Fuel Ventures

Fuel Ventures Research

Investment Thesis

Fuel Ventures is a leading UK-based early-stage venture capital firm founded in 2013 by entrepreneur Mark Pearson, who built MyVoucherCodes from an initial £300 investment into the second largest voucher code brand in Europe (by revenue and audience), scaled it to over 2 million users across eight territories, and achieved a £55M exit. Created by entrepreneurs for entrepreneurs, Fuel Ventures backs ambitious tech founders from pre-seed through Series A, leveraging a network of 1,850+ investors and deep operational expertise.

The firm positions itself as a unique player in the UK VC ecosystem, filling the critical gap between pre-seed and Series A with meaningful multi-million pound tickets and a hands-on, active partnership model. With over £280 million deployed across 230+ portfolio companies and a proven track record of significant exits, Fuel Ventures is one of the UK's most prolific early-stage tech investors.

Sector Focus

Fuel Ventures focuses on the following primary sectors:

• Vertical AI and AI-enabled Software: Strong conviction in AI applications across enterprise verticals including autonomous compliance agents, AI-powered NHS workforce management, and real-time industrial AI
• FinTech 2.0: Next-generation open banking, payments infrastructure, FX platforms, and financial data tools
• Enterprise SaaS: B2B software across HR tech, marketing automation, regulatory compliance, receivables, and supply chain
• Consumer Applications: Consumer-facing tech including sustainable marketplaces, wellness platforms, and social tools
• Healthcare Digital: AI-driven NHS cost-saving platforms and digital health infrastructure
• Climate and Sustainability: Climate tech and sustainable commerce solutions
• E-commerce and Marketplaces: Aggregation businesses, DTC and B2B marketplace platforms
• Marketing and Ad Tech: Community management, brand insights platforms, and social media publishing tools

The fund explicitly focuses on scalable UK technology businesses and avoids non-tech sectors.

Stage Focus

Fuel Ventures operates across multiple fund vehicles targeting different stages:

• Pre-Seed SEIS Fund: Up to £250,000 per company; post-MVP preferred but pre-product also considered; 30-45 deals per year across 10-20 companies per tranche
• Seed EIS Fund (Scale-Up): £1-3M per company; targeting revenue-generating businesses; 10-15 deals per year; typically leads or co-leads rounds
• Follow-On EIS Fund: £500K-£2M per company; backing the strongest performers from the seed portfolio into Series A; 5-8 companies per tranche
• Fuel Ventures VCT (listed on London Stock Exchange in 2023): £250K-£1M per company; 20% income tax relief; highly diversified portfolio

The firm processes over 5,000 inbound deal pitches per year and invests in approximately 30-45 companies annually across all fund vehicles.

Check Size

• Pre-Seed (SEIS): Up to £250,000
• Seed (EIS Scale-Up): £1M-£3M (leads or co-leads)
• Follow-On EIS: £500K-£2M
• VCT: £250K-£1M
• Overall portfolio range: £150K-£3M

Lead Tendency

Fuel Ventures both leads and follows rounds depending on stage and fund vehicle. The Seed EIS Fund typically leads or co-leads rounds. The Pre-Seed SEIS Fund can lead or follow. The Follow-On Fund backs the strongest performers from the existing portfolio. Investment announcements frequently use "led by Fuel Ventures" language, indicating strong lead investor orientation at the seed stage.

Recent Activity

Fuel Ventures is actively deploying from its VCT (listed 2023) and the £100M fund announced in June 2023. Recent deals include:

• Levellr ($2.5M Seed): AI Discord insights platform used by Epic Games, Krafton, Scopely, YouTube and Google; co-invested alongside gaming legends including Zynga founder Mark Pincus (Workplay Ventures) and Bing Gordon
• Deaku (£480K Pre-Seed): AI-powered creator economy workspace for production teams and influencers
• Healsgood AI / Flexzo AI (£1.5M Seed, with follow-on from Octopus Ventures bringing total to £5M): AI-driven NHS workforce management platform
• Intelligent Core (£2M Seed): Real-time autonomous AI for critical industries including Oil and Gas
• Karavel (£1.25M): AI RegTech compliance automation platform
• Allasso ($3M): AI-ready options analytics and asset allocation technology
• Velocity ($10M): Open banking and payments infrastructure (emerged from stealth)
• Allocation Strategy (£1.6M): Institutional asset allocation technology platform
• Enginuity (£500K): Innovation and knowledge commercialisation platform
• Community Wolf (£340K): WhatsApp-based public safety community management platform
• Eventwise (£525K): Event budgeting and financial management software

Portfolio Highlights

Fuel Ventures has built a diversified portfolio of 230+ companies across the UK tech ecosystem.

Major Exits:

• ContentCal (acquired by Adobe for $110M, 2021): Social media planning and publishing tool; Fuel Ventures saw 7.9x return on initial investment, 6.1x on follow-on
• Capdesk (acquired by Carta for approximately $88M, 2022): Equity cap table management platform; 8.8x return on initial investment, 3.8x on follow-on rounds
• Patchs Health (acquired December 2025): Digital primary care triage platform

Active Portfolio Companies:

• Volt: Open banking payments infrastructure platform valued at £256M
• Paddle: UK unicorn ($1B+ valuation); subscription billing and payments infrastructure for software companies — early Fuel Ventures investment
• Levellr: Enterprise AI community insights for Discord; clients include Epic Games, YouTube, Google, Krafton
• Geomiq: End-to-end manufacturing platform with instant quoting from CAD files
• Chaser: Receivables automation software — businesses using Chaser get paid 16 days earlier
• Arbolus: Expert network marketplace; blue-chip clients include PwC, EY, KPMG, Deloitte and Accenture
• HowNow: Workplace learning platform combining internal training with external content
• Cult Mia: Online luxury sustainable fashion marketplace with 1,400+ brands from 45 countries
• iCustoms: AI-powered customs clearance, reducing declaration time from 30+ minutes to 3 minutes

Team

Fuel Ventures operates a large team composed of entrepreneurs and operators with firsthand startup experience:

• Mark Pearson — Founder and Managing Partner; built MyVoucherCodes from £300 to a £55M exit; award-winning digital entrepreneur
• Oliver Hammond — Partner; startup operator background and early-stage VC analyst experience; leads deal sourcing
• Shiv Patel — Partner; leads Scale Up and Follow-On Funds; sits on portfolio boards; previously in recruitment tech and wealth management
• Michael Burnett — Head of Business Development; 8+ years at a leading EIS Investment Manager; FCA compliance expert; investment committee member
• Johnathan Graham — Investment Professional; experienced in EIS compliance and investment structuring
• Jing Jing Xu — International Investor Relations; manages Chinese investor relationships and Tier 1 Entrepreneur visa clients
• James D'Mello — Head of IFA and Strategic Partners; 15 years in financial services including banking, pensions and VC
• Christina Levada — COO and Head of Operations; 15+ years C-level support across Australia and Europe; leads marketing, talent and operations
• Katie Hopkin — IFA Distribution; EIS Diploma holder; manages relationships with IFAs and wealth managers
• Kit Blakiston-Houston — Capital Raising; MSc Finance from Bayes Business School (graduated top 10%)
• Will Welton — Capital Raising; founder and exited health-tech company over 6 years
• James Steel — Fundraising and Investor Relations; supports portfolio with growth capital from VCs and Family Offices
• Katie Mathias — Investment; sourcing and deal execution; Georgetown University; previously venture debt
• Piers Lawford — Pre-Seed Investment Lead; 11 years working with founders; previously led NatWest Accelerator across London and South East
• Camilla Johnson — Capital Raising; legal and wealth management background
• Pierce Polak — Investment; VC, angel and legal background; pre-seed to Series A deal execution
• Alice O'Connor — Pre-Seed Portfolio Manager; hands-on governance and strategic support for early-stage companies
• Lena-Lou Simon-Virolle — Portfolio Support; fintech sector operator and e-commerce founder
• Brad Marshall — Capital Raising; BSc Business Management
• Sami Merali — Investment Analyst; capital introductions and co-investor relationships across the US

Geographic Focus

Primarily UK-focused. Fuel Ventures invests through tax-efficient EIS/SEIS structures designed specifically for UK-based businesses. The VCT is listed on the London Stock Exchange. The firm has connections to Asian markets through international investor relations. Some rounds include US-based co-investors (e.g., Workplay Ventures in Levellr), but portfolio companies are predominantly UK-based. Headquarters: London, UK.

Decision Process and Founder Access

Fuel Ventures operates an investment committee model with Mark Pearson, Michael Burnett, and senior partners. The Pre-Seed and Seed teams operate semi-independently — Piers Lawford leads pre-seed deal sourcing, while Shiv Patel leads the scale-up and follow-on funds. Founders can submit pitches directly via the website with no warm intro required. The firm maintains a portfolio community of 350+ members with support on follow-on rounds, fundraising, hiring, PR, and cloud credits.

Fund Structure and Awards

Fuel Ventures won multiple Growth Investor Awards: Best New Product and Best Investor Return (2024), Best SEIS Manager (2023), Best EIS Manager (2022). The VCT was listed on the London Stock Exchange in 2023. The firm is an appointed representative of Palace Ventures Limited (FCA firm reference 433291). With a remaining portfolio value of £305.9 million as of February 2026, Fuel Ventures has built one of the UK's most active early-stage VC portfolios since its founding in 2013.