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Glossary

Curated list of 2025 SEIS & EIS Investment Funds in the United Kingdom who invests in early-stage startups.

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Write-Off/Investor Loss Relief

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Working Time Requirement (EMI)

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Warrant Coverage

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Warrants

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Voting Rights

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Vesting Schedule

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VCT (Venture Capital Trust)

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Valuation Method (FMV for EMI)

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Valuation Cap

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UK Permanent Establishment

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Use of Funds Test (SEIS/EIS)

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Unapproved Options (Non-EMI)

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Time-Based Vesting

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Treasury Shares

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Trading Requirement (SEIS/EIS)

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Term Sheet

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Tag-Along Rights

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Syndicate

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Subscription Agreement

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Strike Price (Exercise Price)

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SPV (Special Purpose Vehicle for Angels)

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Source of Funds/Source of Wealth (SOF/SOW)

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SITR (Social Investment Tax Relief)

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Single vs Double Trigger Acceleration

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SH08 (Change of Share Rights)

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SH02 (Share Split/Consolidation)

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SH01 (Return of Allotment)

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Shareholders’ Agreement

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Share Price

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Share Premium Account

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Share Certificate

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SEIS/EIS Compliance

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SEIS3 Certificate

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SEIS1 Form

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SEIS (Seed Enterprise Investment Scheme)

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Secondary Share Sale

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SAFE (UK Variant)

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Runway (Months of Cash Left)

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Rolling Closures

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Risk-to-Capital Condition

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Reverse Vesting

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Register of Members (ROM)

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Qualifying Funding Round (ASA/CLN)

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Qualifying Investment (SEIS/EIS)

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Qualifying Shares (SEIS/EIS)

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Qualifying Company (SEIS/EIS)

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PSC Register

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Preference Shares

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Preemption Rights

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Pre-Money Valuation

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Post-Money Valuation

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Phantom Options

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Performance Vesting

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Participating Preference Shares

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Over-Subscription (Funding)

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Option Pool Shuffle

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Option Pool

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Option Exercise

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Option Agreement

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Ordinary Shares

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Notional Shares/Phantom Shares

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Non-Voting Shares

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Non-Dilution Rights

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Nominal Value (Par Value)

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Minority Protections

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MRR (Monthly Recurring Revenue)

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Money-At-Risk (Risk-to-Capital Condition)

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MOIC (Multiple on Invested Capital)

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MFN Clause (Most-Favoured Nation)

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Long-Stop Date (ASA/CLN)

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Loss Relief (SEIS/EIS)

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Long-Form Subscription Agreement

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Liquidation Preference

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Legal Due Diligence

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Leaver Provisions

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Lead Investor

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Knowledge-Intensive Company

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KYC (Know Your Customer)

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Joint Shareholders Agreement

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Investor Majority

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Investor Consent

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IRR (Internal Rate of Return)

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Intellectual Property Assignment

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Instant Investment/Rolling Closes

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Information Rights

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Independent Investor Condition (SEIS/EIS)

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Hurdle Condition (Options)

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HMRC Valuation (EMI)

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HNW (High Net-Worth Investor Certification)

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Heads of Terms

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Growth Shares Hurdle Rate

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Growth Shares

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Gross Assets Limit (SEIS/EIS)

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Good Leaver

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GDPR (Data Handling for Investors)

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Fundraising Term Sheet

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Funding Round

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Fully Diluted Cap Table

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Follow-On Investment

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Founder Shares

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Disclaimer: Our services are designed to assist startups and businesses with company formation, legal agreements, and funding-related documentation. We do not provide investment advice, financial advice, or tax advice, nor are we regulated by the Financial Conduct Authority (FCA). Participating in startups and early-stage enterprises carries inherent risks, including limited liquidity, absence of dividends, potential loss of investment, and dilution. Any decisions regarding investments should be made independently by the investor as part of a well-diversified portfolio.