in more mature, later-stage companies and increase the amount that can be invested in them.
Puma’s focus is backing ambitious UK scale-ups with proven market traction, not start-ups. This means its investment approach is fully aligned with the new rules, enabling it to back even more established businesses without changing strategy.
Until 6 April, investors can invest in Puma’s longstanding scale-up strategy, benefit from the enhanced ability to support mature companies, while still securing the full 30% income tax relief. For subscriptions made on or after 6 April 2026, investors will be able to claim up to 20% income tax relief on VCT investments up to £200,000 each tax year.
Jeremy Roberts, Managing Director, Puma Investments, commented:
“We are delighted to be launching the latest fundraise of £20 million for Puma Alpha VCT. The VCT is well placed to source the best of the UK’s SMEs, investing across sectors and business models to deliver meaningful returns for our investors.
In the last 12 months, Puma VCT 13, Puma Alpha VCT and Puma Alpha EIS have invested £38 million into new portfolio companies. We believe the coming months present a real opportunity for growth, and we remain committed to supporting the UK economy by helping SMEs thrive.”
Rupert West, Managing Director, Puma Growth Partners, added:
“We work with more established companies that are still small enough to create very meaningful gains, but are large enough to have data and scale for us to apply our expertise to.
By partnering closely with our portfolio companies and leveraging our rigorous scale-up framework, we aim to accelerate growth and unlock transformational potential.”
Key features of Puma Alpha VCT
• Backing ambitious UK scale-ups: Focused on businesses with established market traction, mitigating the risks associated with early-stage start-ups.
• Established VCT Manager track record: 15 Puma VCTs launched since 2005, over £475 million raised, more than 60 qualifying companies invested in, and over 40 full exits achieved.
• Enhancing shareholder experience: Dedicated support for investors and advisers, including 24/7 online access, a simple share buyback facility, and regular communications.
There is a limited-time discount for early investment into Puma Alpha VCT. Until the end of January 2026, the initial fee on all applications received will be discounted from 3% to 1%. In addition, all clients who have previously invested in a Puma VCT will receive an additional loyalty discount, bringing the initial fee to 0%.