Active Partners Research
Investment Thesis
Active Partners is a London-based investment firm that has invested exclusively in the consumer sector since 2004. Its stated aim is to back founders building the iconic consumer brands of tomorrow: mission-driven brands that redefine categories and build communities that inspire and delight consumers. The firm looks for six qualities: an edge (a distinct point of view and differentiated product), strong customer engagement, visionary founders, growth potential, values-driven teams that care about people and the planet, and global ambition.
Stage Focus
Active runs two tracks. The Growth track targets consumer businesses poised for rapid growth, which may not yet break even but show strong product-market fit and high engagement. The Early-Stage track backs mission-driven brands, consumer technologies and the platforms that power them. The portfolio page lists growth, early-stage and exited companies, with early-stage names added as recently as September 2026.
Check Size
- Early-stage: £200k to £1m
- Growth: average cheque of £5m to £15m
Both figures come from the firm's Approach page and are stated in GBP.
Lead Tendency
The firm both leads and participates. It led Classified Cycling's €22M round (Dec 2022), led Code First Girls' £4.5M raise (Sep 2022), led Subdial's £4M round (Dec 2021), led Vinterior's Series A (Sep 2021) and co-led TALA's £4.2M round with Venrex (Feb 2022). It participated in MyEdSpace's £11.5M Series A led by White Star Capital (Sep 2025).
Recent Activity
The news page shows regular investment announcements across 2023 to 2025, including Limitless Travel (£6.5M), Unravel (£5.4M), Coopah (£1.5M), Artah (£2.85M), Heidi (£5.6M), Freja (£2M), KatKin, Sticks'n'Sushi, All Things Butter and Materials Market. The early-stage page lists additions in 2026 such as Fussy, All The Aunties, Pore Favor, Sprive, Magic and Valla. Fund size and fund status are not disclosed on the site; the firm is FCA-authorised and a BVCA member, with an AUM figure unpublished.
Portfolio Highlights
Notable names include Rapha (Active has backed it since the early years; Nick Evans has been Chairman since 2006), Finisterre, Cubitts, Honest Burgers, Classified Cycling, TravelLocal, Vinterior and The Fold. Exits include Soho House, LEON, Secret Cinema (acquired by TodayTix Group in 2022), WhoCanFixMyCar (acquired by Niterra EMEA in 2023), Evans Cycles and Caravan (exited March 2025).
Team
- Nick Evans, Managing Partner: joined 2007, member of the founding team; previously CEO of MW Group, Net Fund Europe, Mitiska and Bain; chairs Rapha, Finisterre and Context Travel.
- Tom Curling, Operating Partner: joined 2021; former CFO and MD of a PE-backed bakery group; sits on several portfolio boards.
- Clare Gilmartin, Advisor: former Trainline CEO who led its 2019 IPO; board member at Wise and GetYourGuide; works with the early-stage team.
- Chloe Grounds, Investment Associate: joined June 2026; ex-Bain and Farfetch.
- Belal Ibrahim, Analyst: joined June 2026; ex-Accenture Ventures; builds AI tooling for the fund.
Further team profile pages exist (Billy Fox, Helena Dye, Jasper Smith, James Gregory, Claire McMonigle, Courtney Sawatzke and others) but returned no readable content, so their titles are not captured.
Decision Process
The firm describes itself as a partnership. Nick Evans is responsible for overseeing investment decisions. Partners usually take board roles in portfolio companies and engage on strategy, operational infrastructure and talent, while staying out of day-to-day management.
Founder Preferences
Active backs passionate, purpose-led founders with a clear vision and the drive to build something defining. It highlights founder-led businesses, community-first brands, and actively seeks female founders as a signatory of the Investing in Women Code. Founder testimonials stress that the team challenges but respects management, and helps with senior hiring and international expansion.
Geographic Focus
Primarily the UK, with portfolio companies selling internationally and European expansion support (Sticks'n'Sushi, Freja, Artah, Rapha). Warm introductions are not stated as required; the site invites inbound contact.
Caveats
Portfolio company domains were left null because the portfolio page does not link to company sites. Stage at investment is omitted per company because the page gives no round-level evidence for most names. The firm's cornerstone investors are described as consumer entrepreneurs, with flexible capital and no strict investment horizon.