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Angel Academe EIS Fund Supports Portfolio Diversification
- Daisy Moll
- Jul 23
- 3 min read
Despite overwhelming evidence that female-led businesses deliver stronger financial returns, the UK’s venture capital (VC) landscape continues to underfund them. In 2023, just 2.1% of UK VC allocations went to all-female teams. By mid-2024, that figure had fallen to 1.8%.
In response, Angel Academe, a pioneering angel network that has championed women entrepreneurs for over a decade, has partnered with fund manager SyndicateRoom to launch the UK’s first Enterprise Investment Scheme (EIS) fund dedicated to female founders. This marks a powerful intervention in a system that has long failed to back women at scale despite the evidenced commercial opportunity.
“This fund aims to put capital directly into the hands of female founders building innovative businesses,” says Sarah Turner, Co-founder and CEO of Angel Academe. “Too often, efforts to address the funding gap focus on words, not action. It’s not about pledges, it’s about action.”
Listen to the full podcast episode here.
EIS meets impact
The Angel Academe EIS fund is mission-aligned, but make no mistake: it is not charity. The strategy is based on the recognition that female-led startups represent an evidence-backed financial opportunity. According to studies from the Boston Consulting Group and Kauffman Foundation, startups with at least one female founder generate 63% higher returns than all-male teams and deliver double the revenue per dollar invested. The UK economy could grow by £250 billion if women scaled businesses at the same rate as men.
The fund is built around the EIS, which provides generous tax benefits for investors, including 30% income tax relief, loss relief on failed investments, and capital gains deferral. These incentives make early-stage investing more accessible by reducing the level of loss risk, especially for first-time or risk-averse investors.
“Funds offer diversification,” explains Tom Britton, Co-founder of SyndicateRoom. “Rather than betting on a single company, investors are exposed to a portfolio of startups. Statistically, you’re more likely to back a winner and you’re spreading your downside.”
Typically, each investor gains exposure to six to ten early-stage startups, reducing individual risk while still participating in the potential upside.
Making investing more inclusive
Angel investing has traditionally required time, access, and confidence, barriers that disproportionately affect female founders and investors. The evidence shows that only 15% of those accessing EIS tax reliefs are women.
Further, a 2024 survey by Code First Girls found 40% of female entrepreneurs had experienced gender-based discrimination. Sixty-one per cent said stereotypes were a major barrier to reaching senior roles.
Representation remains woefully lacking and just 10% of Fortune 500 CEOs are women, and only three are Black women. Without visible role models, mentorship and access to decision-making circles are harder to come by.
The Angel Academe EIS fund seeks to address this gap by not only increasing access to capital for female founders but also creating a community where investors can learn from and support one another. Investors can contribute from as little as £10,000, and choose how involved they want to be. Some may prefer a passive, professionally managed approach through the fund whilst others may want to engage more directly through Angel Academe’s investor community.
T
he organisation has already trained over 1,000 women in angel investing and backed several notable startups, including Béa fertility, which develops fertility treatments, and Good Loop, an ethical advertising platform.
“For those who want to get involved, we provide learning opportunities, pitch exposure, and insight into how deals are sourced,” says Turner. “But for those who want a hands-off option, this fund provides the structure, vetting, and oversight they need.”
While management fees apply, as with any fund, investors receive regular updates, valuation reports, and loss notifications. “It’s a near-direct experience, with added convenience,” Britton adds.
A model for what comes next
Early responses have been enthusiastic.
“People have said, ‘I’ve been waiting for a fund like this,’” says Britton. “It gives them the structure and diversification they want, and the impact they care about.”
The fund aims to co-invest in female-led startups beginning Q4 2025, with a first-year target raise of £1.2 million and plans to grow annually.
Listen to the full podcast episode here.
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