Reflecting on 25 years of long-term investment
2025 marked a significant milestone for ProVen. The ProVen VCTs celebrated their 25th anniversary, offering an opportunity to reflect on a quarter of a century of progress and on the role that patient, long-term capital plays in supporting ambitious UK entrepreneurs.
With that perspective, we look back on the past twelve months and highlight the key milestones across the ProVen VCTs and the ProVen Estate Planning Service (PEPS), from fundraising and portfolio activity to policy developments and industry recognition.
In 2000 and 2001, Beringea launched ProVen VCT and ProVen Growth and Income VCT, respectively. Over the past quarter of a century, the funds have grown into two of the UK’s longest-standing and largest VCTs, continuing to be managed by Beringea today.
Since launch, the ProVen VCTs have invested more than £440m into 136 businesses, growing from an initial fundraise of around £30m to over ten times that size. In 2025, ProVen VCT marked its 25th anniversary, with ProVen Growth and Income VCT set to reach the same milestone in 2026 - a reminder of the funds’ longevity and their role in backing ambitious entrepreneurs through multiple market cycles.
We marked the anniversary with reflections from individuals who have helped shape the funds over the years, available on our news and insights page. We also ran a LinkedIn series, 25 Years in 25 Facts, sharing milestones and lesser-known stories from the ProVen VCTs’ history. You can find it on our LinkedIn page here.
2025 was an active year for the ProVen VCTs. In November, ProVen VCT and ProVen Growth and Income VCT launched a new offer for subscription for the 2025-26 and 2026-27 tax years, seeking to raise up to £15m each, with an additional over-allotment facility of up to £5m per fund. This followed the successful close of the previous offer in September, which saw strong investor demand.
Alongside fundraising, the VCTs continued to deploy capital into innovative, high-growth businesses. New investments during the year included:
• VRAI, which raised a £4.2m Series A led by the ProVen VCTs to support its expansion in the US.
• Limitless Travel, which secured £6.5m in Series A funding to support its next phase of growth in accessible travel.
• Cycle Exchange, the UK’s leading resale platform for premium pre-owned bikes, which raised £2.4m towards the end of the year to expand its national footprint.
The funds also continued to support existing portfolio companies. This included backing Farmer J during its £17.5m fundraise, which has already translated into tangible growth. Two new London sites opened in December on Tottenham Court Road and Coleman Street, taking the estate to 17 locations, with further expansion planned, including the brand’s first US site in New York.
The Autumn Budget 2025 brought welcome updates for companies eligible to receive investment through VCTs, with increases to key thresholds taking effect from 6 April 2026. These changes are designed to allow growing businesses to access larger amounts of funding through the scheme, supporting scale and ambition across the UK’s entrepreneurial ecosystem.
At the same time, the Budget announced that income tax relief for individuals investing in VCTs will reduce from 30% to 20% from April 2026. As a result, the 2025-26 tax year represents the final period in which new VCT subscriptions can qualify for 30% income tax relief under the current rules.
The ProVen VCTs remain open for investment for both the 2025-26 and 2026-27 tax years. Further information about the current offer is available here.
Over the past twelve months, we continued to build our library of portfolio interviews, sharing insights from founders and leaders shaping innovative businesses across a range of sectors.
• Anastasia Leng, founder and CEO of CreativeX, discussed how her industry-first creative data platform is helping global brands make smarter creative decisions.
• Pat O’Connor, co-founder and CEO of VRAI, explored the growing demand for simulation-based training and the role data plays in improving decision-making.
• Manish Mandavia, CEO of Lupa Foods, reflected on the ProVen VCTs’ support throughout their investment journey, culminating in a successful exit in January 2025. His interview is available here.
These conversations build on the existing video content available on our website here and offer a closer look at the businesses behind the portfolios.
The ProVen Estate Planning Service (PEPS) was recognised as a runner-up in the Best BR Service - Emerging category at this year’s Growth Investor Awards, hosted by Intelligent Partnership. The awards celebrate companies and individuals driving innovation, economic growth and job creation across the UK.
This recognition reflects PEPS’ continued progress in supporting advisers and their clients with long-term estate planning, offering a flexible and tax-efficient solution. You can find out more about PEPS here.
Important notice: issued by Beringea LLP of Charter House, 55 Drury Lane, London, England WC2B 5SQ, registered in England & Wales number OC342919 and authorised and regulated by the Financial Conduct Authority, number 496358. This material is for information only and does not constitute an offer to buy or sell an investment nor does it solicit any such invitation. The information contained in this article is believed to be accurate at the date of publication but no representation or warranty stated or implied is made or given by any person as to its accuracy or completeness and no responsibility or liability is accepted for any such information or opinion.
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