# LLMs-Full.txt - Full Content for Project Pages # Generated on: 2026-08-17T07:34:09.851Z # Total pages: 394 --- ## URL: https://www.fuel.ventures/risk-warning-loan-note ### Title: Risk Warning Loan Note ### Page ID: 9811399 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** ### Risk summary for non-readily realisable securities which are debentures: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.** These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). *Appendix: Risk summary (COBS 4 Annex 1R, item 4)* *|* *Last updated: 17 August 2026 |* *Estimated reading time:* ***2 min*** If the business you are investing in fails, there is a high risk that you will lose your money. Most start-up and early-stage businesses fail. Advertised rates of return aren’t guaranteed. This is not a savings account. If the borrower doesn’t pay you back as agreed, you could earn less money than expected. A higher advertised rate of return means a higher risk of losing your money. If it looks too good to be true, it probably is. These investments are sometimes held in an Innovative Finance ISA (IFISA). An IFISA does not reduce the risk of the investment or protect you from losses, so you can still lose all your money. It only means that any potential gains from your investment will be tax free. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Many bonds last for several years, so you should be prepared to wait for your money to be returned even if the business you’re investing in repays on time. You are unlikely to be able to cash in your investment early by selling your bond. You are usually locked in until the business has paid you back over the period agreed. Putting all your money into a single business or type of investment for example, is risky. Spreading your money across different investments makes you less dependent on any one to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). If you are interested in learning more about how to protect yourself, visit the FCA’s website **here**. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/groov ### Title: Groov ### Page ID: 9533666 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/hammock ### Title: Hammock ### Page ID: 9533667 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/hownow ### Title: HowNow ### Page ID: 9533678 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/journee ### Title: Journee ### Page ID: 9533680 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/juno ### Title: Juno ### Page ID: 9533682 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/levellr ### Title: Levellr ### Page ID: 9533684 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/lifted ### Title: Lifted ### Page ID: 9533685 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/lunio ### Title: Lunio ### Page ID: 9533686 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/outmin-2 ### Title: Outmin ### Page ID: 9533697 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/panta ### Title: Panta ### Page ID: 9533698 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/patchs-health ### Title: Patchs Health ### Page ID: 9533708 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/peckwater-brands ### Title: Peckwater Brands ### Page ID: 9533710 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/primis ### Title: Primis ### Page ID: 9533711 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/prosper ### Title: Prosper ### Page ID: 9533713 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/reallinks ### Title: RealLinks ### Page ID: 9533722 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/research-grid ### Title: Research Grid ### Page ID: 9533724 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/responseiq ### Title: ResponseIQ ### Page ID: 9533727 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/runa ### Title: Runa ### Page ID: 9533729 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/scope ### Title: Scope ### Page ID: 9533730 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/searchland ### Title: Searchland ### Page ID: 9533731 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/shift ### Title: Shift ### Page ID: 9533732 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/studiospace ### Title: Studiospace ### Page ID: 9533733 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/tessaract ### Title: Tessaract ### Page ID: 9533734 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/volt ### Title: Volt ### Page ID: 9533735 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/wollit ### Title: Wollit ### Page ID: 9533736 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/yavrio ### Title: Yavrio ### Page ID: 9533738 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/portfolio-new) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/home ### Title: Home ### Page ID: 4135148 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** # Fueling the growth of **ambitious tech** companies ###### **START-UPS IN THE FUNDS' PORTFOLIO** ### 1,850+ ###### **investor base** ###### **Oliver Hammond**, Partner ## What makes us different? #### Active Investors #### Entrepreneurial Management #### Portfolio Perks ## Hear what founders have to say: ##### Tom Greenwood, Volt ##### Lerato Matsio, Trudenty ##### Christian Gabriel, Capdesk ##### **Som Sinha**, SAI Group ##### **Alex Packham**, ContentCal ##### **Leo Bradshaw**, Peckwater Brands ##### **Kelvin Wetherill**, Supportwave ## Fuel Ventures Funds' Portfolio ## The Team #### **Mark Pearson** ## Our timeline ###### **Won Best New** **Product** **- Growth Investor awards** ###### **Won Best** **Investor Return** **- Growth Investor awards** ###### **Won Best** **SEIS Manager** **- Growth Investor awards** ###### **Fuel Ventures team highly commended in Industry Advocate Awards (EISA)** ###### **Won Best EIS Manager - Growth Investor awards** ###### **ContentCal sells to Adobe for c.$110m** ###### **Launched Fuel Ventures SEIS Fund** ###### **Launched a Follow-On EIS Fund** ###### **Launched Fuel Ventures Fund 1** ###### **Fuel Ventures launched** ### **You're a start-up founder? Pitch to us!** ### Recent News ##### Building Value in the Next Phase of the Economy ##### Enginuity raises £500K investment to unlock the $1.58 trillion of underused global innovation ##### Leading Discord AI insights platform Levellr raises $2.5m seed investment from Fuel Ventures and video games legends ##### £1.6 million investment to transform asset allocation technology ##### Karavel secures £1.25m investment by Fuel Ventures to transform regulatory compliance for regulated industries These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). Fuel Ventures was founded by **Mark Pearson** who built his own company and **scaled it to a £55m exit**. We know how hard building fast growth companies is and we use all our operational expertise and experienced network to **help companies grow**. We are active investors, bringing our own experience as entrepreneurs to support the funds' portfolio companies. We can understand and guide entrepreneurs because we have been in their shoes. Our team have experience in founding, working in or exiting startup companies. We've partnered with some of the top providers of software & infrastructure to give our portfolio founders access some of the best tools, at a discounted cost. "Fuel Ventures are a unique investor who are plugging a very important gap in the UK VC ecosystem between ‘Pre seed-Series A’ with meaningful multi million £ tickets. Fuel Ventures were the obvious go to for me when I was raising my £1m+ seed round." "From my first meetings with the team, I was met with an appreciation of who I am as a human, the value I add to the ecosystem and the belief in my ability to follow through and be successful with building a valuable company. So far the team has been valuable for me as I navigated testing periods and provided thought partnerships whilst I was making the important decisions along the way." "**Fuel Ventures** have been instrumental in my successful journey as a Founder. The Fuel Ventures funds provided both our seed and follow on funding, along with introducing us to other strategic VCs. We eventually sold to **Carta** creating a significant outcome for all parties involved. If I start another business I will certainly be going back to Fuel for my seed round!" "I have raised 6 rounds of funding for 2 ventures from top UK VCs in the last decade and I can categorically say that Fuel Ventures stand apart from all the others. They feel like a natural extension of the founding team, someone who has your back. I can wholeheartedly recommend them as partner to any entrepreneur" "Fuel Ventures will always have a place close to my heart. They placed trust in me for my seed round, all the way through to guiding me through to a successful exit of my business in being acquired by Adobe. I’m pleased that I’ve been able to return Fuel Ventures many multiples of their invested capital." "Fuel Ventures is an entrepreneur-led fund that understands the challenges and opportunities of building a successful startup. They have been a great partner to us and have assisted in achieving our growth targets, along with successful introductions to our follow on VC investors. I would recommend any early stage Founder to work with Fuel." "We have worked with Fuel Ventures in both our pre-Seed and our recent Seed round, and I would just like to say how grateful we are to have had their guidance and support throughout the journey. We see Fuel as an extension of our team, and they have proven to be invaluable to Supportwave’s success." Christian Owens, Founder of Paddle, on Fuel Ventures Discover why Christian Owens, **founder of** [**Paddle**](https://www.paddle.com/) \- a UK unicorn valued at over £1 billion - trusts Fuel Ventures to back the next wave of tech innovators in this exclusive testimonial for us. Heroes acquires, operates and optimises Fulfilled By Amazon businesses (FBA) Peckwater Brands offers delivery franchises to kitchen operators B2B marketplace connecting enterprise clients with best agencies From an initial investment of only £300, Mark grew **MyVoucherCodes** into the second biggest voucher code brand in Europe (by revenue and audience) where the network served over 2 million users in eight territories across Europe & South America and the business employed circa 100 staff. **Fuel Ventures VCT listed on the London Stock Exchange** Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/blog-general ### Title: Blog ### Page ID: 4135149 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/reset-password-page ### Title: Reset password page ### Page ID: 4135154 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/founders ### Title: Founders ### Page ID: 4138553 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** # Looking for **Funding**? ## **The Fund's Investment Focus** #### Platforms #### Marketplaces ##### BOTH B2B & B2C ##### PRE-seed & Seed #### BioTech #### MedTech #### Hardware ##  **EIS Fund** ## Pre-Seed ##  **SEIS Fund** ### **You're a start-up founder? Pitch to us!** ## **The Fund Range** #### **Scale-up EIS Fund** #### Follow On EIS Fund ## Fuel Ventures Funds' Portfolio ## **How are founders supported?** ## Hear what founders have to say: ##### Tom Greenwood, Volt ##### Lerato Matsio, Trudenty ##### Christian Gabriel, Capdesk ##### **Som Sinha**, SAI Group ##### **Alex Packham**, ContentCal ##### **Leo Bradshaw**, Peckwater Brands ##### **Kelvin Wetherill**, Supportwave ### **EIS vs. SEIS: Eligibility Criteria** ### Recent News ##### Building Value in the Next Phase of the Economy ##### Enginuity raises £500K investment to unlock the $1.58 trillion of underused global innovation ##### Leading Discord AI insights platform Levellr raises $2.5m seed investment from Fuel Ventures and video games legends ##### £1.6 million investment to transform asset allocation technology ##### Karavel secures £1.25m investment by Fuel Ventures to transform regulatory compliance for regulated industries These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). The Fuel Ventures funds have invested in **124+** **Concept/Pre-Seed** companies & **77+ Seed-Series A** companies. Are you an early-stage tech company looking for Pre-Seed, Seed and Series A Round funding? The Fuel Ventures funds generally lead or co-lead the rounds it invests in  Revenue is a good signal, but pre-revenue is also considered At this stage the Fuel Ventures funds can both lead or follow the round Post-Minimum Viable Product is preferred, but pre-product is also looked at  Diversified portfolio of 10-30 companies per tranche Heroes acquires, operates and optimises Fulfilled By Amazon businesses (FBA) Peckwater Brands offers delivery franchises to kitchen operators B2B marketplace connecting enterprise clients with best agencies Fuel Ventures was founded by a successful entrepreneur who built his own company and **scaled it to a £55m exit**. We know how hard building fast growth companies is and use all our operational expertise and experienced network to help companies grow. We leverage our knowledge and networks to support founders on a range of issues including: Exclusive offers and partners (AWS credits and more!) "Fuel Ventures are a unique investor who are plugging a very important gap in the UK VC ecosystem between ‘Pre seed-Series A’ with meaningful multi million £ tickets. Fuel Ventures were the obvious go to for me when I was raising my £1m+ seed round." "From my first meetings with the team, I was met with an appreciation of who I am as a human, the value I add to the ecosystem and the belief in my ability to follow through and be successful with building a valuable company. So far the team has been valuable for me as I navigated testing periods and provided thought partnerships whilst I was making the important decisions along the way." "**Fuel Ventures** have been instrumental in my successful journey as a Founder. The Fuel Ventures funds provided both our seed and follow on funding, along with introducing us to other strategic VCs. We eventually sold to **Carta** creating a significant outcome for all parties involved. If I start another business I will certainly be going back to Fuel for my seed round!" "I have raised 6 rounds of funding for 2 ventures from top UK VCs in the last decade and I can categorically say that Fuel Ventures stand apart from all the others. They feel like a natural extension of the founding team, someone who has your back. I can wholeheartedly recommend them as partner to any entrepreneur" "Fuel Ventures will always have a place close to my heart. They placed trust in me for my seed round, all the way through to guiding me through to a successful exit of my business in being acquired by Adobe. I’m pleased that I’ve been able to return Fuel Ventures many multiples of their invested capital." "Fuel Ventures is an entrepreneur-led fund that understands the challenges and opportunities of building a successful startup. They have been a great partner to us and have assisted in achieving our growth targets, along with successful introductions to our follow on VC investors. I would recommend any early stage Founder to work with Fuel." "We have worked with Fuel Ventures in both our pre-Seed and our recent Seed round, and I would just like to say how grateful we are to have had their guidance and support throughout the journey. We see Fuel as an extension of our team, and they have proven to be invaluable to Supportwave’s success." The Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS) are two initiatives implemented by the UK government to encourage innovation by increasing investment into early-stage, high-risk businesses in the UK.  The differences between EIS and SEIS are primarily around the type of company to which they are applicable to and the type of tax relief they offer to underlying investors. While there are key difference between the two schemes, it is worth noting that SEIS and EIS can be used in tandem. Some of the key differences between the schemes are highlighted here:  Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/investors ### Title: Investors ### Page ID: 4140080 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** #### **Hear more** # **Investors** ## **The Fund Range** #### **Scale-up EIS Fund** #### Follow On EIS Fund #### Vibrant Ecosystem #### 210+ Companies #### PrOven Record #### **Entrepreneurial** #### SEED TO SERIES A #### 6000+ DEALS #### PER Year ### Consistent Valuation Uplifts Across Vintages ### (Stated as at 29 Novemeber 2023. Note: the below is subject to changes) ## **See the Fuel Ventures funds' recent Exits** ### **EIS vs. SEIS: Eligibility Criteria** ### **Are you an investor?** #### [Call](tel: +44 20 36958740) [+44 20 3695 8740](tel: +44 20 36958740) [or](tel: +442036958740) ## Fuel Ventures Funds' Portfolio ### Important information ##### I AM A HIGH NET WORTH INDIVIDUAL ##### I AM A FINANCIAL ADVISER ##### I AM A SELF-CERTIFIED SOPHISTICATED INVESTOR ##### I AM A RESTRICTED INVESTOR ##### I AM A PROFESSIONAL INVESTOR These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). • The Funds have invested **over £246m of capital** in 210+ companies • One of the **first investors** in companies such as Volt valued at £256m, ContentCal, acquired for $110m, and Capdesk which was acquired for $88m. • The funds are ranked as some of **the best performing funds** in the market by third party analysts • The funds have **a significant investor base** of 1,000+ individuals, consisting of exited technology entrepreneurs, financial services professionals, Family Offices and Corporate investors. Diversified portfolio of 10-30 companies per tranche The UK continues to be an excellent place to invest, with $1tn+ value created within tech The Fuel Ventures funds have invested £246m+ in over 210+ early-stage companies since 2016 We have a proven record in successfully scaling tech companies We are operator led, with a track record of exiting the funds' own ventures The Fuel Ventures funds invest initially at seed and later double down into potential winners We see a vast amount of the early stage tech ecosystem in the UK \* Multiple uplift to date with dilution. Returns are unrealised. Valuation increase is based on the latest company share price (December 2023). NB: Past performance may not be indicative of future performance. Capital at risk. Please note, the uplifts are based on the latest fund round and may not be reflective of the current market. **ContentCal**, one of the Fuel Ventures funds' portfolio companies, was acquired by **Adobe**, for **$110m** *“Fuel were an integral part of my company’s success and we'll continue having a close relationship!”* *“Fuel Ventures have been instrumental in my successful journey as a Founder. They provided both our seed and follow on funding, along with introducing us to other strategic VC’s.”* **Capdesk**, one of the Fuel Ventures funds' portfolio companies, was acquired by **Carta,** for **$85m** in a cash & equity deal Please note: EIS tax reliefs are only available to investors because of the higher risks associated with investing in early-stage companies. **Also, the availability of tax reliefs will depend on the investor's individual circumstances, and may be subject to change in the future. In addition, the availability of any tax relief depends on the investee companies maintaining their qualifying status.** The enterprise investment scheme was setup by the UK Government back in 1994 to encourage investment into early stage UK companies, which in turn creates jobs and contributes to the wider UK economy. To 2022, **£27.9bn** was invested across **36,145 companies** (Intelligent Partnership) The Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS) are two initiatives implemented by the UK government to encourage innovation by increasing investment into early-stage, high-risk businesses in the UK.  The differences between EIS and SEIS are primarily around the type of company to which they are applicable to and the type of tax relief they offer to underlying investors. While there are key difference between the two schemes, it is worth noting that SEIS and EIS can be used in tandem. Some of the key differences between the schemes are highlighted here:  Heroes acquires, operates and optimises Fulfilled By Amazon businesses (FBA) Peckwater Brands offers delivery franchises to kitchen operators B2B marketplace connecting enterprise clients with best agencies Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) Investments of this type carry risks to your capital and are illiquid in nature. Tax reliefs depend on individual circumstances, maybe subject to change and depend on the investee companies maintaining their qualifying status. Investments should only be made on consideration of the full information memorandum and the detailed risk factors contained therein. **Please click on the headings below to select your investor type:** I certify to the following HIGH NET WORTH INVESTOR STATEMENT; If you meet **condition A or B below**, you may choose to be classified as a high net worth individual for the purposes of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 A) In the last financial year, you had annual **income of £170,000 or more**. Income does NOT include any one-off pension withdrawals. B) **Net assets of £430,000 or more**. Net assets do NOT include: your home (primary residence), any loan secured on it or any equity released from it, your pension (or pension withdrawals) or any rights under insurance contracts. Net assets are total assets minus any debts you owe. I declare that I have answered yes to A and/or B and wish to be treated as a high net worth individual. a) I can receive financial promotions where the contents may not comply with rules made by the Financial Conduct Authority (FCA) b) I can expect **no protection** from the FCA, the Financial Ombudsman Service or the Financial Services Compensation Scheme. I am aware that is open to me to seek advice from someone who specialises in advising on investments. **I accept that I could lose all of the money that I invest.** If you meet **condition A, B or C below** you may choose to be classified as a self-certified sophisticated investor for the purposes of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. A) Worked in a professional capacity in the equity sector, or in the provision of finance for small and medium enterprises in the last two years? B) Been the director of a company with an annual turnover of at least £1.6 million, in the last two years? C) Been a member of a syndicate of business angels for more than six months, and are you still a member? I declare that I have answered yes to A and/or B and/or C and wish to be treated as a self-certified sophisticated investor. a) I can receive financial promotions where the contents may not comply with rules made by the Financial Conduct Authority (FCA) b) I can expect **no protection** from the FCA, the Financial Ombudsman Service or the Financial Services Compensation Scheme. I am aware that is open to me to seek advice from someone who specialises in advising on investments. **I accept that I could lose all of the money that I invest.** I make this statement so that I can receive promotional communications relating to non-readily realisable securities as a restricted investor. I declare that I qualify as a restricted investor because: COBS 4 Annex 5 Restricted investor statement [available here](https://www.handbook.fca.org.uk/handbook/COBS/4/Annex5.html?date=2023-02-01). - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - In the twelve months preceding today’s date, I have not invested more than 10% of my net assets in non-readily realisable securities; - and I undertake that in the twelve months following today’s date, I will not invest more than 10% of my net assets in non-readily realisable securities. - In the twelve months preceding today’s date, I have not invested more than 10% of my net assets in non-readily realisable securities; - and I undertake that in the twelve months following today’s date, I will not invest more than 10% of my net assets in non-readily realisable securities. - The property which is my primary residence or any money raised through a loan secured on that property; - Any rights of mine under a qualifying contract of insurance; - or Any benefits (in the form of pensions or otherwise) which are payable on the termination of my service or on my death or retirement and to which I am (or my dependants are), or may be entitled; - or Any withdrawals from my pension savings (except where the withdrawals are used directly for income in retirement).I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me to seek advice from an authorised person who specialises in advising on non-readily realisable securities. --- ## URL: https://www.fuel.ventures/talent ### Title: Talent ### Page ID: 4140736 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** # Welcome to **Fuel Talent** ## What we offer #### **Strategic & Volume Hiring** #### **Onboarding** #### **HR / People Support** ##### More than just money ##### **Bespoke Development** ##### **Hit the ground running** ## Hear what founders have to say: ##### Nina Briance, Cult Mia ##### Dave Walker, Claimit ##### Brian Snyder, Aide Health ##### **Alex Packham**, ContentCal ##### **Som Sinha**, SAI Group ##### **Leo Bradshaw**, Peckwater Brands ##### **Kelvin Wetherill**, Supportwave ## Fuel Ventures Funds' Portfolio ### Recent News ##### Building Value in the Next Phase of the Economy ##### Enginuity raises £500K investment to unlock the $1.58 trillion of underused global innovation ##### Leading Discord AI insights platform Levellr raises $2.5m seed investment from Fuel Ventures and video games legends ##### £1.6 million investment to transform asset allocation technology ##### Karavel secures £1.25m investment by Fuel Ventures to transform regulatory compliance for regulated industries These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). Fuel Talent provides everything from talent attraction & interviewing to onboarding across the **210+ Pre-Seed, Seed & Series A** startups within the Fuel Ventures funds portfolio. Fuel Talent provides everything from talent attraction & interviewing to onboarding across the **210+ Pre-Seed, Seed & Series A startups** within the Fuel Ventures funds portfolio. We encourage the best practices needed to ensure a smooth and efficient hiring process whilst offering support and guidance for an exceptional candidate experience.  We are active EIS fund advisers bringing our own experience as entrepreneurs, financiers. We can guide entrepreneurs because we are entrepreneurs; we understand founders because we are founders. We’ve partnered with top providers of software & infrastructure to give you access to the best tools. The Fuel Ventures funds invest more than just money into the portfolio businesses, we help to invest our time and knowledge too.  This includes bespoke development plans and frameworks that every new team member can follow, helping you grow just as quickly as the business. We follow everyone through their onboarding and offer everything we can to set them up for success. "I had worked with various recruiters previously and struggled with inefficient back and forth, one-off resumes sent and the process dragged on and I was rarely happy with the quality of candidates put forward. The fee is incredibly favourable compared to search agencies, and the return on investment goes way beyond the fee in terms of ongoing support at the hiring, onboarding and talent management phases. The structuring and efficiency of the process allowed for us to make two senior hires within two months. I was really impressed by the speed, efficiency and manner in which candidates were being brought forward and vetted." "Fuel Talent were tasked with filling a pretty unique and niche developer role and we found a better candidate at a lower salary quicker than I could have with any recruitment firm, and as they were working with me, they were also far more up-front about candidates for the role, what to expect and issues with the job description, etc - it was far more collaborative in the early phases. Getting the right wage package for the right candidate - totally the opposite motivation to a recruiter. Also very happy with Fuel Talent taking ownership of the recruitment process, leaving me to focus on the rest of my jobs." "The process was very smooth, we were able to get to the right search criteria and evaluating candidates and ultimately making a hire we are excited about very quickly. Its a big benefit so may make sense to promote more to portfolio" "Fuel Ventures will always have a place close to my heart. They placed trust in me for my seed round, all the way through to guiding me through to a successful exit of my business in being acquired by Adobe. I’m pleased that I’ve been able to return Fuel Ventures many multiples of their invested capital." "I have raised 6 rounds of funding for 2 ventures from top UK VCs in the last decade and I can categorically say that Fuel Ventures stand apart from all the others. They feel like a natural extension of the founding team, someone who has your back. I can wholeheartedly recommend them as partner to any entrepreneur" "Fuel Ventures is an entrepreneur-led fund that understands the challenges and opportunities of building a successful startup. They have been a great partner to us and have assisted in achieving our growth targets, along with successful introductions to our follow on VC investors. I would recommend any early stage Founder to work with Fuel." "We have worked with Fuel Ventures in both our pre-Seed and our recent Seed round, and I would just like to say how grateful we are to have had their guidance and support throughout the journey. We see Fuel as an extension of our team, and they have proven to be invaluable to Supportwave’s success." Heroes acquires, operates and optimises Fulfilled By Amazon businesses (FBA) Peckwater Brands offers delivery franchises to kitchen operators B2B marketplace connecting enterprise clients with best agencies Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/advisers ### Title: Advisers ### Page ID: 4147395 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** # **Advisers** #### **Request Fund Documents or Client Illustration** ### We help fuel the growth of exceptional tech companies #### **If you'd like to find out more please call:** ## **The Fund Range** #### **Scale-up EIS Fund** #### Follow On EIS Fund ## Client planning opportunities ##### **Clients who need a solution for inheritance tax** ##### **Clients with a power of attorney in place and who want to plan for IHT** ##### **Clients who plan to sell or have sold their business in the last 3 years** ##### **Clients with a significant income tax liability** ##### **Clients who have maxed out their ISA & Pension annual allowance** ##### **Clients likely to exceed the lifetime pension allowance** ##### **Landlords interested in investing rental income for retirement** ##### **Business owners who want to extract profits tax efficiently** ##### **Experienced investors who want to diversify and target capital growth** ## **Do you have a client in mind?** ### **James D'Mello** ### **Katie Hopkin** ### **Are you an adviser?** #### [Call](tel: +44 20 36958740) [+44](tel: +44 20 36958740) [20 4586 5295](tel: +44 20 4586 5295) [or](tel: +442036958740) ## Fuel Ventures Funds' Portfolio These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). The Fuel Ventures funds invest in UK technology companies via a suite of tax-efficient investments that are highly rated by advisers and analysts alike. The SEIS, EIS & VCT funds are currently open. • Winners of the **Best EIS & Best SEIS Manager** categories at the Growth Investor awards. • The Fuel Ventures funds have deployed **over £246m** of S/EIS and VCT funds to date. • The funds have had **multiple exits**, returning £29.5m+ cash to investors. • The funds are ranked as some of the **best performing funds** in the market by third party analysts. • The fund’s **thesis focuses** on technology companies across marketplaces, platforms and SaaS. The Fuel Ventures funds are one of the most active early and growth stage investors in the UK into leading fast growth technology business. The Fuel Ventures funds seek to invest in the most ambitious entrepreneurs in the sectors covering globally scalable marketplaces, platforms and software. The funds invest in companies at an early stage and work closely with founders providing hands-on support and a collaborative ecosystem. Diversified portfolio of 10-30 companies per tranche Tax efficient products can help a range of clients with meeting their financial goals. The examples below outline some different scenarios that you may want to consider when advising clients on how to make use of the available tax reliefs. To discuss any of these case studies in more detail, please get in touch with the Fuel Ventures team. Heroes acquires, operates and optimises Fulfilled By Amazon businesses (FBA) Peckwater Brands offers delivery franchises to kitchen operators B2B marketplace connecting enterprise clients with best agencies Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/contact ### Title: Contact ### Page ID: 4147565 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** # **Contact us**  # for general and media enquiries #### **You're a start-up founder? Pitch to us!** #### **Want to invest? Request a Prospectus** ## Hear what founders have to say: ##### Tom Greenwood, Volt ##### Lerato Matsio, Trudenty ##### Christian Gabriel, Capdesk ##### **Som Sinha**, SAI Group ##### **Alex Packham**, ContentCal ##### **Leo Bradshaw**, Peckwater Brands ##### **Kelvin Wetherill**, Supportwave These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). Please fill in the form below to get in touch with our team. "Fuel Ventures are a unique investor who are plugging a very important gap in the UK VC ecosystem between ‘Pre seed-Series A’ with meaningful multi million £ tickets. Fuel Ventures were the obvious go to for me when I was raising my £1m+ seed round." "From my first meetings with the team, I was met with an appreciation of who I am as a human, the value I add to the ecosystem and the belief in my ability to follow through and be successful with building a valuable company. So far the team has been valuable for me as I navigated testing periods and provided thought partnerships whilst I was making the important decisions along the way." "**Fuel Ventures** have been instrumental in my successful journey as a Founder. The Fuel Ventures funds provided both our seed and follow on funding, along with introducing us to other strategic VCs. We eventually sold to **Carta** creating a significant outcome for all parties involved. If I start another business I will certainly be going back to Fuel for my seed round!" "I have raised 6 rounds of funding for 2 ventures from top UK VCs in the last decade and I can categorically say that Fuel Ventures stand apart from all the others. They feel like a natural extension of the founding team, someone who has your back. I can wholeheartedly recommend them as partner to any entrepreneur" "Fuel Ventures will always have a place close to my heart. They placed trust in me for my seed round, all the way through to guiding me through to a successful exit of my business in being acquired by Adobe. I’m pleased that I’ve been able to return Fuel Ventures many multiples of their invested capital." "Fuel Ventures is an entrepreneur-led fund that understands the challenges and opportunities of building a successful startup. They have been a great partner to us and have assisted in achieving our growth targets, along with successful introductions to our follow on VC investors. I would recommend any early stage Founder to work with Fuel." "We have worked with Fuel Ventures in both our pre-Seed and our recent Seed round, and I would just like to say how grateful we are to have had their guidance and support throughout the journey. We see Fuel as an extension of our team, and they have proven to be invaluable to Supportwave’s success." Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/our-team ### Title: Our Team ### Page ID: 4147918 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** # **Fuel Ventures** is created by entrepreneurs for entrepreneurs ## Get to know us better #### Mark Pearson #### **Michael Burnett** #### Johnathan Graham #### Jing Jing Xu #### Shiv Patel #### **Oliver Hammond** #### **James D’Mello** #### **Christina Levada** #### **Katie Hopkin** #### **Henry Martin** #### Kit Blakiston-Houston #### Will Welton #### James Steel #### **Katie Mathias** #### Piers **Lawford** #### **Camilla Johnson** #### **Alice O'Connor** #### Lena-Lou Simon-Virolle #### **Pierce Polak** #### **Brad Marshall** #### **Tristan Dalley** ### **You're a start-up founder? Pitch to us!** These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). You won't find a more hungry, ambitious and hardworking team Our team is composed of passionate and driven entrepreneurs and operators who understand the challenges and rewards of building a successful business, having experienced this world firsthand ourselves. We pride ourselves on our unwavering commitment to partnering with fellow entrepreneurs, providing not only the necessary capital but also invaluable guidance, resources, and mentorship.  Our diverse backgrounds, industry expertise, and hands-on approach enable us to offer unique insights and tailored support to help propel our portfolio companies towards exceptional growth. As a team that thrives on innovation and collaboration, we are dedicated to fueling the success of the next generation of game-changing businesses. Mark is an award winning digital entrepreneur having achieved multiple successful exits over the last decade. Mark takes an active role in mentoring the Fund's portfolio of companies. A background in early stage technology investing, along with managing international investor relationships. He heads up the Business Development team and sources new investment opportunities, also supporting portfolio companies with growth plans including follow on investment. He also sits on the investment committee and helps make investment decisions. An experienced investment professional with over 8yrs at a leading EIS Investment Manager, specialising in structuring investment products and FCA compliance. With expertise in compliance frameworks, regulatory systems, and controls, he also brings entrepreneurial experience from the hospitality and energy sectors. Jing has extensive experience working with international investors and key Asian markets. Jing manages relationships with Chinese investors and Tier 1 Entrepreneur visa clients. Shiv leads investments from our Scale Up and Follow-On Funds. He works closely with our portfolio companies and sits on a number of boards. Previously, Shiv worked with a recruitment tech start-up in India before working in Wealth Management. Oli has spent several years working for startup companies and as an Analyst with an early stage venture fund and Angel investors. His focus is on sourcing new opportunities for Fuel and working with the existing portfolio. James has gained a wealth of experience across diverse sectors of financial services over the past 15 years; including banking, pensions & venture capital. At Fuel, James leads the IFA/Strategic Partners distribution team. Christina has +15 years' experience working in C-Level offices across Australia and Europe. She supports with new and existing companies in the portfolio, heads the Operations such as Marketing and Talent, as well as various general matters across all functions of Fuel Ventures. Having completed the EIS Diploma in 2017, Katie’s recent focus has been in Tax Efficient Investments both at Platforms and Funds. Katie’s role within the IFA distribution team involves managing relationships with IFAs, wealth managers and financial institutions. Henry spent four years at another established VC fund where he led the fundraising and investor relations function, successfully raising institutional capital from the likes of APG and Schroders. At Fuel, Henry raises capital for Fuel's core funds and SPVs. Having worked in alternative investments for several years, prior to joining Fuel he was Head of Direct investors for an early stage VC fund leading their investor relations and business development functions. Kit also holds an MSc in finance from Bayes business school graduating in the top 10% of his class. Kit focuses on raising capital for our core funds & SPVs. Will brings deep experience in the early-stage ecosystem, having founded and exited a health-tech company over the past six years and worked across venture-backed start-ups and corporate venture capital. At Fuel, he focuses on raising capital across the core funds and SPVs, supporting growth for both the portfolio and investor community. James’ focus at Fuel Ventures is on fundraising and investor relations, supporting the portfolio companies with growth capital from the likes of VCs and Family Offices, and earlier-stage funding from UHNW and Angels. Katie holds a degree in International Politics and Italian from Georgetown University. Previously, Katie worked with startups in the venture debt space. Her focus at Fuel is on sourcing new investment opportunities and on deal execution. Piers has worked with founders for the past 11 years. He started his career in the Angel Investment world, before leading the NatWest Accelerator across London and the South East. Piers works within our pre-seed team, leading deals and supporting our portfolio with fundraising and strategy. Camilla comes from a legal and wealth management background, while holding degrees in law and commerce. She brings experience in investor relations from her tenure at a boutique investment firm, and the proven ability to cultivate trusted relationships with investors. At Fuel, Camilla is focused on raising capital for Fuel's core funds. Alice leads the management of our Pre‑Seed portfolio companies. With extensive experience managing a large and diverse portfolio of early‑stage businesses, she brings a hands‑on approach - building strong rapport with founders and guiding them through corporate governance and strategic decision‑making. Having worked closely with founders on commercial execution and scalable growth, underpinned by her firsthand experience founding an e-commerce platform during university. Most recently, she was an operator in the UK Fintech sector, where she delivered transformative solutions for the insurance market. Pierce leverages his experience in venture capital, angel investing and legal roles. With a background in sourcing and executing deals from pre-seed to Series A stages, he's supported funds across multiple tech sectors. Combining a strong foundation in law and business with a proven ability to build meaningful relationships with founders and investors. Brad earned his BSc (Hons) in Business Management from the University of Surrey and has a background in the tech sector, where he developed strong commercial and client-facing expertise. He is responsible for raising capital across our funds and supporting investors with strategic investment insights. Tristan began his career in emergency disaster relief, working as a project manager and senior team leader on complex, high-pressure operations, coordinating with stakeholders across Australia. He now applies those skills at Fuel Ventures, where, as an associate, he focuses on building relationships and raising capital for the firm’s funds. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/back-to-top ### Title: Back to top ### Page ID: 4171726 ### Content: [](#header-top) TOP [](#header-top) TOP --- ## URL: https://www.fuel.ventures/investors-important-info ### Title: Investors Important Info ### Page ID: 4172735 ### Content: ### Important information ##### I AM A HIGH NET WORTH INDIVIDUAL ##### I AM A FINANCIAL ADVISER ##### I AM A SELF-CERTIFIED SOPHISTICATED INVESTOR ##### I AM A RESTRICTED INVESTOR ##### I AM A PROFESSIONAL INVESTOR Investments of this type carry risks to your capital and are illiquid in nature. Tax reliefs depend on individual circumstances, maybe subject to change and depend on the investee companies maintaining their qualifying status. Investments should only be made on consideration of the full information memorandum and the detailed risk factors contained therein. **Please click on the headings below to select your investor type:** I certify to the following HIGH NET WORTH INVESTOR STATEMENT; If you meet **condition A or B below**, you may choose to be classified as a high net worth individual for the purposes of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 A) In the last financial year, you had annual **income of £170,000 or more**. Income does NOT include any one-off pension withdrawals. B) **Net assets of £430,000 or more**. Net assets do NOT include: your home (primary residence), any loan secured on it or any equity released from it, your pension (or pension withdrawals) or any rights under insurance contracts. Net assets are total assets minus any debts you owe. I declare that I have answered yes to A and/or B and wish to be treated as a high net worth individual. a) I can receive financial promotions where the contents may not comply with rules made by the Financial Conduct Authority (FCA) b) I can expect **no protection** from the FCA, the Financial Ombudsman Service or the Financial Services Compensation Scheme. I am aware that is open to me to seek advice from someone who specialises in advising on investments. **I accept that I could lose all of the money that I invest.** If you meet **condition A, B or C below** you may choose to be classified as a self-certified sophisticated investor for the purposes of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. A) Worked in a professional capacity in the equity sector, or in the provision of finance for small and medium enterprises in the last two years? B) Been the director of a company with an annual turnover of at least £1.6 million, in the last two years? C) Been a member of a syndicate of business angels for more than six months, and are you still a member? I declare that I have answered yes to A and/or B and/or C and wish to be treated as a self-certified sophisticated investor. a) I can receive financial promotions where the contents may not comply with rules made by the Financial Conduct Authority (FCA) b) I can expect **no protection** from the FCA, the Financial Ombudsman Service or the Financial Services Compensation Scheme. I am aware that is open to me to seek advice from someone who specialises in advising on investments. **I accept that I could lose all of the money that I invest.** I make this statement so that I can receive promotional communications relating to non-readily realisable securities as a restricted investor. I declare that I qualify as a restricted investor because: COBS 4 Annex 5 Restricted investor statement [available here](https://www.handbook.fca.org.uk/handbook/COBS/4/Annex5.html?date=2023-02-01). - In the twelve months preceding today’s date, I have not invested more than 10% of my net assets in non-readily realisable securities; - and I undertake that in the twelve months following today’s date, I will not invest more than 10% of my net assets in non-readily realisable securities. - In the twelve months preceding today’s date, I have not invested more than 10% of my net assets in non-readily realisable securities; - and I undertake that in the twelve months following today’s date, I will not invest more than 10% of my net assets in non-readily realisable securities. - The property which is my primary residence or any money raised through a loan secured on that property; - Any rights of mine under a qualifying contract of insurance; - or Any benefits (in the form of pensions or otherwise) which are payable on the termination of my service or on my death or retirement and to which I am (or my dependants are), or may be entitled; - or Any withdrawals from my pension savings (except where the withdrawals are used directly for income in retirement).I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me to seek advice from an authorised person who specialises in advising on non-readily realisable securities. --- ## URL: https://www.fuel.ventures/request-fund-documents ### Title: Request Fund Documents ### Page ID: 4179150 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** # Request **Fund Documents** These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). Please complete the form below to access our fund documents. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/request-more-info ### Title: Request More Info ### Page ID: 4179252 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** # Request **Information** These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). Investor? Please enter your details to stay up to date with our upcoming events, fundraising and news. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/submit-pitch ### Title: Submit Pitch ### Page ID: 4179583 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** # Looking For **Funding?** These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). Are you an early-stage tech company looking for Pre-Seed, Seed and A Round funding? Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/request-illustrations ### Title: Request Illustrations ### Page ID: 4179723 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** # Request for **illustrations** These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). Please fill in the form below to access this illustration form. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/privacy-policy ### Title: Privacy Policy ### Page ID: 4182212 ### Content: ## Privacy Policy If you have any questions about this Privacy Notice, how we handle your personal data, or want to exercise any of your rights, please contact us at [**johnathan@fuel.ventures**](mailto:johnathan@fuel.ventures). This Privacy Notice explains how **Fuel Ventures Ltd** (“we,” “us,” “our”) collects, uses, discloses, stores, and protects your personal data when you (i) access or use our website, (ii) contact us, (iii) pitch or apply for investment, (iv) invest, or (v) otherwise interact with us. It also explains your rights under UK data protection law (UK GDPR and the Data Protection Act 2018). We are committed to protecting your privacy and ensuring your personal data is handled in accordance with applicable laws, including the UK General Data Protection Regulation (“UK GDPR”). As far as processing your personal data is concerned, we act as the **data controller** (i.e. determining purposes and means of the processing). We collect and process various categories of personal data based on how you interact with us: Name, title, job title, company name, address, email addresses, telephone numbers When you contact us, sign up for newsletters, or communicate with us Business plans, forecasts, CVs, company incorporation documents, beneficial ownership, referees, references Bank account details, investment amounts, payment records, SEIS/EIS or tax documents When you invest or enter into contractual relationships ID / passport / proof of address, AML / KYC checks, beneficial ownership declarations, sanctions screening data For regulatory compliance, due diligence, onboarding IP address, browser type/version, device identifiers, operating system, referring URL, pages visited, clickstreams, cookies / tracking data Consent flags, subscription status, communication preferences, opt-in / opt-out preference When you subscribe or interact with marketing communications Company registry data, public filings, social media profiles, credit / corporate data From publicly available sources or third‑party providers Any other information you choose to send us, attachments, feedback, correspondence Below is a summary of our principal processing activities, what we do with your personal data, and the lawful bases under UK GDPR. In many cases, more than one lawful basis may apply. Evaluate your submissions, communicate with you, negotiate agreements Performance of contract / steps to enter contract (Art 6(1)(b)); legitimate interests (Art 6(1)(f)) Assess, monitor, manage investments; background checks; portfolio oversight Legitimate interests (Art 6(1)(f)); performance of contract (Art 6(1)(b)); compliance with legal obligations (Art 6(1)(c)) Legal obligation (Art 6(1)(c)); or legitimate interests (Art 6(1)(f)) Sending newsletters, event invitations, promotional offers Consent (Art 6(1)(a)); or legitimate interests (provided balance test) (Art 6(1)(f)) Monitor usage, optimize user experience, security, detect fraud Maintain legal, accounting, reporting, compliance records Legal obligation (Art 6(1)(c)); legitimate interests (Art 6(1)(f)) Use data in disputes, investigations, or enforcement Legitimate interests (Art 6(1)(f)); legal obligation (Art 6(1)(c)) Where we rely on legitimate interests (Art 6(1)(f)), we have carried out and documented a Legitimate Interests Assessment (LIA), weighing our interests against the rights and freedoms of the data subject. We do not use legitimate interests where our interests are overridden by your rights. Where processing is based on consent, you may withdraw your consent at any time, without affecting the lawfulness of prior processing (Art 7(3)). If you refuse to provide certain personal data that is necessary (e.g. for compliance or contract), we may be unable to proceed with your application or relationship. **5\. Recipients / Disclosure / Third parties / International Transfers** All third parties or processors engaged by us are bound by contracts (data processing agreements) requiring them to comply with confidentiality, security, and applicable data protection law. If we transfer personal data to countries outside the UK / EEA, we will ensure that suitable safeguards are in place (such as: We will inform you (either in this Notice or at the time of collection) should we transfer data to jurisdictions without adequacy. We retain personal data only for as long as is necessary for the purposes for which it was collected (or as required by law). Criteria used to determine retention periods include: Once retention is no longer needed, data will be securely deleted or anonymised. We adopt appropriate technical and organisational measures to safeguard your data, including: We review and update security practices periodically to maintain appropriateness. Under UK GDPR and the Data Protection Act 2018, you have rights in relation to your personal data: To exercise any of these rights, please contact us at the contact details in Section 2. We will respond without undue delay and within one month (which may be extended by up to two further months in complex cases, with notice) (Art 12(3)–(4)). Note: some rights may be restricted or limited (e.g. for legal claims or compliance purposes). We use cookies, web beacons, tracking pixels, local storage, and similar technologies to collect data about your use of our website (e.g. pages visited, links clicked, session duration). Some cookies are strictly necessary; others support analytics, performance, advertising, or functionality. We do not use cookies to collect personal data beyond what is necessary or lawful. Our services are directed at adults. We do not knowingly collect personal data from children under age 16 without parental consent. If we become aware of such collection, we will take steps to delete the data promptly. We do not currently rely on fully automated decision‑making (i.e. solely by a machine) that produces legal or materially binding effects regarding you. To the extent we perform profiling (for analytics, segmentation, marketing), we ensure safeguards are in place, including the possibility to object. Should we adopt AI / generative model tools in the future, we will provide you with details of logic, significance, envisaged consequences, and rights to challenge (in line with UK GDPR / EDPB guidelines). We may update this Privacy Notice occasionally (e.g. due to legal, regulatory, or operational changes). The “Last Updated” date at the top will reflect the current version. Where a change is material, we will notify you (for example, by email) if you are a contact in our systems. We encourage you to review this Notice periodically. Our website may link to or embed external websites or content (e.g. social media, YouTube, third‑party widgets). This Privacy Notice does not cover those external sites or services. Please review their privacy policies before providing personal data. If you access our services from outside the UK, your data may be transferred to the UK or other jurisdictions for processing, under the safeguards described in Section 5. By using our services, you consent to such transfers. If you have any questions, requests or complaints about how we use your personal data or about this Notice, please contact us using the contact details in Section 2. If you believe we have not handled your personal data lawfully or fulfilled your rights, you may lodge a complaint with the **Information Commissioner’s Office (ICO)** in the UK (https://ico.org.uk). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - **Legal name**: Fuel Ventures Limited - **Registered office address**: 424 Margate Road Westwood, Ramsgate, Kent, England, CT12 6SJ - **Operating address / principal place of business**: 22B Bishopsgate, London EC2N 4AJ - **Contact for data protection / privacy matters**: - Email: johnathan@fuel.ventures - Postal: as above - **Data Protection Lead / Officer (if applicable)**: Johnathan Graham, Head of Compliance.  - **Service providers & processors** (e.g. cloud hosting, IT providers, CRM, email/marketing platform, analytics, legal / accounting / audit) - **Portfolio companies, co-investors, syndication partners, prospective investors** — in the context of due diligence, reporting, syndication - **Regulators, tax authorities, courts, government bodies** — where required by law or regulation - **Professional advisors, legal counsel, auditors, insurers** — for legal, accounting or risk purposes - **Acquirers, successors, or during business reorganisations / mergers** — if we restructure or sell all or part of our business - **Other third parties** — only where you have given consent or where legally required - UK Standard Contractual Clauses (SCCs) / International Data Transfer Addendum - Binding Corporate Rules - Adequacy decisions by the UK government - Other lawful mechanisms - The nature and purpose of processing - Any legal, regulatory or contractual retention requirements - Whether the data continues to be needed for ongoing relationships, claims, or audits - Marketing / newsletter data: until you withdraw consent or unsubscribe - Application / pitch data: up to 7–10 years after decision or closure - 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**Right to erasure (“right to be forgotten”)** — in certain cases request deletion (Art 17) - **Right to restrict processing** — request suspension of processing (Art 18) - **Right to data portability** — if processed by automated means based on consent or contract, ask for data in structured, machine-readable form (Art 20) - **Right to object** — e.g. to processing based on legitimate interests or direct marketing (Art 21) - **Right to withdraw consent** — at any time if consent is the basis (Art 7(3)) - **Right to lodge complaint** — with the Information Commissioner’s Office (ICO) in the UK - On your first visit (or periodically), we will present a cookie banner / consent notice to you, providing clear information and choice (if required) - You may withdraw or modify your consent via cookie settings or your browser - Please refer to our Cookie Policy (linked from our website) for full details of the cookies used, their purposes, durations, and how to manage them --- ## URL: https://www.fuel.ventures/cookie-declaration ### Title: Cookie Declaration ### Page ID: 4182257 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** ## Cookie Declaration ### Changes to the Privacy Notice ### What personal data do we collect and why? ### Who will have access to your personal data? ### Security ### Deletion ### Your rights ### Complaints to the regulator These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). If you have any questions about this Privacy Notice, how we handle your personal data, or want to exercise any of your rights, please contact us at [**oliver@fuel.ventures**](mailto:oliver@fuel.ventures). We may change this Privacy Notice from time to time. You should check this Privacy Notice occasionally to ensure you are aware of the most recent version that will apply each time you access this website. If you are just browsing our website, we will not collect any personal data. We will collect information about your usage of our website through cookies. Please see our Cookie Policy. This information is statistical and aggregated and does not identify you (so it is not personal data). We use it to monitor usage of the website and improve our products and services. If you sign up to receive our marketing emails, we will use your name and email address to send you the material you have requested. We will only send you marketing where we have your consent to do so. You can withdraw your consent at any time if you change your mind by contacting us at the details set out above or clicking the unsubscribe link in the emails that you receive. If you choose to apply for investment, we will review to consider your application for potential investment. If your application contains any information about you, we will use that information only in the context of reviewing your application. We only process personal data that you provide to us. You can object to processing of your personal data on the grounds of legitimate interest (see the ‘Your Rights’ section). However, bear in mind that if you do, we will not be able to review your application. We use service providers to operate our website, such as the email marketing service, Mailchimp, and the data processor system, Jotform. Some of these service providers will process your data as part of the services they offer to us. We take steps to ensure that our service providers treat your data in accordance with the law, only use it in accordance with our contract with them and keep it secure. We will never pass your details to third parties to market to you. To protect your personal data, we take reasonable precautions and follow industry best practices to make sure it is not lost, misused or inappropriately accessed, disclosed, altered or destroyed. We will retain details connected to marketing until you tell us that you no longer wish to receive the subscription or marketing material. We will keep your application for up to 10 years. As a data subject, you have the following legal rights: (g)   the right to complain to a supervisory authority; and If you would like to exercise your rights, please contact us at the details set out above. We will respond to any rights that you exercise within a month of receiving your request, unless the request is particularly complex, in which case we will respond within three months. Please note that exceptions apply to some of these rights which we will apply in accordance with the law. If you do not think that we have processed your data in accordance with this Privacy Notice, you should let us know as soon as possible. You also have the right to complain to the Information Commissioner’s Office. Information about how to do this is available on his website at [**www.ico.org.uk**](http://www.ico.org.uk/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/newsletter-signup ### Title: Newsletter Signup ### Page ID: 4182258 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** # Signup for **newsletter** These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). Please enter your details below to subscribe to our newsletter Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/stan-williams ### Title: Stan Williams ### Page ID: 4340747 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-ventures-portfolio-moteefe-fastest-growing-e-commerce-tech-company-in-uk ### Title: Fuel Ventures portfolio company Moteefe is the fastest-growing e-commerce tech company in the UK ### Page ID: 4340792 ### Content: Fuel Ventures portfolio company Moteefe is the fastest-growing e-commerce tech company in the UK **Fuel Ventures** portfolio companies continue to dominate the Deloitte '50 fastest-growing companies' annual awards, outranking firms that have raised many millions more in funding. The Deloitte ‘Fast 50’ awards analyse which companies have grown the fastest based on revenue increase over the previous four years. Deloitte partner Duncan Down called the growth of our companies "nothing short of exceptional" and "a testament to the innovation and success enjoyed by the UK's technology industry." Our success in these awards is not a new phenomenon. Paddle our team’s first investment featured sixth in both 2017 and 2018, achieving 3900% growth in its second showing. The limelight is now on our newest entrant to the Deloitte awards Moteefe. Our fastest growing portfolio company helps brands sell custom merchandise online with a plug and play online store. They grew a massive 9034% this year. This growth story earned them a lofty 4th place in the Deloitte rankings, with the outranking companies raising £48m, £900m and £300m more than them respectively. You may be asking yourself how Fuel Ventures companies are consistently outperforming rivals with significantly more funding? The answer is simple. Growth is not all about finance. Without unlimited funds, companies must have other advantages. Incredibly ambitious founders who are always pushing the boundaries of their company’s capability is a must. Your marketing strategy needs to be highly scalable and efficient. You need to have fantastic margins which allow you to reinvest operating profit into further growth. And finally, you must have a product that customers love and spread virally through word of mouth. Here at Fuel Ventures, we look for these key traits in companies when making investment decisions. We are not so interested in vanity metrics such as ‘total funds raised’. We want great businesses with impressive margins and talented, ambitious founders. Once we invest, we then guide our companies towards translating these early signs into real results. We sit hand to hand with our portfolio, guiding them through the challenges that come with finding product-market fit and growing revenues.  We believe this investment and advisory methodology will continue to deliver fantastic results in the Deloitte growth awards. The growth stories we see in our portfolio make us even more bullish about this.  For now, we could not be prouder of Moteefe and Paddle for their achievements. It is a rare thing for an early stage seed Venture Capital firm to have two of the fastest-growing companies in the country within their portfolio. We believe it shows our strategy to invest, incubate and nurture companies towards success is working and we are excited to continue this approach over the next decade. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/our-latest-investment-juno ### Title: Our Latest Investment: Juno ### Page ID: 4340842 ### Content: We have all been part of those employee incentive schemes that give you cinema tickets and 5% off the local gym. So how come we never actually use them? The employee incentives industry is littered with discounts and vouchers that people don’t want. This leads to low engagement in the incentives, and as a result, these schemes do little to nothing in reducing the age-old problem of employee turnover. The modern employee demands a high-quality lifestyle and an employer that understands the things they need. If they don’t get it where they are, then they will move. Since the birth of technology-driven employee incentive schemes, entrants have either focused on niche verticals or have used cheap discounts and vouchers to win business accounts. No one has responded to the changing tide; staff wellbeing and development budgets are increasing, the focus is on providing meaningful and inclusive work cultures rather than ticking boxes. Juno offers the opportunity for staff to have a choice and for businesses to save time and money. They don’t just focus on fitness and mental health services. They offer help with life admin that has a huge impact on people’s happiness and productivity. Juno gives businesses the tools to redefine their role. Every month, employers pay a subscription fee per employee. Employees get points to spend on Body, Life and Mind categories. These range from yoga and boxing classes to home services such as cleaning and laundry. The founder and CEO Ally was instrumental in the early-stage growth of Cleo AI, Yolt and LOQBOX. His talents lie in building and growing incredible products that change user behaviour. He also has the ambition to build a billion-pound global wellness company. Juno has already hit the ground running signing up one of the largest apparel brands in the world. With 30000 employees on its waitlist, we have no doubt 2020 is going to be an excellent year for them. We are pleased to announce that **we are leading Juno’s £650k Seed round**. Our investment in Juno builds on our thesis that employee care and wellness is the future. We look forward to supporting founder Ally Fekaiki and Juno’s plans to use the funding to scale the company and accelerate growth with an investment in sales, product, and marketing. We are impressed by Juno’s technology in the growing employee wellness market and progress they have already made in their industry. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/when-a-crisis-becomes-an-opportunity-investing-in-startups-during-covid-19 ### Title: When a Crisis Becomes an Opportunity: Investing In Startups During COVID-19 ### Page ID: 4340850 ### Content: ### **OnBuy** ### **Capdesk** ### **Distributed** ### **TutorHouse** When a Crisis Becomes an Opportunity: Investing In Startups During COVID-19 As President Kennedy famously said “The Chinese use two brush strokes to write the word ‘crisis.’ One brush stroke stands for danger; the other for opportunity.” Although Kennedy was somewhat mistaken in his interpretation of the Chinese word for ‘Crisis’ there is real truth in the concept behind his 1961 speech. There is an opportunity in every crisis and the deeper the crisis, the better the opportunity can be. Of course, we all realise how difficult COVID-19 will be for many sectors. The hit on consumer spending and confidence will of course have an impact and we are well aware of that. But even in the worst hit industries there will be opportunities that open up. Out of the doom and gloom of the 2008 financial crisis for instance, we saw companies such as Uber and Airbnb founded. It is these asset light technology companies that can continue growing when other sectors of the economy are in stagnation. That is why at Fuel Ventures we will continue investing through Covid-19 especially in companies that are growing despite the challenges. We do not see the current climate as a blocker to growth but as an opportunity in itself. Below are a selection of companies from the Fuel Ventures portfolio where we see this opportunity. If you’d like more information on any of the companies below, please email [**jack@fuel.ventures**](mailto:jack@fuel.ventures) The current situation with the Coronavirus pandemic has resulted in a volatile and ever-changing market, however OnBuy has shown that they are a robust company and able to stay dynamic. OnBuy is a dependable source at this time; by staying operational, they are allowing their retailers to keep their businesses afloat, protecting their income and jobs, and supporting their customers who need to buy things from the safety of their home. We are a vital platform to both sellers and buyers. At OnBuy, we will continue to weather the current crisis and with the planned diversification into over 140 countries, we can be confident that we will remain robust and weather any other crises in future. Onbuy has grown at an atonsighing rate over the last two years, achieving 5X YoY growth. That has made it the fastest growing marketplace in the UK and now the largest UK founded marketplace in the country. Unsurprisingly, during the Covid crisis consumers have turned to Onbuy and as a result they have seen a record revenue months in Feb and March. WeAreFeel is a health subscription box. With the majority of people at home we have seen a meaningful pick-up in demand for our services, with people increasingly focused on their health and ease of access to products, both of which we can solve for. We witness an unprecedented boost in an already rapidly growing market of health products, making it one of the most in-demand categories (well-being, immunity, mental health). Our model proves to be resilient in the crisis felt by offline and classic retailers. WeAreFeel is perfectly aligned to thrive in the current situation and long-term environment, especially with our contactless letterbox delivery. Since launching their new vitamin in November 2019, monthly recurring revenues (MRR) have grown over 800%. Furthermore, month on month MRR growth has averaged 75%. Capdesk is an equity management software that helps companies manage their captables and complete secondary transactions of it’s shares. They are expecting some trends to emerge out of the global pandemic which might open up further opportunities. More companies will be doing secondary transactions, as cash is going to be more important and investors are looking for safer investments. More companies will be setting up employee share plans as cash efficient remuneration alternatives falter in hard times. Also, they do not expect their US competitors to be entering Europe anytime soon, as they will have their hands full in their local markets which gives them time to gain more market share. You see so much positive thinking! Distributed ensures customers can have their software projects delivered by globally distributed teams as easy as they do when working with in-house teams. The recent COVID-19 outbreak has seen the world, ‘go remote’, and has forced many companies into exploring new ways of working. We’re seeing a growing demand for the anti-fragility that distributed teams and the distributed platform provides, whether it’s companies seeking a business continuity or team augmentation solution, the future of work may or may not be remote, but the need for more flexible, less fragile staffing solutions is now apparent. Tutor House is an automated marketplace for one-one tutoring and group learning. Although the Coronavirus crisis has affected a huge number of businesses worldwide, Tutorhouse have responded by opening up their unique online learning platform for all users, be that children learning the UK curriculum, (KS2/KS3) teenagers preparing for their A-levels or adults wanting to learn Italian from home. Throughout March they have seen a surge in online tutoring requests and an increase in demand for online group classes for kids - as they are now all at home with their parents for the foreseeable future. In the past few weeks they have had requests for online tutoring from countries all over the world, as well as schools, education providers and international education advisors. This has led to considerable interest from investors, who see the online education space as a solid and sustainable platform for the years to come. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/the-golden-term-what-is-value-add-investing ### Title: The Golden Term: What is Value-Add Investing? ### Page ID: 4340876 ### Content: ### How Do We at Fuel Ventures Add Value to Our Portfolio Companies? #### **Funding** #### Knowledge Sharing #### **Business Introductions** #### **Support System** Raising capital from the right investor can be a major milestone in the journey of a start-up. We often see that founders who pitch their businesses on Dragons’ Den are often willing to part with a much larger share of their business as compared to what they would have otherwise done so if it was another investor. But why is that so? In the simplest of terms, over the long run, these founders are relying on the value add these “Dragons of the Business World” can bring to their business. To highlight this point, one of our portfolio companies Thrift + ([**https://thrift.plus/**](https://thrift.plus/)) experienced an exponential surge in their business activity after receiving an offer from an investor on “Dragons’ Den”. The value aside from capital that investors can bring to the table is often the biggest advantage that VC backed companies have over others. Along with financial support (which in itself is a huge factor here especially with helping to raise follow on funding), VC investors very quickly align themselves to these businesses to support them in a wide array of activities particularly in business introductions, recruitment, knowledge sharing, mentoring and so on. We believe that the support we provide to our portfolio companies is not simply tied to their ongoing success. Looking into some of the above key points, we have provided further details below on how we aim to differentiate ourselves within the investment sphere in particular by bringing in our entrepreneurial and operational experience of building, running and exiting profitable fast growth tech companies. Often the most important support that a VC can offer to their portfolio companies is the right level of funding at the right time. This capital is crucial for these companies to scale and grow. Not only the initial capital, we work with these exceptional founders to raise further capital through our wide network of private and institutional investors for future growth, Series A and B rounds. This network acts as a catalyst in the fundraising journey of these companies where the founders can work towards growing the businesses. To highlight this, over the course of 2019, Fuel Ventures invested over £10m into a number of our portfolio companies through follow-on investments. Despite not yet being half way through 2020, we are already approaching last year’s number, a positive result given the investment world has been turned on its head through the impact of COVID-19. Unless a founder has a great group of advisers or multiple other founders as part of their immediate circle, leading a company can often be a time of immense stress and loneliness. In general, there is no better way to learn than to collaborate with others and learn from each other’s experiences. Having invested in over 35 companies, some with multiple founders, we have found that across the Fuel Ventures Founders Ecosystem there sits a huge expanse of founder knowledge and experience that can be a great support for all of our founders, no matter where they are on their journey. By creating an ecosystem and facilitating discussions through regular founder sessions and meetings, we empower these companies to harness their maximum potential whilst working in a collaborative environment. When welcoming new companies into the Fuel Ventures portfolio, we actively implore them to not only participate within our founders’ group, but also connect with the other founders privately, thus expanding their own support systems. A good product takes effort and time from someone to be able to sell it for it to become a good business. Every potential client for a business is considered as an opportunity and VC’s play an important role in bringing together this opportunity and the business. At Fuel, we have a wide network through our investor base, our internal team and all other external stakeholders, thus enabling us to explore various opportunities where our portfolio companies can collaborate, sell to, buy from or explore other commercial opportunities. This wider support can often translate to that one big client or at times the senior hire the company makes. We therefore often act as an extension of the team for these companies. A VC is beyond just an entity writing a cheque. We believe it is just as important for a VC to support a business no matter their trajectory. Our GP Mark Pearson’s track record of building and exiting high growth profitable tech businesses allows us to give the right direction to these businesses throughout their journey. During the current unprecedented COVID-19 crisis, some companies within our portfolio experienced a sudden unanticipated loss of revenue, clients and team members. In times like these, being able to rely on past experiences is crucial. Having personally navigated through the 2008 crisis as the founder of a tech start-up, our GP Mark Pearson’s experience was crucial for these companies to learn from and adapt to the hardships posed. In a short span of time, we aided our portfolio companies to mobilise and consolidate their businesses, a strategy that has allowed them to maintain their cash reserves and maximise their chances of bouncing back over the next 12+ months. Our final goal, like any other VC, is to achieve maximum return for our investors by investing in founders who are on track towards building some of the fastest growing companies. In doing so, we offer an incredible amount of support and guidance along with the money. We have a current portfolio of 30+ companies and are always keen and excited to speak to businesses that fall within our investment criteria. **To know and learn more about our investment criteria or if you would wish to invest with us, please feel free to visit our website at www.fuel.ventures or email me at bhavya@fuel.ventures.**     Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/bhavya-jain ### Title: BHAVYA JAIN ### Page ID: 4340878 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/introducing-poplar ### Title: Introducing: Poplar ### Page ID: 4340925 ### Content: Fuel Ventures are proud to announce that we have recently led a $2.1m round into Poplar, the Augmented Reality (AR) creative platform. Poplar becomes the 35th company to be a part of Fuel’s growing portfolio and sit within an industry that we believe is about to explode. [**Poplar**](https://poplar.studio/) facilitate on-request formation of premium AR and 3D content to cater for the growing interest for personalised AR concepts, and impressively, have delivered over 120 campaigns to brands such as L’Oréal, Disney, Nestle and Speedo. Furthermore, Poplar’s industry leading expertise and carefully curated community approach has allowed them to develop into one of TikTok’s first technology partners for AR Branded effects creation, as well as a Trusted Partner for Google’s 3D display advertising format, Swirl. The investment into Poplar follows a trend that we believe is starting to become more and more evident, as the world’s workforce becomes increasingly flexible and remote (which in itself has been magnified by the recent pandemic). Following the explosion of lower-skill gig economy platforms such as Airbnb and Uber, we are confident that the next area of substantial growth will be in platforms that provide highly skilled and specialised workers an opportunity to sell their services. Poplar’s platform sits perfectly within this concept and with the expected growth of the AR and 3D markets over the next few years, is a welcome addition to our growing portfolio. [**Mark Pearson**](https://www.linkedin.com/in/markalanpearson/), Founder and Managing Partner at Fuel Ventures: “Augmented reality has been on the rise but now, as a result of the pandemic lockdown, is its time to shine. I believe it represents the future of commerce – from being able to see a car in 3D without being in a showroom to trying on clothes in virtual changing rooms. Poplar sees the future of content creation in this medium and I am excited we are on board to help Poplar’s journey to making AR technology more accessible, as the technology grows further in popularity.” [**Poplar raises $2.1m to address growing appetite for AR**](https://poplar.studio/blog/poplar-raises-2-1m-to-address-growing-appetite-for-augmented-reality-during-lockdown/) [**UK startup Poplar scores $2.1 million to capitalise on AR momentum**](https://tech.eu/brief/poplar-seed-funding/) [**Augmented reality on the rise as Poplar raises $2.1 million**](https://retailtechinnovationhub.com/home/2020/5/28/augmented-reality-on-the-rise-as-poplar-raises-21-million) [**London-based Poplar raises around €2 million to make AR and 3D experiences**](https://www.eu-startups.com/2020/05/london-based-poplar-raises-around-e2-million-to-make-ar-and-3d-experiences/) [**Poplar nets $2.1m funding as AR demand climbs amid lockdown**](https://www.verdict.co.uk/poplar-seed-funding-ar/)[](https://www.verdict.co.uk/poplar-seed-funding-ar/) Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/shiv-patel ### Title: Shiv Patel ### Page ID: 4340926 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/alex-bredeen ### Title: Alex Bredeen ### Page ID: 4340955 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/the-funding-gap ### Title: The Funding Gap ### Page ID: 4340978 ### Content: ### So How do Fuel Bridge the Funding Gap? The UK tech ecosystem has grown tremendously over the past 10 years, leading Europe in terms of capital deployed and the overall growth of a number of different tech industries & companies. As the ecosystem has developed, we have seen some successfully exited founders becoming leading venture capitalists and subsequently passing down knowledge of their successes to the next generation of founders. Whilst this reinvested knowledge and capital is very positive for the overall industry both immediately and in future, there remains a problem. A substantial funding gap remains for the vast majority of companies looking to raise capital within the startup ecosystem. In the UK alone, you could count on one hand the number of seed funds investing any notable amounts of capital, with even fewer follow on funding options through to Series A. Companies that sit within this stage are in the middle of what is referred to colloquially as the “Valley of Death” or more formally as the Funding Gap. Within this stage, there are an abundance of excellent start-ups with commercial traction, who can be left with little or no option in terms of future funding. The current economic environment has only exacerbated this further, with capital options drying up. Hence the term “Valley of Death”, as this is where the majority of start-ups fail. Now of course, funding may not be the only issue that these companies face. There are many other areas of the business that would understandably be scrutinised, often by investors, and not be considered investment worthy. These factors, such as an unproven team, often tie into funding not being forthcoming. However, our view remains that as an investor, there are significant opportunities available to bridge the funding gap and multiple opportunities that present themselves to both investors within our network and companies within our portfolio. Having the initial capital to deploy into companies who sit within this space means by definition that we are a key contributor to bridging the gap, however it would be short sighted and in some ways irresponsible to simply let this define us. Providing the initial capital can be seen as the easy part of the solution, however this alone doesn’t guarantee that companies will successfully navigate across the chasm. In fact, what we have seen from across the industry and indeed within some of our own portfolio of companies is that receiving seed funding is almost never enough capital for companies to successfully reach the goals that they set out to achieve over the first 12-24 months. Thus, we’ve worked specifically on increasing our follow on capabilities and investor network to provide additional fuel to our companies such that they are able to extend their runway and then raise a larger Series A round, vitally on their terms. As mentioned in a previous post, we have invested over £10m via follow on funding into existing portfolio companies and more recently helped another of our portfolio companies, OnBuy, to raise over £3m entirely through angel investors introduced by Fuel. The above is focussed specifically on how Fuel as an investor help our companies raise additional funds through various investment routes. Should you wish to find out more about our funds or unique co-investment opportunities, we welcome you to connect with us ([**warrick@fuel.ventures**](mailto:warrick@fuel.ventures)) and be a part of our journey going forwards. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/distributed-follow-on-investment ### Title: Fuel Ventures Completes £2.5m Follow-On Investment Into Distributed ### Page ID: 4341023 ### Content: Fuel Ventures Completes £2.5m Follow-On Investment Into Distributed [**Fuel Ventures**](https://www.fuel.ventures) are delighted to announce that we have successfully invested a further £2.5m into our existing portfolio company, [**Distributed**](https://distributed.co/). The additional capital will enable the company to scale delivery capacity and multiply support to enterprises in the face of rapidly increasing demand. This investment has completed following Distributed’s pioneering partnership with Capita was completed in April 2020, with Distributed supporting Capita’s digital transformation and accelerating the adoption of distributed teams across Capita’s network of enterprise clients. Through their underlying platform, Distributed allow companies to work with fully managed, globally dispersed software development teams. Distributed’s unique positioning has helped companies deliver their digital roadmap without the uncertainty of attracting new full-time developers remotely, saving both time and importantly money. Callum Adamson, CEO of Distributed: "This new round of funding lets us get more businesses working with Distributed teams, which is not only essential as we battle through the COVID-19 pandemic, but will also provide anti-fragile software delivery solutions for them as we emerge from this economic shockwave." Mark Pearson, GP at Fuel Ventures: “The follow-on investment into Distributed is Fuel Ventures doubling down into a company that we see as having the potential to severely disrupt the current market. With the recent recalibration of the global workforce, Distributed’s unique positioning is already bearing fruit and we are excited to continue to work together with the team on their journey from here on out”. [**On-demand software teams startup Distributed raises a further £2.5m in funding from Fuel Ventures.**](https://distributed.co/blog/tech-startup-distributed-raises-an-additional-2.5m?utm_medium=social&utm_source=linkedin&utm_campaign=pr&utm_content=funding) Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/winner-takes-fall ### Title: Winner Takes Fall ### Page ID: 4341032 ### Content: ### **About Fuel Ventures:** One could be forgiven for assuming that the current pandemic would usher in an era of rationalisation, a normalisation of excess and a return to fundamentally sound company valuations. The policy induced euphoric equity valuations with which we entered the current crisis logically had the side effect of buoying assets within the VC/PE arenas, as easy access to capital sought a home. Expectantly the ensuing market correction would historically lead to a sanguine investing environment amongst falling asset prices and risk aversion; allowing the investor class access to opportunities in public and private markets. Curiously - this is not what has wholly transpired - capital has instead gravitated toward and accelerated existing trends into lean cash rich business models bolstering the influence and market positioning of a few incumbent names. The un-endearingly termed FAANG stocks are now a record setting 20% of the US benchmark index S&P 500. The current tech focused public markets investor is faced with the daunting task of sifting through tech boom era multiples in search of returns. Few would doubt that many of the tech stalwarts indeed face unassailable leads due to their footprint and increasing influence (politically and financially). However, with P/E ratios at all time highs and in a global picture of increasing country insularity, the probability of negative surprises and significant downside moves is clearly non zero. As such and potentially counterintuitively, the VC and PE arenas are very active and retain significant pricing power and this is allowing investment in private companies at previously little seen competitive valuations. What value then to the oft heard criticism - that VC-fuelled start-ups aren't held to the same standard as publicly traded competitors who answer to investors worried about cash flows and operating earnings every quarter? Well, over 50% of S&P companies have dropped or shelved guidance...visibility anyone? Overarchingly one area of un-equivocation is that COVID and its ramifications have accelerated trends such as remote working, digital payments and broad adoption of tech within our daily lives; a trend which bolsters the veracity of our focus here at Fuel. We diligently continue to apply our rigorous methodology across our chosen target universe of future leading global scalable marketplaces, platforms and software (SaaS). Our team has been investing in these sectors for over 10 years and our philosophy remains the same, if a deal is fundamentally too expensive at this early stage, we will leave it on the table. **Are you an investor** who would like to find out more about Fuel Ventures? Please [**click here**](https://fuel.ventures/investors/scale-up-fund/?_gl=1*cm6j5f*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..) or email guv@fuel.ventures. **Are you an entrepreneur** who would like to apply for investment? Please [**click here**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*tj0gi0*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/the-federal-preserve ### Title: The Federal Preserve ### Page ID: 4341063 ### Content: #### **What is the aim of the Federal Reserve?** #### **Stable Prices/Inflation** #### **The Ethos/Mandate of a Technology Company** #### **Issues and Ramifications** ### **About Fuel Ventures:** 'The Federal Reserve's Dual Mandate. The monetary policy goals of the Federal Reserve are to foster economic conditions that achieve both stable prices and maximum sustainable employment.' Inflation is the increase in the prices of goods and services over time. 'Federal Reserve policymakers evaluate changes in inflation by monitoring several different price indexes. A price index measures changes in the price of a group of goods and services. The Fed considers several price indexes because different indexes track different products and services, and because indexes are calculated differently. Therefore, various indexes can send diverse signals about inflation.' So essentially the fed monitors average long run inflation, digging into sub categories to identify temporary unique data points and marries these with ‘core inflation’ (food/energy) data to assess inflation trends. One can postulate that either through unintended consequences or innately by their very construction as follows: ***Global Technology Dual Mandate. The expansionary goals are to disrupt, delineate and challenge existing models of business in a manner that increases efficiency, lowers cost whilst utilising less resource.*** It follows that the intrinsic focus of global technology proliferation is potentially wholly antithetical to the aims and ambitions of central banks. The irrevocable change that has been experienced in all sectors and value chains within the world economy due to tech has allowed companies hitherto unknown access to many markets - leading to consequently a more streamlined global landscape for goods and services. This is a deflationary effect as consumers gorge on free delivery of goods (Amazon) and free provision of services (media/Netflix et al). The Fed is the de facto central bank of the world. As such its monetary policy effects are global; the diminishing impact being achieved via its actions are very likely to seriously damage its credit standing as a nation and have wide ranging implications not least on the dollar and its reserve status. Near zero interest rate policy naturally forces yield seeking investors into risk assets; public and private. Tech being the clear over-arching thematic trend in the paradigm shift towards borderless commerce. Technological advancement and its occupation at almost supranational status is a powerful deflationary force resulting in the loss of many traditional jobs. A structural change in monetary policy framework is required; one that is not reliant on inflation targets to manage debt loads. Until then one can make the case that current monetary policy is diametrically at odds with the forces of innovation. Startups and established business alike are rampantly seizing every increasing opportunity to change the way we live; no facet left untouched. Who will abandon their mandate first? Place your bets... **Are you an investor** who would like to find out more about Fuel Ventures? Please [**click here**](https://fuel.ventures/investors/scale-up-fund/?_gl=1*cm6j5f*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..) or email guv@fuel.ventures. **Are you an entrepreneur** who would like to apply for investment? Please [**click here**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*tj0gi0*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/2020-no-vision ### Title: 2020 No Vision ### Page ID: 4341098 ### Content: #### **‘Lack of visibility has its advantages’** #### **Pandemic Era** #### **Life Cycle Risk; Early Stage Edified** ### **About Fuel Ventures:** Since alternative finance took off a few years ago, it has never been easier for new businesses to raise capital. Aside from venture capital, there are a myriad of options from traditional bank funding, angel, friends & family and crowd funding, not to mention the many other hybrid variants. Key to issues of raising capital is a company’s stage in its life cycle; venture capital is primarily concerned with businesses that are early stage and hence potentially inherently more risky than established late-stage revenue producing companies further along in their journey. The lists of known unknowns for the world economy are currently innumerable. Macro projections and their glacial pace prognostics for the future are being hyper accelerated. As such existing business models and routes to revenue are being thrown into turmoil, company forecasts upended as shifting consumer trends throw even the most Teflon coated plans into disarray. Total investment in start-ups has fallen by 50% to £1.6bn in the past three months compared with the same period last year. Yet companies raising capital in the early stage/seed funding is only down circa 10%. In a recent survey (US) conducted by the Venture Capital Journal, nearly two thirds of respondents said they have seen early stage valuations drop 20-30 percent. Perhaps a harbinger of more 'sensible' valuations and a potentially required development in the evolution of venture financing. Clearly more so now, in 2020, than ever, a flexible, malleable approach around a core focus is a pre-requisite for all would be start-ups. As such, companies in the seed stage, many of whom are yet to produce revenue or fully identify their paths to market are ideally placed to take advantage of the current landscape. It’s a richly rewarding time for organisations afforded the luxury to able to refine and navigate the pitfalls befalling slower moving larger (and commensurately valued) competitors who lack the ability to quickly cut cost and pivot. Speed boats and tankers... One can certainly argue that in a ‘new normal’ pandemic world, being lean, nimble and early in the life cycle of your growth can yield outsize opportunities - with less ‘risk’ than is currently priced... In the kingdom of the blind, the one eyed man is king. **Are you an investor** who would like to find out more about Fuel Ventures? Please [**click here**](https://fuel.ventures/investors/scale-up-fund/?_gl=1*cm6j5f*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..) or email guv@fuel.ventures. **Are you an entrepreneur** who would like to apply for investment? Please [**click here**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*tj0gi0*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/introducing-strategybox ### Title: Introducing: StrategyBox ### Page ID: 4341207 ### Content: #### **Fuel Ventures completes $2m investment into StrategyBox** Fuel Ventures are excited to announce the completion of a $2m investment into StrategyBox, a marketing analytics platform that helps users understand the underlying marketing activities that best drive sales. StrategyBox, with its headquarters in Vancouver and further offices in London, marks Fuel’s first official investment into a Canadian company. StrategyBox’s customer journey mapping tools make it simple for companies across various different sectors including retail, financial service and technology, to gain deeper insight into how marketing activities drive sales. Mark Pearson, General Partner of Fuel Ventures: “Our team sees StrategyBox as the future of marketing reporting. They show a company the journey a customer takes from first touch to sale. Then provide AI-powered recommendations on what content, ads and activities most effectively drive a customer forward in the buying process. It’s a game changer, and we couldn’t be more excited to dive-in with our support.” Aaron Vidas, StrategyBox CEO: “I started the company to do what should be easy today, but isn’t: understanding how marketing activities drive revenue. Today we’re saving our customers 1000’s of hours annually automating marketing reporting and driving millions in additional revenue with our recommendations. Fuel’s resources allow us to bring those valuable tools to more companies at a time when more sales can be the difference between life and death for a business.” As an early and growth stage investor in leading technology businesses, Fuel’s track record has been acknowledged by Deloitte who have named two earlier investments (Paddle and Moteefe) as the fastest growing Software and E-Commerce companies in the UK. On the back of some of these successes, Fuel are now expanding their reach by investing in key technology hubs globally. **Are you an investor** who would like to find out more about Fuel Ventures? Please [**click here**](https://fuel.ventures/investors/scale-up-fund/?_gl=1*12hn67g*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..) or email shiv@fuel.ventures. **Are you an entrepreneur** who would like to apply for investment? Please [**click here**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*1l2dnmf*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/oli-hammond ### Title: Oli Hammond ### Page ID: 4341231 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/introducing-lifted ### Title: Lifted raises £1.6 million from Fuel Ventures to solve home care crisis ### Page ID: 4341239 ### Content: #### **Fuel Ventures leads £1.6m round into Lifted** Lifted raises £1.6 million from Fuel Ventures to solve home care crisis Fuel Ventures are delighted to welcome London based care startup, Lifted, to the Fuel family having led their £1.6m Seed round. This investment takes the total raised by Lifted to £3.1 million. Lifted was co-founded by [**Rachael Crook**](https://www.linkedin.com/in/rachael-crook-4723373b/) and [**Sam Cohen**](https://www.linkedin.com/in/samuel-cohen-8819431b/), following Rachael’s first hand experience in navigating through the care sector when at the age of 24 her own mother was diagnosed with dementia at 56. Lifted’s Care Management Platform centralises data from all parts of the care ecosystem, enabling AI assisted decision-making for Carers and automated scheduling and alerting for operations teams. Information is shared in real time making it easier, quicker, and safer to arrange care. Most importantly this gives families immediate insight into their loved one’s health and delivers peace of mind. Unlike other start up players which merely connect unregulated Carers to families and do not train or support Carers, Lifted supports the entire care journey, directly employing Carers and provides 24/7 support. Lifted is one of less than 2% of the 10,000 home care companies that pay the London Living Wage to Carers. The new funding will be used to further develop Lifted’s one-stop-shop approach to support anyone through the process of caring for a loved one. This will include tools to engage and personalise care, guidance and advice for families, a Platform to upskill and recognise care workers remotely and building out its AI capabilities to provide automated coaching and assisted decision making. Rachael Crook, CEO and Co-Founder of Lifted said: “We are proud of the success we have seen in just over a year. We have excellent customer reviews, provide award winning care, a fast-growing business, and we’re doing it in a way that benefits everyone. In short, we are proving that responsible tech can help to solve some of the problems in our healthcare system thought intractable. Now the aim is to develop our Platform to bring more joy to families, quickly scale the business and build on the data-driven capabilities of our Platform which this funding will enable us to do.” [**Mark Pearson**](https://www.linkedin.com/in/markalanpearson/), Founder and Managing Partner of Fuel Ventures said: “We're incredibly excited to be leading this latest round of investment. We've seen several propositions that are looking to innovate the care sector, but Lifted really impressed us. Lifted’s approach of employing carers, paying a living wage and empowering them to do their work through software is why they will continue to grow quickly. The care sector is highly fragmented and both carers and patients are very dispersed, so creating a solution that works for both sides is incredibly important if we're going to create real change". **Are you an investor** who would like to find out more about Fuel Ventures? Please [**click here**](https://fuel.ventures/investors/scale-up-fund/?_gl=1*12hn67g*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..) or email shiv@fuel.ventures. **Are you an entrepreneur** who would like to apply for investment? Please [**click here**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*1l2dnmf*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/where-does-the-gig-go-next ### Title: Where Does the Gig Go Next? ### Page ID: 4341271 ### Content: #### **Laurent Gibb explores how the natural evolution of the gig economy could present a growing opportunity for investors post-coronavirus.** #### **Laurent Gibb explores how the natural evolution of the gig economy could present a growing opportunity for investors post-coronavirus.** It’s funny how fast things can change. One minute, the young upstarts of the gig economy world are ‘disruptively threatening the natural order of things’. Then, one pandemic later, everyone’s looking at how they can reinvent themselves – be more agile, more flexible and more innovative to cater for these changing times. You could make a strong case that this was always the way it was going to be. Everything new is threatening at first. Then everyone else tries to emulate its success. Coronavirus hasn’t changed the playing field for the gig economy. But it may just change the players and the numbers. For investors, that could present some valuable opportunities over the coming years. Here’s why. It’s funny how fast things can change. One minute, the young upstarts of the gig economy world are ‘disruptively threatening the natural order of things’. Then, one pandemic later, everyone’s looking at how they can reinvent themselves – be more agile, more flexible and more innovative to cater for these changing times. You could make a strong case that this was always the way it was going to be. Everything new is threatening at first. Then everyone else tries to emulate its success. Coronavirus hasn’t changed the playing field for the gig economy. But it may just change the players and the numbers. For investors, that could present some valuable opportunities over the coming years. Here’s why. **Are you an investor** who would like to find out more about Fuel Ventures? Please [**click here**](https://fuel.ventures/investors/scale-up-fund/?_gl=1*12hn67g*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..) or email shiv@fuel.ventures. **Are you an entrepreneur** who would like to apply for investment? Please [**click here**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*1l2dnmf*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/laurent-gibb ### Title: Laurent Gibb ### Page ID: 4341272 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/onbuy-closes-series-a-funding-round ### Title: OnBuy Closes Series A Funding Round ### Page ID: 4342106 ### Content: #### **Other Media** [**OnBuy**](https://www.onbuy.com/gb/) has raised £5m in Series A funding off the back of their exceptional growth through the first half of 2020. The capital raised will help OnBuy as they prepare to launch globally this summer. Since their launch in November 2016, over 8 million customers have used OnBuy, and in more recent times monthly visitors and new retailers joining the marketplace have trended at over 4 million and 400 retailers respectively per month. Having closed the Series A funding round only 5 months after Fuel’s initial investment in January 2020, OnBuy will now be able to mount an aggressive internationally expansion plan into 140 new countries, including the USA, UAE, Germany, France and Spain. Cas Paton, the Founder of OnBuy, said: “The injection of this additional funding not only allows us to substantially grow the operational side of the business, but it gives the OnBuy team backing from phenomenal investors who can bring an array of eCommerce experience and expertise to the table, bolstering an already strong globalisation strategy.” “2020 is a coming-of-age era for OnBuy, where we’ve seen some of the world’s largest brands and retailers come on board. By having products from the leading household names available, including Procter & Gamble, Unilever and Kimberly-Clark, we are driving better competition which feeds into better pricing for consumers across a huge variety of products.” [**Mark Pearson**](https://www.linkedin.com/in/markalanpearson/), Fuel Ventures GP, commented: "In recent years the VC world has largely turned its back on marketplaces. They are notoriously hard to build and even harder to grow, given that the market is dominated by some of the largest companies in the world. However, it's clear from seeing OnBuy's unique model, their achievements to date and the impressive year-on-year growth that they have found the right formula for long-term success. "The decision to invest in OnBuy was an easy one for Fuel Ventures: it is now on the verge of becoming a serious global player, with some of the largest retailers and brands in the industry flooding to join the world's fastest-growing marketplace.” [**Online marketplace OnBuy set to launch globally this summer after £5m deal**](https://www.thesun.co.uk/money/12061718/online-marketplace-onbuy-launch-summer-investment/) **Are you an investor** who would like to find out more about Fuel Ventures? Please [**click here**](https://fuel.ventures/investors/scale-up-fund/?_gl=1*12hn67g*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..) or email shiv@fuel.ventures. **Are you an entrepreneur** who would like to apply for investment? Please [**click here**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*1l2dnmf*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/fueling-the-growth-of-early-stage-companies ### Title: Fueling The Growth of Early Stage Companies ### Page ID: 4342140 ### Content: *The below is an interview that Fuel Ventures GP, Mark Pearson, had earlier this year detailing the Fuel Ventures story and ethos.* Fuel Ventures technically started back in 2014 when we started raising our first fund, but my investment background started several years before. I started my own business, MyVoucherCodes, back in 2006 and grew it to a team of over 100 employees before exiting in 2014. At that time, I still owned 100% of the business, however, I was an active Angel investor into some other exciting fast growth UK based companies and had written some significant tickets. After exiting MyVoucherCodes, I decided to set up Fuel Ventures because I enjoyed working closely with my portfolio and knew that I could bring significant value to other early stage companies. Fuel Ventures positioning as a ‘seed fund’ was really born out of this awkward space in startup growth, generally referred to as ‘The Valley of Death’, which is the funding gap between early Angel investment (£50K-£300K) and Series A (£3M+). This is the point where companies have a product built, are starting to get early commercial traction but don’t yet have the resources to grow aggressively and hit a point where Series A investors are interested. It also is generally the point where founders find that they need some of their most active support, as they still can’t hire large teams. I strongly felt that this was the point where I could add the most value to companies, whilst also getting the best deal for LP’s. We spent the whole of 2015 raising capital and made our first investment early 2016. We have doubled the fund size each year since, and now have a great fund and portfolio support team in place and have proudly invested into 35 fast growth portfolio companies. Our investment remit focuses much more on UX and monetisation models than sector. Officially, we invest into: marketplaces, platforms and SaaS model businesses both B2B and B2C. This means that we can cover a wide range of different sectors which allows us to diversify our fund really well, which, as a seed fund, is important for us. The only sector we actively won’t touch is medtech, biotech and pharma mainly because of the long turn over cycles and high cash requirement. Other than that, our portfolio covers a lot of different sectors. We’re not looking for perfection, what we are looking for is a super hungry and passionate founder/founding team with sector specific experience, good early coverage of leadership, product and tech positions and the drive to disrupt their industry with an innovative product. We love talking about our portfolio. We now have 35 portfolio companies in total which cover a wide range of sectors and 5 separate funds. So, rather than genrealise, let’s dive a bit more into some of our most recent investments. **OnBuy** – we completed our investment into OnBuy at the start of 2020, they are currently the UK’s fastest growing marketplace and have grown significantly during the COVID period. They have grown nearly 980% YoY and have gone on to raise a successful Series A investment in a record 4 month’s from our initial investment at a 3.9x valuation uplift for our investors. It is our fastest growing portfolio company to-date. Prior to investing, we spent a lot of time grilling the founder, Cas, on his unit economics which we thought were the area that presented the most risk for the business. His experience really shone through at that point and we’re incredibly happy with OnBuys performance. **Gyana** – We led Gyana’s latest round back in February of this year, they have since focussed heavily on the launch of their product Vayu, which was launched several months ago and has been a great early success. Vayu is a platform that allows no-code data science by automatically cleaning and visualising data sets. Gyana was the brainchild of Joyeeta Das and David Kell, who met at Oxford. We’re incredibly bullish about the use of no-code and low-code, especially in industries that have struggled to attract top tech talent. **Poplar** – our most recent investment, Poplar was founded by David Ripert and Laurie Ainley, and came out of the Founders Factory accelerator. Poplar is a distributed marketplace for 3D and AR developers to create marketing campaigns for companies on demand. They’ve recently announced that they are one of TikTok’s first technology partners for AR Branded effects creation, as well as a Trusted Partner for Google’s 3D display advertising format, Swirl. Our portfolio is continually growing and we’re always looking for new opportunities to invest into high growth potential businesses. Like everyone, we’ve been working exclusively from home over the COVID period, which is a significant change for us as we like to spend face to face time with our companies which is a key reason we’ve always pushed an all under one roof approach. However, the majority of our work can be done remotely and we’ve been able to remain an active investor, closing several deals during this time. Our portfolio is almost exclusively digital and hardware lite, so they’ve generally been able to adapt well to the disruption and we’ve even seen some strong growth from some. For the sake of staying concise, I’ll draw on a few things that we think will affect us going forward: Recession provides opportunity. We think that global recession in the next 12-18 months is highly likely (is already happening in some places), so a key part of our focus is investing in businesses that can thrive in such an environment. Recession doesn’t mean the world stops, it just means that habits change. Our job is to predict those changes. Our relationship with companies and investors is likely to become more digital. As a result of COVID, a lot of our relationships have moved to online forums, and we now host a lot of our events online. We’ve found that for us, our companies and our investors that this actually works really well. We’re all busy people, and so removing travel from the mix has made events much more accessible. The UK has some of the world’s best talent. We are an EIS investor, so we’re restricted to making investments into UK businesses or businesses with significant UK presence, and we’re fine with that. We maintain that the UK is still the number one place in Europe to build a unicorn company. Manchester was recently revealed by TechNation to be the fastest growing tech hub in Europe. Universities still rank consistently highly on global tables. We’ve made our name as a UK based investor and, we still believe that that stance is right. Likewise, a few areas that we’re particularly bullish on right now: **Professional, distributed marketplaces/platforms** – Freelance marketplaces have seen significant growth over the last 10 years, Uber, Just Eat, Deliveroo are all really good examples of this, but all of them make losses and margins remain low. Where we’re expecting to see significant growth in the next 5-10 years is the professional marketplace, where high value freelancers can connect and work with some of the worlds largest companies/ high value clients. Platforms in this space can benefit from significantly higher margins on product whilst also allowing companies/ clients to tap into a significantly wider pool of talent. We’ve made a few investments into this space, Distributed, Lifted, CG Hero & Poplar. COVID-19 has strengthened our conviction in this area as companies have been forced to witness the benefits of distributed teams. **E-Commerce** – E-Commerce has seen significant growth over the COVID-19 period as people were unable to leave their houses. However, we expect that this growth will be sustained post COVID as well. Demographics that would usually have actively shunned e-commerce have now been forced to embrace it and we think it’s highly likely that those new converts are going to continue using the product. OnBuy, Thrift+ and Feel are all companies we’re backing to make a significant contribution to the growth of e-commerce. **Open Banking** – The UK has led the world in Fintech for several years now, mainly because it’s been the perfect storm of strong tech talent and progressive legislation. We strongly believe that a big part of the next evolution of fintechs will be through the use of ground breaking open banking technology that will drastically change the way we interact with banks, payments and investments. We’ve made 2 key investments in this area where we expect to see high growth, Volt is a payments platform that utilises open banking to support bank to bank payments, significantly reducing the cost and increasing the speed of transactions. Hammock is creating an open banking product for landlords, a platform where they can track their properties and also their payments, whilst also accessing services like mortgage broking and insurance broking made significantly easier through Hammocks access to their payment data. Fuel is an entrepreneur led fund. I’ve got extensive experience in building, managing and exiting companies and other members of our team have experience working in other fast growth startups. We’ve been there, done it, and now want to pass some of that value onto new founders at their easiest stages of growth. We are always a conviction investor. We lead rounds at seed, which is helpful in a space that is filled with co-investors, and we do so with significant tickets of £500,000-£1.5m. Likewise, our investment team is flexible and fast moving, which means that we can go from initial conversation to term sheet within a few weeks as long as we’re provided with the information we need. We take an active role within our companies. For all investments we make, Fuel will always take an investor director position, which means we have a very active role in guiding our companies forward, supporting founders and, also, protecting investor interest. Fuel isn’t just an investor, we’re a community of founders who support each other. Running a company can be a lonely gig, so we make a lot of effort to mitigate that where we can. We organise founder coffee events once a month and large events every quarter. We’re also currently going through the process of formalising our already active advisory network with the help of Arbolus, one of our portfolio companies. General response from our founders has been great and, even better, has encouraged more suggestions. Ultimately, we’re here to do whatever we can to make their lives easier. We invest in them because we know that, with the right support, they will create game changing businesses. At the early stage, having lots of goals can feel overwhelming. We always encourage our companies to come up with 3 key KPI’s for the business that we focus on until Series A. The KPI’s should be the data points that you think are the most important to grow the business (for example, number of users, WAU/MAU, downloads, churn etc). Until Series A, you should take the approach that, if any work is not directly improving the KPI’s, then it’s a waste of your time and should likely be forgotten. Until you can afford the luxury of having more specialised teams within your business, you’ll usually find that forcing yourself to focus on too many metrics means that you’ll fail on all of them. **Are you an investor** who would like to find out more about Fuel Ventures? Please [**click here**](https://fuel.ventures/investors/scale-up-fund/?_gl=1*12hn67g*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..) or email shiv@fuel.ventures. **Are you an entrepreneur** who would like to apply for investment? Please [**click here**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*1l2dnmf*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/too-big-to-flail ### Title: Too big to flail? – ‘time for a whipping’ ### Page ID: 4342780 ### Content: #### **Bigglier** #### **What then for big tech?** #### **‘Northface led the about face’** ### **About Fuel Ventures:** The youngest person to assume the presidency was Theodore Roosevelt. In a seminal act Roosevelt delivered a 20,000-word address to Congress asking it to curb the power of large corporations (trusts). Arguably he coined and popularised the pejorative pre-fix ‘big’. Oil, the playground of a cartel of multinationals since the 40’s came to public prominence in the 1970’s oil crisis - shining a light on the ramifications of having tightly controlled opaque organisations (seven sisters) make decisions central to society. **Big Oil.** Similarly in the 1990’s, the tobacco industry faced congress in defence of charges that their products were addictive and caused a range of ailments - most centrally cancer. **Big Tobacco.** More recently and certainly topically, the pharmaceutical industry has been blighted by accusations that they operate for sinister purposes and against the public good. Controversially engaging in suppression of negative research and peddling an ever increasing range of product to gleeful consumers resulting in a range of dependencies and epidemics (opiods). **Big Pharma.** Allowing for the oversimplification to state the case, it’s clear that big oil, big pharma, big tobacco, are all too easy to villanise. Polluting the globe, our bodies and unquestionably selling and marketing product with known dangers to society. Combined mkt cap of FANGMAN (Facebook Amazon, Netflix, Google, Microsoft, Apple, Nvidia) hit fresh all time highes at $6.75tn, equal to combined GDP of Germany and the UK.  One could state that unlike its forbears, big tech is considerably more insidious, opaque and removed from reproach. Two reasons:- 2) Delivered in an innocuous soft cuddly friendly guise complete with smily face emoticon. One only has to watch the Zuckerberg congress interviews to realise how far behind the curve most governmental officials are; by and large tech is still considered to be complicated and the preserve of ‘geeks’ and tech aficionados. Point two may easily be trivialised - however it sets big tech apart. Much criticism against tech is easily levelled through exploration of the huge array of benefits provided by technology. It has changed every facet of the way we live, work and play - and been a huge positive driving force for much of the innovation and global growth witnessed over the last few decades. Moreover there is no direct ‘obvious’ causal harm from the provision of connectivity and the proliferation of apps, gizmos and gadgets.  Anti-trust, digital taxes, break-ups; we are recently seeing a renewed effort that **squarely** places Silicon Valley on the same footing as sectors traditionally reviled by the left. Interestingly the lead in this movement has morphed from governmental top down management to grass roots bottom up activism in society. Exemplified by public pressure this week which has led to consumer frustrations->consumer brands->consumer advertising->corporations changing strategy... This is a non trivial change in the ‘Big’ discussion - historically government and institutions have moved to rein in, manage, and guide these arenas for the collective good. Today an ever informed populace (ironically thanks to tech) bolstered by trends in areas such as ESG and SRI are pushing organisations to adjust and adapt in response to customer needs. This change has the potential to irrevocably change the face of ‘big business’ - Roosevelt would surely smile heartily on developments that have ushered in a nation of ‘trustbusters’... A new era of big business aligned better with the needs of society it serves...startups take note. **ESG** - Environmental, Social and corporate Governance **Are you an investor** who would like to find out more about Fuel Ventures? Please [**click here**](https://fuel.ventures/investors/scale-up-fund/?_gl=1*cm6j5f*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..) or email guv@fuel.ventures. **Are you an entrepreneur** who would like to apply for investment? Please [**click here**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*tj0gi0*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/tikking-time-bomb ### Title: Tikking Time Bomb? ### Page ID: 4342810 ### Content: #### **‘Alarming developments’** #### **Bytten off more than they can chew?** ### **About Fuel Ventures:** At midnight on June 30 1997, Hong Kong officially reverted to Chinese sovereignty, ending 156 years of British rule. After a formal handover ceremony on July 1, the colony became the Hong Kong special administrative region (HKSAR) of the People’s Republic of China. An hour before midnight June 30 2020, on the 23rd anniversary of the city's handover to China from British rule, China imposed a national security law on Hong Kong, aimed at stamping out opposition to the ruling Communist Party. Beijing-based, Sequoia backed; ByteDance is one of the world’s most valuable technology start-ups. Grey market trading in its shares recently valued the company at $150 billion. TikTok owned by ByteDance was launched globally in August 2017, and quickly vaulted onto the list of the world’s top 10 apps by downloads in 2019. The app currently boasts over 100 million active users in India alone. The new national-security law imposed by mainland China will empower police to make internet companies hand over user data. Bytedance as the parent company of TikTok subsequently announced it would remove the app from the Hong Kong market. Equivalently the world's major internet and social media platforms have stopped processing requests for user data made by Hong Kong law enforcement authorities while they carry out an assessment of a controversial security law. It’s potentially a misnomer to label much of the recent action trivially as anti-china given the clear precedent that has been set by Beijing over the last decade which saw access to Google, Facebook et al blocked on the mainland. ***‘This has led to understandable outcry over the developments in Hong Kong, which appears destined as the stage upon which a ‘borderless’ digital world will define its borders’*** Globally, governments in India and the US have looked to also ban the app amidst growing nationalistic tendencies surrounding recent diplomatic incidents. India has been the first to proceed with a ban; partly antagonised by Beijing in recent Himalayan border clashes but more centrally in response to widespread claims over illegal data harvesting from apps; a well-aired concern in the online world. As such companies seeking to operate globally have to operate in a dichotomous framework; walking the tightrope of deference to nationalistic home agendas whilst seeking to embrace new markets in global expansion aims. Business models predicated on growth in key emerging markets must be tempered against the opacity of the region of operation and its practices in regard to data privacy. Tiktok for one is seeking to distance itself from perceived CCP links through exploration of new headquarters in London, Singapore or Dublin. A physical move that is surely negligible in its ability to providing evidence of extrication from the tentacles of Beijing. It is perhaps ironic that the decisions regarding **online** freedoms and free expression made post the changes of law in Hong Kong, will reverberate deeply **off-line**. A once borderless industry must define its borders. ***‘This has led to understandable outcry over the developments in Hong Kong, which appears destined as the stage upon which a ‘borderless’ digital world will define its borders’*** Globally, governments in India and the US have looked to also ban the app amidst growing nationalistic tendencies surrounding recent diplomatic incidents. India has been the first to proceed with a ban; partly antagonised by Beijing in recent Himalayan border clashes but more centrally in response to widespread claims over illegal data harvesting from apps; a well-aired concern in the online world. As such companies seeking to operate globally have to operate in a dichotomous framework; walking the tightrope of deference to nationalistic home agendas whilst seeking to embrace new markets in global expansion aims. Business models predicated on growth in key emerging markets must be tempered against the opacity of the region of operation and its practices in regard to data privacy. Tiktok for one is seeking to distance itself from perceived CCP links through exploration of new headquarters in London, Singapore or Dublin. A physical move that is surely negligible in its ability to providing evidence of extrication from the tentacles of Beijing. It is perhaps ironic that the decisions regarding **online** freedoms and free expression made post the changes of law in Hong Kong, will reverberate deeply **off-line**. A once borderless industry must define its borders. **Are you an investor** who would like to find out more about Fuel Ventures? Please [**click here**](https://fuel.ventures/investors/scale-up-fund/?_gl=1*cm6j5f*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..) or email guv@fuel.ventures. **Are you an entrepreneur** who would like to apply for investment? Please [**click here**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*tj0gi0*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-ventures-lead-1m-round-into-hammock ### Title: Fuel Ventures lead £1m round into Hammock ### Page ID: 4342830 ### Content: #### **Other Media** ### **About Fuel Ventures:** Fuel Ventures are delighted to announce that we have led a £1m seed round into Hammock, a U.K. fintech/proptech company that is helping landlords and property managers gain better oversight on the financial health of their rental properties. Hammock has on-boarded more than 1,700 managed properties onto its platform over the last 12 months, tracking over £7 million in rent. Hammock customers span professional landlords with large portfolios (50+ properties) as well as smaller scale landlords (1 or 2 properties). From a B2B perspective, Hammock also has letting agents and property managers and works with accountants who act as a customer acquisition funnel by recommending the service to their landlord clients. Hammock CEO and Founder Manoj Varsani: “At a practical level, we want to save landlords time and money. As a landlord, I know too well how time-consuming and inefficient it is to manage your properties with spreadsheets, paper notes and to collate data from multiple bank accounts. As a fintech expert, I realised that landlords and letting agents often rely on archaic technology and haven’t experienced the benefits of new generation tech solutions”. “Landlords who use Hammock get real-time notifications about all income and expenses, so rent collection and cash flow management are easier to keep an eye on,” says Varsani. “They also get the tools they need to reconcile transactions as they happen, so they always know where they stand in terms of profit and loss. This means that compiling their tax statement goes from taking hours to taking minutes. Landlords can already get our functionalities if they connect their bank accounts via open banking. In September we’ll launch our own current account, so all functionalities will be natively integrated and the whole experience will be even more seamless”. Fuel Ventures GP, [**Mark Pearson**](https://www.linkedin.com/in/markalanpearson/): "We're very bullish about the impact of open banking on bringing value to consumers through their account data, and Hammock is a great example of this happening for landlords, who now more than ever need to be able to track the performance of their property portfolios. In our initial discussions, we were incredibly impressed by Hammocks' early product and the progress they had made with the funding they had. We're incredibly excited to be part of this latest round of investment, giving Hammock the Fuel to bring real value to the UK's 2.5m landlords." [**Hammock collects £1M seed for its current account for landlords and property managers – TechCrunch**](https://techcrunch.com/2020/08/17/hammock/?tpcc=ECTW2020&guce_referrer=aHR0cHM6Ly90LmNvL2NrY0FEcWlPQk0_YW1wPTE&guce_referrer_sig=AQAAAH_izt0LDAXCbpd8F4lvttNsGk7WVShSBhYZOcnUporee43amOFh6GwDW-L0jxzfMPMFoqHQ72bd0lk6tmJdxnFQM28BciYDbK1Swu9U9Vu_Kr8CpnFLKWv4D9rwFRgnMGoBQvyT_jJ9zfUWDV2Ysc62fselQnq2mZQmrDC99ZAt&guccounter=2) **Are you an investor** who would like to find out more about Fuel Ventures? Please [**click here**](https://fuel.ventures/investors/scale-up-fund/?_gl=1*cm6j5f*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..) or email guv@fuel.ventures. **Are you an entrepreneur** who would like to apply for investment? Please [**click here**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*tj0gi0*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/who-will-moneyball-esports ### Title: Who will Moneyball Esports? ### Page ID: 4342845 ### Content: #### **Esports is under-monetised and growing fast** #### **Gaming is ripe for data-led disruption** #### ***Insights from Adam Feldman - Analyst.***  ### **About Fuel Ventures:** *This Esports blog is the first of a new series by* ***Fuel Ventures*** *inspired by* ***Y Combinator’s RFS page.*** *The aim of the series is to let everyone know what ideas have our heads turning and why. We welcome your responses, thoughts and feedback. Please start a conversation with* ***Oli*** *at oliver\[at\]fuel.ventures or on* ***LinkedIn****, especially if you are a startup in this space.* Gaming is the [**fastest growing form of entertainment**](https://www.capitalgroup.com/europe/capitalideas/article/video-game-industry.html) in the world and Esports is the [**fastest growing sport**](https://finance.yahoo.com/news/investing-worlds-fastest-growing-sport-203508814.html?guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAEsRSlAoiQmit033ltzM7JrBuKnV_7edyIx2pSNzsr_SeTGdi-u_yp6-YLaW4ElNs6XnAVgOyjiqGgoRWh0ZtMwMVCA3yCrmoqvIOpc6jvhQkQ0QTDniOTHx-j2gVHhvYFMMwoSrgkS4LicCeB3zMer_eoKwF1f7bK_4856Q0jXO&_guc_consent_skip=1597935824). The sector is still, in its infancy. We’re only now experiencing a professionalisation of gaming that will match the professionalisation of physical sports like football, basketball or cricket. That got us thinking. What technological advances have footballers, golf enthusiasts and tennis coaches already witnessed, that League of Legends champions, CDL coaches and Dota 2 viewers are yet to see? One answer is a data-led understanding of gameplay. With every increase in competition viewership, more money piles into esports, and with that, the stakes only go higher. Dota 2’s The International had a cool [**prize pool**](https://dota2.prizetrac.kr/) of $34M last year, up from $25M the year before. That pressure is encouraging players to look for advanced methods found in physical sports for an edge over their competitors. Just as physical sports have a handful of $500m+ sports analytics companies such as Hudl (US), Stats Perform (US), Exasol (Germany), esports will grow their own providing a heap of different services. We really are only at the beginning of this revolution in esports. The average esports fan is under-monetised with average spend of ~$4 compared to $40-$50 in other major sports. That helps to explain why the best CS:GO players (one of the most popular esports games) will earn $300k a year. To put that in perspective, the smallest payroll in Ligue 2, French professional football´s second-highest division, is roughly $3.5M. That is all to say, we are only at the beginning of the professionalisation of esports. Moreover, the opportunity for a radical improvement in the way we understand esports goes further than helping professionals get better at the game. For example, EsportsOne is hoping to redefine the way esports enthusiasts consume their favourite games. The company has realised that these deeply complicated games need analysis at a level comparable to what we already have for physical sports. Founder, Matthew Gunning, explained the opportunity: *“Imagine the yellow flag markers for first downs or a stat box that displays when watching NFL games on TV. That’s the statistical insight and enhanced viewing experience that Esports One will provide.”* They have since expanded their offering. Now using these insights to create an esports fantasy league platform. They started with League of Legends and the platform has seen meteoric growth this year. In our opinion, the data-savvy generation of esports viewers and [**casual gamers**](http://gamebake.io/) makes for an even larger appetite for a ‘moneyball’ moment in esports than there was in physical sports. The demand is even greater for digital sports than physical sports because gamers naturally expect the data to be there. For example, take U.GG. The platform provides League Of Legends players with crucial stats on the balance of the game after every Riot 'patch'. The website has over 16.5M monthly visits. For games with a larger western audience such as Warzone, the story is no different. The same natural concern for game data and statistics is consistently found amongst the highest performing content creators. Pictured below is Nickmercs breaking down ‘Time-To-Kill’ stats for Warzone guns in a video that has reached 900k views in 3 days. We believe that using data to help players to understand the way they play, has what Andressen Horowitz call ‘[**Product-Zeitgeist**](https://a16z.com/2019/12/09/product-zeitgeist-fit/)’ fit. Right now, players are using rough and ready data points like ‘Kill-To-Death-Ratio’ to compare their peers and esports idols. That's because its all that the games publishers will provide. However, as Philip Mayman (foremost sports analytics academic from Fairfield) notes, the development of technologies such as Computer Vision and AI technology is circumventing the publishers. These technologies have opened the door to a richness of data for esports that goes far beyond these crude statistics. New players are bringing advanced analytics such as heat-maps and skillset breakdowns to the table. Ultimately, we believe that startups that can unlock insights for esports players will redefine how gamers play … with huge financial opportunities to match.We’re looking for seed-stage UK based companies that are going to shape the future of Esports analytics. Get in touch if that’s you. Check out some of our other recent investments, including Gamebake (previously Yello Games), here. **Are you an investor** who would like to find out more about Fuel Ventures? Please [**click here**](https://fuel.ventures/investors/scale-up-fund/?_gl=1*cm6j5f*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..) or email guv@fuel.ventures. **Are you an entrepreneur** who would like to apply for investment? Please [**click here**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*tj0gi0*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/eventscase-raise-series-a ### Title: Eventscase raise £3.5m Series A ### Page ID: 4342866 ### Content: #### **So tell me more about Eventscase?** #### **So how did Eventscase come out stronger from Covid?** #### **What lies in store for the future of Eventscase?** #### **Other Media** ### **About Fuel Ventures:** When Coronavirus brought the world to a complete halt in early 2020, businesses nationwide were sent into disarray. In particular, the events and hospitality have been some of the most affected industries across the globe. Similarly, the startup community was deeply affected, with the continuous strain of attempting to stay afloat, whilst also being nimble enough to adapt to change. Now when you combine the two, you would assume that a startup in the events sector would have little chance of survival. Fuel Ventures portfolio company, [**Eventscase**](https://eventscase.com/), a UK-based events management platform, faced this exact dilemma but saw opportunity in the face of adversity. The London-headquartered company pivoted during the onset of the pandemic and have come out stronger as a result, recently completing a £3.5 million Series A raise. The round was led by a combination of existing and new investors, such as Haibun Partners and Neil MacDougall (Chairman of the BVCA). Eventscase was founded in 2012 and the premise of the company was to make it easier for organisers to launch and manage events of all shapes and sizes. Eventscase offered a range of tools that made this process seamless and effortless including: building websites and apps; email marketing; attendee registration and networking. When Covid hit Eventscase suffered from a drop in sales, similar to the vast majority of events related businesses, due to the physical limitations of meeting up. Eventscase went back to the drawing board, so to speak, and with a great deal of agility and nimbleness, managed to quickly diversify its core product, introducing a number of new features for running virtual and hybrid events. Even since this initial circumstantial pivot, Eventscase has gone from strength to strength, boasting a host of options for virtual events, such as live-streaming, video networking and hosting content on-demand. As a result, the company has attracted tens of thousands of virtual attendees every month and is on course to achieve over 100% year-on-year growth. Some of Eventscase’s current clients include Audi, Santander and the UN. The company is now well equipped and positioned to manoeuvre during the current uncertain times, as well as in a post-Covid scenario. The two main focuses going forward surround tech development and hiring. The reason for this focus is to cope with the enormous demand for the virtual and hybrid events and solutions during these times, across different geographies so the new hires will be situated in the tech hubs of Barcelona, Madrid, New York, London and Dubai. Jose Bort, Co-Founder and CEO, said: “From seeing 75% of our sales vanish in the 10 weeks leading up to April, it’s amazing to think that we’re now in a better position than we were pre-COVID. This year has brought no end of challenges, but we’ve emerged stronger, with greater capabilities and in a more competitive position. We can already envisage hosting events with 100,000 attendees and a further one million accessing live streams.” If you are an entrepreneur or startup and you are looking for funding, get in touch and email your deck to [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures). **Are you an investor** who would like to find out more about Fuel Ventures? Please [**click here**](https://fuel.ventures/investors/scale-up-fund/?_gl=1*cm6j5f*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..) or email guv@fuel.ventures. **Are you an entrepreneur** who would like to apply for investment? Please [**click here**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*tj0gi0*_ga*MjEwNTYzODIyLjE3MDA1NjI0MDY.*_up*MQ..). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/fuel-ventures-leads-65m-round-into-heroes ### Title: Fuel Ventures leads $65m round into Heroes. ### Page ID: 4342912 ### Content: #### **Other Media** [**Fuel Ventures**](https://fuel.ventures/?_gl=1*17niq4i*_ga*MjEwNjUwNjc4NC4xNzAwNTc1Njg1*_up*MQ..) are delighted to announce we have led a $65m pre seed investment round into Heroes, making it one of the largest pre-seed rounds in European history. Fuel Ventures have co-invested with a selection of top European and US investors, which will equip Heroes with the capital to take the European market by storm. Heroes is a UK-based technology-driven e-commerce company operating a similar model to US unicorn Thrasio, that specialises in the acquisition and operation of small and medium-sized Amazon FBA brands predominantly operating on one or more European Amazon marketplaces. Heroes was co-founded by twin brothers and second-time founders [**Alessio**](https://www.linkedin.com/in/alessio-bruni-8440a112/) and **Riccardo** Bruni. Riccardo (EQT Ventures, M&A at Merrill Lynch) and Alessio Bruni (M&A at Perella Weinberg Partners, GM of Luno and VP of Retail at Lazada), both bring extensive experience in M&A, investing, eCommerce and Marketplaces. Owing to the sizeable amount raised, the round will be used to purchase the already extensive list of Amazon FBA brands that the firm has already identified. Alessio said in an article with [**TechCrunch**](https://techcrunch.com/2020/11/10/heroes/): “What becomes evident to many founders at this point is that running a >$1 million business on Amazon is no longer a side-hustle. It requires significant resources to be dedicated to administrative tasks, tax filings, accounting, staff management, supply chain, logistics, cash-management, marketing etc. And some of these founders find themselves out of depth to manage such a big undertaking.” This is where Heroes gives founders of these businesses a seamless exit and cash for the fruits of their hard work. Alessio adds “What we love about these brands is that they have already hit product-market fit and we just need to focus on growth.” [**Mark Pearson**](https://www.linkedin.com/in/markalanpearson/), Founder and Managing Partner of Fuel Ventures said: “We're thrilled to be leading one of the largest pre-seed rounds in European history. I think the sheer size of the round goes to show how much we and our co-investors believe in this opportunity. We have seen a number of propositions in this space, however, none had the same execution capabilities displayed by Alessio and Riccardo. We believe Heroes will execute and move quickly, and given the amount of capital raised it should provide the necessary financial support for a rapid expansion.” Heroes will be using the funding to continue hiring the early team and focus on the new acquisitions. Are you an investor who would like to find out more about Fuel Ventures? Please [**click here**](https://fuel.ventures/investors/?_gl=1*1j0z14p*_ga*MjEwNjUwNjc4NC4xNzAwNTc1Njg1*_up*MQ..) or email [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures). Are you an entrepreneur who would like to apply for investment? Please [**click here**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*1j0z14p*_ga*MjEwNjUwNjc4NC4xNzAwNTc1Njg1*_up*MQ..). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/why-is-gamification-crucial-for-customer-engagement ### Title: Why is gamification becoming increasingly crucial for customer engagement? ### Page ID: 4345137 ### Content: #### **What is gamification?** #### **The Gamification loop** #### **What defines engagement?** ### **How do you grab the user’s attention?** #### **Surprise and delight** #### **Make it fun** #### **Gamify the brand** ### **How do you sustain long-term customer engagement through Gamification?** #### **Define a grind** #### **Build a powerful engagement loop** #### **Keep content fresh** #### **Personal purpose** #### **Learn through play** #### **Crowdsourcing** #### **Examples of gamification in recruitment** #### **An example of gamified marketing** #### **Gamification based advertising** Why is gamification becoming increasingly crucial for customer engagement? We are moving rapidly toward a future where fun is the new work. Fun is buying, selling, attention grabbing, achieving fitness goals and much more. Gamification is leading the charge to radically change industries by making it more fun and ultimately more effective in building a strong, happy and better engaged community, in a society where people have a shortening attention span. Gamification is the mechanics used from games such as design concepts, loyalty programmes and behavioural economics that foster user engagement. User and customer engagement are not just crucial for startup success but also for the lifetime value of a user, customer or business. As a business or startup, your success depends on being able to maintain the attention of both your customers and also your employees. Game mechanics are the basic features that are used in games such as points, badges (achievements), levels leaderboards and rewards. Combined together these features create a system of mastery and end-point for users. The higher your business ranks in these engagement metrics the more engaged your user base is with your product or service. Progression is a key factor driving engagement, a number of factors can contribute to this: As players progress through the levels and begin to accomplish things in a game, the user experience leads to more fun and higher engagement. By motivating people to play and cutting through the consumer noise, the underlying behaviour can lead to an increase in the lifetime value of a consumer/user. Users don’t know what comes in store, the badges, points, leaderboards they could earn therefore comes as a surprise. Apple have historically built in clues to their product launch events, including within the invitation to the launch itself. Invitations to see in a firm in advance of a launch or having a say in the early stages of the product helps users become brand ambassadors as they feel special and part of an early community. Gamifying the brand has become increasingly important. Over the last decade we have seen how gamification has become a common theme in the health and fitness industry. When Nike initially launched the Nike+, you could see the number of steps you had taken and got congratulatory messages for completing certain milestones. Since then gamification appears integral in the Health & Fitness community as we have seen with the astronomical rises of Fitbit, Zwift and Peloton. Similarly we have seen the combination of gamification in Extended Reality games such as Pokemon Go and also social media giants TikTok who have gamified social media through regular challenges. However, no matter how good your customer engagement process, at some point users of your system will lose interest and their interaction with it. This makes it all the more critical to continuously innovate and improve the gamification process in order to sustain customer engagement and Lifetime Value. A grind is a simple activity that users must repeat in order to earn enough resources to progress. If you don’t make a deliberate effort to engage users on a regular basis, it is highly likely they will lose interest in your brand. Push notifications and tone of voice are crucial to make users feel engaged. Startups need to understand the reasons behind user behaviour, users must have a reason to use your product. In order for users to continue returning frequently, fresh and interesting interactions must be available. Tweaks give users and the community something to talk about, creating new challenges for players to engage with, keeps the interaction with users fresh and by proxy will extend the lifetime value of the user. This is where loyalty programmes have benefitted from gamification and the most successful ones tend to be the ones that continually update their schemes with meaningful rewards and benefits for their users. An individual’s desire for mastery and a sense of progress is a strong factor driving engagement. We have seen numerous startups in the EdTech space and what is a constant theme throughout is the progress bar throughout learning systems with stats, badges, and other game mechanics e.g. Duolingo or Memrise. Whilst also adding elements which encourage educational exploration. As more and more customers engage with new tech, users want to learn new skills. How do you mitigate that? You deliver a gamified learning system that creates, sustains and rewards engagement as we have seen on platforms that teach you how to code. In aiding user progression to mastery and support educational goals will help get long-term loyalty and engagement e.g. CodeAcademy Working alone and in teams from around the country or world has been accelerated due to COVID. Now building a great and vibrant community is a challenge at the best of times, even with multiple resources at a firm’s disposal, let alone a startup. In order to get participation, community engagement has to take a different mechanism utilising the crowd to make a difference. We have seen this with companies like Product Hunt and Reddit, who are common examples of this where rank and score can provide not only positive feedback but also enables upcycling of popular stories or products. Similarly, we have seen it with our Portfolio companies Distributed and Arbolus. Distributed which is a platform for scaling elastic and distributed development teams. Arbolus is a marketplace for independent consultants and businesses to efficiently find each other and work together. Gamification plays a significant role in driving both these startups and ensures that projects are delivered. In our own industry we have seen applications of gamification through fundraising platforms such as Seedrs and CrowdCube showing the amount of funding raised, timeline and number of funders. Crowdsourcing can inspire new product development. From a founder’s point of view this can lead to reductions in costs, improvements in quality, innovation and idea generation. Ideas such as beta testing by engaging the crowd to not only get a buzz before a launch but also to provide feedback via a scoring system or other gamified feedback mechanism, helps gauge interest as well as participation at all levels of the life cycle. Gamification has also changed recruitment for many startups and companies, as it filters through the best and most suitable candidates quickly. This is a billboard for EA placed in front of their competitor’s building written in code showing “Now Hiring”. A highly targeted yet gamified recruitment campaign. Here is an example of gamified marketing we have recently seen with the launch of the Playstation 5 in London. Sony totally flipped the strategy and gamified a physical monument changing the Oxford Circus underground signs, as well as having a gamified promotional strategy with strong media partners such as the LADBIBLE Group As the world has shifted even more digitally this year, what has become even more popular is the use of gamification strategies to encourage conversion in adverts with techniques such as multiple choice and swiping. This is due to the increasingly short attention spans that people have. Gamification is no doubt an increasingly crucial and fundamental strategy for startups to drive user engagement, cutting through the consumer noise and helps promote brand awareness and loyalty. If you are an entrepreneur who is looking for funding and has some interesting gamified strategies around your business we would be interested to hear more. Please email your deck to [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - **The user’s last visit/frequency of visit** - **Length of stay** - **How often do they refer? (Viral mechanism)** - **Rating** - **Knowledge of the product or brand** - **A goal** - **Levels or a bar showing completion that lead to a goal** - **Reinforcement of progress through points** - **Social reinforcement/sharing** - **Progression of difficulty** - **Side challenges** - **Social call to action** - **User re-engagement and progress** - **Motivate emotion** - **Visible progress and rewards e.g. aggregate stats such as likes, followers, comments, badges** --- ## URL: https://www.fuel.ventures/outfund-the-lending-fintech-raises-37million-late-seed-round ### Title: Outfund, the lending fintech, raises £37 million ### Page ID: 4345169 ### Content: #### **Other Media** **Outfund has committed to invest £100m of lending to ecommerce and subscription-based businesses in the next 12 months, making it the UK’s largest revenue-based fintech lender.** [**Outfund**](https://www.out.fund/), the fintech company changing the way online businesses raise funds, today announces the close of a £37million late seed round of capital, including debt and equity. The round was led by Fuel Ventures and [**TMT investments**](https://tmtinvestments.com/) alongside key industry angels such as Chris Adelsbach. The funds will be used to offer bigger lending rounds to more businesses, as well as for internal new products and team growth. The pandemic has accelerated the trend of people shopping online, with numerous businesses migrating their presence to digital. Many businesses have totally pivoted their strategy to a more digital approach in order to make strides in revenue and profit. With the largest quarter for retail already underway, we have seen records been broken for [**Singles’ Day in China with $56bn being spent and Black Friday**](https://www.aljazeera.com/economy/2020/11/11/crazy-sale-chinas-singles-day-bags-record-shopping-revenues). Businesses are now investing more capital into their inventory and digital marketing efforts than ever. However, funding is all the more challenging to secure lending and the traditional financing routes offer an unfair deal to founders and directors, with bank loans offering high interest rates. Outfund is an alternative financing channel where online-based businesses can get the funds they need faster and easier based on their future revenue projections and on significantly fairer terms. With this round of investment, Outfund is pledging to invest more than £100m of lending to over 5,000 businesses in the next 12 months and will increase its lending limit to £2m. As well as using the funds to lend more to more businesses, Outfund also plans to make investments into new products, such as working capital and revolving credit, and team growth. Today’s seed round and highly ambitious growth plans means that Outfund will now be the UK’s largest revenue-based finance company. Outfund’s technology takes the bias out of lending and improves the terms for financing based solely on businesses revenues and performance. It’s advanced algorithm pulls information from numerous data sources to determine how a company performs and is then able to de-risk the proposition. Subsequently, making it possible to offer cheaper funding with longer pay terms and a flat fixed fee from 5%, making them the most competitive in the market. **Daniel Lipinski, founder and CEO of Outfund**, said, “As a second time entrepreneur myself, I experienced first-hand the complex, timely and often imbalanced nature of the old-school financing routes. I knew there was another way and so decided to build it. Our ambition is for Outfund to be the place to go to to grow your business without compromising your equity or waste time fundraising. This is why we have spent time developing a way to make the process of securing money for growth easier, fairer and most importantly, faster. Our approach has been warmly received by the founders and directors so far and now we’re looking at how we can open this up to more businesses and continue to be part of their journey to success for a long time.” **Mark Pearson, founder and managing partner of Fuel Ventures**, added, “Daniel and the team are pivoting the model of business funding, rebalancing the scales so that business owners don’t lose out financially while getting the capital they need to supercharge their online business’s growth. At Fuel we work with the most ambitious entrepreneurs building market leading companies. Outfund is a perfect example of this - a strong, passionate founding team creating an game-changing venture that is now a leader in its field.” Firms looking for capital can apply for finance using Outfund’s simple online application. There is no need for business plans and only simple checks are required. Businesses will need to connect their revenue accounts and, with access to this data, Outfund will then build a funding offer with the money able to be deployed the very same day. Outfund can deploy anywhere between **£10,000 and £2million of funding**. The funding criteria is available to any business that takes online payments, has a minimum of £10,000 monthly turnover and has been trading for at least six months. Unlike conventional business loans, Outfund ensures the time taken to repay is based on each businesses’s circumstances and the revenue share agreement, making it incredibly flexible. Outfund’s repayment percentages are set to ensure each business maintains a healthy cash flow in its day to day operations, the better the company does the better Outfund does, so now for the first time the funding balance between a company and lender is equal. If you are interested in investing in these types of businesses and would like some more information see  [**https://fuel.ventures/investors/**](https://fuel.ventures/investors/). Alternatively, if you are an entrepreneur looking for funding please complete our [**entrepreneur application form here**](https://fuel.ventures/contact/entrepreneur-application/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-ventures-invests-in-ppc-protect ### Title: Fuel Ventures leads £2m investment in PPC Protect ### Page ID: 4345227 ### Content: #### **Who are PPC Protect?** ### **What are the different types of Ad Fraud?** #### **How big is the problem?** ### **Imagine saying to your boss that you wasted 14% of your advertising budget?** #### **Who are the groups susceptible to this fraud?** #### **Who are PPC Protect?** #### **Other Media** **Fuel Ventures are delighted to invest £2m in the Bolton based Ad and Click Fraud monitoring and prevention software business, PPC Protect.** PPC Protect offers an all in one solution to identify and block click fraud (including: click fraud and ad fraud). Existing solutions merely identify and block click fraud after you have been susceptible to fraudulent activity. PPC Protect offers a real-time, automated solution that monitors PPC ads in real time and determines if each individual click is legitimate or fraudulent, saving advertisers and marketers a considerable amount of their ad spend, as well as saving money and getting more relevant, high quality traffic that can lead to a lower cost per acquisition. Refers to any click on your paid links that are not genuine and are often malicious That is, if you’re paying to show at the top of Google or Bing, a fraudulent party may click on your paid links with the aim of depleting your budget and removing you from the paid results. It also applies to fraudulent clicks on display ads or banners. Your paid ads, usually in banner or video format, are hosted on a website that is designed to capitalize on ad payout. E.g. an unscrupulous marketer will make a website designed to host multiple ads (such as yours) and then channel fake traffic through it to collect the payout on clicks or impressions. You as the marketer, however, pay for lots of clicks and get zero leads or customers These apply mostly to apps and mobile traffic. It is normally undertaken by an app that is made to generate fake clicks on a device in the hope of collecting the payout for genuine organic installs or clicks. You, the marketer, may get a genuine customer, but your data will look like you had a huge amount of clicks and the fraudster will collect a payout even from organic installs they have no claim to. Over the past year we have probably seen one of the largest digital migrations in the history of the internet, obviously accelerated by the pandemic which shaped the majority of 2020. As more businesses have totally switched their marketing and advertising strategy online, the fraudulent rate at which pay-per-click advertising has risen almost hand in hand. Studies find that 14% of all clicks on your campaigns are invalid. Existing solutions only identify and block click fraud after the fraud has occurred, meaning businesses are still spending time and money, as well as facing long battles to prove the traffic is fake. In 2020 alone, the total fraud was estimated to be $23bn and is expected to reach $50bn in the coming years. According to [**PPC Protect’s report**](https://ppcprotect.com/ad-fraud-statistics/), 11% of search clicks and 17% of clicks associated with connected TV campaigns were fraudulent. PPC Protect handled over one billion ad interactions in the last 12 months. The report also found out that 38% of fraudulent activity is through automated bots and bot fraud. The company says that criminal gangs are investing heavily in sophisticated bots to do their dirty work without having to lift a finger. eCommerce campaigns are expected to lose $3.8 billion to PPC fraud in 2020, according to the study; travel, $2.6 billion; education, $830million; legal, $193million and medical and health campaigns, $196 million. **Neil Andrew, founder, and CEO of PPC Protect said**, “Despite the impact of Covid-19, digital ad spend still increased 2.4% in 2020 to a record $332bn as consumers turn to the web in their masses to stay informed, in touch, and entertained. For fraudsters, this is like shooting fish in a barrel. With little effort, they can defraud small, independent businesses relying on online ad spend to increase their presences out of tens of thousands of pounds a year. We are handling huge volumes of ad traffic to make sure these businesses are protected and with this new investment we can explore how our solution stays one step ahead of more sophisticated ad fraud tactics and expand internationally.” Aside from any business advertising online, many of you who may not have expected to be victims are actually high value targets. Local, on demand businesses such as: locksmiths, dentists, plumbers etc actually have really high numbers of click fraud cases because on-demand and local services often have a high cost-per-click and relatively fierce local competition. The COVID-19 pandemic had a significant impact on online advertising fraud, claims PPC Protect. The report states that the educational industry upped their spending on online advertising, which fueled a rise in fraudulent activity and payouts for click-fraudsters. PPC Protect found that as a result education saw the highest rates of click fraud with 31% of clicks being invalid. Furthermore, healthcare also hit hard as click fraud grew by 53% for healthcare advertisers. The PPC Protect team consists of: Neil Andrew (founder & CEO), previously the head of Organic Search at Piccana Ltd (SEO for agencies). Segev Hochberg (COO), a former systems engineer with a strong background in e-commerce. CTO, Matthew, has had a strong background in software development as well as significant contracts and training in the cybersecurity sector. Alex Winston (CDO) has extensive creative design abilities and is responsible for all aspects of design, branding and product UX. Andrew Flock (Head of Sales), has headed sales at several large B2B software companies including Accesspalnit and Engage Solutions. **Mark Pearson, founder, and managing partner of Fuel Ventures added**, “Neil and the PPC Protect team are at the frontline of the click fraud prevention space and built the first truly automated cybersecurity-driven fraud detection engine that stops bad traffic and fake clicks. They are a security-first not adtech-first firm and their priority on keeping businesses safe is paramount. We are excited to be backing this innovative company with excellent leadership.” If you are interested in investing in these types of businesses and would like some more information see  [**https://fuel.ventures/investors/**](https://fuel.ventures/investors/). Alternatively, if you are an entrepreneur looking for funding please complete our [**entrepreneur application form here**](https://fuel.ventures/contact/entrepreneur-application/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/seis-launch-blog ### Title: Launching Our SEIS Fund ### Page ID: 4345248 ### Content: #### **Why now?** #### **What is SEIS?** #### **Fuelling growth** #### **Access to our follow-on funds** #### **What makes Fuel Ventures winners?** #### **Other Media** **Fuel Ventures launches a new SEIS fund for early seed stage companies, with access to follow-on investment from its flagship EIS funds.** Since 2014, Fuel Ventures has invested over £50m of EIS funding in 41 early-stage companies – and now, we're launching our SEIS fund to support startups from the beginning of their journey.  The SEIS Fund follows the proven track record of Fuel Venture’s Scale Up and Follow-On funds. Last year alone, we deployed £20m into 14 exceptional companies. Our portfolio companies continued to excel, including Moteefe, which recently closed a round at a 26x valuation uplift, and OnBuy, which is currently one of the fastest growing e-commerce platforms in the UK having grown 600% YoY. We are now giving investors the opportunity to invest in our new SEIS Fund. The Seed Enterprise Investment Scheme (SEIS) is a government initiative that encourages innovation by granting investors generous tax breaks when investing in very early-stage companies. This includes up to 50% income tax relief, capital gains tax exemption on all profits from shares sold after three years, loss relief, and inheritance tax relief. At Fuel Ventures, we believe that our SEIS Fund will allow us to identify and invest in the future sector pioneers. The SEIS scheme is a great incentive for investors to support early-stage companies at a time in their business journey where finance options are limited. The £150,000 of SEIS allowance provides companies with vital growth capital, enabling them to hire talent, acquire customers, and establish themselves as key players in their industries. Our SEIS Fund provides promising startups with fuel to get off the ground.  Beyond capital, Fuel Ventures provides each of its portfolio companies with expert advice, access to strategic partnerships, and guidance for future fundraising rounds. We are a market leading early-stage investor, with well-established EIS funds. This means we have the capacity to provide our SEIS portfolio companies with much needed follow-on capital, saving founders months spent on fundraising and supporting growth from the early seed stage to series A. Fuel Ventures is dedicated to supporting the most exciting, up-and-coming tech startups. The team is led by Mark Pearson, a former entrepreneur who successfully exited his own tech company (MyVoucherCodes). We take a personal approach to investing, and our winning portfolio is testament to our success. If you wish to find out more about our SEIS Fund, we welcome you to connect with us and to be a part of our journey going forwards Are you an early-stage company looking for funding? [**Apply now**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*t60mc9*_ga*MjEwNjUwNjc4NC4xNzAwNTc1Njg1*_up*MQ..) [**https://www.enterprise-ip.com/investments/seis/calculator-seis/**](https://www.enterprise-ip.com/investments/seis/calculator-seis/) Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-ventures-leads-a-2m-round-for-wombat ### Title: Fuel Ventures leads a £2m round for Wombat ### Page ID: 4345281 ### Content: #### **So what is Wombat?** #### **Why don’t people in the UK invest in the stock market?** #### **Why is Wombat different?** #### **Tell me about the Wombat team** #### **Other Media** **Fuel Ventures are thrilled to invest £2m in the London based thematic & curated fractional investment platform, Wombat.** [**Wombat**](https://wombatinvest.com/) is a next generation auto investment app that appeals to Millenials and GenZ. Wombat, the UK’s first thematic & curated fractional investment platform, has closed a £2million seed round to help the fast-growth business serve consumers’ increasing appetite for investing. Wombat makes investing effortless and accessible to everyone, breaking down the barriers to investing and empowering a generation with the tools and knowledge they need to grow and invest for their future. 3\. They think they need to start with lots of money. Wombat enables more than 62,000 users to invest and diversify their portfolio across 31 popular shares and its 22 theme-based curated funds. People can now invest directly into companies through fractional shares as well as thematic funds, both in Europe and the US. Shares on offer will include well known brands such as Apple, Tesla, Games Workshop, Ocado and Netflix. The funds are different to what is currently out there on the market because it really lets the everyday person invest in a range of themes that they may be interested in, the top trending funds include [**‘The Techie’**](https://wombatinvest.com/theme-funds/the-techie/), [**“Pure Gold”**](https://wombatinvest.com/theme-funds/pure-gold/), and [**‘The Green Machine’**](https://wombatinvest.com/theme-funds/the-green-machine/) which aims to please the passionate social and impact savvy investor. The platform allows users to auto invest, setting a monthly amount to invest based on your preferences and it gives users the ability to round up and save any spare change they have into their Wombat account. The other great feature for the non-professional investor is their [**LearningHub**](https://wombatinvest.com/learning-hub/), which totally simplifies the complex world of investment for the everyday person. Wombat’s mobile-first, fractional micro-investment platform was founded by serial entrepreneur and former trader, Kane Harrison, in 2019. Headquartered in London, it has raised almost £2.7m to date. Kane Harrsion who has a strong background in product development, spent 2 years at NAB as a risk analyst before spending 5 years as the founder of Stacked, a dutch pancake brand. COO Mike has 12 years experience in structured products, and CTO Brannan has several exits from companies he’s been involved in. **Kane** said: “A majority of people in the UK and Europe aren’t doing enough to save for their future. With banks providing all-time low interest rates, we have seen appetite for investing grow, many feel overwhelmed with the perceived complexity of handling shares. Our goal is to make investing in the stock market relatable and less scary. With a low starting point of £10, anyone can try it out “Some of the world’s most successful investors, like Warren Buffett, invest in companies and brands they know, use and understand. We want everyone to have that same mindset. This is why we focus on helping people own a part of those companies they have an affinity with. I for one am a massive fan of Elon Musk, Wombat makes it easy for me to be part of Tesla’s successful journey at a minimal cost.” **Mark Pearson**, founder and managing partner of Fuel Ventures, added: “Kane and the Wombat team are breaking open the stock market for everyone and giving young people the access to other saving opportunities. We haven’t seen a platform like this in Europe. Wombat is the first to help introduce regular, micro investing into the market - putting people’s concerns at ease by easy investing in things they understand.” We strongly believe that Wombat will be a significant player in the UK, Europe and other key markets like India and Australia when it comes to investing. Are you an early-stage company looking for funding? [**Apply now**](https://fuel.ventures/contact/entrepreneur-application/?_gl=1*t60mc9*_ga*MjEwNjUwNjc4NC4xNzAwNTc1Njg1*_up*MQ..) Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/pitch-please-fuel-ventures-are-doing-a-clubhouse-pitching-event ### Title: Pitch, Please! The Fuel Clubhouse pitching event ### Page ID: 4345305 ### Content: #### **Pitch, Please!** #### **When is this happening?** #### **Key tips for founders** #### **What Founders should know before applying?** #### **What we look for:** #### **How do I apply?** #### **Other Links** Another VC on Clubhouse? Yep, you guessed it. Fuel Ventures are launching a pitching event hosted on Clubhouse. You heard that right. Fuel Ventures are giving founders the opportunity to pitch on Clubhouse to members of our investment team. Now you may say Clubhouse has been done before by a number of VCs, however, we are going to be doing this slightly differently to your average Clubhouse pitching event. This will be a pitching event on rocket fuel, excuse the pun. Founders will have **1 minute and 1 minute ONLY** to pitch their business to members of the investment team. Then they will have the opportunity to **answer 1 question and 1 question ONLY** to see if the Fuel team deem these startups suitable investment opportunities. This is the ULTIMATE elevator pitch. The Clubhouse event is happening on Friday 12th March at 2-3pm. This is the perfect way to listen to potentially some of the most exciting tech founders around in a slightly more relaxed atmosphere, easing your way into the weekend. [**Fuel Ventures**](https://www.fuel.ventures) is an early and growth stage investor in leading technology businesses. We (Fuel Ventures Fund) invest in the most ambitious entrepreneurs in the sectors covering globally scalable marketplaces, platforms and software (SaaS). We have a unique approach to investing, bringing our portfolio companies under one roof to provide hands on support and to create a collaborative ecosystem. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - Keep it clear, concise and exactly to the point. You have one minute to describe your business so that the team understands what you do and the problem you are solving - Speak clearly, we want to hear what you have to say - Relax, this is an informal - Be able to think on your feet - Pre-Seed, Seed and Growth stages - Exceptional entrepreneurs - Minimum viable product - Proven traction - Globally scalable --- ## URL: https://www.fuel.ventures/capdesk-has-raised-a-5m-series-a-funding-round ### Title: Capdesk raises a £5m Series A extension ### Page ID: 4345330 ### Content: ### **Capdesk raises a £5m Series A** #### **What is Capdesk?** #### Who is using their platform? #### **What are Capdesk’s future plans and what does the raise mean for the startup?** #### **Other Links** **We are delighted to announce Capdesk has raised a £5m Series A extension.** [**Capdesk**](https://www.capdesk.com/about), the equity management platform, has raised a £5m Series A extension led by Fidelity International Strategic Ventures and MiddleGame Ventures. This followed an initial raise of £3 million led by [**Fuel Ventures**](https://www.fuel.ventures) in 2020. This brings Capdesk’s Series A funding to £8 million, and the total amount raised to £11.7m. Capdesk has created a tailored and cost effective captable management platform. The platform enables private companies to efficiently manage and automa.cally transact in equity by running controlled liquidity events. The platform helps stakeholders to understand the value of unlisted share ownership and easily report and transact shareholdings. The platform allows founders, employees and investors to digitize their equity, options, and warrants transactions. This gives shareholders access to a private secondaries market via a partnership with the Seedrs crowd-equity platform. Eliminating a number of issues that are associated with keeping tabs on your captable, such as: Aside from removing these sorts of issues, Capdesk facilitates more complex employee share schemes. Some of their clients include startups such as Gousto, Secret Escapes, Privitar, Voi Technology and Billie to mention a few. You can find more testimonials from their clients such as Secret Escapes [**here**](https://blog.capdesk.com/secret-escapes-testimonial). Capdesk now wants to build a ‘seed to post-IPO’ equity platform for this normally underserved European sector by onboarding established private and publicly listed companies. [**Christian Gabriel**](https://www.linkedin.com/in/gabrielchristian/), CEO and Co-Founder, Capdesk said in a statement: “Today’s announcement makes Capdesk the best-funded equity management solution in Europe. More importantly, it combines the fintech expertise and capital support from MiddleGame Ventures and Fidelity, paving the way for the firm to build an equity solution never before seen in Europe.” If you are an entrepreneur or startup and you are looking for funding, get in touch and email your deck to [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") 1. **Outgrowing Excel - not tracking a captable on spreadsheets** 2. **Removing the risk of human error** --- ## URL: https://www.fuel.ventures/arbolus-raises-6m-from-fuel-ventures ### Title: Arbolus raises $6m from Fuel Ventures ### Page ID: 4345379 ### Content: #### **Who are Arbolus?** #### Why Arbolus? #### **Other Links** **We are delighted to announce Arbolus have raised $6m from Fuel Ventures for an AI-driven platform putting collaboration at the heart of the Future of Work** [**Arbolus**](https://www.arbolus.com/)’s $6m investment has been led by early-stage UK VC, Fuel Ventures as well as Plug and Play, one of the most active VCs in Silicon Valley. The 3-year old tech startup has seen speedy growth achieving 7x YoY. In the last year the team has expanded internationally with its headquarters in Barcelona and a satellite office in New York. Arbolus has ambitious plans to expand its US operations further due to the success that has already been achieved. Arbolus is a platform that eliminates the barriers between those with experience and those who seek it. Founded in 2018 by Sam Glasswell and Will Leeming, two entrepreneurs with previous experience of helping scale a $1bn company. Arbolus is changing the way knowledge is used in companies. Currently Arbolus is working with more than 80 customers, including some of the largest firms in the world such as Big Four KPMG, leading global strategy consultancies as well as some of the world’s most innovative companies such as UiPath. The company is looking to extend its reach into the enterprise market and is eager to scale to $100m revenue by 2024. The startup also recently appointed a new CTO, Pau Beltran, who has over 15 years of machine learning and NLP experience from Disney, eDreams, OneMind and others. Pau and his team will be focused on further developing the natural language processing and AI backbone of the Arbolus platform. The world’s leading companies in the UK alone spend around $60bn a year on using outside experts to drive their business forward, but rarely retain or repurpose this knowledge in other areas of the organisation. As experts and consultants are brought in by big corporations, Arbolus is delivering the future of work through innovative tools that support and facilitate the knowledge sharing process. The $6m investment will be used to scale the platform to serve large enterprises, consultancies and investment firms. The future of work is increasingly based around collaboration, experts are brought in to plug the gaps of knowledge when it comes to businesses researching new markets, developing products, defining new strategies and differentiating from the competition. Arbolus helps large organisations build valuable expert networks and retain knowledge by delivering a unique toolset built on AI and natural language processing capabilities in order to make collaboration and knowledge sharing easier, thereby maximising the value offered by the experts. **Sam Glasswell, CEO and co-founder of Arbolus**, said, “Having the right information gives you a competitive edge but the typical means of engaging with experts through one hour calls alone is failing to deliver value. These interviews are usually held by a single department and their findings end up lost in PowerPoint presentations or reports. Therefore, companies are only building up a short-term view. We are bringing innovation to the ways companies are working with external experts by using groundbreaking technology to, not just build expertise within organizations, but deliver it in ways that are digestible, searchable and, most importantly, usable for the months and years ahead across different departments.” **Mark Pearson, Managing Partner from Fuel Ventures** added, “Arbolus have done amazing things in its first 24 months and it's a testament to the entrepreneurial ambition of Sam and Will backed up by their experience of helping to scale a $1bn company in their former lives. We want to foster the innovation and disruption Arbolous is bringing to an old-fashioned industry and be the leaders in connecting the dots between the expert used and the information they provide.” **Saeed Amidi, CEO & Founder at Plug and Play** said, “When we first met Arbolus, we immediately knew that their solution was a game-changer. Sam and Will have 20 years combined experience in the expert interview industry so they knew clients' pains and what processes needed to be improved. We decided to support Arbolus’ goal to create the most agile platform in freelance collaboration and are amazed by the milestones achieved by Will and Sam so far. We are looking forward to enhancing their effort by creating the right synergies with our global network. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/fuel-ventures-leads-a-1-4m-seed-round-in-noah ### Title: Fuel Ventures leads a £1.4m seed round in noah ### Page ID: 4345422 ### Content: #### **What is noah?** #### What does Noah look for future StarterKits? #### What will the funding be used for? #### **Other Links** **The £1.4m round was led by** [**Fuel Ventures**](https://www.fuel.ventures)**, the deal was closed in just eight days, with the investment going towards supporting noah’s growth three years after the initial launch.** Founded in 2018,​ [**noah**](http://www.noahsbox.com/)​ provides a collection of curated ‘Starter Kits’, packed with tried and tested, high quality tools, utensils and essentials, delivered directly to your door. This includes anything from kitchen boxes, to a homemovers box, baking kits and student essentials. noah provides all you need to take your first step of every new endeavour or stage in life, saving you time, hassle and money. When devising which kits to deploy, the noah team puts each item through a rigorous testing programme with only the best making their way into the boxes. The noah team started with the Student Kit, which is packed with 70 essential items for those starting university for the first time. We all know how daunting these first life experiences can be. noah is now selling nine different Starter Kits directly through its website to a growing customer base of ​11,000​ people. The founders believe that following a year that has undoubtedly changed the way we shop, consumers now place more importance on convenience than ever before. The desire for D2C services keeps growing, as an established brand in this space, noah will be using the capital to further expand its product offering as well as growing its internal team by 400%. Having previously demonstrated the ability to adapt quickly, noah’s new launches will be certain to centre on current behavioural trends and customer demands. When searches for banana bread recipes peaked in April 2020, noah quickly introduced its first baking box, which sold out in ​3​ days and has since been restocked ​5​ times. Meanwhile, a buoyant housing market - which saw Right Move report UK house sales were at their highest ever level in August 2020 - inspired noah to further build on its offering of home-mover and kitchen boxes. “For the past two years, noah has brought convenience, quality and reassurance to thousands of customers, and we are thrilled to have been able to journey with them on some of life’s most important ‘firsts’. We are continuously looking at how we can grow as a brand, all the while making our customers’ lives that little bit easier, and this funding will be key in taking the business to the next level. We are looking forward to expanding all areas of the business and bringing new products to market, as consumers continue to embrace the convenience that D2C shopping brings”. The funding will be instrumental in growing the noah brand, building out an all-star team accelerating the launch of a new content-driven app - to further streamline the consumer journey - while also expanding the product range with many more exciting Starter Kits. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/ppc-protect-chosen-for-international-growth-programme ### Title: PPC Protect chosen for International Growth Programme ### Page ID: 4345460 ### Content: #### **About PPC Protect** #### About the Tech Nation International Growth Programme #### **Other Links** PPC Protect chosen for International Growth Programme **This week PPC Protect has been selected for the Tech Nation International Growth Programme in Japan and in the process will be looking to stimulate jobs, new ideas, partnerships and investment into the Japanese tech sector.** PPC Protect has been going from strength to strength since [**Fuel Ventures led a £2m investment**](https://fuel.ventures/fuel-ventures-invests-in-ppc-protect/?_gl=1*11otcje*_ga*MTgyNTkwMDQwOS4xNzAwNjQzMzQ2*_up*MQ..) round and is part of a select cohort of companies from the UK for the Tech Nation International Growth Programme. The announcement comes after PPC Protect recently completed the signing of a strategic [**partnership with SOPHOLA**](https://ppcprotect.medium.com/ppc-protect-signs-strategic-partnership-to-enter-japanese-market-6b39c4fc1938), Inc to bring cutting-edge click fraud prevention solutions to Japanese advertisers. PPC Protect offers an all in one solution to identify and block click fraud (including: click fraud and ad fraud). Existing solutions merely identify and block click fraud after you have been susceptible to fraudulent activity. PPC Protect offers a real-time, automated solution that monitors PPC ads in real time and determines if each individual click is legitimate or fraudulent, saving advertisers and marketers a considerable amount of their ad spend, as well as saving money and getting more relevant, high quality traffic that can lead to a lower cost per acquisition. This is a newly commissioned initiative by the UK Government which has been established to facilitate innovative British tech companies access trade and investment opportunities and forge new international partnerships across Asia Pacific, including in Japan. The International Growth Programme is part of a wider strategy as the UK looks to deepen its relationship with Japan following the signing of a free trade agreement last year. This agreement has opened up even more opportunities to boost the trade and investment between the two countries,which has coincided with Japan’s growing appetite to utilize digital technology. The UK has established itself as a world-leading tech centre. The UK tech sector is growing six times faster than the rest of the UK economy combined. The UK tech start up and scale up ecosystem is valued at $600bn and the UK has more than 80 unicorns headquartered around the country. Tech Nation is working in collaboration with Intralink, an international business development and innovation consultancy which helps Japanese companies collaborate with western innovators, in this case PPC Protect, and the UK Department for International Trade in Tokyo to deliver this international programme for the most exciting UK tech scale ups. These companies will also be exploring opportunities in South Korea. This week also sees the selection of the first cohorts of the Digital Trade Network’s International Growth Programme in Australia and Singapore. And due to much interest from UK tech companies, Tech Nation is also providing a series of webinars, bootcamps and interactive workshops over the next few months to support UK tech scale ups looking to grow their businesses into Australia and more globally. And this is just the start, Tech Nation will continue to work closely with the UK government to help more UK tech companies enter into new markets like Japan, while also providing links for Japanese businesses into tech clusters across the UK. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). [**International Growth Programmes launch in Asia-Pacific**](https://technation.io/news/international-growth-programmes-asia-pacific/) [**Results of JETRO’s 2020 Survey on the International Operations of Japanese Firms (Feb.2020)**](https://www.jetro.go.jp/world/reports/2021/01/3f6c5dc298a628be.html) Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/feel-closes-a-6-2m-series-a-round-led-by-fuel-ventures ### Title: Feel closes a $6.2m Series A round, led by Fuel Ventures ### Page ID: 4345526 ### Content: #### **What is Feel?** #### What is the Feel model? #### **Other Links** Feel closes a $6.2m Series A round, led by Fuel Ventures [**Feel**](https://wearefeel.com/) closes a $6.2m Series A round, led by Fuel Ventures.Feel, the year-old UK startup that does pure nutritional supplements has just closed a $6.2 million investment led by [**Fuel Ventures**](https://www.fuel.ventures). Feel's supplements seek to make people healthier, happier and more productive. The round had participation from [**TMT Investments**](https://tmtinvestments.com/), [**Sova VC**](https://sova.vc/), Richard Longhurst (founder of [**LoveHoney.com**](http://lovehoney.com/)) and Igor Ryabenkiy (founder and GP of [**Altair Capital**](https://altair.vc/)). **Boris Hodakel**, the founder of Feel says he spun his startup up after looking at the UK’s big health and retail brands including Graze, Tesco, Bulk Powders and Simba Sleep. Feel's supplements seek to make people healthier, happier and more productive by reinventing the multivitamin industry. They are an alternative to the industry-standard multivitamins currently on the market. In many ways Feel's supplements have taken elements of Graze, especially with the post-box-friendly box and with the range of subscription packages. However, Boris suggests this is basically ‘Graze nuts, but for supplements.’ Feel put the consumer first by creating the cleanest vitamin. Feel utilise the highest quality natural ingredients to create the multivitamins.  Feel's supplements are backed by science, their senior medical board and extensive research have sifted through thousands of studies to arrive at the perfect formulation that continues to improve on an ongoing basis. Feel's supplements are free from additives. Feel's supplements are non-GMO, vegetarian and vegan friendly. Their products contain no fillers, bulking agents or colourants. Feel's supplements have a direct-to-consumer subscription model, and is claiming a 60x growth in its first year and over 21,000 active subscriptions. The benefit and differentiator of Feel is that the company provides higher grade supplements to consumers which typically are relatively high cost to produce, yet the company manages to keep costs down for consumers via their direct-to-consumer model. **Boris Hodakel, founder and CEO of Feel** said: “Not all vitamins are created equal and the majority you find on retail shelves have a dirty formula that is difficult to absorb by the body, missing natural elements. We’re the cleanest alternative in the market – backed up by science – and continually invest in making our formulas as effective as possible while still affordable.” Boris Hodakel says Feel came as a result of having a skin problem, and supplements were part of his health routine, but “the aha moment” happened he realized how many fillers were in normal supplements. “All our formulas are researched and formulated in-house, and we keep updating them, like our flagship multivitamin in just two years is already in its 3rd version.” **Mark Pearson, managing partner at Fuel Ventures** added: “The growth and the expansion of Feel’s product line present a really exciting time for Feel and we are supporting them in becoming a significant disruptor to the health supplement market.”  **Alexander Chikunov, Partner at Sova VC** added, “Feel is in the process of disrupting consumer habits around vitamin intake, and changing a marketplace worth $144bn by providing its customers with top-quality products, combined with flawless and friendly service.” [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/mobile-game-distribution-platform-gamebake-has-launched ### Title: Mobile game distribution platform GameBake has launched ### Page ID: 4345551 ### Content: #### **Mobile game distribution platform GameBake has been launched** #### **What is GameBake?** #### Who is working with GameBake? #### Which distribution channels are GameBake focusing on? #### What is special about the KILN technology? #### **Other Links** Mobile game distribution platform GameBake has launched GameBake has launched its distribution service for mobile game developers and publishers who wish to reach new markets worldwide. GameBake is a mobile gaming distribution platform that provides end-to-end distribution and monetisation solutions for all mobile games via a single, open-source SDK. Developers and publishers that plug into their platform gain instant access to the infrastructure and expertise to immediately reach and monetise exciting global markets through their platform partners. GameBake provides the infrastructure and knowledge needed for developers and publishers to publish their games on a variety of high-quality platforms beyond Google Play and the Apple App Store. Accessible with a single, open-source SDK, its platform includes appropriate advertising, marketing, and in-app purchases as standard, with a simple revenue share model. GameBake’s proprietary and customisable KILN technology accommodates for any development environment or geographies you’re targeting. GameBake helps put your game in front of billions of potential users and bakes in quality advertising and in-app purchases that is needed to scale games successfully. GameBake was founded in 2019 by mobile games developers Michael Hudson, Rocky Grant, and George Abdallah. GameBake is working with leading global platforms such as Huawei’s AppGallery and Samsung’s Galaxy Store, as well as renowned publishers and IP owners including Atari and Banijay. GameBake focuses across four key distribution channels, including alternative app stores (e.g. Huawei AppGallery or One Store), social media (e.g. Facebook, WeChat), web (e.g. game portals like Crazy Games), and apps (video game streaming apps like Hago). GameBake’s proprietary technology called KILN is game development environment agnostic, meaning whether developers build their game in Unity, Cocos, Unreal Engine, or more, they can easily distribute and monetise through GameBake. To provide scalability, publishers can choose from a menu of platforms to publish their IP on initially, and increase this as desired. GameBake’s established and collaborative relationships with leading global platforms mean they can provide additional support and consultancy for publishers – such as on each store’s pricing model and how they ensure games are visible for and marketed to users. **Michael Hudson**, CEO, and Co-Founder at GameBake commented: “After almost a year in beta, we’re thrilled to finally be bringing GameBake to market for the mobile gaming industry. Throughout this period, we’ve heard from publishers who have amazing games but do not have the specialised knowledge to share them with some of the world’s largest and most lucrative markets. The lack of simply trusted conduits to these markets has inevitably crystallised a focus on Google Play and the App Store.” “GameBake aims to provide the antidote to this problem. We’re proud to offer game developers and publishers a complete solution to put their IPs in front of larger, more diverse audiences. Over the last two years, we’ve built incredibly strong relationships with leading global distribution partners and platforms, including the likes of Huawei’s AppGallery, One Store, Facebook, Tencent, which means developers and publishers can now confidently make these world-leading platforms part of their core distribution strategies.” [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/seis-fund-hibana-blog ### Title: Fuel Ventures leads a £115k pre-seed round in Hibana ### Page ID: 4345573 ### Content: #### **The round was led by the SEIS Fund at Fuel Venture, to support Hibana’s go-to-market launch.** #### **What is Hibana?** #### **Meet the brands** #### **Meet the founders** #### **Covid-19 and the boom in E-commerce** #### **Other Links** Fuel Ventures leads a £115k pre-seed round in Hibana Independent brands are on the rise, due to their inspiring backstories and personal feel to customers. However, they are not always easy to discover online. Independent brands often lose out to bigger brands with larger ad budgets, and prohibitively high fees on other marketplaces that only accommodate established brands with high margins. Hibana is the first story-led marketplace, solely dedicated to independent brands. Hibana puts independent brands and their powerful stories at the forefront. Peter Dakin and Nick O’Quinn started Hibana during the COVID-19 pandemic to replicate the joys of browsing and discovering brands in real life. At Hibana, they seek to bring customers a curated collection of independent brands across a wide range of product categories. Hibana already has over 75 brands live on their platform. Since soft launching in February, [**Hibana**](https://hibana.co.uk/) now hosts over 75 brands. Hibana is home to independent brands that have been hand-picked for their authenticity, purpose and shared vision for sustainable consumption. From [**Nemi Teas**](https://hibana.co.uk/pages/nemi-teas) who provides employment to refugees to give them job readiness skills, to [**Fable Yoga**](https://hibana.co.uk/pages/fable-yoga) who’s yoga mats are made from natural rubber, to [**Hiut Denim Co.**](https://hibana.co.uk/pages/hiut-denim-co) whose mission it is to revive local denim craftsmanship and bring jeans manufacturing back to the Welsh town of Cardigan, Hibana supports brands that do good for people and the planet. [**Peter Dakin**](https://www.linkedin.com/in/peter-dakin-1b578b42/) is a successful entrepreneur, having previously established Think Blue, a profitable tech reseller company that partnered with the likes of Hewlett Packard and Samsung. In under 3 years, Peter scaled [**Think Blue**](https://www.thinkblue.co.uk/) to a £3m turnover national provider. After four years at Think Blue, Peter decided to exit, sell his shares and pursue something completely new. Having always been inspired by independent brands, including maintaining a blog during his twenties celebrating independent culture in his home city of Nottingham, Peter set out to build Hibana – a business that celebrates the very best of them. [**Nick O’Quinn**](https://www.linkedin.com/in/nick-o-quinn-6896ba45/) is a brand strategist. Nick was the former Strategy Director at [**Creature London**](https://www.creaturelondon.com/), an independent advertising agency. Nick has extensive experience using audience insight and creativity to grow brands, including Mastercard, British Red Cross and Mr. Kipling. After a career of helping big businesses, Nick has shifted his focus to supporting small independent brands across the UK to help them tell their stories at Hibana. Hibana was founded during the covid-19 pandemic. As conscious consumers, Peter and Nick found it hard to shop for independent brands online after high street shops closed due to the coronavirus. The pandemic has accelerated the shift towards a more digital world, and has significantly increased the number of consumers that use e-commerce. Hibana provides a place for consumers to discover and buy from independent brands online. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/lifted-raises-6-2m-series-a-to-tackle-the-care-crisis ### Title: Lifted raises $6.2M Series A to tackle the care crisis ### Page ID: 4345616 ### Content: #### **London care-tech start up Lifted has raised a $6.2m Series A funding round led by Fuel Ventures.** #### **Rachael Crook, Lifted CEO said:** #### **Other Links** Lifted raises $6.2M Series A to tackle the care crisis This latest $6.2m Series A round takes the total raised by Lifted to $11.2M. 1818 Venture Capital also increased the size of their investment and were joined by new investors Perivoli Innovations, the J.B. Ugland family office, Kluz Ventures through its new health affiliated fund Novit Ventures, as well as a number of Angels. Since the onset of the pandemic the number of people caring for an adult has increased exponentially, roughly 1 in 2 people are supporting people from outside of their household. On top of this, the market is set to double especially as care homes are unpopular, combined with the Government’s failure to put forward a long term plan for social care. Lifted is addressing an enormous commercial opportunity and social need. Lifted is determined to address the current care crisis by revolutionising home care. Using its bespoke Care Management Platform, it aims to provide a seamless and joyful care experience that increases peace of mind for families and improves working conditions for Carers. Lifted’s platform is unique in supporting families across the full care journey, providing free care advice for families and gamifying the experience for Carers to enable loved ones to stay in their own homes for longer. Lifted’s latest funding round will be used to launch the world's first one-stop shop for everything needed to find and maintain care for a loved one, starting with those living with dementia. It will build the first App led care experience for families and develop their data led gamification tools for Carers to boost engagement and retention. Lifted aims to create the digital brand for the caring generation. Lifted has acquired Live Better With Dementia and launched an online community, the Lifted Dementia Hub, serving 40,000 people with a new marketplace of products specifically designed to aid those living with dementia. The business is primed to scale across the UK and to work with employers nationwide. With 600 people in the UK leaving their jobs everyday for this reason, and women twice as likely as men to make this choice, it is a priority to those seeking to attract and retain diverse talent. Rachael Crook co-founded Lifted with Sam Cohen after experiencing firsthand how stressful and isolating navigating the care sector can be when, at the age of 24, her own mother was diagnosed with dementia at 56. “In the last year, the number of people caring for loved ones has dramatically increased. At Lifted we believe no one should care alone. We are unique in revolutionizing the experience of care for the whole family and for Carers, enabling families to live great lives even in the toughest of times. In 12 months, we have tripled revenue, launched the first App in the world to offer free care advice, and cut Carer churn to half the industry average, all while maintaining exclusively 5 star reviews on Trustpilot. The care market is enormous and set to double, yet there has been a chronic lack of investment to address the scale of the challenge. We are hugely excited to scale the business and give more families and Carers the care experience they deserve.“ [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/cheryl-invests-and-partners-with-feel-vitamins ### Title: Cheryl invests and partners with Feel Vitamins ### Page ID: 4345653 ### Content: #### **Cheryl invests into Feel Vitamins to welcome in her new "wellness era"** #### **What has led Cheryl to bring in her wellness era?** #### **How did the partnership come about?** #### **‘This is a long-term investment’** #### **‘I’m a creative’** #### **Other Links** Cheryl invests into Feel Vitamins. The pop star and television personality Cheryl Cole has just made her first foray into business with an investment in UK digital health company and Fuel Ventures portfolio Feel Vitamins, as she pivots away from the spotlight into wellness. Feel Vitamins was launched by [**Boris Hodakel**](https://www.linkedin.com/in/borhod/) in 2019 in an attempt to clean up the “dirty” nutritional supplement market through its direct-to-consumer subscription model. Feel has enjoyed explosive growth with 60x growth in the first year, over 21,000 active subscriptions and an array of positive reviews. In April this year the company [**closed a £4.5m Series A round led by Fuel Ventures**](https://fuel.ventures/feel-closes-a-6-2m-series-a-round-led-by-fuel-ventures/?_gl=1*1yf5jtz*_ga*MTgyNTkwMDQwOS4xNzAwNjQzMzQ2*_up*MQ..) and participation from Lovehoney founder Richard Longhurst. The size of the global supplements market has expanded enormously in recent years, with the estimated market size being around $144bn in 2019 alone. This was one of a number of reasons that Cheryl wanted to invest in Feel Vitamins. Cheryl has invested an undisclosed amount in the company and will also become the face of the brand this month. Cheryl’s two-decade career in the entertainment industry may make the investment into Feel Vitamins and the business world a surprising one. However, Cheryl is long-known for her passion for health and her enthusiasm for Feel is palpable. **Cheryl when discussing Feel Vitamins in an interview with City A.M**. suggested: “I’m obviously not a scientist but the knowledge and the cleanliness of the product blew my mind because I didn’t have any idea about how many bulking agents & nasties had been in it,” ***“I love everything they stand for, I love their knowledge, I love their ambition.”*** Cheryl has been removed from the spotlight for a year before announcing on her social media channels last week that she is back. Cheryl resolutely says her new role and investment into Feel Vitamins has “absolutely” brought about a new wellness era in her life. Cheryl joins a growing number of celebrities who have increasingly tapped into wellness and mindfulness over the past few years, including the likes of Gwyneth Paltrow to Russell Brand. Cheryl says she’s been on a “journey” since her pregnancy four years ago but the pandemic had been the moment she fully subscribed to mindfulness and meditation. The partnership started after she contacted Hodakel about working together long-term, having tried some of Feel’s supplements. Alongside the investment into Feel she will become the face of the brand. However, unlike her role as a brand ambassador for the likes of L’Oreal, Cheryl is adamant this will be different: **“I’ve done a lot of brand ambassador stuff and it’s great… but this just feels different. I love Boris’ ambition.”** **“I don’t want to do anything that’s not true to me or that I don’t believe. I wouldn’t be able to deliver that message. This is the perfect fit for me.”** Her role as an equity partner then, comes more for her real love of the product rather than any real desire for a quick return. **“I’m not investing in the short-term, I’m trying to tell people from my experience that it really can change your problems.”** **“growing Feel over the years that’s why I’ve made it a long-term investment.”** The company’s USP is that it’s a ‘clean’ brand compared to the existing supplements padded out with bulking agents and poor quality ingredients. But Cheryl won’t be brought into bashing other brands or indeed fellow celebrities that sell questionable products on Instagram. **“For me personally the clean science far outweighs any dirty product that you may be putting into your body,”** Cheryl is keen to play an active role in Feel to follow up her investment. “I’m 20 years into my career, I’m looking for new things that I feel inspired by,” she says. **“I’m learning all the time and I’m interested. I want to be invested, I want to be in the developmental side, I want to be involved in the next packaging, that’s all stuff that excites me.”** “It’s completely new territory but I mean business is business and I’ve been in ‘the business’. I like the creativity side more than anything else… We’ll grow together and I’ve got so many ideas.” If she can galvanise and engage her millions of followers to try Feel’s supplements, Fuel’s Portfolio company is in for an unprecedented year of growth. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/volt-raises-a-23-5-million-series-a ### Title: Volt raises a $23.5 million Series A ### Page ID: 4345681 ### Content: #### **Volt raises a $23.5 million Series A, the largest Series A on record for the open banking industry** #### **So what is Volt and why are they making so much noise in the Open Payments Industry?** #### **What do Volt and EQT have to say about the $23.5m Series A round?** #### **Other Links** I mean just when you thought the news coming out of Fuel couldn’t get any better, Volt have only gone and blown their Series A round out the water with the largest Series A on recordfor the open banking industry. Yes, you heard that right... Volt has announced today that it has [**raised an INCREDIBLE $23.5 million Series A**](https://sifted.eu/articles/open-banking-payments-ramp-up/) to fund expansion into new territories and build out its global instant payments footprint. This is the LARGEST Series A on record for the Open Banking industry. Can we just take a moment to let that settle in… Fuel Ventures were the first cheque and backers of Volt 16 months ago. This $23.5 million Series A round means Volt has achieved a 10x uplift in valuation for our investors in just 16 months, which is pretty astronomical at the seed stage... The $23.5 million Series A round was led by [**EQT Ventures**](https://eqtventures.com/) one of the largest European Venture Capital firms. EQT Ventures have invested in the likes of [**Handshake**](https://joinhandshake.com/), [**Curb Food**](https://curbfood.com/), [**Peakon**](https://peakon.com/), [**Small Giant Games**](https://www.smallgiantgames.com/), amongst countless others and is fuelled by some of Europe’s most experienced company builders and scalers. The round also had participation from ourselves as well as existing investors [**Augmentum Fintech PLC**](http://augmentum%20fintech/), alongside several angel investors with extensive payments industry experience and influence. These include: [**Robert Kraal**](https://www.linkedin.com/in/robertkraal/?originalSubdomain=nl) as Chairman (co-founder of Adyen) and [**Gabriel de Montessus**](https://www.linkedin.com/in/gabrieldemontessus/?originalSubdomain=uk) as Non-Executive Director (Group President at FIS Worldpay). Volt is a leading open payments gateway; a technology developer and payments orchestrator to scale merchant organisations and payment service providers. The Company aspires to a constantly developing and changing product suite at the leading edge of financial market regulatory and market developments. Founded in 2019, Volt is building the infrastructure for global instant payments. Today, its open payments gateway allows merchants and Payment Service Providers (PSPs) to process transactions securely between accounts held at more than 5,000 banks in the UK and EU. Volt’s unique aggregation model provides unrivalled open payments reach and maximises the speed, security and resilience of transactions. Across the globe, Merchants and PSPs are prioritising instant payments in their expansive ecosystems. With 58 countries around the world rolling out their new instant payment scheme as companies across the globe embrace the digitalisation of working. Volt’s platform translates and operationalises the real-time payments infrastructure, creating a highly flexible and scalable solution, and delivering a unified experience for both Merchants and Payment Service Providers. **Tom Greenwood, CEO of Volt**, comments: “Instant payments are set to dominate the global payments landscape and will become the new normal. It’s an exciting time to be in payments, and we are delighted to have secured such a significant funding round, and the backing of an influential group of investors. We look forward to working with our new partners at EQT Ventures as we build out our global vision.” **Tom Mendoza, Partner at EQT Ventures**, added: “The pandemic has created an inflection point in the payments sector; faced with unprecedented online demand, merchants and PSPs are re-assessing the technical infrastructure that underpins their business. Volt’s team of payments experts are creating meaningful change and building a new category in instant payments, forging the path by bringing new real-time networks to a single switch. We are delighted to be working with Tom and the team.” [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/onbuy-raises-a-35-million-series-a-funding-round ### Title: OnBuy raises a £35 million Series A+ funding round ### Page ID: 4345703 ### Content: #### **Huge news coming from OnBuy.com as they have just closed an incredible £35 million series A+ funding round.** #### **Who are OnBuy?** #### **Why has OnBuy grown so quickly?** #### **Who invested in the £35 million series A+ funding round?** #### **Other Links** Founded in 2016 by Cas Paton in the UK, [**OnBuy**](https://www.onbuy.com/gb/) has a clear goal: to be the best choice for every customer, everywhere. The brand has established itself in the eCommerce sector as a pure online marketplace that doesn’t compete with retailers whilst also being fair and transparent to sellers. Thanks to OnBuy’s seller centric approach, the marketplace has attracted thousands of retailers, hosting millions of products on the platform. Built on a foundation of trust and transparency, the Bournemouth-based company vows never to compete with its retailers, simply offering a fairer marketplace to host well-known brands both big and small, and high- quality products at great prices. OnBuy offers millions of products, giving thousands of verified online retailers the platform to provide competitive prices and exceptional value to customers. From household names to independent sellers, buyers can shop securely for products from a wide range of categories, such as electricals, beauty, home and garden, toys, and baby supplies. OnBuy is still scratching the surface of the UK eCommerce market, which is worth £150bn, and the global opportunity, which is worth a staggering £4.5tn+. They have already kicked 2021 off with a strong start by achieving over £13m monthly GMV in March. In just four explosive years, OnBuy has grown to £155 million annualised GMV with only £8 million in total investment until now. The new £35 million series A+ funding round, will be a mix of debt and equity, will fuel further meteoric growth for OnBuy, with sights firmly set on reaching unicorn status in the coming years. Significant input comes from players including Bring Ventures, Norway Post venture arm, Fuel Ventures, Guy Hands (founder and chairman of Terra Firma Capital Partners), Knut Frängsmyr (Deputy CEO of Klarna) and Richard Goulding (founder of Play.com) amongst other strategic investors. In addition to external investment, a fully funded £2 million allocation was set aside for existing retailers currently using the platform. This funding will enable OnBuy to further develop its product offering for both sellers and consumers and importantly, pursue global expansion. Prior to this investment round, [**OnBuy raised £5 million**](/onbuy-closes-series-a-funding-round/) in funding led by Fuel Ventures following an exceptional period of growth through the first half of 2020. This investment allowed OnBuy to expand its leadership team and enter a fruitful phase of development and further growth. **Cas Paton, founder and CEO of OnBuy, comments**, “The global eCommerce market is expected to total $4.2 trillion\* by the end of 2021, a figure that is set to grow even more over the next few years, however it’s alarming to see that the industry is still following the same detrimental and unfair marketplace model that has existed for years. I created OnBuy to provide something unique: a clear, level playing field – and in our 4 years of rapid growth, it’s clear to see that this is a model that works to everyone’s advantage. “This investment will allow us to unlock even more potential and take OnBuy to the next level with an even better, easier to use product than ever before. We’ve made it this far with the help of our early angels, amazing team, trusted retailers and of course all of our amazing customers, but we’re not nearly done yet. We’re here to make noise, challenge the status quo and change the digital marketplace landscape forever.” **Thomas Tscherning, Bring Ventures, EVP Norway Post comments**, “OnBuy has experienced tremendous growth and we believe the company has a very promising future ahead. We look forward to being a part of OnBuy’s continued growth through this venture investment that we believe will strengthen our portfolio of e-commerce activities.” Knut Frängsmyr comments, "Having watched OnBuy for some time, I've continuously been impressed and inspired by how they put their customers first - buyers and sellers. In an ever-changing landscape, sometimes simplicity and fairness will prevail. The growth opportunities ahead for OnBuy and the team are tremendous, and I am thrilled to be invited to join this journey." With the closing of this fundraise, OnBuy look forward to progressing with a roadmap of announcements in the coming 12-24 months which will include the development of a consumer app, improvements to the product infrastructure, the launch of new partnerships as well as further news of global expansion. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/creoate-raise-a-5m-seed-round ### Title: Creoate plan to shake up the $1tn wholesale industry with a $5m raise ### Page ID: 4345718 ### Content: #### **Creoate raise a $5m seed round to shake up the $1tn wholesale industry** #### **What is Creoate?** #### **Why did Creoate start?** #### **Why are they growing so quick?** #### **The independent retail market is enormous** #### **The data and analytics that underpins Creoate’s unique offering** #### **Other Links** Creoate plan to shake up the $1tn wholesale industry with a $5m raise [**Creoate**](https://www.creoate.com/) is a wholesale marketplace that helps millions of small businesses grow on better terms. As the UK’s largest B2B marketplace with embedded finance, Creoate helps independent retailers buy sustainable and unique products from brands and wholesalers on a centralised platform. The platform leverages artificial intelligence and predictive analytics to help retailers forecast sales and manage inventory levels as efficiently as possible and get sustainable payment terms. All with the aim of delivering more choice, better pricing, and more efficient logistics at a global scale. Founded in 2020, the team is led by [**Ashley Horn**](https://www.linkedin.com/in/ashhorn/) and [**Fahad Khan**,](https://www.linkedin.com/in/fk123/) a pair of retail and finance experts, and a seasoned team who have worked at or invested in Farfetch, Ocado, Lyst, Swiggy and Deloitte. The company serves more than 50,000 retailers in 10 countries. The startup has raised a large $5m Seed round led by [**Fuel Ventures**](https://www.fuel.ventures) with participation from Vinted founder, Justas Janauskas. The size of the Seed round – which is [**twice the average in Europe**](https://fuel.ventures/fuel-ventures-leads-65m-round-into-heroes/) – is validation of this vision of a post-pandemic economy built by independent businesses. The funding will be used to further grow key go-to-market teams, double down on traction in Europe and add more advanced tools and analytics to the platform in order to partner with even more businesses and offer even more market-leading, game changing features. Creoate’s founders Ashley Horn and Fahad Khan witnessed first-hand the pain points with the current wholesale ecosystem for local businesses. Ashley and Fahad wanted to build a community that puts local, high-quality, sustainable products in the hands of discerning consumers worldwide. The community is powered by a network of independent businesses, on a platform designed to reclaim the supply chain from global giants, all underpinned by Creoate’s unique data. Creoate leverages artificial intelligence and predictive analytics, that enables retailers to forecast which products will be the most popular in order to buy and manage inventory levels as efficiently as possible. Since Creoate’s launch in January 2020, the platform is being adopted rapidly despite widespread retail lockdowns, with more than 25,000 retailers having signed up in the past 6 months alone — a 1,600% year-over-year increase. Retailer adoption has increased to 7,000 a month over the last three months and is set for 6x growth by the end of the year as economies open up further. Its UK retailer network already consists of 4.5x more locations by door count than Boots, Marks and Spencer, and John Lewis combined and its software has helped eliminate up to 40% in costs, helping pass savings back to the community Creoate’s team has similarly grown four-fold in the last six months to meet demand and is on track to more than double by the end of 2021. Creoate is live in 10 countries including the UK, France and Netherlands and its UK retailer network alone already consists of 4.5x more locations by door count than Boots, Marks and Spencer, and John Lewis combined. For every £3 made from the sale of goods in the UK, a third comes via an independent retailer. Independent businesses contribute £504 billion to the wider economy, selling goods that make up the largest share of consumers' wallet at 19%. To put this into perspective, this share is more significant than that spent on transportation, which sits at 13%. Run by residents who have lived in the areas they serve for many years, they know their customers’ names, and what values they care about. They play a key role in distributing life essentials and consumer goods, they’re a venue for social experiences and they proved a lifeline for many during the pandemic. They connect with their extremely loyal and engaged customer base via social networks and provide highly unique, hyperlocal services. The kinds of social ties and embedded distribution networks that big companies are desperate to mimic yet struggle to replace. “For as long as Mom and Pop shops, like those run by my family, have existed, they have been faced with poor information, discriminatory pricing and unpredictable cash flows,” said **co-founder Fahad Khan**. “I saw first-hand working in financial services how little data is used today to make inventory decisions, which locks out millions of businesses from financial inclusion. That’s where we believe technology can add the most value, by empowering businesses to be more resilient and make better money. By focusing on how inventory is bought and financed, we are building an omni-channel future where offline consumer shopping brings the best out of online business-to-consumer commerce. It’s not one or the other.” To empower its retailers, Creoate has built a suite of B2B software tools for brands and wholesalers which make them instantly wholesale ready. B2B trade is complex, yet using Creoate’s software brands and wholesalers can start selling in just three clicks, without having to rely on pen and paper or having to go through multiple layers of middlemen. Creoate’s software has helped eliminate up to 40% in middlemen costs, helping pass savings back to the community and creating more transactions than ever before. Once a retailer has joined the Creoate community, it can browse and buy wholesale items from handpicked brands, as well as get access to Creoate’s proprietary payment terms. Instead of relying only on data from traditional sources like bank statements, which tell an incomplete story, Creoate’s data engine, Bifrost, uses proprietary marketplace data to make instant payment decisions for each retailer. This removes the pressure of retailers having to negotiate terms with multiple intermediaries like large-scale banks and third-party lenders. Many of which refuse to offer sustainable payment terms to smaller businesses in this way. And it means retailers can more quickly, efficiently and accurately respond to changes in demand from customers and move to an on-demand inventory model. During severe economic hardship when Covid-19 shut down supply routes for most essential products, independent retailers relied on Creoate’s real-time, on-demand supply platform to buy essential supplies such as hand sanitisers and face masks. Creoate’s alternative supply chain network to traditional wholesale allowed retailers to serve local community needs within days, not months. The platform is also accelerating growth of the value-based economy, with the most popular categories on the platform being Fair Trade and Eco-Friendly. When Jenny McCann, owner of Bear Bookshop in Bearwood, launched her bookshop, she turned to Creoate for a one-stop-shop solution in sourcing brands and products that nurture creativity and fit her paper-based, plastic-free ethos. What’s more, having access to Bifrost’s unparalleled data looking across tens of thousands of shops, retailers like Jenny get recommendations about which products are likely to be the most popular among their specific demographic. They can determine what price points these products are most likely to sell at, what their current customer base are searching for, how best to appeal to new consumers and more trend-led suggestions. The more data that flows through Creoate’s platform, the smarter Bifrost’s decisions get, helping build at scale one of the world’s most comprehensive data maps of the retail industry. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). [**Independent retailer platform Creoate raises $5M Seed led by Fuel Ventures**](https://techcrunch.com/2021/08/03/independent-retailer-platform-creoate-raises-5m-seed-led-by-fuel-ventures/) Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/seis-fund-holidayfox-blog ### Title: Fuel Ventures leads a £1.17m pre-seed round in HolidayFox ### Page ID: 4345733 ### Content: #### **Fuel Ventures leads a £1.17m pre-seed round in HolidayFox** #### **What is HolidayFox?** #### **Connecting Campsites to the Internet** #### **Meet the founders** #### **A Post-Covid Comeback for Traveltech** #### **Other Links** Fuel Ventures leads a £1.17m pre-seed round in HolidayFox The round was led by the SEIS Fund at Fuel Ventures, to help HolidayFox rapidly scale across the UK and Europe. The round included participation from Michael and Xochi Birch (Bebo), Redbus (Simon Franks, ex-Lovefilm), the Atomico Angel Fund, D Global Ventures, Shaan Puri and Cathexis Ventures, as well as a number of angels from Monzo, Talentful, Deliveroo, Ski Famille and Blockfi. [**HolidayFox**](https://www.holidayfox.com/) is a double-sided online marketplace to list, discover, and book campsites. HolidayFox enables any campsite in the world to fully manage its online presence, oversee availability, accept bookings online and receive payments. Consumers can browse HolidayFox to find and book a campsite based on location and personal interests. From a grass tent pitch, through to a wooden treehouse, HolidayFox has something for everyone. During his time as CTO of Wimdu (Airbnb competitor), co-founder Jason Green, realised that camping holidays are underserved by existing tech solutions. With over ten years of experience scaling tech businesses, founders [**Jason Green**](https://www.linkedin.com/in/jasonrobertgreen/) and Richard Hooker have launched HolidayFox and are ready to rapidly scale across Europe. The UK camping market is worth $2.2bn, and $15bn across Europe. However, online booking is available at only 28% of camping and caravan sites in Europe, compared to 79% of hotels. Finding and booking campsites can be a painful process. Many are offline, hard to find, and difficult to book. HolidayFox is on a mission to help British and European campsite owners elevate their online presence by making bookings and camping holiday planning a whole lot easier. Using their system, campsite owners can manage their personal page, add new photos, take bookings, oversee cancellations and offer additional extras like firewood, food, fire pits and all sorts of other exciting things. Jason Green is an expert in scaling tech businesses, with over 15 years of experience working at a number of successful tech startups. Jason is the former CTO of Excalibur Group (Wowcher, Living Social, Secret Sales), Dawanda (now Etsy), Wimdu (Airbnb competitor), Brainly and Checkatrade. As a serial CTO, Jason ran product, design, development and data teams. As a camping enthusiast, Jason seeks to combine his experience in traveltech and scaling startups to help the camping sector adapt to the digital era. Richard Hooker has a background in enabling tech businesses to develop scalable tech products. Richard worked as a senior solutions engineer at Funding Circle and Not On The High Street, building scalable tech for two businesses that went on to gain unicorn status. As the CTO of HolidayFox, Richard has applied his knowledge in scalable tech to design a solution that will grow rapidly across Europe. HolidayFox was founded during the Covid-19 pandemic. HolidayFox strategically launched in the UK in March 2021, as the national lockdown came to an end. Camping’s popularity has reached an all time high, with people eager to spend more time outdoors. HolidayFox makes it easier for holidaymakers to find and book camping trips and outdoor activities across the UK. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-ventures-announce-2million-funding-round-in-beyonk ### Title: Fuel Ventures invest £2 million in Beyonk ### Page ID: 4345775 ### Content: #### **Fuel Ventures invest £2 million in experiences booking platform Beyonk** #### **So what is Beyonk?** #### **Who are the founders?** #### **Why did they set up Beyonk?** #### **What does the £2 million funding round mean for Beyonk?** We are delighted to announce that we have invested £2 million into London based start-up [**Beyonk**](https://beyonk.com/uk), The Experiences Booking Platform. The £2 million funding round will be used to accelerate their growth. Beyonk was founded with the mission to make it effortless to experience. Created out of frustration when trying to find and book local activities, Beyonk provides experience booking and marketing platforms to the experiences sector. Beyonk has two main user groups: tourism companies and third-party resellers. Tourism companies including attractions, activities, tours, events and festivals use Beyonk’s booking tools as a seamless way to maximise bookings, automate admin and to share their tickets to major tourism platforms. Third-party resellers use Beyonk to showcase thousands of local experiences to their large audiences to encourage travel and increase visitor happiness whilst supporting local tourism businesses. **Oscar White**, CEO is an ex-strategy consultant with a competitive mindset, regularly competing in triathlon, ironman, ultra-marathon and endurance events. His passion for helping people go beyond the every day and to get active was demonstrated by his #tentman campaign where he was on major news channels and The One Show, whilst setting the World Record for the Fastest marathon whilst wearing a tent, raising awareness for the benefits of getting outdoors. Oscar met his co-founder Antony Jones (CTO) on a plane, whilst they were travelling to a camping trip and a sea kayaking adventure respectively. It was here where they discussed their passion for adventure and how difficult it was to find and book such experiences. At the time Antony was a CTO of a large blockchain company and left it behind to follow his passion in creating technology to make it easier to book experiences. Prior to this Antony has worked in various startups and companies and is a core maintainer and contributor to Svelte - a radical new approach to building user interfaces, and one of the most popular Javascript libraries in existence. Co-founders **Oscar White** and **Antony Jones** set up Beyonk to make it easier to go beyond the every day and to enhance lives through experiencing more. White said; “Latest research shows 67% of global consumers would rather spend money on experiences over things, yet the market is highly inefficient and behind the times with ineffective and clunky tools. Beyonk has created a platform that empowers Experience Providers to excel online and minimise admin and by working with major tourism platforms, we’re able to add more value to businesses to help them attract visitors too.” Beyonk already works with major tourism platforms including the National Parks, GWR, Ordnance Survey, Tourist Boards, Sporting Bodies and more, to help their large audiences book experiences with local companies. Beyonk has grown over 180% month on month, attracting hundreds of thousands of monthly customers and millions of pounds of bookings whilst reaching profitability and achieving glowing reviews from their business community. The £2 million funding round will enable Beyonk to play a greater role in the tourism & leisure industry through driving connectivity between platforms and building tools for partners to drive more bookings and better manage relationships with customers. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-ventures-invest-3-million-in-peckwater-brands ### Title: Peckwater Brands raises a £3 million seed round ### Page ID: 4345804 ### Content: #### **Fuel Ventures invest £3 million in Peckwater Brands** #### **What is Peckwater Brands?** #### **Who are the team?** We are absolutely thrilled to announce that [**Peckwater Brands**](https://www.peckwaterbrands.com/) have raised a £3 million seed round. Peckwater Brands has grown very quickly with 20% month-on-month over the past year. It will also be expanding its operations into the US and plans to set up a base in Australia and New Zealand as it grows at pace. Peckwater Brands offers delivery franchises to kitchen operators. The startup helps neighbourhood restaurants to sell virtual food brands on delivery platforms from their existing kitchens and top up their revenues. Peckwater Brands work alongside existing brands, providing kitchen operators with fully-serviced food concepts. This includes branding, platform listings, suppliers, recipes, packaging, staff training, and technology. This allows them to diversify revenue streams and generate extra value from their kitchen and staff. You run the kitchen, we do the rest. Friends Leo, 32, and Sam, 32, met while studying for a BA in Geography at the University of Oxford (2008-11). Sam was previously UK&I General Manager at Karma Kitchen (the $252mill funded dark kitchen operator), after he left his previous role as Head of Innovation at Uber Eats UK&I (also previously Head of Commercial Operations and Emerging Channels). Leo was previously Associate Director at Fairgrove Partners, providing transaction support and growth strategy for private equity firms and their portfolio companies, and Head of Strategy and Insight at Ingenuity, a specialist consultancy to the marketing industry. Peckwater currently has a mix of owned and licensed brands spanning several categories including chicken (Seoul Chikin, Flip the Bird, Wham Bam Wings, Katsu), burgers (Dukes, Proper Tasty) and a shared brand with Unilever (a vegan offer called Ding Dog which uses Unilever’s ‘Vegetarian Butcher’ product range). Other brands are Chicken Sees A Salad and Say Queso. All are available to restaurants in the UK and the US, and are sold on delivery platforms including Deliveroo, UberEats and Just Eat. “The hospitality industry is ripe for disruption — Peckwater Brands combines great food with technology to revolutionise our partners’ food delivery offer. “Our brands get us through the door, but what we gain is exclusive access to a small business owner — our technology then sits at the heart of their business, and from there we can service all their future needs, from waste management to working capital. “The revenue that we deliver for our partners is transformational for their businesses. Our partners are earning enough to open new sites and expand their operations.” “Our aim is to be bigger than Domino’s, but if we’ve done our jobs right you’ll never have heard of us. “We don’t believe that dark kitchens are the future of the food industry. The virtual brand model is superior in all the ways that matter: lower investment for partners, better for local high-streets and communities, and easier to scale. “Dark kitchens give food delivery a bad name - we’re hoping that through our virtual brands we can restore consumers’ confidence in food delivery. “When you’re running a virtual brand you have to put twice as much effort into creating a high-quality, respectable product — the real test is whether consumers trust our brands and re-order from them. You can’t make this model work if you’re endlessly re-branding to hide a bad product.” **Mark Pearson, managing partner at Fuel Ventures, said:** “We've seen huge growth in the food delivery market, and are excited by Peckwater’s approach which brings technology and scalability to the space. We’re pleased to be backing a strong management team that shares our level of ambition.” In the coming year it is set to hire for additional roles across their sales, operations, and brand development functions as it continues to disrupt the food-for-now and food delivery space [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-ventures-invests-1-5m-in-materials-market ### Title: Fuel Ventures invests £1.5m in Materials Market ### Page ID: 4345826 ### Content: #### **Fuel Ventures invests £1.5m in Materials Market** #### **What is Materials Market and how did it start?** #### **Why Materials Market?** #### **So what is so special about Materials Market?** Materials Market have raised £1.5m seed round to help accelerate their growth. [**Materials Market**](https://materialsmarket.com/) is an online platform that connects customers and suppliers of building materials in a transparent and competitive marketplace. The company has raised £1.5m to grow its digital building materials marketplace. Materials Market was founded in November 2020 by Co-Founders Samuel Hunt and Andrew Haehn. This was following a pre-seed funding round of £130k from angel investors, further bolstered by a £1.5m raise from Fuel Ventures in a seed funding round in September 2021. **Shiv Patel, Investment Director at Fuel Ventures**, said: “We were really impressed with the team’s knowledge of the industry and their impressive solution to the challenges faced by that particular market. They have created a platform which gives buyers the best prices, due to its large network of suppliers, and fast deliveries – which is exactly what the market needs. “We feel it’s our responsibility to invest in the future of UK tech and by supporting forward-thinking entrepreneurs like Samuel and Andrew, we can help them to change the way building materials are bought and sold in the UK – and pass on the benefits to the end users.” Following launch of the online marketplace last November, Materials Market is turning heads with its quick and easy service, cutting out the usual ‘middle men’ by connecting buyers and sellers directly in one simple online marketplace. The site showcases a huge range of products suitable for both the commercial and DIY market, from insulation materials to timber, blocks and plasterboard on which customers can save on average 20% compared to bricks-and-mortar stores due to its innovative structure. **Samuel Hunt, Co-Founder & CEO at Materials Market**, said: “The sector has been slower than others to move to a digital-first approach and so when we mapped out what Materials Market should represent to both suppliers and customers, it was clear we needed to deliver value for both parties. We knew that if we could create a true free market environment, where everyone got a fair chance of winning an order, it would allocate resources much more efficiently than any of the existing models operating in this space.” “From personal experience as buyers in the construction sector, we know all too well the daily struggle of contacting supplier after supplier, looking for the best price and delivery time for materials, and we wanted to break that chain with a transparent online platform. The investment from Fuel Ventures is vindication of our solution and its future potential to deliver huge value for both sides of the marketplace.” Samuel added: “The last 18 months hasn’t been without its challenges, particularly in the building materials market with product supply presenting obstacles for both suppliers’ stock and customers’ deliveries. “The investment in our vision has allowed us to support more of the UK’s building materials supply chain to refine and evolve their offering post pandemic, creating a win-win situation for both buyers and sellers. Collectively we are changing the way the market works, and we’re looking forward to continuing to scale our digital solution and transform how products are traded with new initiatives over the next 12 months and beyond.” [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-ventures-leads-a-300k-pre-seed-round-in-naytal ### Title: Fuel Ventures leads a £300k pre-seed round in Naytal ### Page ID: 4345841 ### Content: #### **Fuel Ventures leads a £300k pre-seed round in Naytal** #### **Introducing Naytal** #### **How does Naytal work?** #### **Instant, convenient virtual consultations** #### **Access to expert advice you can trust** #### **Meet the team:** Fuel Ventures leads a £300k pre-seed round in Naytal [**Naytal**](https://naytal.uk/) closes a £300k pre-seed round, led by Fuel Ventures, to support the go-to-market launch of their online clinic for women. Women’s healthcare needs and expectations have evolved, but the healthcare system that supports them is lagging behind. Whilst women are more aware than ever before about the importance of taking care of their health, knowing where to turn to get timely advice and support from someone who knows what they’re talking about is a challenge at best… impossible at worst. Naytal is set to change this, with the launch of their online clinic for women. Their mission is to reinvent women's healthcare for the digital age, delivering affordable specialist services that empower every women to care for their own health, on their own terms. Naytal provides instant access to the UK's leading women's health experts for support through pregnancy, birth and beyond. Naytal provides access to the UK’s leading women’s health experts, who have a wealth of experience caring for women. Whether it's a quick response to a question, advice about a specific issue or ongoing support that's needed, Naytal allows you to find the right specialist to support your needs. Naytal is an online clinic, providing affordable, virtual access to the UK's leading women’s health experts at a time that suits everyone - from the comfort of your home. The information that women are bombarded with online can often be overwhelming and lead to more confusion. Naytal's work is grounded in evidence based medicine and they only work with the leading women's health experts, who are fully qualified in their field of expertise. All of the content Naytal provides comes directly from them. **Leila Thabet** is a seasoned B2C and marketing leader, who specialises in building brands for the digital age. Having previously launched and scaled a creative agency in the US, her extensive international experience has seen her work with some of the world's most recognised brands, including ASOS, Sky, Unilever, Adidas and Tesco. Inspired by her own reproductive health experiences, she has applied her ability to deliver consumer-centric digital solutions into solving the issues that surround women's health. **Lara Russell-Jones** is a big-four trained strategy and operations specialist with a wealth of experience working across the public, private and non-profit sectors. Her career has focused on helping her clients solve complex problems, identifying market gaps and developing solutions to unmet customer needs. It was becoming a mum that highlighted to her the huge underserved market that is women's health – an unmet need that she is passionate to address. If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/fuel-ventures-leads-a-715k-pre-seed-round-in-frupro ### Title: Fuel Ventures leads a £715k pre-seed round in FruPro ### Page ID: 4345871 ### Content: #### **Fuel Ventures leads a £715k pre-seed round in FruPro** #### **What is FruPro?** #### **What are the issues with the fresh produce industry?** #### **What is FruPro’s solution?** #### **Meet the team:** Fuel Ventures leads a £715k pre-seed round in FruPro [**FruPro**](http://frupro.com/) closes a large £715k pre-seed round, led by Fuel Ventures, to create there B2B digital marketplace for the fresh produce industry. FruPro are planning to build the world's largest B2B digital marketplace for the Fresh Produce industry. The platform will streamline the end-to-end supply chain services to help companies to respond more quickly to market changes while boosting operational efficiency. Connecting businesses directly with their services and products will allow them to always optimise their position, further reduce costs and pass savings along to their customers. The FruPro platform will offer a full suite of solutions for the Fresh Produce industry and take the current offline processes online. The founding team brings an array of experience. Will Hill, Co-Founder & CEO of FruPro, and his family worked in fresh produce for 5 generations and their firm W.T.Hill & Sons was founded over 130 years ago. He has worked within every step of the supply chain. Ollie Morley-Fletcher, COO, is an ex-Management Consultant, who worked in Business Transformation at Protiviti and Kov Murugaratnam is former Product Director in Advanced Analytics and AI Solutions at GSK and holds a PhD in Engineering from Oxford. “Having worked with every step of the supply chain, I have lived and breathed the issues which FruPro will solve. The industry has suffered from low technological adoption and little automation and as a result the industry relies on manual processes and is not efficiently connected. This results in a shocking amount of food waste, a third of all fresh produce grown in Europe is wasted while we have 4.7 million people in the UK who are severely food insecure. In the offline world knowing your customers is extremely difficult, and this leads to large amounts of debt and fraud within the market. My vision is to enhance every relationship with fresh produce ensuring the best product is reaching the end consumer in its optimum state by providing the digital ecosystem for the next 5 generations of the industry to flourish in.” If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - **Low transparency** - 1/3 of all fruits and vegetables produced in Europe are wasted - **Poor financial management** - 10% of £1 billion London non-retail sector revenue in the UK is lost to bad debt - **Manual process** - highly reliant on paper work - **Lack of reach** - 80% of the non-retail sector would like alternative options to sell to and new market opportunities - **Connect better** - **Market & distribute better** - Understand market trends, improve efficiency, reduce waste and increase redistribution - **Operate better** - automate the day to day processes - **Trade better** - Supply chain from end to end, in a compliant market place with transparent pricing, reducing risk and bad debt --- ## URL: https://www.fuel.ventures/best-pre-seed-vc-in-the-uk ### Title: Best Pre-Seed & Seed VC in the UK is Fuel Ventures ### Page ID: 4345878 ### Content: #### **Fuel Ventures is one of the most active and best Pre-Seed & Seed VC's in the UK** #### **What do we invest in?** #### **Entrepreneurial founded fund?** #### **Our Funds:** #### **SUBMIT YOUR BUSINESS FOR INVESTMENT** [**Fuel Ventures**](https://www.fuel.ventures) has fast become the leading and one of the most active Pre-Seed & Seed VC investment funds in the UK. Investing in 30 new pre-seed companies per year. We have a unique approach to investing in the very best early-stage globally scalable companies. **Fintech, Proptech, Insurtech, Edtech, Wealthtech, Regtech, Legaltech, Femtech, Foodtech, Healthtech, Retailtech** -You name it we like it! Fuel Ventures is one of the [**most active pre-Seed & seed venture capital funds in the UK**](https://www.beauhurst.com/blog/most-active-venture-capital-firms-in-london/), established by Mark Pearson as a result of his own entrepreneurial and investment successes. Mark built and exited his successful digital marketplace business between 2006 and sold in 2014 for £44m and has since established a portfolio of over 60 companies, some of the most exciting early and growth-stage tech companies in the UK. The Fuel Ventures team, investor and advisor network provides a unique 'all under one roof' approach based on real-world experience which minimises the level of risk for the fuel companies, delivering a combination of mentorship, experience and access to the investment required to accelerate their revenue growth through strategic advice and practical business-planning and operational execution support. We like super ambitious hard-working founders or founding teams, companies that have large global scale growth potential with multibillion market opportunities. We really want to see companies that have the potential to deliver x100 potential growth, mostly meaning £1billion+ future market cap potential. The best way for us to review your business if you are looking for investment is to submit the business to our web form for me and our investment team to review properly within our process, we review weekly in our investment meetings and will come back to you if we spot something of interest that gets us excited. If you are an entrepreneur looking for **pre-seed** and **seed investment** please submit your business for investment [**here**](/submit-pitch). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - **Marketplaces** - **Ecommerce** - **Direct to consumer (D2C)** - **Platforms** - **Software (SaaS)** - **Transactional technologies** - **Concept/Early Stage SEIS Fund 30 investments of £150k** - **Scale-up/Growth EIS Fund  15-20 investments of £1-£3m** --- ## URL: https://www.fuel.ventures/feast-it-raise-5million ### Title: Feast It raises €5m to disrupt the £80bn events industry ### Page ID: 4345910 ### Content: #### **Feast It raises €5 million to continue disruption of £80bn events industry** #### **What is Feast It?** #### **What is Feast It’s traction to date?** #### **Why is the timing right?** Feast It raises €5m to disrupt the £80bn events industry We are delighted to be leading a €5 millon raise into Feast It, a marketplace enabling people to discover and book the dream suppliers for their events. The company, previously funded by the likes of Sarah Willingham of Dragons Den and Guy Berryman of Coldplay, with participation from Best Nights VC, the investment unit of Mast-Jägermeister SE, Ascension Ventures and MAHR Projects. Well-known existing investors participating in the round include Tim Score, the Chairman of British Land, and Feast It Chairman Richard Pennycook, previously Chair of The Hut Group and CEO of the Co-op as well as Magnus Rausing, of the Tetra Pak family. Feast It, a marketplace enabling people to discover and book the dream suppliers for their events, has raised €5m in an oversubscribed venture-led round to continue its modernisation of the $1tn global events industry. The round follows a quarter that saw 2300% growth and over a million people attending its events. The global events industry has long been dominated by unpopular, outdated operators with $1bn+ revenues. But as they have struggled to adapt to modern consumers, a large space has opened for a disruptive, digital-first platform to service the 85% of organisers who now begin their event planning process online. Launched in 2017, Feast It solves this issue by connecting a handpicked selection of the UK's top event suppliers with organisers looking to plan their events online and has been described as the ‘Airbnb of events’ by the Financial Times. The tech platform is building the first operating system for the event industry; a two-sided marketplace that enables anyone to plan their dream event whilst empowering millions of independent event businesses with the tools they need to grow The round follows unprecedented growth in the second half of 2021 for the tech platform, reflecting the UK’s clear desire to return to physical events. During this period the company achieved £12m in annualised sales, while securing a top 20 spot in the prestigious Startups 100 List for the third year in succession and greatly scaling up its team to deal with the rising demand for physical events. Since launch, more than 80,000 people have used the platform to plan their event, and suppliers have quoted over 200,000 times The company is generating over £10m of enquiries each month for its suppliers and is dedicated to working with both independent businesses and household names, ranging from the likes of Nobu and Pizza Pilgrims, down to one or two-person businesses such as the Netflix-featured florist Flower Station. When the physical events industry ground to a halt during the pandemic, the company quickly pivoted to open new revenue streams for their suppliers by facilitating the booking and running of virtual events, including online cocktail lessons, virtual escape rooms and even masterclasses with renowned chefs such as Marco Pierre White and Tom Kerridge, amongst others. Further, the company also launched the event industry’s first-ever carbon offsetting product in partnership with Ecologi. The round of funding comes at a great time, as the £80bn UK events sector looks set to boom in 2022. Due to postponements, in excess of 1.6 million people are set to get married, while companies are under more pressure than ever to throw meaningful events, due to teams spending less time in the office. With this injection of investment, Feast It is set to enter a period of hyper-growth with aims to double its sales over the next 9 months and establish itself as the go-to platform for event organisers. The landscape of the events industry has changed drastically over the course of the last 18 months but now the sector is set for a new dawn, and Feast It looks set to be a major part of its recovery. ‘The events industry has been through a defining moment over the last 18 months, and many people wrote off the return to physical events to bet on a digital future. At Feast It, we’re strong believers that the most important moments of your life are created when people come together in person and we can’t wait to be a major part of helping the country get back to what it does best, celebrating.’ ‘You can’t underestimate the impact that physical events can have on the overall mental health of the population. Humans are sociable beings, who need to celebrate together and thankfully it seems as though we’re going to be able to get back to normal next year. Feast It not only ensures that an event’s suppliers will be of a high standard, but takes away the perceived stress of organising a major event.’ **Mark Pearson, Founder and Managing Partner at Fuel Ventures:** ‘We couldn’t be happier to be investing in Feast It as a company and the wider events industry at large. The sector is yet to see the technological evolution its size deserves, and we firmly believe that Feast It will become the go-to brand in this space. The company showed its resilience during the pandemic and we believe they are in the perfect position to make the most of the events boom to come.’ Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/an-exclusive-conversation-with-hurun ### Title: An exclusive conversation with Hurun ### Page ID: 4345933 ### Content: #### **Fuel Ventures held an exclusive conversation with the Hurun Report’s Rupert Hoogewerf.** #### **So who were the Fuel team on this panel?** #### **So why invest in the UK and with Fuel Ventures?** #### **Shift** #### **OnBuy** The Hurun Report established by Rupert Hoogewerf in 1999, is a research, media and investments business, best known for its Hurun Rich List, a ranking of the wealthiest individuals in China. In this exclusive talk Rupert was joined by Fuel Ventures founder Mark Pearson, Partner Jingjing Xu & Investment Associate Alexander Breeden, as well as over 7500 attendees. A number of topics were covered in the conversation ranging from Mark’s entrepreneurial background to the UK startup ecosystem. Fuel gave a detailed introduction into their fund, the processes they go under when looking at companies and deals. 11月11日，Fuel Ventures创始人兼执行合伙人Mark Pearson，合伙人Jing Jing Xu，投资助理Alexander Breeden非常荣幸受邀参与了胡润会客厅：与欧洲顶级早期风险投资公司之一的独家对话。通过胡润会客厅，Fuel Ventures在线与超过7400位朋友分享了Fuel Ventures独特的投资理念，优秀的投资团队，以及Fuel Ventures打造的一站式生态系统。这次胡润会客厅活动获得了强烈的反响，也是一次十分深刻的交流，涵盖了许多主题：从Mark的创业背景，英国的创业生态系统，英国政府对科技公司创业的大力支持，英国赶超很多国家的独角兽公司数量，到Fuel Ventures如何取得超高的历史回报率。在与胡润先生交流后，我们也对未来英国投资前景更加有信心。 胡润（Rupert Hoogewerf），1970年出生于卢森堡，为英国杜伦大学商学院教授，注册会计师，著名的《胡润百富》创刊人， 被称为是研究中国民营经济的“教父级”人物。胡润会客厅是胡润先生通过与各行业精英对话交流，来洞察每个行业 Mark Pearson is an award winning digital entrepreneur & investor. Mark grew his company, Markco Media, from a back bedroom business to a multinational, million pound plus company. He set up Fuel Ventures in 2014, since then the company has gone from strength to strength. Mark Pearson是一位屡获殊荣的科技创业家和投资人。2006年，Mark开始了在电子商务领域的创业生涯，从最初的300英镑投资，Mark成功将MyVoucherCodes发展成为欧洲第二大优惠券代码品牌：拥有多于100名员工，在欧洲和南美等8个地区为超过200万的用户提供服务。2014年，Mark将MyVoucherCodes以5500万英镑的价格成功卖给Monitise Plc。此后，Mark在2015年成立了Fuel Ventures，并帮助很多公司成功退出，不断增强公司和团队的实力。Fuel Ventures现在是英国领先的早期风险投资公司之一。 Jing is a technology investment specialist specialising in foreign direct investment (FDI) between the UK and China. Jing is a Partner at Fuel Ventures (FV), a leading UK early stage venture capital fund with focus on improving digital transactional convenience. Jing leads FV’s international investments, business development as well as fundraising and investor relations – including closing funding from Zhong Guan Cun, China’s Silicon Valley and in 2018, She was awarded as "Venture Capital New Star" by Hurun Report. [**Jing was also named Top 100 Asian Stars in UK Tech 2021**](https://asiansintech.com/top-100-asian-stars-in-uk-tech-2021/). She is also a consultant to the main board of a listed company (OBOR) based in London leading their global acquisition deals. Jing Jing Xu是一名科技投资专家，专门从事中英之间的外国直接投资（FDI）。她在跨行业投资方面拥有丰富的经验，包括为风投和募资，建立战略合作伙伴关系以及进入中国市场的市场策略。Jing是Fuel Ventures的合伙人，致力于改善数字交易便利性。 Jing负责Fuel Ventures的战略发展，投后管理的项目国际发展，募资以及投资人关系。Jing带领团队获得来自中国硅谷的中关村发展集团的投资以及各个知名机构的投资。在加入Fuel Ventures之前，Jing曾是InvestUK投资公司的中国部负责人，专门致力于跨境投资，成功引进的投资超过5亿英镑，并与中国投资者建立了长期的合作关系。Jing还是一位企业家，曾有多年的创业经验。她还担任伦敦一家上市公司的顾问，领导其全球收购交易。在2018年，她被《胡润百富》评为“风险投资新星”。2021年进入英国科技亚洲明星100强。 Alex is an Investment Associate at Fuel Ventures, previously he was an operator with experience in digital marketing, gamification and innovation and also was part of a team that set up a COVID tracking app right at the onset of COVID. He also spent a number of years living and studying in China. Alexander Breeden 是 Fuel Ventures 的投资助理，之前在数字营销、游戏和创新方面拥有丰富经验。在封城期间，Alex参与推出了一个COVID-19症状跟踪 APP，该 APP 映射了病毒的传播。此 APP 赢得了英国政府的认可。他还在中国生活和学习了数年。 The UK has such a strong ecosystem, the combination of some of the top universities in the world in close proximity to one of the world’s leading hubs for finance and capital has led to an incredibly exciting environment. This is also combined with a growing desire and appetite to be an entrepreneur in the UK. 英国拥有一个强大的创业生态系统： 毗邻世界领先的金融和资本中心之一，并且拥有世界顶尖大学的人才资源，政府大力支持创业--可谓天时地利人和。 We have seen the like Tiger, Sequoia and the largest VC firms in the world flock to the UK in search of investment opportunities. It is clear from their movements into the early stage, that the momentum and returns are clearly very appealing at the earliest stages. The returns in turn can be far more lucrative than at any other stage. 我们已经看到像 Tiger、Sequoia 等世界上最大的风险投资公司涌向英国来寻找投资机会。从他们踊跃进入早期风投市场的势头，毋庸置疑，早期风投市场的回报显然是非常具有吸引力的，并且其回报可能比任何其他阶段都更高。 Fuel Ventures is one of the leading early stage VC in the UK, looking to cover the most important part of an entrepreneur’s life cycle from ideation phase, to seed, all the way to growth. Fuel Ventures 是英国早期风险投资公司领头羊之一，致力于涵盖初创企业创业生命周期中从构思阶段到种子直至成长的最重要部分。 Fuel has an incredible access to the ecosystem, screening over 4000+ deals per year and having invested over £75m+ into over 50 early stage companies. The real advantage Fuel has over some of the competition is the fact that the team are very much operators, having run their own business or in startups. This translates into providing valuable hands-on support to our portfolio. Fuel 拥有一个全面的生态系统，每年筛选超过 4000 个项目，并已向 50 多家初创公司投资超过 7500 万英镑。 Fuel的竞争优势在于，其团队多为创业家出身，拥有自己的创业经验或初创公司，为筛选出最具投资前景的项目提供宝贵的实践支持和商业灵敏度。 Here are some of the companies Fuel have invested in: Shift, achieved £2m monthly GMV in June 2021 and raised their latest round at a 13.8x valuation uplift. We invested in Volt in January 2020, a Fintech platform that utilises open banking. They closed a £15m Series A from EQT Ventures at a 10.3x valuation uplift. OnBuy has achieved 200% revenue growth in 2021 YTD and is forecasting £2b in sales by late 2023. Fuel Ventures achieved a 14.2x uplift for the FV fund in 16 months. We negotiated a very good entry price at £6.5m, with the business now being valued at £149m. The business has recently raised £35m and is on track for £300m+ valuation over the next 12-18 months. OnBuy在2021年已经实现了200%的收入增长，并预测到2023年底销售额将达到20亿英镑。Fuel Ventures对OnBuy的投资在16个月内就实现了14.2倍的估值提升。我们以650万英镑，一个非常吸引的价格投资了OnBuy，该企业现在的估值为1.49亿英镑。该企业最近筹集了3500万英镑，并有望在未来12-18个月内实现3亿英镑以上的估值。 If you are interested in investing in Fuel, please reach out to **Jingjing Xu** ([**jing.xu@fuel.ventures**](mailto:jing.xu@fuel.ventures)) or **Alexander Breeden** ([**alexb@fuel.ventures**](mailto:alexb@fuel.ventures)). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/3-of-the-fuel-portfolio-feature-on-the-deloitte-fast50 ### Title: 3 of the Fuel portfolio feature on the Deloitte Fast50 ### Page ID: 4345979 ### Content: #### **3 of the Fuel portfolio feature on the Deloitte Fast50** #### **Meet Moteefe** #### **Meet Distributed** #### **Meet Paddle** #### **Meet OnBuy** 3 of the Fuel portfolio feature on the Deloitte Fast50 After another successful year for the Fuel Ventures Portfolio companies, Moteefe, Distribute and Paddle have all been included and featured on the [**Deloitte Fast50**](https://www.deloitte.co.uk/fast50/winners/2021/). It is a shame they didn’t consider a number of the other portfolio companies, we will have to take over the list next year… In all seriousness though, this is a great achievement to be included on the Deloitte Fast50 amongst some of the fastest and most exciting tech companies in Europe. This highlights some of the unbelievable work these companies have been putting in behind the scenes and is recognition for their work. [**Moteefe**](https://www.moteefe.com/) is a social commerce platform providing brands and influencers with the ability to sell customised on-demand products to fans and followers across the globe. The platform handles orders, payments, production, logistics and customer support, offering a valuable end to end service to the user. [**Distributed**](https://distributed.co/) is a platform for building bespoke software through technology-powered elastic teams. Distributed are creating the world’s most extensive network of exceptional developers, designers, and product managers and augmenting them with data, artificial intelligence, and a vibrant working schedule. Distributed addresses a huge and growing market, of both IT outsourcing but also the future of work, with a total market size of £74bn. Following the closing of their £4m Series A round, Distributed have continued to grow from strength to strength, delivering record revenue months for each of the past thirteen months. [**Paddle**](https://paddle.com/) is the leading Revenue Delivery Platform for SaaS companies that powers rapid growth across acquisition, renewals and expansion. They help ambitious SaaS CEOs transform their revenue delivery infrastructure into a strategic growth lever to respond faster and more precisely to every growth opportunity. Paddle is a unified, all-in-one platform, purpose-built for modern SaaS execution making it easy for companies to scale up, compete without boundaries, and always operate with full integrity and compliance. Paddle has been a stalwart on the Deloitte Fast50 and continues to feature. ***Also an honourable mention to OnBuy who were also included on the regional winners of the Deloitte Fast50.*** [**OnBuy**](https://www.onbuy.com/gb/) is a leading e-commerce marketplace that is offering buyers and sellers a fair and transparent approach. Unlike other market places, OnBuy does not hold stock or sell any of its own products which could compete with their sellers. In addition to having a completely seller centric view, OnBuy charge significantly lower commission fees between 5-9% on the value of the sale, which they have found is passed onto consumers by sellers, through lower prices. As a result, they have won some major global sellers such as The Hut Group, Unilever, AO.com and Proctor & Gamble. OnBuy have also partnered with PayPal, enabling them to provide additional protection for buyers and sellers, as well as shortening the time taken to release funds upon item dispatch. OnBuy is still scratching the surface of the UK ecommerce market which is worth £150bn and the global opportunity which is worth c.£4.5tn+. OnBuy has achieved 200% revenue growth in 2021 YTD and is forecasting £2b in sales by late 2023. Fuel Ventures achieved a 14.2x uplift for the FV fund in 16 months. We negotiated a very good entry price at £6.5m, with the business now being valued at £149m. The business has recently raised £35m and is on track for £300m+ valuation over the next 12-18 months. If you are an entrepreneur looking for pre-seed and seed investment please email me ([**alexb@fuel.ventures**](mailto:alexb@fuel.ventures)) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/adobe-announces-its-intention-to-acquire-contentcal ### Title: Adobe announces its intention to acquire ContentCal ### Page ID: 4346027 ### Content: ### **We are delighted to announce that Adobe, the $309bn US Tech Giant, has announced its intention to acquire our portfolio business, ContentCal!** Adobe announces its intention to acquire ContentCal We are thrilled to have been part of the ContentCal journey over the last 2 years. The business has set a new standard in how companies create and publish content and joining Adobe is an incredible result for the business and our investors. **Mark Pearson, General Partner & Founder of Fuel Ventures said:** More details to follow in due course, but we are absolutely delighted for Alex Packham and the ContentCal team. And we are looking forward to seeing Alex at the Fuel Christmas party next week... If you are an entrepreneur looking for pre-seed and seed investment please email me ([**alexb@fuel.ventures**](mailto:alexb@fuel.ventures)) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/smarter-ai-raises-1million ### Title: Fuel leads £1m pre-seed round in AI marketplace Smarter.ai ### Page ID: 4346061 ### Content: #### **We are delighted to be leading a £1 million pre-seed round into Smarter.ai, the world’s first marketplace to make AI accessible to SMEs.** #### **So who are Smarter.ai?** #### **Why now?** #### **How it works** #### **More about Fuel** Fuel leads £1m pre-seed round in AI marketplace Smarter.ai [**Smarter.ai**](https://www.smarter.ai/), creators of the world's first AI marketplace to democratise artificial intelligence and help small and medium-sized enterprises (SMEs) compete with Big Tech, announces its pre- seed raise, led by Fuel Ventures and Hambro Perks. This comes at a time when Big Tech monopolies face growing regulatory and public scrutiny, while the pandemic has sped up the need for AI-as-a-Service (AIaaS) to solve businesses' greatest challenges. Smarter.ai is the world’s first marketplace connecting best-in-class AI solutions with the end user, allowing AI technology to be accessible to SMEs in the era of Big Tech. Founded in 2020 by ex-Apple, Ebay, and Booking.com executives with over 30 years of combined AI experience, Smarter.ai’s #1 mission is to make the democratisation of AI a reality. Its proprietary matching algorithm is the first to make the AI creator economy possible, enabling Creators to value their skills in a new and creative way while allowing companies to leverage the most powerful benefits of AI without having to face the time and resource constraints of hiring and retaining a data science team required of current AI applications. Currently, the Smarter.ai team is working with leading business and academic institutions as it builds the world’s first AI marketplace. Currently, it is estimated that the usability of AI is available to the 5% of companies with sufficient resources to hire and retain skilled research data scientists to build original models--leaving out 95% of businesses. The exorbitant cost of leveraging AI (anywhere from US$20000 to US$1000000+), combined with a low efficacy rate keeps companies from being able to realise the benefits of data gathering and automation--necessary components to survive, especially given the upcoming ban on data capture techniques, such as third-party tracking. In 2021 the AI market was $93.5bn and by 2028 it is set to be $997bn. AI is going to be an inevitable element of most business strategies in the coming years, so focusing on creating spaces where innovation is easy and cost effective is a no-brainer. The last 24 months have been the most definitive period for the information economy, highlighting the winners and losers who are able to operationalise the full benefits of AI. As the world takes a more critical view of Big Tech and the accessibility of AI, Smarter is leading the charge by revolutionising how data can be gathered, leveraged and automated to solve today’s real-world challenges. By fundamentally changing the way AI projects are conceived, built and deployed, SMEs no longer have to hire teams of expensive data scientists to build out original models, and now can access cutting-edge solutions through Smarter.ai’s marketplace. This is achieved through a series of proprietary matching algorithms and AI driven logic to deliver the most efficient solution customised to the business’s needs, allowing all SMEs to build advanced AI solutions that were previously unattainable. In addition, for the first time ever, data scientists will be able to monetise their independent skills and know-how by selling through Smarter.ai’s platform, making the latest innovations accessible to all. If you are an entrepreneur looking for pre-seed and seed investment please email me [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/bt-invests-30-million-into-fuel-portfolio-distributed ### Title: BT invests £30 million into Fuel portfolio Distributed ### Page ID: 4346116 ### Content: #### **BT invests £30 million into Fuel Ventures portfolio company Distributed** #### **For more links on this announcement see below:** #### [**The Times**](https://www.thetimes.co.uk/article/bt-closes-in-on-30m-tech-freelancers-deal-with-distributed-lwdqgt796) #### [**UK Investor Magazine**](https://ukinvestormagazine.co.uk/bt-invests-30m-in-startup/) #### [**CityAM**](https://www.cityam.com/bt-pumps-30m-into-tech-freelancing-start-up/) BT invests £30 million into Fuel portfolio Distributed An enormous announcement coming out of Fuel Ventures portfolio company Distributed today. BT announces a £30 million strategic investment and partnership with Distributed, a start-up providing on-demand Elastic Teams™️ to its customers. The elastic workforce model allows BT to accelerate its plans for digital transformation by rapidly bringing together distributed product and development teams, enabling it to build high-quality software faster and more efficiently. The Distributed investment, which is the first of its kind for BT, secures a board seat and a stake in the business. BT has committed £10 million of this investment up front for work delivered over two years, but is forecast to invest £30 million over a three-year period. For BT to provide high-quality products and services to its customers, a diverse pool of tech talent with a variety of skills is needed. With the number of advertised tech jobs 42% higher than pre-pandemic levels, finding the right people for the job has become more vital than ever. To be a company that can offer tech professionals the opportunity to work on transformational projects remotely and for varied durations is key to getting the best people on-board and accelerating delivery of BT’s ambitions. Distributed’s Elastic Teams offer the ability to source and deploy highly skilled, globally dispersed tech talent at both scale and speed. **Harmeen Mehta, Chief Digital and Innovation Officer, BT Digital** said “At BT, we want technologies like data, AI and cloud to change the way we live. We need to be innovative, fearless and customer obsessed to drive change. Our investment in cutting-edge start-ups like Distributed will help us extend our internal pool of talent, accelerate our transformation and allow us to champion disruptive companies re-thinking the way we approach work”. **Mark Murphy, Director of HR, Technology Units at BT** will be taking the board seat at Distributed with Meg Blight, Start-Up Growth Director at BT joining as an observer. Mark said, “We’re excited to be working so closely with Distributed; their unique platform offering of an elastic workforce to create products of the future is closely aligned with our mission of building an agile and innovative digital company. People and culture are two of the most important things to us when it comes to growth and this partnership creates another avenue for us to attract great talent.” **Callum, CEO of Distributed stated:** This partnership represents a huge milestone in the use of on-demand talent within the Enterprise and demonstrates BT’s strategic foresight and commitment to providing the very best outcomes for their customers. This partnership will allow BT to engage the very best talent the world has to offer and will supercharge our mission to deliver independent careers with more benefits than permanent employment through Distributed’s Elastic Team platform. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-leads-600000-pre-seed-round-in-palqee ### Title: Fuel leads $600,000 pre-seed round in Palqee ### Page ID: 4346180 ### Content: #### **Fuel leads $600,000 pre-seed round in Palqee** #### [**Palqee**](https://palqee.com/) **helps companies champion data protection compliance through intuitive privacy management software.** #### **What are the costs to businesses?** #### **So what have Palqee built so far?** #### **For more links on this announcement see below:** ##### [**Palqee.com**](This funding will be used to accelerate brand awareness, sales and expanded customer support in the European and Brazilian markets that Palqee is already in, then to take on a more global vision.) Businesses across the globe have been struggling with evolving data protection regulations for years, so when new stricter wide-reaching rules – such as the European GDPR and Brazilian LGPD – came into force recently it pushed some into a last-minute dash to compliance safety, making decisions in haste which left them burdened with often overly complex, overpriced solutions. This compliance challenge puts at risk not only the individuals whose personal information is used by companies, but the businesses themselves: since the GDPR took effect in May 2018, over 900 fines were issued across the European Economic Area (EEA) and the U.K. In recent months, GDPR fines have ramped up significantly with the total sum of fines levied in Q3 2021 hit nearly £830M—20 times greater than the totals for Q1 and Q2 2021 combined. Enough time has now passed for those businesses to have calculated the true cost of their initial choices and to recognise the need for a change. As a result, the PrivTech sector is now one of the fastest growing in the world, reflected in start-up data protection compliance platform Palqee’s 1,500% growth in the second half of 2021 alone, with 2022 looking to easily outstrip that. **Sabrina Palme (CEO)**, serial entrepreneur and Data Protection Officer, is one of Palqee’s three founders – which also includes Andre Quintanilha (COO), ex-Accenture Technology Consultant, and Hartley Jean-Aimee (CTO), full-stack Enterprise Software Director. She says: “I’ve been a privacy professional for many years so I know how frustrating it can be to have your choices limited to Excel or some unnecessarily complex, pricey tool, when all you really want and need is something that just makes your world of work a little easier. With privacy regulations evolving at an unprecedent rate and the responsibility to always be on top of your game in this arena being greater than ever, we believed that the time was right for a new kind of platform to address this.” While there are a number of competitors in this space Sabrina says, “Palqee is a very different kind of solution. While others often require lots of training and special technical certification to master, Palqee has been designed from the ground up to be a powerful, yet simple to use, interface for anyone whose responsibilities include data protection and compliance. You don’t need a full catalogue of technical, legal or consulting experience to master our platform, making data protection more accessible, collaborative and easier to implement in your business or those of your clients.” Palqee was launched in January 2021 and today has over 6,000 users benefitting from a platform which offers over 400 pre-built automated assessment questions and frameworks, a customisable and automated data mapping engine, a privacy-preserving documents library, a fully customisable data subjects’ portal for easy and integrated DSAR management, as well as a central privacy hub for employees, vendors and privacy professionals to collaborate seamlessly on internal tasks. To stay ahead of the competition, Palqee also launched its PrivacyCulture global INDEX, an industry-first benchmarking tool for privacy professionals to understand the culture of privacy within their businesses, quickly identifying and prioritising risks and opportunities, optimising their budget and ROI. The investment round was led by early and growth stage VC fund, Fuel Ventures, and followed by Brazil’s GV Angels with the participation of other high-profile investors, some of whom gained their own success in rapid-growth technology businesses. “The founding team is technically strong, with extensive experience in privacy and compliance. As compliance and international privacy regulations are evolving and changing continuously, there is a growing need for a solution such as Palqee. Ever since our initial conversations the team have been doubling monthly revenue consistently and have continuously added clients. The market size is enormous, yet none of the incumbent players cater for the SME market. This is why we are backing Palqee's solution.”, says **Alex Breeden – Investment Associate** at Fuel Ventures. This funding will be used to accelerate brand awareness, sales and expanded customer support in the European and Brazilian markets that Palqee is already in, then to take on a more global vision. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/clarity-stack-secures-1-67m-seed-investment-from-fuel-ventures ### Title: Clarity Stack secures £1.67m Seed investment from Fuel Ventures ### Page ID: 4346506 ### Content: #### **Clarity Stack secures £1.67M in latest investment round** #### **What is Clarity Stack?** #### **When and why was Clarity Stack founded?** Clarity Stack secures £1.67m Seed investment from Fuel Ventures Award-winning SaaS platform, Clarity Stack, have raised £1.67M investment from Fuel Ventures in their latest investment round to expand their presence globally and help more clients grow their businesses. [**Clarity Stack**](https://www.claritystack.com/) specialise in B2B data, insight and lead generation. The company is registered in the UK and US with the main office in Warmington, near Peterborough, and employ more than 30 people across the two locations. The software is available on a subscription model and caters to businesses around the world with more than 700 active clients. Clarity Stack (formerly known as Meet Hugo) was founded in 2018 with the aim of helping B2B businesses to sell better. The company provides a complete suite of business tools built on cutting-edge technology, complemented by a team of expert researchers, to provide clients with the data, insights and high-quality leads that will increase their sales. Since 2018, the company has served more than 2,000 clients around the world and employs more than 30 people across the offices in the UK and Florida. **Ben Harper, founder and CEO of Clarity Stack**, said: “We’re delighted to close this round, and think the alignment between us and Fuel is going to be the perfect match for us as we look to expand quickly. We’ve reached £2m ARR whilst bootstrapping, and now want to take the next step in our business’ journey. “Clarity Stack’s mission is to help businesses sell better, and our insights, data, and leads solutions are perfect for any B2B business. 76% of businesses achieve a positive ROI by using our data within 3 months, and we believe we now have the rocket fuel we need to reach new markets, work with more businesses, and accelerate our growth.” **Shiv Patel from Fuel Ventures** said: “Typically we only make around 10 investments each year from our main fund, so this shows two key things: first, the conviction we have developed in our meetings with Clarity Stack and second, how big of an opportunity we see in this industry. We’ve looked really heavily into the space over the last two years and have never had conviction in the other companies we’ve seen, but this is the first time where we’ve all come off a call and said this is a company that we have to invest in. “We’ve really bought into the business model and their plans for the future. More importantly, what they have achieved in a short amount of time with very limited capital into the business has shown us that they know how to allocate cash whilst running a tight ship. Our investment will help them to find new areas of growth and invest heavily into the product, so future growth can be maintained at the speeds they’re currently going. “Whilst there’s a huge amount of work that we will need to help deliver alongside the Clarity Stack team, we believe our experience from our portfolio and previous ventures will be able to guide and assist them. Furthermore, the potential of this market is enormous - there’s nothing stopping Clarity Stack from eating their competitors' lunches moving forwards. “Clarity Stack has the potential to be the upstart in the market. We love backing companies where other investors may see huge risk through a variety of reasons. Our portfolio attests to this!” The investment will mainly be used to grow Clarity Stack’s presence globally, power innovation and the products available, and to provide more sales data and insights to their clients. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/fuel-ventures-invests-in-bunsen ### Title: Fuel Ventures invests in Bunsen, a marketplace for school supplies ### Page ID: 4346526 ### Content: #### **Fuel Ventures invests in Bunsen to build marketplace for school supplies** #### **What is Bunsen?** #### **What are the issues with buying school supplies?** #### **How does Bunsen fix these?** #### **Why now?** #### **What has Bunsen built so far?** #### **How is Bunsen different from other EdTech businesses?** #### **Meet the founder** Fuel Ventures invests in Bunsen, a marketplace for school supplies Bunsen, a marketplace for school supplies, today announced a pre-seed investment of £250,000 led by Fuel Ventures with other notable investors including the VP International of Snapchat. Bunsen is an online marketplace for school supplies that lets schools compare educational goods from trusted suppliers on a single website - think microscopes, footballs, whiteboards. This saves them time and money on the £3bn national annual spend on classroom equipment. When equipment arrives, schools can keep track of it in an integrated stock management app. Currently, schools have to visit supplier sites one by one. It’s hard to find the best price for goods, and schools often lock themselves in with single suppliers, as it’s time consuming to shop around. Bunsen lets schools compare products quickly on a single marketplace website, just as we’re used to doing when buying things for ourselves. When products arrive, teachers can book them out for lessons using a free integrated equipment scheduling app. School budgets tighter as ever, and school staff are looking to spend their budgets as efficiently as possible. Meanwhile, the pandemic forced schools online, accelerating their familiarity with technology. B2B marketplaces are transforming every industry: from the steel industry and cannabis industry, and now school supplies After one term of trading, Bunsen already lists 7000 products for sale: largest collection of school science equipment in the UK. Leading school suppliers have listed their products from day one, and over 200 teachers use the equipment scheduling app weekly. Unlike other EdTech startups, Bunsen is free for schools to use and purchase from. Instead, businesses that sell to schools pay a fee when a purchase is made. **Alex Tep, founder of Bunsen**, said, “I used to be a teacher, so I know that buying classroom supplies is an outdated process. Some schools still rifle through paper catalogues and phone orders in. That hasn’t changed since the 1950s. It’s hard to find the best prices, so money that could be better spent on supporting children’s learning is wasted. These frustrations drove me to leave teaching, teach myself to code, and create Bunsen, an online marketplace that lets schools compare prices of educational equipment on a single website, just as you would when buying things for yourself.” [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/moot-close-12-million-credit-facility-from-espresso-capital ### Title: MOOT close £12 million credit facility from Espresso Capital ### Page ID: 4346575 ### Content: #### **MOOT close £12 million credit facility from Espresso Capital** #### **Who are MOOT?** #### **What will this £12 million credit facility do for Moot?** MOOT close £12 million credit facility from Espresso Capital Espresso Capital announced today that it has provided MOOT, a global ecommerce technology platform, [**with a £12 million credit facility**](https://techcrunch.com/2022/04/12/moot-channels-18m-for-a-platform-and-toolkit-to-power-e-commerce-strategies-for-brands/). The company will use the funds to drive growth in the UK and abroad. [**MOOT**](https://moot.group/) is an innovative ecommerce technology company with a mission to provide end-to-end solutions to retail brands, looking to scale their direct-to-consumer offering, both multi-channel and internationally. The company's proprietary technology typically services brands that have outgrown the capabilities of the likes of Shopify and WooCommerce. MOOT provides an EaaS platform for other e-commerce companies while also selling its own luxury furniture e-commerce brand, Olivia’s, direct to consumers. “Venture debt offers the non-dilutive growth we were looking for to help scale our business,” said **MOOT CEO, Nick Moutter**. “With the capital from Espresso, we’re able to expand the functionality of our ecommerce-as-a-service (EaaS) stack to create hyper-personalized experiences for consumers, while also adding 80 new roles and growing the business through strategic M&A activity overseas.” “MOOT has a great team, strong unit economics, and a track record of rapid growth,” said **Espresso Capital Managing Director Will Hutchins**. “The company has a robust pipeline and we’re excited to be partnering with the company and their investors as they execute on their strategy to further scale and build the business. ” “Espresso is truly leading the way in modern day venture debt lending,” said Moutter. “They run a seamless process, are great to work with, and offer facilities that are clearly designed to be founder friendly. We look forward to growing the business together with them.” “We’re delighted to have introduced Nick to the team at Espresso,” said **Mark Pearson, Managing Partner at Fuel Ventures, one of MOOT’s existing investors**. “MOOT is a fantastic company and this non-dilutive financing will only help accelerate its goal of providing a multi-channel EaaS platform globally.” [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-led-a-e550000-round-in-kohomai ### Title: Fuel led a €550,000 round in Kohomai ### Page ID: 4346611 ### Content: #### **Fuel led a €550,000 round in Kohomai** #### **Why now?** #### **Meet the founders** Fuel Ventures has led a €550,000 round in [**Kohomai**](https://kohomai.com/), alongside a number of venture capital funds across the EU, UK, and the U.S. including: Seed + Speed and FYRFLY Venture Partners. Kohomai raised a pre-seed round of €550,000 and gaining strategic alliances with renowned experts in the fields of enterprise & deep tech, human resources and talent management. On average before the pandemic, it took 5-6 months for new hires to fully integrate in a new company and be 100% productive. Now with all remote & hybrid work that is taking even longer. In addition to that, there is a huge war for talent going on which requires companies to make substantial effort in attracting, enabling, and retaining talent. Therefore, Kohomai are building a solution for engaging onboarding journeys of new hires, which is reducing the time-to-productivity by 80%. With the proactive onboarding framework, talent will be enabled faster, more engaged and stay longer with the company. The benefit of an autonomous, mobility and micro-learning driven SaaS solution is an onboarding and talent journey management that will significantly increase team integration and will therefore maximize speed to productivity while reducing attrition of A-player talent. At the same time, talent managers get a powerful tool to eliminate manual work and put it on autopilot. The two founders, Aleksa Mitrović and François Lecomte, gained unique insights in their past roles about the opportunity to unlock and maximize productivity and happiness of new joiners quickly. [**Aleksa Mitrović**](https://www.linkedin.com/in/1aleksa/) has worked and lived in Serbia, India, Slovakia and Germany. He has a background in B2B Sales at FinTech and SaaS companies. He has previously attended batches of the Founder Institute in Berlin and Antler in Oslo. Prior to Kohomai, Aleksa started two tech startups. **François Lecomte** has a background in Software Development and IT, he worked as a software developer and technical coach both for corporates and startups. He attended Antler in Oslo Q12021 and has founded several startups and sold his last startup to Wemanity. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/monspire-raises-a-600000-funding-round ### Title: Monspire raises a £600,000 funding round led by Fuel Ventures ### Page ID: 4346825 ### Content: #### **London fintech Monspire raises a £600,000 funding round led by Fuel Ventures to help small businesses predict cashflow needs** #### **Who are Monspire?** #### **What will this £600,000 funding round enable them to do?** #### **Meet the founders** Monspire raises a £600,000 funding round led by Fuel Ventures Firm also joins AWS’ Startup Loft Accelerator to boost growth [**Monspire**](https://monspire.com/) is a tech platform that enables SME’s to access capital in the form of debt. It is a uniquely innovative technology that looks at risk on an affinity basis as opposed to a general basis. This enables more SMEs to access fairer and more appropriate terms. For the providers of capital, they are able to access a portfolio of better understood and proportionate risk and reward. The cash boost will enable Monspire, founded by serial tech entrepreneurs Ben Gillen and Simon Draper, launch to market in April and rapidly onboard new businesses. The entrepreneurs are aiming to make Monspire the global cashflow management platform for small businesses, empowering small business owners to grow their businesses with confidence. A Censuswide study of 500 small business owners commissioned by Monspire found that 67% of entrepreneurs believe running day-to-day finances ‘actively distracts’ them from running their business. More than 60% did not consider themselves knowledgeable in business finance when starting their company. **Ben Gillen, Co-Founder**, commented: “Most business owners don’t start their own firm with a desire to spend their time running a finance function. As our study found, it actually distracts them from building their business. With Monspire, we want to give business owners the confidence to grow knowing that their finances are taken care of.” The Monspire platform enables small businesses to predict their cashflow needs through its forecasting tool, empowering them to spot funding gaps, while providing access to invoice financing to help plug gaps. Gillen continued: “Cashflow gaps kill small businesses. We want to breathe new life into the space with a single view of their finances, allowing entrepreneurs and business owners to focus on what they do best.” Monspire has also recently been selected to participate in the AWS Startup Loft Accelerator, an equity-free programme supporting early-stage startups in Europe, Middle East and Africa with technology, product development and go-to-market advice. **Tom Hibbard at Fuel Ventures**, commented: “We are excited to help accelerate the growth of Monspire, a purpose-driven company seeking to solve a tangible problem for small businesses, who form the backbone of the UK economy. Ben and Simon have a proven track record of scaling successful tech firms and we are excited for the product to launch to market.” [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/brillband-raises-660000-to-disrupt-the-broadband-industry ### Title: Brillband raises £660,000 to disrupt the broadband industry ### Page ID: 4346897 ### Content: #### **Brillband raises £660,000 to disrupt the broadband industry** #### **What is Brillband?** #### **Tell me more about the team...** Brillband raises £660,000 to disrupt the broadband industry The ‘World-first’ app-based broadband provider set for UK trial could make existing technology obsolete. THE creators of the ‘world’s first’ app-based broadband provider Brillband believe its pioneering technology will completely transform the broadband industry. Brillband is set for launch in the UK in July following a £660,000 fundraising round led by ourselves, as well as some highly strategic private investment from renowned bankers and industry experts. The £3million-valued challenger brand – described as ‘Starling Bank for the broadband industry’ – features app-based technology specifically designed for full-fibre networks that enables users to run their entire broadband service from their mobile phone or tablet device. The patent-pending software technology uses the direct connection between the provider and customer to enable the service to build individual usage profiles which automatically optimise the service according to how it’s used, for example for gaming, streaming, working from home or downloading content. Brilband’s native consumer-centric features also include 1GB speeds with no entry price points; up-to-the-minute network diagnostics and updates via push notifications; and round-the-clock access to local customer service teams all at customers’ fingertips. The state-of-the-art service is the brainchild of entrepreneur and [**Brillband CEO Duncan Di Biase**](https://www.linkedin.com/in/duncan-di-biase/), who set out to disrupt the sector after becoming infuriated by substandard services offered by major broadband players ‘focused more on profit than the people using them’. With the average UK home already estimated to contain more than 10 connected devices – which industry experts predict will rise to more than 50 as early as next year – Mr Di Biase built Brillband on the principle that connectivity is a 21st Century commodity on a par with electricity and water in its significance, yet it is still seen as a luxury by many. Mr Di Biase, serial entrepreneur, business development expert and co-founder of investment consultancy Raising Partners, said: “Connectivity is one of the most important commodities in our lives yet too many people have accepted substandard service from existing providers that aren’t set up to meet their needs. People pay exorbitant fees for speeds they don’t receive and it amazes me that nobody seems to question it. “They wouldn’t accept it from any other service, so why should they put up with it for their broadband? I was sick of endless calls to customer service lines, frequent dropouts, speeds that don’t represent what’s being paid for usually at rates far in excess of what new customers receive. I just thought – there must be a better way. “Brillband’s technology is what sets us apart. To our knowledge it’s a world-first – nobody else has it or can copy it – and it’s beauty lies in its simplicity. It removes the obstacles that so many people associate with broadband providers, but it’s only there when people need it. It takes the friction out of broadband.” Brillband’s world-first technology has been developed by some of the brightest brains in broadband, including [**Chief Technology Officer Justin Fielder**](https://www.linkedin.com/in/justinfielder/), a former Sky Network Director whose successes include building Sky Broadband. It will initially operate on the CityFibre network, although the software technology has the capability to be plugged into any fibre broadband network in the world. Fielder, who played an important role in the creation of the UK broadband market as we know it, said: “In my 25 years experience, I have never come across a broadband company like Brillband before. It is the first company that really is aiming to truly change the market. Nothing will be done the traditional way, and everything will be built from the ground up placing the customer at its core.” Fielder, who has built more than 10 high-profile networks during his 25 year career, says the industry as it exists is out of date, ineffective and harming the planet, one of the key motivators for doing things differently. He added: “The broadband industry as we know it was built on outdated analogue technology that wasn’t fit for purpose then and certainly isn’t now. It’s the way the industry has grown up and it’s wrong – and I know, I was part of it. It creates huge amounts of physical waste through a need to replace hardware, and uses criminal amounts of power to run. “With Brillband we have been able to say, ‘hang on, this doesn’t work, there is a better way, and start again. Those who truly innovate are the misfits, those who don’t accept the way it’s always been. They are outspoken who challenge the way things are done – they’re the ones who generate and innovate completely new approaches, and that’s what we’re on a mission to do, and we’re very proud of it. “Before Uber, nobody thought they needed to see their vehicle coming - now they can’t do without it; before Starling or Monzo, nobody knew they needed to track transactions, now it’s a staple of banking; and before Brillband, nobody knew they needed to control their broadband use in this way – they won’t be able to do without it. “Any service provider that isn’t doing what we’re doing pretty quickly is going to have serious problems. We are going to prove the model that shows this is the way to do it. This will have the same impact that streaming had on the DVD rental – anybody left behind will be finished.” **Alex Breeden, of Fuel Ventures**, added: “Brillband has a unique opportunity to become a household challenger brand. Their advantage is they are a green field network with a full, bottom up, clean sheet design for full fibre (FTTP) broadband that isn’t compromised by the legacy networks.” Brillband – which will be initially rolled out to a test group of hundreds of app and network customers across Glasgow and Renfrewshire later this year – aims to have 10,000 customers and a team of 20 by the end of 2023, rising to 40,000 customers by the end of 2024. Mr Di Biase estimates the firm will have 120,000 customers by 2025. Vodafone is currently the fifth largest broadband provider in the UK with one million customers. Brillband’s Alpha test phase will begin across Glasgow and Renfrewshire in July. Those interested in joining the trial can sign up, and find out more about Brillband here. Mr Di Biase chose Scotland as the launchpad for Brillband after falling in love with the country when moving to Glasgow with partner Helena Murphy, also an entrepreneur and investor. He said the warmth and approachability of Scots was exactly what he wanted to build his team around. Di Biase, who said he experienced the very worst in customer and staff treatment while working for one of the UK’s largest gym providers, also wants to build a brand based on values customers and staff can believe in, paying employees more than the market rate, providing equity in the company for employees, and providing a flat fee for all customers receiving the same high-speed service. As a statement of Di Biase’s intent, Brillband customer service operatives will be paid an average salary of £25,000. The average wage for a customer service operative in the UK broadband industry is £20,000 per year. Di Biase said: “The potential is limitless. We can be incredibly agile. We can go after any city in the world with what will be a tried and tested proven method. We have the ability to utilise any privately owned Full Fibre network enabling us to take Brillband to any city in the world where a network exists. I genuinely want Brillband to become Europe’s most loved broadband provider – but it all starts here in Scotland. It would be impossible for an incumbent to do what we’re doing.” [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/barbr-raise-175000-pre-seed ### Title: How this 21-year-old entrepreneur is building the world’s best platform for barbers ### Page ID: 4346960 ### Content: #### **How this 21-year-old entrepreneur is building the world’s best platform for barbers** #### **When did the idea start?** #### **The solution?** How this 21-year-old entrepreneur is building the world’s best platform for barbers Fuel Ventures leads a Pre-Seed round in [**Barbr**](https://www.getbarbr.com/), a platform that is looking to totally disrupt the barbering industry. When Reef Ray started Barbr back in 2019, he was just looking for an easier way to get a trim. No unnecessary travelling, waiting in a queue for hours or struggling to find a great barber. After playing around with a few ideas ranging from an on-demand mobile barber app to a simple booking system for barbershops, the 21-year-old university drop out decided to look from a different perspective - “most clients want a convenient and high-quality service but what do the barbers want? What if there was a way to make life 10x better for barbers but still offer clients a smooth and convenient experience?” Reef spent over a year researching the market, speaking with barbers and learning as much as possible about the barber industry. He quickly discovered that barbering came with a mountain of headaches, none of which involved cutting hair. He said “most barbers have a passion for cutting hair and making people look good and feel good, yet each barber is essentially an entrepreneur and has to deal with all of the associated challenges. They need to manage their clients, organise their schedule, process payments, track progress as well as build their brand and market themselves. Ultimately barbers need to manage and grow a business while still remaining focused on the art of barbering.” Meet Barbr, a booking platform that helps barbers save time, earn more and unlock their true potential. The app takes care of growth and management, enabling barbers to simplify their bookings, build a digital presence, find new clients, earn more money and become the best at what they love. For clients, it offers convenience and transparency by allowing them to discover, vet and easily book a barber. The long term vision for the company is to build out an ecosystem that offers barbers not only management, growth and independence but also education, new revenue streams and a marketplace that connects barbers with barbershop owners. Barbr has just successfully raised a £175k pre-seed funding round led by Fuel Ventures, one of the UK’s most active early-stage investors, following a successful beta which saw over £100K earned by barbers through the platform. The company is set to publicly launch in April and begin an aggressive rollout across the UK shortly after. At just 21, Reef is the youngest founder to be backed by Fuel Ventures and with such big ambitions for the company, the most exciting times are ahead. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/getmyequipment-raises-a-355000-pre-seed-round ### Title: GetMyEquipment raises a £355,000 pre-seed round ### Page ID: 4347261 ### Content: #### **GetMyEquipment has raised £355,000 in a pre-seed round led by Fuel Ventures and other reputed investors from UK and USA.** #### **What has been built so far and what will the pre-seed investment enable them to do?** [**GetMyEquipment**](https://getmyequipment.com/) is a marketplace for construction rental equipment that helps customers find the best deals from the best suppliers in the area. Customers can compare pricing, availability and customer ratings across all suppliers on a single platform and place an order in one click.Once the equipment is delivered to site, customers can view and manage hired equipment, track spending per project and off-hire in one click. Equipment suppliers can expand their business by accessing a wider range of customers online. Suppliers receive enquiries for free directly to their inbox, access customer information directly on the platform, submit quotes to customers privately and receive orders straight to their inbox. GetMyEquipment have launched a digital platform that is available for new customers and suppliers to join online for free. Dozens of customers have been onboarded, who are now ordering regularly through the platform. Thus suppliers are able to access new customers and receive orders online. Dozens of suppliers have been onboarded as well, thus providing customers with the best deals in terms of price, quality and timely delivery. The pre-seed investment will enable further development of the online platform and digitalisation of the entire rental chain. The founders are aiming to rapidly onboard more customers and suppliers first in London and surrounding areas and then expanding across the country. As a greater proportion of customers move to ordering online, GetMyEquipment will provide an easy to use end-to-end platform for all their hiring needs. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/peckwater-brands-raises-15-million-in-latest-funding-round ### Title: Peckwater Brands raises £15 million in latest funding round ### Page ID: 4347288 ### Content: #### **Peckwater Brands raises £15 million in latest funding round** #### **About Peckwater Brands** #### **Who invested in the round?** #### **Peckwater Brands’ Series A funding will be used to develop its technology** Peckwater Brands raises £15 million in latest funding round [**Peckwater Brands**](https://www.peckwaterbrands.com/), the UK’s largest virtual brand company, has secured £15 million in its series A seed funding round. This latest funding round, which follows a £3 million seed round in October 2021, brings the business’ post-money valuation to £65 million. Peckwater Brands (PWB) is a delivery franchising expert, helping restaurants and kitchens of all sizes benefit from the fullest demands of the market by streamlining the process of embracing virtual brands and multiple-franchise solutions. Working with partners across the hospitality spectrum, they can transform any kitchen into a multi-franchise operation, integrating with their existing operations and opening them up to vastly increased demand across different brands and cuisines. Founded in 2019, Peckwater Brands builds delivery-only food brands, driven by data-led customer insight, for restaurants up and down the country. The orders are cooked and delivered from existing kitchens alongside their day-to-day operations. The business operates a mix of licensed brands spanning several categories including chicken (Seoul Chikin, Flip the Bird, Wham Bam Wings, Katsu), burgers (Dukes, Proper Tasty) and have also run shared brands with partners such as Unilever, Buzzfeed, and Heinz. Peckwater’s latest funding round was supported by Stonegate Group (“Stonegate”), the UK’s largest pub company with c.4,500 sites nationwide. Stonegate has taken a minority stake in Peckwater, for an undisclosed sum, having trialled Peckwater Brands in some of its pubs. Stonegate is backed by TDR Capital - an investor in major household brands such as ASDA and David Lloyd. Investors in this latest round also include SoftBank Investments (SBI), as well as follow on investment from Peckwater’s previous backers Fuel Ventures and Pembroke VCT. **Suzanne Baker, Commercial Director of Stonegate Group, said:** “Peckwater Brands’ partnership with some of our pubs has demonstrated the Company’s exciting potential. As such, we were delighted to collaborate with them, participate in their latest funding round and offer support to this promising team. We look forward to working closely with Peckwater Brands in the coming years to ensure the Company's continued success.” **Yoshitaka Kitao, the Representative Director, Chairman and President of SBI Investment Co., Ltd. (Tokyo), said:** “Following Peckwater Brands’ growth since its previous funding round, we were delighted to have the opportunity to invest in such an exciting business. The Peckwater Brands team have made outstanding progress over the past 12 months, and we look forward to contributing to the future successes of the business.” Peckwater Brands’ Series A funding will be used to develop its technology that enables kitchen operators to succeed at delivery – including machine learning-generated menus and operations performance improvements. Peckwater Brands also plans to use its investment to accelerate its expansion, with its UK team planning to take the Company from operating in 150+ sites to being the largest kitchen network in the UK. The Company also plans to level-up its international operations. This will involve the development of its US division, which was launched in Miami in early 2022. Peckwater Brands also plans on expanding further into Europe, with confirmed sites in France and Belgium due to launch in the coming months. As part of the investment, co-founder Sam Martin will now become Peckwater Brands’ CEO, with co-founder Leo Bradshaw, taking up the position of Executive Chair **Bradshaw said:** “The onset of the COVID-19 pandemic highlighted the need for disruption within the hospitality sector. And Peckwater Brands has done just that. Our innovative use of technology, combined with our expert knowledge of brand management and hospitality has transformed the way restaurants, bars - essentially any venue with a kitchen - approaches branding and customer reach. “Our success speaks for itself. From enabling our partners to greatly improve their operations and monthly turnover, to transforming the way the hospitality sector considers franchises, we have demonstrated the true potential of virtual brands. This latest investment will enable us to build upon our existing efforts and accelerate our expansion.” **Martin added:** “We have always been incredibly ambitious with where we can take Peckwater Brands. And, given the rapid success we’ve seen in the UK, we’ve now set out sights on the international stage. Not only have we established a strong presence within the US and UAE, but we are set to make waves across Europe in the very near future - and our latest funding round success will certainly accelerate these plans.” [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/journee-the-experiential-traveltech-secures-1-75m-funding ### Title: Journee, the experiential traveltech, secures £1.75m funding ### Page ID: 4347326 ### Content: #### **Journee secures £1.75m funding for its traveltech that builds experiential trips to mystery destinations** #### **What is Journee?** #### **What are Journee's future plans?** Journee, the experiential traveltech, secures £1.75m funding [**Journee**](https://www.journeetrips.com/), the online tour operator that matches people with experiential trips to mystery destinations, has secured £1.75 million investment. The seed round is led by ourselves and includes angel investment from Depop’s founder, [**Simon Beckerman**](https://www.linkedin.com/in/simonbeckerman/), and CEO, [**Maria Raga**](https://www.linkedin.com/in/maria-raga-045b712/).   As the world opens back up and people’s appetite for international travel returns, Journee is helping the culturally curious discover unknown destinations. As well as its matchmaking capabilities, Journee uses its technology to manage the booking process end-to-end - from how to get there and where to stay to what to do when you arrive. Journee was founded in 2019 by three friends and former Depop colleagues with a passion for travel - [**Ed Tribe**](https://www.linkedin.com/in/edtribe/), [**Megha Chaturvedi**](https://www.linkedin.com/in/megha-c/) and [**James Gillard**](https://www.linkedin.com/in/jamesgillard1/). The traveltech firm’s smart technology matches any person with their ideal trip using information gathered from a single questionnaire. Journee’s matchmaking technology is focussed on delivering convenience to the consumer - reducing the time consumers take to plan and book a trip from 10-30 hours to just 15 minutes.   To date the traveltech firm has taken more than 1.5k bookings to over 52 mystery destinations and has a 4.9 rating on Trustpilot. With today’s investment and plans to grow their customer base and destination list, Journee wants to make it as easy as possible to book the adventure of a lifetime by delivering an experience better than anyone could book on their own. **Ed Tribe, Journee’s co-founder** said “Our daily lives are so busy with too many things on our to-do-lists. The process of booking a trip can be tedious and by the time you’ve decided on the destination and found the flights and hotel, most people are out of steam. Planning exciting things to do while you are away falls to the wayside. We have created a way to make it unbelievably easy to book an adventure you never knew you needed. And as we want our travellers to embrace the unknown, we don’t tell them where they’re going until they get to the airport!” **Maria Raga, angel investor** and CEO of Depop, added, “We were lucky to get to know Ed, Megha and James while they were at Depop and were impressed with their entrepreneurial spirit. They have a vision to make the world a better place by expanding people’s capacity to explore new cultures and have incredible travel experiences. I am excited to support the Journee team’s ambition to change how people travel.” Journee is headquartered in London and has a remote team based in India. The traveltech firm has 15 staff in total and will continue adding to the team to support the customer growth that this new round of investment will bring. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/stackzone-raises-1500000-to-disrupt-the-cloud-management-industry ### Title: StackZone raises £1,500,000 to disrupt the cloud management industry ### Page ID: 4347330 ### Content: #### **StackZone raises £1,500,000 to disrupt the cloud management industry** #### **Why now?** #### **What can StackZone do in a nutshell?** StackZone raises £1,500,000 to disrupt the cloud management industry [**StackZone**](https://www.stackzone.com/) is the first Cloud Management Platform of its kind. It is the first all-in-one Cloud Governance Management platform on the market that will provide organisations with simple provisioning, cost management, monitoring, and operations. StackZone leverages the power of automation to revolutionise the way organisations manage their cloud resources. After several years of focusing on Best Practices around security, governance, and cost optimisation, StackZone’s team produced a solution that can be deployed by the end users with a few clicks, providing: After the COVID-19 pandemic hit, cloud adoption started to increase faster, and by 2022 it is expected that 55% of enterprise workloads will be in the cloud. At the moment, there are only very few companies that have embarked on the big task of creating a cloud management platform to help organisations evolve and become exponentially more efficient. Despite the massive adoption, cloud vendors have failed to simplify infrastructure management in the public cloud. That is why none of the available alternatives compares to StackZone. While the amount of human resources needed to manage infrastructure has continued to increase, StackZone made it possible to automate so many of the processes that used to take weeks or months and built them in hours The majority of technical professionals would agree that the top cloud challenges at the moment are security, spend, governance and expertise. StackZone provides a platform where all of that can be achieved, because it provides customers with a highly intuitive user interface and the ability to manage their cloud infrastructure. It is the first all-in-one Cloud Governance Management Platform on the market and it will be able to take care of provisioning, cost management, monitoring, and operations, all in one place with the simplicity StackZone can guarantee. As a result, it simplifies the management and daily operations of infrastructure teams working in the public cloud and allows organisations to reduce the time invested in research and deployment of cloud infrastructure management. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - Continuous compliance and governance - Self-healing and remediation - Cloud Standardisation - Specific industry's vertical best practices --- ## URL: https://www.fuel.ventures/hiiker-secures-e500k-investment ### Title: HiiKER secures €500k investment ### Page ID: 4347347 ### Content: #### **What is HiiKER?** #### **Route to Market** #### **What do people in the industry say?** #### **Sustainable Development** #### **Thoughts from the Fuel team** #### **What’s next?** In July this year, Irish start-up [**HiiKER**](https://hiiker.app/about), led by founder and CEO Paul Finlay, secures €500k investment. Investors include [**ourselves**](https://www.fuel.ventures), Enterprise Ireland, and several private investors. After receiving €100k from the Irish-based accelerator, the NDRC based in Dogpatch Labs in Dublin in 2021, HiiKER is now focused on growing its community and expanding the team before launching into the US market in 2023. Founded in 2020 by Paul Finlay, and joined by co-founders Eoin Hamilton, Pete Britton, and Mark Finlay, these hiker-cum-hackers have combined their experience and passion to help guide nearly 400k hikers around the world. **HiiKER** has become known as one of the best places to find hiking trails and excellent quality maps from world’s top mapping providers. In recent years (particularly due to Covid-19), there has been a boom in outdoor recreation. Leveraging the accelerated interest in hiking, the team has utilised SEO as its strongest route to market. “Since CTO Mark Finlay has joined the team, we have seen a month-on-month growth in organic clicks of about 47%.” says [**Eoin Hamilton, HiiKER CMO**](https://www.linkedin.com/in/paul-finlay-3349b321/). “We have also seen over 200% growth in clicks for the summer months this year versus 2021. This is exciting to see as we enter the busiest period of the year for hiking.” “We have a very engaged community that want to see us succeed. They love the product, but are not afraid to tell us where we need to improve. This enables us to build a better product that they love and will ultimately shout about.” The team is now enabling hikers to plan and share hikes with family and friends. “We are all about getting people outdoors in nature, and we are building tools to make that easier” says [**Paul Finlay, Hiiker CEO**](https://www.linkedin.com/in/paul-finlay-3349b321/). **Adam King, CEO of Harvey Maps** - One of the UK & Ireland’s most trusted map makers - commented on the launch of the new HiiKER app, stating “We are thrilled to see our maps on the HiiKER Platform. Working with the HiiKER team, it enables our map users to immerse themselves in their favourite maps in a whole new way and to reach new audiences.” As well as the updated product features, HiiKER is expanding its efforts to support organisations that enable people to get outdoors. The HiiKER Trail Sustainability program is now an intricate part of the app, where trail organisations can receive direct donations from users at the critical point of trail usage. **Galeo Saintz, Founding Chair of the World Trails Network** commented, “This is a wonderful step forward in integrating trail technology with fundraising and trail organizations. Now the many organizations behind trail care and maintenance have a more direct source of funding from trail users. With HiiKER, users can make immediate donations, even when they are on trail!” “We are extremely excited to be investing in Hiilker, you can tell this app has been built by hikers for hikers and the team's passion and enthusiasm is in abundance! Their traction in terms of users and revenue to date with no marketing spend has been exceptionally strong and we look forward to their expansion with this round." **Alexander Breeden, Fuel Ventures**. What's next now that Hiiker secures €500k investment? The milestone has been set at a Series A round in late 2023 / Early 2024. Until then, the founders will be focused on expanding the team, adding more engineers and production staff to continue to build and improve the platforms. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/geomiq-raise-8-5m-to-digitise-manufacturing ### Title: GEOMIQ raise $8.5m to digitise manufacturing ### Page ID: 4347376 ### Content: #### **GEOMIQ raise $8.5m to digitise manufacturing** #### **What is Geomiq** #### **Why now?** Geomiq have raised $8.5m to digitise manufacturing and deliver industry leading service levels for Engineers and Procurement teams. We are excited to announce Geomiq have an additional $8.5m funding to deliver on their mission. Allowing customers to shorten development cycles and get products to market faster, with quality manufacturing at lower cost, removing the ‘single point of failure’ that has hampered so many organisations in times of disruption. The round, led by top investors AXA Venture Partners (AVP) alongside TechNexus Venture Collaborative and existing investors Samaipata and Fuel Ventures. Geomiq was founded in London in 2017, with the goal of transforming and streamlining the manufacturing industry. Since then, they have become the digital manufacturing platform of choice for over 1200+ professional engineers and procurement teams from over 500 fast-moving hardware companies, and to have partnered with over 220 exceptional suppliers in over 16 countries. Despite this rapid growth, they are building a world where affordable yet world-class innovation is available to all from a single access point. Never has their mission been more prevalent with global supply chains in chaos, in large part stemming from the pandemic, Brexit and the war in Ukraine there have been backlogs across multiple sectors. This has been particularly painful for Engineers and Procurement Teams in the manufacturing industry which has reached a tipping point. Global manufacturing remains far behind in terms of digitisation, and [**geomiq.com**](https://geomiq.com) is on a mission to solve that. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/51-0-announces-a-funding-round-led-by-fuel-ventures ### Title: 51 to Carbon Zero announces a funding round led by Fuel Ventures ### Page ID: 4347435 ### Content: #### **51 to Carbon Zero (51-0) announces a funding round led by Fuel Ventures** #### **What are the current issues with enterprise carbon administration and reporting?** #### **How does 51-0 fix this?** #### **Why now?** #### **Meet the founders** 51 to Carbon Zero announces a funding round led by Fuel Ventures 51-0 is a climate-tech start up, providing a platform based solution to enterprise clients to enable them to spend less time on carbon administration and more time on their climate transformation - helping to reduce their overall carbon emissions. Currently, enterprises with a global footprint are bound by resource intensive, complex and ineffective methods to measure, track and report on their carbon emissions. The carbon reporting process can take up to 9 months, meaning by the time the results are actually released, the outputs are out of date and unable to provide the accountability needed to drive transformation 51-0’s platform consolidates an enterprise’s entire carbon footprint into one place, in real time - tagging departments, business units, offices and countries in order to provide a carbon emission view that can provide actual accountability to stakeholders. This combination of real time assessment and tagged accountability means enterprises can use this data to drive actual carbon transformation, and reduce their overall carbon footprint. There are over 12,000 businesses in the UK and over 60,000 businesses in the EU who are required by regulation to report on their carbon emissions. This number is only set to grow, and the status quo of expensive consultants and ineffective platforms does nothing to help drive genuine carbon transformation and emission reduction. Every year humanity emits 51bn tonnes of greenhouse gas. To avoid a climate disaster, we need to get that number down to ZERO. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**mike@fuel.ventures**](mailto:mike@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/clearco-outfund-partnership ### Title: Clearco and Outfund announce strategic partnership ### Page ID: 4347488 ### Content: #### **Clearco and Outfund announce strategic partnership** Huge news coming from Fuel Portfolio Outfund! [**Clearco and Outfund have announced a strategic partnership**](https://techcrunch.com/2022/08/30/clearco-cuts-international-staff-as-it-retracts-presence-announces-new-partner/) to provide access to the largest and most founder-friendly International revenue-based funding company. The partnership enables small businesses across the world to access the highest quality and fastest equity-free financing as they grow. Outfund is the UK and Australia’s largest eCommerce investor and has committed to investing £500M in small businesses in 2022. Clearco has invested over $3.2 billion in companies globally, with $429M invested in companies outside of the US and Canada. Revenue-based funding is revolutionising the way founders grow their businesses. Together, Clearco and Outfund will bring best in class revenue-based funding services to the international markets they operate in, including the UK, Ireland, Germany, Spain, Netherlands and Australia. Their combined offerings provide international founders with fast and affordable funding in the form of non-dilutive capital, without personal guarantees. Their services also provide true, tangible value and services including inventory funding and access to a global founder community, as well as insights and valuation tools to ensure its founders are successful. In light of the partnership, Clearco has renewed its focus on its two core and largest markets, US and Canada, home to 80% of their investments. The partnership does not include any of Clearco’s staff, technology or operations. Each departing employee will receive severance pay, two year window to exercise equity and outplacement support including expedited interviews with multiple partners. **Michele Romanow, Founder and CEO of Clearco comments:** “As we shift our focus to our Canadian and US business for the time being, finding a partner for our International clients that shares our mission to democratise funding for founders has been our focus. We are confident that this is the best decision for our customers who will continue to benefit from Outfund’s revenue-based financing model without ever having to give up equity in their businesses. It is of course with great regret that we have had to let our international team go as part of this partnership. They are a hugely talented team and we are confident that we will be able to support them in their next steps.” **Daniel Lipinski, Founder & CEO, Outfund comments:** “We look forward to welcoming Clearco’s international customers to Outfund. Our two companies are both offering best-in-class revenue based financing solutions and we are confident that Clearco’s customers will benefit from our funding options and support, particularly our UK & Australia based team. The partnership represents continued growth for Outfund internationally.” [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/carta-acquires-capdesk ### Title: Carta acquires Capdesk ### Page ID: 4347498 ### Content: #### **We are delighted to announce that Carta, the Silicon Valley Tech Giant, has acquired our portfolio business, Capdesk!** #### **Momentum despite the current market conditions** US equity unicorn Carta is acquiring European equity management leader Capdesk as part of their shared vision to solve the illiquidity of private markets With a joint mission to democratise ownership in private companies, the pair empower businesses worldwide to scale without borders The deal will see Capdesk customers gain access to Carta products and services while Carta leverages Capdesk’s deep expertise of the UK and European markets to expand its reach **Mark Pearson, General Partner & Founder of Fuel Ventures said:** What an incredible journey it has been with Capdesk over the last 3 years! The business has had such an impact in equity management and has enabled so many companies across Europe to keep track of their cap tables as they scale and manage secondary transactions. It was no surprise Carta, who are looking for a foothold in Europe and have been following them for some time, have now acquired them. This is another incredible result for Fuel Ventures and our investors. Capdesk – Europe’s leading equity management solution has been acquired by Silicon Valley unicorn and equity giant, Carta. Founded in 2015, London-based Capdesk is trusted by over 3500 of Europe’s fastest-growing companies – including Gousto, VOI, Checkout.com, Plum Guide and Wagestream – to manage their ownership via a single platform. The fintech oversees more than £90 billion worth of assets and has created an end-to-end equity management system that serves customers at every stage – from seed to IPO. Silicon Valley-based Carta provides equity management to more than 30000 companies, 5000 funds and half a million employees. It supports users with cap tables, compensation, valuations, portfolio investments, liquidity, and more, and has managed over £1.5 trillion in equity to date. Companies and funds like Canva, Tribe, and Pipe build their businesses on Carta. Capitalising on regional success Over time, the acquisition will see Capdesk customers gain access to products and services from Carta, including 409a valuations and compensation benchmarking data. Carta, meanwhile, will leverage Capdesk’s expertise, dominance and unique understanding of equity in European markets, to further expand its services across the globe. Capdesk’s platform uniquely caters to the requirements of HMRC and Companies House in the UK as well as other regulatory authorities throughout Europe. Towards a global equity solution The acquisition is founded on Capdesk and Carta’s shared vision of building a truly global ownership platform that enables more ownership, fairer terms and more access to equity in private companies while freeing founders, investors and employees from outdated, manual processes. The deal comes at a time of increasing uncertainty across the global markets landscape. The expertise, data-led tools and transparent nature of both Capdesk and Carta’s solutions can help companies plan against shifting conditions. The two solutions help startups attract the best talent; empower employees to own and access the wealth they helped create, at a time that suits them; and equip investors with greater control over their portfolios. Despite wider market turbulence, Capdesk has seen the continued growth and success of its product in Europe, doubling revenue in the last 12 months and counting 19 European unicorns as customers. This performance positioned Capdesk as the clear choice for Carta. Since being founded in 2015, Capdesk has raised £11.7 million in funding from global investors including Fuel Ventures, Fidelity International Strategic Ventures. While Capdesk was in discussion with financial institutions and European exchanges regarding Series B fundraising, the team entered talks with Carta. As part of the deal, Capdesk will operate as an independent business unit within Carta for the time being. **Christian Gabriel, Co-Founder & CEO, Capdesk****:** “We founded Capdesk with a vision of changing finance for good by leveraging the power of equity for the benefit of founders, investors and employees alike. I’m thrilled we’ve identified a shared vision in Carta. This deal will enable us to further strengthen our position across Europe.” **Henry Ward, Co-Founder & CEO, Carta****:** “We’ve been following Capdesk’s impressive journey for years. Before Capdesk, employers would have had to manage equity manually with legal counsel in each country. With Capdesk, employers can simply onboard and trust one single provider with managing the detailed requirements of multiple jurisdictions. Capdesk’s founders — Christian, Martin, and Mikkel — have led a cross-border equity revolution. We’re thrilled to be welcoming their vision, expertise and experience to the Carta fold and we’re grateful to have all three founders stay on as key leaders within the company.” [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/agile-tribe-raises-150k-pre-seed-round ### Title: Agile Tribe raises £150k pre-seed round ### Page ID: 4347527 ### Content: #### **Agile Tribe raises £150k pre-seed round to help push on with their already strong traction.** #### **What are the issues when it comes to hiring a freelance developer?** #### **How does Agile Tribe solve this problem?** #### **Why now?** #### **What has Agile Tribe built so far?** Agile Tribe is a B2B marketplace that matches companies with vetted freelance developers. With 500+ vetted software engineers they can have developers working on projects within 48hrs. Their experts have experience in over 300 different programming languages, frameworks & tools. Most freelance marketplaces are unregulated leading to projects being delivered late and over budget. Agile Tribe has one of the industries toughest vetting processes. Agile Tribe vests 1000s of applications each month, fewer than 5% successfully complete their vetting. Each year there is a huge influx of new tech companies, unicorns and the digitalisation of established brands, however, there is a tremendous shortage of quality software engineers. They began our journey in January 2022 and have already onboarded and vetted 500 engineers, have 50 partner companies they work with and they are currently in the process of launching their new and improved partner portal; allowing companies to hire candidates and track their progress all in a couple of clicks. **Tom Baker, founder of Agile Tribe** “Having worked for multiple start-ups, we always struggled to find quality developers. I’ve worked with full-time engineers and agencies, however, I was always left disappointed by the delivery of the projects, the return on our investment and the flexibility I had to scale the team up and down”. [If you are an entrepreneur looking for investment, please apply here or email your deck at](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/) [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/lunio-raises-15m-to-combat-click-fraud ### Title: Lunio raises $15m to combat click fraud ### Page ID: 4347558 ### Content: #### **Lunio raises $15m to combat click fraud** #### **How did** **Lunio** **originate?** #### **What is Lunio?** #### **How bad is the problem?** Huge news coming out of the Fuel Portfolio today. [**Lunio has today announced that it closed a $15 million Series A round**](https://techcrunch.com/2022/09/29/lunio-raises-15m-to-combat-click-fraud-with-algorithms/) led by London and Smedvig Capital, bringing Lunio’s total raised to around $17 million. The progress the whole Lunio team have made since our investment in 2020 has been enormous and this is just shows the external validation of this. Neil Andrew and Alex Winston co-founded Lunio, along with CTO David Triger, attempt to exclude fake web traffic arriving from different channels by analysing behaviour patterns. Lunio uses a combination of data analysis and cybersecurity techniques to catch and block fake clicks, with algorithms that run client-side — within a user’s browser — to ensure personally identifiable information isn’t sent over the web. The algorithms predict the likelihood of invalid click activity on a range of ad networks, including Google, YouTube, Facebook, Reddit, Instagram and even TikTok. The digital ads market is robust, with Statista predicting that worldwide spend will reach nearly $900 billion by 2026. But fake and fraudulent ad traffic remains a major problem in the space. Global losses from ad fraud totalled $35 billion in 2020 alone. And beyond the wasted spend, invalid traffic can inflate metrics, leading brands to misidentify — and misunderstand — customer segments. Andrew says the pandemic was a boon for Lunio because it led to increases in fake user activity as brands and their customers moved online. Meanwhile, the economic downturn has increased the pressure on companies to stretch their ad dollars, Andrew says — leading to another windfall for the startup. Lunio has more than 1,000 customers covering over 10,000 individual advertising accounts, Andrew claims. He opted not to share revenue figures, saying only that Lunio plans to expand headcount from 43 employees to around 55 by the end of Q1 2023 to scale up its go-to-market efforts in Europe and North America. If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/nvor-announces-pre-seed-round ### Title: NVOR announces their pre-seed round led by Fuel Ventures ### Page ID: 4347559 ### Content: #### **NVOR announces their pre seed round led by Fuel Ventures.** #### **What is NVOR?** #### **Why now?** #### **Meet the founders** #### **What is this business model?** #### **What are the benefits of NVOR?** NVOR announces their pre-seed round led by Fuel Ventures To coincide with the commercial release by NVOR Limited of their Ownership Beyond Doubt service, Fuel Ventures is pleased to finally announce that we completed and led their pre-seed round of £150k investment in Q1 2022, following earlier private investment received by the company in 2021. The Ownership Beyond Doubt service from [**NVOR**](http://www.ownershipbeyonddoubt.com/) has launched today, providing a digital validation for vehicle ownership. The Ownership Beyond Doubt registration captures both the vehicle and the customer details along with any financial interest through a range of verification checks which are entered at the point of sale by a participating dealer, confirming and validating the true ownership of the vehicle. The National Vehicle Owners Registry (NVOR) is a database registry providing certificate based validation of a vehicle’s ownership. The purpose of the registry is to protect car buyers, car dealers, finance providers and owners from potential fraud, misrepresentation and theft. In what seems long overdue in the industry first, NVOR brings together actual validation of both vehicle, finance and customer data through a range of verification checks which are validated in a number of ways to confirm true ownership of the asset. For over 100 years since the birth of the motor car, there is still ambiguity and confusion of who owns a vehicle in the U.K, with no ability until now, of validating the true ownership. The Ownership Beyond Doubt service from **NVOR** has launched today, providing a digital validation for vehicle ownership. The Ownership Beyond Doubt registration captures both the vehicle and the customer details along with any financial interest through a range of verification checks which are entered at the point of sale by a participating dealer, confirming and validating the true ownership of the vehicle. Backed by private investment and London based VC Fuel Ventures, Investor Principle, Tom Hibbard said “We see NVOR as the fourth missing piece in the vehicle data industry and are excited to be part of this new service.” The Ownership Beyond Doubt service is not a replacement to a current V5c document, but provides the missing piece in the vehicle data marketplace - ‘the ownership’. It is widely taken for granted that the V5c registration document acts as a proof of ownership of a motor vehicle. The name and address details on this document results in the assumption that you are the legal owner - this is not the case. This new online service focuses on the ownership not the keeper/user whilst a quick and easy registration process allows the motor trade to register the true ownership of both new and used vehicles, protecting customers, motor traders, finance providers, auction houses and insurance companies from potential fraud and misrepresentation. According to a recent study by CarGurus, 63% of UK car buyers are now open to buying their new or used vehicle online. For the majority of consumers, their vehicle is the next most expensive financial commitment second to their home, it therefore makes sense that there is a registration and validation solution and data capture service for this purpose. Once an owner and their vehicle are registered a digital certificate is issued to the customer to their registered email address and mobile which includes their account log-in details. NVOR charge a one time fee of £99.00 incl VAT for the registration and the digital ownership record remains with the owner until the vehicle is sold. By finally bringing together the necessary information required to digitally validate the ownership of a vehicle and provide an unmatched automotive service, our value added product finally demystifies the ownership of a vehicle and helps to enhance customer retention for the car dealer. If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - Long-term benefit to consumer, car dealers finance and insurance companies security - One payment for the life of the ownership of the vehicle - Helps in the fight against vehicle finance fraud - Proof of ownership verified via 6 point validation system by a registered dealer when selling and buying a vehicle - Helps in the fight against misrepresentation - Added security data across all motoring sectors --- ## URL: https://www.fuel.ventures/studiospace-raises-1-5m-seed-round ### Title: Studiospace raises £1.5m seed round ### Page ID: 4347604 ### Content: #### **Studiospace raises £1.5m seed round to accelerate growth** #### **When was Studiospace started?** #### **What is Studiospace?** #### **The view from Fuel** A company vowing to end the days of Mad Men and transform how marketing agencies are hired has raised £1.5m of funding from Fuel Ventures. Founded in 2022 by [**Pete Sayburn**](https://www.linkedin.com/in/pete-sayburn-7a3a535/), [**Gideon Hyde**](https://www.linkedin.com/in/gideon-hyde-ab0496/), [**Robin Scarborough**](https://www.linkedin.com/in/robinscarborough/), [**Phil Kohler**](https://www.linkedin.com/in/philkohler/) and [**Paul Bowman**](https://www.linkedin.com/in/paul-bowman-583a6a89/), [**Studiospace**](https://www.studiospace.com/) is a tech platform used by major brands to find innovative new talent in the creative, marketing and digital spaces. Its clients include major brands such as Aviva, JLR and Gala Games. Studiospace connects major brands with independent, specialist agencies in the creative, digital and marketing arenas via its smart platform. Founded by Pete Sayburn and team of serial entrepreneurs, the business has signed up major brands including Aviva, Jaguar Land Rover, Gala Games and AXA. It has also recruited over 100 independent agencies spread across 12 countries and 36 cities. The investment will be used to grow the business in the UK, and in Australia, where it has a growing office in Sydney, as well as to develop and further automate the Studiospace tech platform. Senior and chief marketing officers (CMOs) use Studiospace to post briefs and criteria for new projects. The platform matches them to relevant suppliers, based on their choices. Crucially, the company also provides standard contracts and terms of conditions as well as handling payments, removing the administrative issues which often prevent small companies from working with bigger brands. Sayburn believes he is disrupting how the marketing industry works. If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/frontdoor-labs-raises-1-million-pre-seed-round ### Title: Frontdoor Labs raises $1 million pre-seed round ### Page ID: 4347629 ### Content: #### **Frontdoor Labs raises $1 million pre-seed round** #### **What is Frontdoor?** Frontdoor Labs has closed their USD 1 million pre-seed round, led by Signature Ventures, a German early stage venture capital fund alongside ourselves at Fuel Ventures. Frontdoor Labs is a global web3 talent network that is redefining how founders, operators and contributors connect across the web3 ecosystem. Driven by the belief that most of the world’s best talent has yet to be unearthed, Co-founders Ash Prabaker & Yasama Rajaee started Frontdoor to build novel solutions to connect founders and operators across the web3 landscape. “Frontdoor was born out of the experiences both Yasaman and I felt as we started exploring web3 - we were left searching for better alternatives to existing talent solutions to help discover and build relationships with other builders in the ecosystem,” said Ash, Co-founder of Frontdoor, “We are changing the way organisations and individuals at large connect with talent in the professional world.” Frontdoor is a global web3 talent network that helps connect founders, operators and contributors building in the web3 ecosystem through a combination of IRL spaces and software solutions. Frontdoor’s vision is to redefine how talent is discovered and connected on a global scale. Frontdoor is headquartered in London, which is also the site of its first community hub. Learn more about Frontdoor at frontdoor.xyz. Today Frontdoor exists as a subscription-based talent collective of founders and operators building in the web3 ecosystem. By connecting curated talent through both in real life (IRL) and digital spaces - Frontdoor is able to foster real connection between people whilst avoiding the noise of the broader ecosystem. “We knew from personal experiences that both IRL and digital spaces are central to creating meaningful connections between people - we are creating an environment that feels intimate and makes it simpler to find who you wanted to, when you wanted to - a campus for web3 talent” - said Yasaman, Co-founder of Frontdoor. Frontdoor recently launched their IRL hub in central London filled exclusively with web3 talent from the Frontdoor Community. Members can choose to either work permanently out of the space, drop in weekly or access the network through Frontdoor’s private digital spaces. “The quality of talent working here is second to none - great things happen when you bring together world-class operators working on the technological frontier,” mentioned Ash. “We’ve already sold out of spots for October and are moving into a larger space in November to welcome more talent into the network,” said Yasaman. With the funding, Frontdoor will continue to scale its community and further evolve the decentralised software solutions that live at the heart of the network. “Connecting talent on a global scale is a natural next step for us. Our vision is to redefine how we think about discovering and connecting with talent - to help frictionlessly match individuals and opportunities in the future of work,” said Ash. Applications for membership for November onwards are now open here: [**https://www.frontdoor.xyz/**](https://www.frontdoor.xyz/) If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/outmin ### Title: Outmin, the automated accounting solutions platform, has raised €1.5m in funding ### Page ID: 4347645 ### Content: #### **What is Outmin?** #### **Why Outmin?** Outmin, the automated accounting solutions platform, has raised €1.5m in funding [**Outmin**](https://outmin.io/), the automated accounting solutions platform, has raised €1.5m in funding led by Middlegame Ventures and followed by Fuel Ventures, KellySan Enterprises Ltd and several strategic angel investors to enhance and develop their technology that tackles the distraction of financial admin. Outmin currently provides outsourced accounting and bookkeeping services to SMEs in Ireland and the UK, primarily in the technology and hospitality industries. Through leveraging AI and cloud technology, Outmin provides a best-in-class experience that helps businesses to tackle the administrative burden and dramatically reduce costs, with some clients already saving to up to €100k a year by using the service. In an uncertain time, Outmin enables business owners to make rapid, data driven decisions by ingesting company data from various sources and standardising it, generating clear, actionable data points for SME owners and operators. Outmin is paradigm shift for small businesses that enables them to focus on their customer experience and product without worrying about finance and admin chores For too long business have been told that of “faster, better, cheaper” they can only choose two, by leveraging AI and cloud technology Outmin delivers all three for your finance department by replacing your bookkeeper, accountant and in-house finance staff with a single log in - all while providing you with actionable data faster than anything else on the market. This investment will give Outmin the capacity to continue developing its cutting-edge technology and meet global demand to provide SMEs with a peerless service that improves business information while cutting costs and saving time on their financial admin. Speaking about the raise, **co-founder of Outmin, David Kelleher** said: "Many industries are facing financial uncertainty. SMEs are among the first to feel the strain and cutting costs, streamlining in-house administration and gaining valuable business insights can be paramount during these periods. This fundraise will enable us to help more and more small business owners reduce costs and get quicker, better data about their business to inform their decision making in these uncertain times." Outmin replaces the need for costly finance hires and multiple software systems, subscriptions and packages used by SMEs, by providing better quality data faster, with less effort by the client, all with a single login. Once onboarded, Outmin receives all the business’s data, eliminating the lengthy integration processes and giving business owners and operators the opportunity to focus on task that improve their product or customer experience.. This investment marks another significant milestone in Outmin’s rapid expansion, with future funding rounds expected to come sooner than anticipated due to Outmins accelerated revenue growth. Outmin has 150 clients currently using it’s platform, offering a unique approach combining professional services with automation, providing easy-to-use technology powered by human expertise and experience. The platform provides businesses with an accountant, bookkeeper and accounting software as a consolidated service, eliminating the need for multiple employees and software packages, that takes care of everything from payroll and expenses management, to tax returns, compliance filings and many other administrative services, meaning businesses can focus on what’s best for the business, rather than admin. If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/flowla-raises-their-pre-seed-round-with-participation-from-fuel-ventures-and-antler ### Title: Flowla raises their pre-seed round with participation from Fuel Ventures and Antler ### Page ID: 4347654 ### Content: #### **Flowla raises their pre-seed round with participation from Fuel Ventures and Antler** #### **What are the current issues facing B2B buyers and sellers?** #### **This results in:** #### **Who are team Flowla?** #### **What does Fuel Ventures like about Flowa?** Flowla raises their pre-seed round with participation from Fuel Ventures and Antler [**Flowla**](https://www.flowla.com/) accelerates B2B sales Flowla helps B2B revenue teams create digital buying journeys that speed up cycles and win deals. A Flowla link is a personalised, custom banded workflow for the buyer; centralising the buying experience from the first call until the onboarding. It hosts all resources & action plans, facilitates communication & collaboration. In addition to delivering an outstanding experience to buyers, Flowla provides sellers a lens to what’s happening behind closed doors within the buying organisation. They view actionable insights on how prospects engage and identify every stakeholder. • 80% of B2B buyers have stated their last purchase was too complex and difficult. There are too many moving parts: Not only the number of stakeholders involved in the decision making has increased, the variety of resources have multiplied as well. To help buyers and facilitate the decision making process, salespeople rely on documents, videos, interactive demos, forms, electronic signatures, mutual action plans.. •Countless hours wasted between email threads, links, attachments, spreadsheets and other 3rd party tools, •Lack of alignment between stakeholders and deals stalling.. Flowla unifies the scattered buying experience in a single collaborative medium, helping sellers become better storytellers, engage buyers and speed up sales cycles. **Repeat, exited founders with substantial industry expertise** Flowla was founded in early 2022 by Erdem Gelal, Alper Yurder and Oguz Gelal. Erdem, CTO, previously built an enterprise sales solution that digitalised offline sales processes, later exiting to Groupe UP in 2019. Alper, CRO, has over a decade of experience building, growing and leading sales teams in multiple organisations (most recently at a post series-A start-up) Oguz completes the founding team as CTO. An experienced lead full stack developer, with experience leading high-performing tech-teams (also most recently at a post series-A start-up). This team is perfectly placed to build the de-facto medium where B2B sales happen in the future. The market size, the ‘why now?’ and the ‘must-have’ factor are all hugely relevant here, but ultimately, it comes down to the team. Led by a CEO who has previously exited a business in this very sector, along with a CRO who has lived and breathed B2B sales for over a decade and a CTO who has led teams at multiple successful tech companies. For us, the answer was obvious. So if you want to wow your buyers, speed up sales cycles and close more deals - head to [**Flowla**](https://www.flowla.com/). If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/hammock-announces-a-new-partnership-with-sage ### Title: Hammock announces a new partnership with Sage ### Page ID: 4347672 ### Content: #### **Hammock, the UK property technology firm, announces a new partnership with Sage** #### **More about Hammock** As the introduction of [**Making Tax Digital for income tax self assessment draws closer to going live in April 2024**](https://www.accountingweb.co.uk/tags/making-tax-digital), many accountants are bracing themselves for increased demand from landlord clients. This is why Hammock's new partnership with Sage, will enable Sage to provide a coherent solution for accountants to manage landlord clients’ tax and compliance needs. Founded in 2019, Hammock initially focused on selling to the landlord market. However, according to its founder and CEO Manoj Varsani, they soon received enquiries from accountants whose clients were using the tool, and the vendor’s stand was one of the most popular at last year’s AccountingWEB Live Expo. Hammock was the recent recipient of a [**$5.5m funding round**](https://www.uktechnews.info/2022/07/05/hammock-financial-services-secures-4-62-million-series-a-investment-led-by-fuel-ventures/), and currently provides banking, bookkeeping, draft property tax statements and property performance insights to customers. [**Fuel Ventures initially provided investment back in 2020**](/fuel-ventures-lead-1m-round-into-hammock/). Although there is currently an integration between Hammock and Sage, the new partnership with Sage will allow accountants or landlords to review their tax return details and other financial information through Sage’s tax dashboard. It will also allow users to view tax estimates and file quarterly returns, end of period statements and final declarations under the new MTD ITSA regime directly through Sage software. The partnership is available now and Sage accountants can sign up and access Hammock from the Sage for Accountants platform. If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/feel-closes-10m-series-a ### Title: Feel closes £10M Series A ### Page ID: 4347692 ### Content: #### **Digital health startup, Feel, closes £10M Series A to continue growth in the nutritional supplement market** [**Feel**](https://wearefeel.com/), the health and nutrition company who have recently closed a £10M Series A round, has plans to leverage a data-first tailored approach user journeys and expand to new markets Ever-growing nutritional supplement company, Feel, is a digital health and wellness subscription brand offering a broad range of science-led, affordable, and high-quality supplements. Feel offers consumers the convenience of a subscription service, ensuring that wellness is only ever a click away. Thanks to their fast-growing product range and smart digital features, Feel is on a quick path to becoming a household name in the UK. Since their partnership with [**Cheryl and Investment from UK’s largest private TV channel’s venture arm**](/cheryl-invests-and-partners-with-feel-vitamins) - ITV AdVentures in 2021, Feel have closed a £10M Series A round from Velocity Capital Advisors alongside British American Tobacco's fund Btomorrow. The round also includes existing investors Fuel Ventures, TMT Investments and ITV's media for equity fund ITV AdVentures as well as UHNW individuals. Having seen substantial growth over the last few years, Feel have grown to a team of 30, and is set to expand its growing range of nutritional products to reach new markets, whilst providing a new digital experience to users led by strong first-party data and consumer insights. Feel plans to further strengthen its software by using the power of customer data to better tailor and suggest more relevant health products to its customer base. **Boris Hodakel, Founder and CEO of Feel said**, “I’m thrilled to be welcoming to Feel our new investors who understand our mission in empowering people to look and feel their best, through clean, high-performing, science-led, sustainable products. Their investment in the company further allows our vision of becoming a global brand by 2025, and we’re able to expand through never-before-seen fine-tuned digital experiences for users. We just launched in Germany and can’t wait for customers in other markets to discover how Feel’s brings the difference in this space.” **Jamal Hirani, Chief Investment Officer at Velocity Capital Advisors added**, “It’s clear that Feel has been growing exponentially over the last few years, and with their plans to expand in core markets with their data-first approach to health, I’m assured that they are set to see further success in the market.” If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/aide-health-secures-12m-to-help-patients-manage-long-term-conditions ### Title: Aide Health secures $1.2m to help patients manage long-term conditions ### Page ID: 4347721 ### Content: #### **Aide Health secures $1.2m to help patients manage long-term conditions** #### **What is Aide?** #### **How does Aide work?** #### **What has been the progress so far?** Aide Health secures $1.2m to help patients manage long-term conditions Health-tech startup Aide Health has raised $1.2m in pre-seed funding led by Hambro Perks through its EIS fund, with participation from ourselves, 1818 Ventures and APX Ventures. Launched by co-founders Ian Wharton, CEO, and Brian Snyder, COO, Aide is a digital platform that helps patients and their clinicians better understand and manage long-term health conditions, currently affecting over 26 million people in the UK. In 50% of cases, people struggle to follow the treatment as prescribed by their clinician, lowering their quality of life and placing added strain on the resources of the health service. Aide provides clinicians with a platform to create and remotely monitor health plans for people with chronic disease, paired with a mobile app for the patient which acts as a co-pilot through their care. Using natural language, Aide has short, daily conversations to help with the day-to-day management of health conditions through medicines optimisation, structured monitoring and structured education. The service is currently being used by the NHS, with a pilot launched earlier this year supporting people aged between 18-75 with asthma or type-2 diabetes. Aide has a specific focus on meeting the rising challenge of comorbidity and will soon be launching pathways for hypertension and chronic pain. **Ian Wharton, co-founder and CEO at Aide Health, says:** “Like many people, I know first-hand the frustrations of trying to manage long-term conditions. Our goal is to give both patients and clinicians the tools and insights they need to have better conversations and make more informed treatment decisions together. The pilot in NHS England is our first step towards making Aide available to everyone with chronic illness.” **Alexander Breeden, Senior Investment Associate at Fuel Ventures, commented:** “We are very much excited to be working with Ian and Brian. We believe Aide Health has the potential to be an extremely impactful tool both for clinicians and patients in managing long-term health conditions. Initially starting with asthma and type-2 diabetes, we expect the team to expand beyond these diseases and will as a result have a wide standing impact on chronic illnesses. Ian and Brian were a clear choice for us and we are thrilled to be part of their journey.” If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/searchland-raises-2-3m-to-help-developers-solve-housing-crisis-with-automation ### Title: Searchland raises £2.3m to help developers solve housing crisis with automation ### Page ID: 4347810 ### Content: #### **Searchland raises £2.3m to help developers solve housing crisis with automation** #### **What is Searchland?** #### **Why now?** #### **How did Searchland come about?** Searchland raises £2.3m to help developers solve housing crisis with automation [**Searchland**](https://searchland.co.uk/), the next-generation platform for land sourcing, has raised £2.3m in seed funding from Fuel Ventures to help property developers build more homes. Having gained significant traction with developers since its launch last year, Searchland will use the funds to integrate additional datasets and further automate land sourcing processes so they can rapidly find, validate and acquire off market sites for development. Searchland is the next-generation platform for land sourcing. By making developers data-driven and automating their most time-consuming processes, it allows them to find, validate and acquire high margin development opportunities ahead of their competitors. Searchland is driven by the belief that technology has an integral part to play in solving the housing crisis. Its digital tools transform the land sourcing process so developers can focus on what they do best - building more homes. Its customers include some of the country’s best-known property companies including Places for People, Galliford Try and Aster Group. Amid a scarcity of land for development in the UK and with property companies using over thirty data resources to assess the development potential of a site, the process of securing viable off market sites is a slow, fragmented and complex task. Faced with higher site and build costs, developers also now need to be more confident in their margins. All of these factors contribute to the lack of supply of new homes and ongoing housing crisis in the UK. Searchland was founded by Mitchell Fasanya, previously co-founder and CTO of influencer marketing agency FanBytes (acquired by Brainlabs), land planner Hugh Gibbs, data scientist Arthur Goodhart and computer scientist Archie Kennedy-Dyson to turbo charge land sourcing processes and help developers build more homes. The proptech company has enjoyed significant traction since its launch last year thanks to its user-friendly, data-driven platform and automated processes. “Having tried to find a site of my own to build on, I discovered there was very considerable friction in the land sourcing process’” comments co-founder and CEO Mitchell Fasanya “The property industry is rich in data but it wasn’t being leveraged effectively and developers were having to trawl through a myriad of clunky databases to track down the information they needed. While modern digital tools had emerged they failed to eradicate the industry’s antiquated processes and were prohibitively expensive for the majority of developers.” By integrating the relevant data sets, Searchland has created a rich mosaic of the country’s property that provides developers with all the insights they need in a single click. Developers can instantly uncover sites that meet specific criteria including the percentage of undeveloped land, use class and building height, as well as review key information such as planning history, ownership and constraints - all without leaving the platform. The platform also features digital workflows for other admin-heavy tasks, such as sending letters of interest to land owners to explore their willingness to sell. “In less than a year we’ve built the most sophisticated platform for land sourcing and we have a conversion rate of 70-80%. Ultimately we want to offload all of the admin heavy tasks for developers so they can focus on what they do best - building homes. This funding round will allow us to accelerate product development and advance further ahead of the competition,” continues Mitchell Fasanya. “Searchland has created a very powerful and highly scalable product that is set to become the industry standard for land sourcing thanks to its customer-driven approach and pace of innovation. We were very impressed by the team and were keen to lead the current round with a significant ticket,” comments Mark Pearson, founder and managing partner at Fuel Ventures. SearchLand was a participant in the Geovation Accelerator Programme in spring 2021 – a programme which provides geospatial and PropTech start-ups with grant funding and 12 months of support, backed by HM Land Registry and Ordnance Survey. If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/brizy-io-raises-2m-seed-round-from-fuel-ventures ### Title: Brizy raises £2m seed round from Fuel Ventures ### Page ID: 4347821 ### Content: #### **Brizy.io raises £2m seed round from Fuel Ventures** #### **What is Brizy?** #### **How does it work?** #### **Mark Pearson on Brizy** [**Brizy.io**](http://brizy.io/), the startup behind a headless, multi-platform website builder today announced its first institutional fund raising round led by leading VC firm Fuel Ventures alongside a new on-premise website builder solution, Brizy Local. Brizy is a leading headless SaaS website builder platform focusing on web professionals, agencies, and hosting providers. Platform agnostic, more than 400,000 projects have been built on Brizy to date. Brizy’s user base hails our intuitive UI for building beautiful websites, landing pages, pop-ups, and web-stories with ease. Thousands of resellers have discovered the power of Brizy’s whitelabel builder solution which is available for Wordpress, as a Cloud Solution, and as a Local Editor. Businesses of all sizes now have access to a lightweight website building solution called Brizy Local. Brizy Local runs on the infrastructure of the client and is a tiny file that allows service providers to provision a website builder to their end users in any existing environment. In contrast to hosted/ cloud-type builders such as Brizy Cloud or Wix, or plugin-based website builders such as Brizy Wordpress or Elementor, Brizy Local is a tiny CMS that runs on the host’s server directly. That has a number of advantages such as extreme speed to publish projects as well as maintaining compliance such as GDPR of providers required to do so. Furthermore, Brizy announced today that it raised a seed investment round led by Fuel Ventures, one of the UK’s most active VCs in the technology sector. “We have aggressive plans for growth over the next 18 months and are very proud to have Fuel on board as a partner now”, says **Dimi Baitancuc, CEO of Brizy**. “While we have been profitable since starting out in 2018, we are excited to accelerate our growth. As a product-first company, we will expand our team of developers, support staff and we will also bolster our marketing and sales team with the investment by Fuel. Lastly, we have started working on a 4th product line which we look to reveal in mid 2023” “We receive several hundred investment proposals each month but only invest into 10-15 per year”, says **Mark Pearson, Founder & Managing Partner at Fuel Ventures**. “Deciding to invest into Brizy was easy. They have a world-class product, have a proven track record and business model, a strong team of founders and an exciting lineup of products in the pipeline. Even with the recent slowdown of VC activity we felt confident that Brizy will take the website builder market by storm!”. If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/hotel-manager-lands-1m-investment-from-fuel-ventures ### Title: Hotel Manager lands £1m investment from Fuel Ventures ### Page ID: 4347846 ### Content: #### **Hotel Manager lands £1m investment from Fuel Ventures, leading early stage VC Pitchdrive and a host of other great investors** #### **Why Hotel Manager?** #### **What does Fuel Ventures think?** #### **What’s next?** Hotel Manager lands £1m investment from Fuel Ventures The UK based company was founded in 2020, providing hotels with a suite of solutions, allowing hotels to combine the modules they need for their properties with an easy to use no-code platform. Mix and match modules like Chat, Check-In and Commerce enable hotels to supercharge revenues and rule operations. Hoteliers are able to launch their own guest facing applications to enable a new communication channel, promoting in-house services as well as attracting diversified revenue streams through commission based experience booking income. On the operational side, Hotel Manager provides staff with a purpose built solution - helping move away from excel spreadsheets and WhatsApp. Led by CEO [**Ajwad Hashim**](https://www.linkedin.com/in/ajwadhashim), 2x Founder and former Technology Innovation lead at Barclays; together with [**Gokulan Kannan**](https://www.linkedin.com/in/gokulankannan/), [**Agni Ilango**](https://www.linkedin.com/in/agni-ilango/) and [**Jay Luarca**](https://www.linkedin.com/in/agni-ilango/), the team bring a wealth of SaaS technology and commercial experience to the company. This experience combined with the executive leadership of veteran hotelier Francisco Macedo (Hotelier and Chair of the Institute of Hospitality South East) makes the team perfectly placed to reimagine the future of hospitality. *“In order for hotels to win in the new world of travel, they will need powerful solutions that work in their favour, and not against them. Existing tech is too expensive, too fragmented and not cut out for the modern world. Together with hotel owners, hospitality staff members and fellow travellers, we’ve reimagined hotel software from the ground up and purpose-built it for an on-demand generation.” Ajwad Hashim, CEO* It was an absolute no-brainer for Fuel Ventures Pre-Seed fund to lead this round. The hotel industry is absolutely primed for disruption in this post-covid world. Customers now expect by default to be able to enjoy their hotel experience in a fully tech-enabled way, and hotels big and small currently are far from able to provide this. Hotel Manager not only enriches the customer experience, but also provides tech-enabled tools to help hotels operate more efficiently - which is going to be especially important given the wider economic environment. Throw in a top team led by CEO AJ and follow-on investment from Pitchdrive - it all adds up to an investment the Fuel Ventures team will be watching very closely going forward. With this round, Hotel Manager aims to build on its rapid growth in user base and further expand into global markets. The funding will enable the team to expand and hire key team members as well as develop strategic partnerships to drive user growth. To find out more about Hotel Manager, visit [**www.hotelmanager.co**](www.hotelmanager.co) If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/fuel-ventures-mark-pearson ### Title: Mark Pearson ### Page ID: 4347858 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/the-benefits-of-a-vc-market-downturn ### Title: The benefits of a VC market downturn? ### Page ID: 4347860 ### Content: #### **The benefits of a VC market downturn?** #### **Generational opportunities** #### **Reduced competition** #### **Excess funding** #### **A better future** Valuations have come down from the extreme highs, upending the prevailing trend over the last couple of years and bringing both founders and investors expectations down to a sense of normality. This is beneficial for investors, who by definition are price takers, allowing them to enter at competitive prices, in turn increasing the probability of achieving a larger multiple on exit over the long term. In public markets, median ARR multiples for software companies have dropped from 16x (March 2021) to 4.4x (Nov 2022) due to a higher implied discount rate on future revenues and a reversion to the [**historical mean**](https://cloudindex.bvp.com/). Some of the world's greatest generational companies were created during market downturns including PayPal, Facebook, Uber, Airbnb. Starting a business is no easy task, creating a successful one is even harder. As the legendary investor Bill Gross refers to, **'Timing is everything'**. Starting a business during a market downturn can be fortuitous due to a number of factors. (ii) founders equipped with an efficient growth mindset (iii) less competitors getting funded, helping to cancel out a lot of the noise. Competition to get into deals has moderated, providing more pricing power to those investors that have dry powder and the ability to become the preferred party to founders. It’s widely recognised that most Venture Capital investors tend to invest at Series A/B, having become by far the most saturated area in the market - for that reason we believe our seed stage investment strategy gives us a competitive advantage. We at Fuel Ventures have always specialised at the seed stage (pre series A), leading rounds with a £1m-£3m ticket and taking a seat on the board. We feel that by operating as an entrepreneur led fund we understand and can rationalise with founders at the early stage helping us win the majority of term sheets we go in for. Only 8% of European VC’s are entrepreneur led having become somewhat of a rarity, whereas in the US it’s more of a commonality. Dry Powder in VC is at all time highs ($290b, Pitchbook 2022) due to the increasing desire from investors to get exposure to the asset class with the objective of creating a well rounded, risk adjusted, diversified portfolio. The majority of this dry powder sits at Series A+ stages. A leading indicator for us as investors constitutes to the amount of funding available at subsequent funding rounds, in a game of probabilities this increases the likelihood of a company raising a competitive follow on round, in turn achieving early investors a significant multiple uplift. Technology and innovation are undoubtedly long term trends. One of the major forces behind global GDP growth will be continual innovation, leading to a more positive and vibrant macro environment. In the US alone the IT sector accounts for 28 percent of companies & establishments, 22.4 percent of jobs, and 30.7 percent of payroll expenditures (US Census Bureau, County Business Patterns Survey 2020). With a global economy that’s experiencing the largest debt/ GDP ratios in history it’s important we double down on the one thing that’s proven time and time again can increase productivity, create jobs, generate wealth and create a more globalised world. If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/homemove-closes-400k-pre-seed-round ### Title: Homemove closes $400k pre-seed round ### Page ID: 4347881 ### Content: #### **Homemove closes $400k pre-seed round, tackling the fragmented, antiquated and stressful process of buying and selling a home.** #### **Why Homemove?** #### **Thoughts from the team** #### **What’s next for team Homemove?** Homemove is a tech platform connecting sellers, buyers and renters with vetted, trusted and established home moving services. Homemove reduces the stress of moving home by streamlining the process and providing a one-stop destination for customers to research, choose and talk to each professional service in the home moving journey online with real-time updates, all for free. According to Legal & General, moving home can be one of the most stressful times in a person's life and, with Homemove, the goal is to augment the home-moving journey through technology and exceptional customer service, reducing transaction times and fall-through rates and ultimately reducing one of life’s biggest stressors. In an effort to challenge the so-called ‘disruptors’, Homemove will be promoting the best local and independent service providers who prioritise their clients' best interests. The platform, which has already onboarded over 500 estate agents throughout the UK and built out strategic partnerships with other home moving services, aims to improve service levels across the industry and reduce the number of transactions that fall through. **Louis O’Connell-Bristow, Homemove co-founder & CEO**: “My vision is to significantly improve the home moving process and this funding round is a major step towards achieving that goal. As an ex estate agent, I have witnessed firsthand the issues that can arise in the industry due to poor practices, which can lead to consumers feeling sceptical and negative towards the entire sector. At Homemove, we are promoting only the highest rated companies that can benefit from Homemove's trustworthy and impartial reputation, while still maintaining the personal touch that customers want during this significant life event.” **James Freestone, Homemove co-founder & COO:** “At Homemove, we are not just building a brand, we are building a legacy of trust and excellence. We are thrilled to secure funding from institutional investors alongside strong angel investors. Their investment will go towards ensuring that all of our customers have the best home moving experience possible. We are always pushing the boundaries to find new ways to reduce costs and stress for all parties involved, in our relentless pursuit of becoming the gold standard in customer service and streamlining transaction times, nothing is off the table.” After launching the beta version of the Homemove product in June last year, the team has experienced significant growth in customers with thousands using the platform to seek the best home moving services. Homemove has already surpassed last year's record month of users in the first two weeks of 2023 alone as the company seeks to become the go-to place for moving home. The funds raised will be used to build out the platform and introduce B2B SaaS features such as CRMs, communication and AI valuation tools to enable the partners who have been hand selected to join the platform. Additionally, the team will use the investment to expand the partnership team to improve geographic and segment coverage across the UK and provide working capital to support its expansion. To find out more about Homemove, visit [**http://www.homemove.com**](www.hotelmanager.co) If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/data-led-legaltech-app-mynestbox-raises-1-3m ### Title: Data-led Legaltech App, MyNestBox, raises £1.3m ### Page ID: 4347882 ### Content: #### **Data-led Legaltech App, MyNestBox, raises £1.3m in an oversubscribed Seed round led by Fuel Ventures** #### **About MyNestBox** #### **About the founders** MyNestBox, a digital platform and API that connects thousands of data sources to speed up home buying, has raised a £1.3 million seed round led by Fuel Ventures, alongside backing from numerous property law firms. MyNestBox features interactive and data-led on-demand “searches” for property lawyers. “Searches” are currently supplied as large PDF documents containing all the information a home buyer (and their lender) need to know, such as flood risk, subsidence, coal mining, and public rights of way. Since launching in beta, MyNestBox on the other hand supplies the data instantly to the lawyer. MyNestBox have letters of intent exceeding £1 million annually, to be realised in 2023. The platform was co-founded by proptech and software entrepreneurs **Henry Crosby PhD**. and **Adam Rogers**. Henry, who is the company’s founder and CEO, says the idea for MyNestBox was prompted after he bought his first home, which took 6 months from offer to completion. Henry knew that his experience working for Proptech start-ups could overcome a significant chunk of this. He met Adam in 2020. With Adam’s personal experience of buying a home being no better, as well as his years of building products on the internet, he was immediately taken with Henry’s vision. Whilst speaking with Henry, he said “property lawyers are in tight supply, and many law firms are reluctantly turning away business daily, because they are struggling to recruit new talent. As a result, means that some law firms are looking at ways to use technology to increase their capacity, whilst maintaining or improving service. By supplying this data instantly, and in a more meaningful format than ever before, we are enabling, for some law firms, a 40% increase in capacity.” In terms of the new funding, Henry says that MyNestBox plans to use it to bring on additional team members, and to take their first iteration of the product to market in Q1 2023. To find out more about MyNestBox, visit [**mynestbox.co.uk**](http://mynestbox.co.uk/) It takes less than an hour to buy shares on the stock market. But it takes 5 and a half months to buy a home, from offer to completion. Transactions are completed by property (“conveyancing”) lawyers who are expected to collect a huge amount of data to evidence their duty of care for their clients, and their client’s lenders. This would be okay if the data that underpins the home buying market wasn’t such a mess. The most painful example of this is the (sometimes) 12 week wait for “searches”, which is a baffling 100+ page suite of PDFs commissioned by the buyer’s lawyer, to tell the home buyer everything that they really need to, but don’t want to know about their potential home, such as underlying radioactive gases, Flood Risk, Adopted Roads, and subsidence. MyNestBox solves this problem by processing “search” data everywhere, all the time, to maintain the first live property constraints database for home buying. Their platform will automatically collect 10,000+ datasets across 700 data sources and process it against all 30 million properties in England and Wales instantly. **Dr Henry Crosby PhD** is a Geospatial Data Scientist. He has spent 10 years contributing to the development of many products in the Proptech sector including at Nimbus Maps and Carterwood Analytics. His published authorship regularly discusses property data aggregation, including writing about the development of a state-of-the-art automated valuation model for UK residential properties. Adam Rogers is an experienced entrepreneur and software engineer of 15+ years, in that time he led projects for the likes of Channel 4, as well as several exited spin outs from digital agency, Mint Digital. Previously he was the solo founder of DeskBeers, an enterprise beer on demand delivery start-up. **Mark Pearson, Founder & Managing Partner at Fuel Ventures**: “Leading this round was a no-brainer for us, MyNestBox are solving such an obvious problem, in a space that has so much potential for disruption. The team have the experience, the deep technical skills, and a wealth of advocates in the sector, so we’d be mad to not back them all the way! If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/playe ### Title: PLAYE raises pre-seed round from Fuel Ventures ### Page ID: 4347913 ### Content: #### **PLAYE raises pre-seed round, led by Haymarket Media Group, with Fuel Ventures and 1in100 Ventures** #### **Why now?** #### **About the Founders** Fuel Ventures has participated in a strategic pre-seed round in content creation platform, [**Playe**](https://www.playe.pro/). The startup enables brands to seamlessly partner with its global network of creatives, to create tailored content of any kind, wherever they need it. Playe provides the cloud based tools for this ecosystem to collaborate, and its unique infrastructure overcomes the locational cost and sustainability challenges traditionally associated with global content creation. The Covid-19 pandemic has played a major role in the rise of the gig economy for creatives. As businesses and organisations have been forced to cut back on expenses and adapt to the challenges of the pandemic, many have turned to gig workers to fill gaps in their workforce. This has created a surge in demand for creative gig workers, who are able to offer their skills on a flexible, project-by-project basis. The emerging global market for creative gig work is expected to hit $450bn in 2023, with 5 out of top to 10 most in demand gig skills being of a creative nature. Heightened competition, and a changing demand for skills has also started to push Enterprise customers towards engaging directly with gig workers, in pursuit of a more cost effective and nimble creative supply. The backing from Fuel Ventures, alongside other investors including Haymarket Media Group and 1in100 Ventures, has allowed Playe to make its official market launch today in the UK, Europe and Australia. The funding will be used to focus on Playe’s international expansion and accelerating product delivery. Playe has quickly established itself as the go-to resource for international brands including McKinsey, Mr Yum, Bloomreach and Catawiki, looking to scale their creative capability, in response to increasing demands for localised content. More than 350 creatives are already using the platform to connect with the brands who need them. Playe was formed in 2021 by co-founders **Jonas Espvall**, **Mitch Brown** and **Rob Older**. Their combined, extensive knowledge in content creation comes from years of experience, working at companies including Adobe, Google and Salesforce. Mitch Brown has spent the last decade taking innovative solutions to market, with a focus on solving high value problems in enterprise brands. Working across both ANZ and EMEA, Mitch has been highly successful in various senior commercial roles in both startups and tier 1 big tech. Prior to Playe, he led complex data transformations within Strategic Media Accounts at Adobe, where he was responsible for bringing on over $12M in recurring SaaS business. Jonas Espvall has worked in tech for the last 13 years, joining Google in 2009. He joined the UK founding team of Wildfire in 2012, which was later acquired by - Google. Since 2014 he’s held a variety of leadership and operational roles. Predominantly within SaaS businesses and more recently Regional Director, Northern Europe at Salesforce. Rob Older is a content and production professional who has worked within the online video and tech startup space since 2010. His broad set of skills & expertise include: end-to-end content creation & delivery, project, client and team management, creative planning & strategy, marketing communications and business development. A content creator at heart, he’s passionate about innovation, travel and health & wellness. If you are an entrepreneur looking for investment, please apply here or email your deck at [**alexb@fuel.ventures**](mailto:alexb@fuel.ventures) or reach out to me on [**LinkedIn**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/phinxt-announces-600000-pre-seed-round ### Title: PHINXT announces £600,000 pre-seed round ### Page ID: 4347922 ### Content: #### **PHINXT announces Wayve founder-backed £600,000 pre-seed round to scale its robotics solutions for SME warehouses** #### **About PHINXT** • The oversubscribed round of £608,000 was led by Fuel Ventures • Other notable investors include Dhyan Ventures, Atlas Ventures, APX, and angels from Venture Together and Alma Angels • The two cofounders have between them 3 PhDs and over 20 years of related industry leadership experience PHINXT Robotics, a London-based startup, has raised over £600,000 for their pre-seed round from top VCs and angels, including the exited founder of autonomous systems startup Wayve, Amar Shah and founder of Dhyan Ventures. Other notable investors include the lead Fuel Ventures, and Atlas Ventures, APX, and angels from Venture Together and Alma Angels. Currently less than 10% of warehouses are able to adopt robotic automation due to the issues of high cost, high complexity and long lead times. PHINXT’s cloud-based platform helps small to medium-sized warehouses compete with larger logistics companies by increasing their automation and adoption of robotics. The funds will be used to field test their first product and run it successfully in a first group of customers’ warehouses. PHINXT has already patented its decentralised edge computing technology, which enables ultra-simplified deployments that require minimal IT infrastructure costs. PHINXT’s software also gives SMEs the the flexibility to scale up and down the number of robots as needed, as opposed to the current more rigid robotic systems. **Cofounder and CEO, Yanwen Chen, PhD**, said, “Robotics automation has become a must for businesses that want to stay competitive in the logistics and manufacturing industries, however, it is still something that only large companies are able to afford. We are changing that and, thanks to our tech, we plan to bring the advantages of robotics automation to many SMEs across Europe in the next couple of years.” **Tom Hibbard, Principal at Fuel Ventures**, said, “PHINXT is a deep tech company that also has short-term commercial potential. They are one of the rare startups that has deeply technical founders who are extremely focussed on their customers and their needs. We’re really pleased to be backing this team.” **Amar Shah, founding partner at Dhyan Ventures**, said, “To benefit from automation in warehouses, robots need sophisticated real-time coordination. PHINXT delivers exactly that without the need of a large engineering or research team, helping the smaller players stay competitive amongst giant organisations. As a founder in the robotics space, I can see the vast potential for their technology and am excited to join them on their journey to scale.” The cofounders both have deep technical and industry experience. Yanwen Chen has two PhDs in Computer Science focused on logic models for cyber-physical systems and large-scale robotics synchronisation. She designed and patented the technology, along with the underlying mathematical model, that enables decentralised traffic management for robotic fleets and self-driving vehicles. Thanks to this proprietary tech, robots do not rely on a central server and this allows for unprecedented levels of resilience and ease of management, which are the key aspects for mass adoption of robotics. In addition, she brings a decade of experience in the industry, both as a technical contributor and as a leader. Quirino Zagarese has a Ph.D. in Software Engineering with a focus on service computing for ultra large scale systems and experience of more than a decade in professional software development and leadership. He launched several global products that are currently used by businesses like Lego, Sony PlayStation, Meta, Epic Games, and many others. PHINXT Robotics (pronounced “fee-nixt”) enables warehouses of any size to deploy autonomous robots as needed, with no expertise required. Thanks to its patented decentralised edge computing technology, PHINXT ensures unprecedented levels of reliability whilst enabling ultra-simplified deployments that require minimal IT infrastructure costs. This will allow small- and medium-sized warehouses to adopt robotics more easily and compete with the larger logistics companies, and gives them the flexibility to scale up and down the number of robots as needed. In addition, PHINXT can provide interoperability between any type of robot to build out fully autonomous ecosystems. The startup was founded in April 2022 by Yanwen Chen, PhD, and Quirino Zagarese, PhD, who are both experts in autonomous systems. Find out more at [**PHINXT.com**](http://phinxt.com/). Media contact: [**hailey@commplicated.com**](mailto:hailey@commplicated.com) - **07872629960** If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/fundpath-secures-4m-funding-round-with-fuel-ventures ### Title: Fundpath secures £4m funding round with Fuel Ventures ### Page ID: 4347931 ### Content: #### **Fundpath secures £4m funding round with Fuel Ventures** #### **What is Fundpath?** Fundpath secures £4m funding round with Fuel Ventures [**Fundpath**](https://www.fundpath.co.uk/), the data and technology business bridging the information disconnect between asset managers and wealth managers, today confirmed the completion of a £4m late seed funding round with Fuel Ventures. Launched in 2021, intelligent data-driven SaaS platform Fundpath, is transforming the traditional sales process, enabling fund buyers and allocators to share their business responsibilities, parameters, interests and intentions quickly and securely with asset management firms. This helps asset management fund distribution teams to deliver a superior client experience by communicating relevant, timely and actionable investment information, thereby improving the quality and relevance of engagement between fund buyers and sellers. The £4m investment round will enable Fundpath to extend the breadth and depth of its systems and data, and to invest in new technologies. **Fundpath Co-Founder & CEO, Jamie Hinchliffe explains**: “Our mission is to bridge the information disconnect between the buyers and sellers of funds. Over the last 18 months, we’ve been working even closer with the wealth and asset management industry to do just that. Now, with Fuel’s investment and hands-on support we can continue to innovate, launch supporting tech platforms, and invest in the very best people. “The Fundpath team is extremely excited about this next phase of growth, providing the industry with ever smarter solutions, to further improve professional lives.” Fuel Ventures evaluates more than 6,000 investment opportunities each and every year, but invests in just 12-15 firms. **Mark Pearson, General Partner at Fuel Ventures** said: “With Fundpath, we see a huge opportunity to positively impact an important industry, by solving a genuine problem through technology and data. “The outstanding feedback we have received from wealth managers and asset managers about what Fundpath is creating, and the scale of the progress that has been made in such a short period, was enough to convince us that we should be part of their journey. The team can be sure of our total support as they work to bridge the information disconnect in the fund buying sales process.” If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/kepler ### Title: Fuel Ventures led Kepler’s pre-seed round ### Page ID: 4347944 ### Content: #### **Fuel Ventures lead Kepler's pre-seed round** #### **What is Kepler?** #### **Why now?** We're thrilled to announce that we are investing Kepler. The team are fully focused on developing our technology, building out our operations team, and launching our first corridor in Europe. It’s a digital freight platform that aims to revolutionise the logistics industry by bringing in cutting edge tech solutions to cut transit times by 50% using a Relay led model. Their relay road freight services are designed to solve some of the biggest challenges the industry is facing, such as the driver shortage caused by difficult job conditions and long periods away from home. Their innovative approach is particularly valuable for industries that require fast and reliable services in the likes of fresh produce, high-value items, pharmaceuticals, and [**express shipping services like DHL**](https://dhl-freight-connections.com/en/business/truck-driver-shortage-in-europe/). It's worth noting that the road freight industry in Europe is facing new regulations that will require carriers to meet stricter emissions standards and adopt new technologies to improve safety and efficiency. At Kepler, they're already ahead of the curve and well-positioned to help their customers comply with these new regulations while still delivering high-quality transportation services. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/productive-machines ### Title: Productive Machines: An Innovative AI Startup Revolutionising the Manufacturing Industry ### Page ID: 4347971 ### Content: #### **Productive Machines, an artificial intelligence (AI)** startup from The University of Sheffield Advanced Manufacturing Research Centre (AMRC), announced today that it has raised £2.2 million in Seed funding to make its advanced machine tool process optimisation technology available to a far wider range of manufacturers worldwide. #### **So what is Productive Machines?** Productive Machines: An Innovative AI Startup Revolutionising the Manufacturing Industry We at **Fuel Ventures** co-invested alongside **UK Innovation & Science Seed Fund (UKI2S)** who led the round with participation from NPIF – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund and ACT Venture Partners, alongside grant funding from Innovate UK. Spun-out from The University of Sheffield Advanced Manufacturing Research Centre (AMRC) in 2021, Productive Machines is making advanced machine tool process optimisation more accessible to manufacturers. It uses AI to predict and mitigate the influence of harmful vibrations in milling processes, enabling manufacturers to reduce lead times and improve quality, productivity and sustainability. Founded by Dr Erdem Ozturk (CEO) and Dr Huseyin Celikag (CTO), Productive Machines is commercialising the results of a six-year AMRC research project on machining dynamics. Productive Machines has developed a powerful computational model to predict and mitigate the influence of these harmful vibrations at every stage in metal and composite milling jobs. It uses a digital twin to determine the best parameters for each machine tool and production run, eliminating wasteful configuration experiments and ensuring that milling jobs are right the first time. Productive Machines' AI technology is designed to enhance the manufacturing processes, reduce energy consumption, and overall improve product quality. It has a wide range of benefits for manufacturers, including reducing energy consumption by up to 25%, enhancing surface quality and production yields, and reducing waste. The technology has powerful optimisation algorithms that can suggest modifications to industrial processes on-the-fly, leading to a significant reduction in manual adjustments, reduced cycle times, and component waste. Productive Machines' technology has also proven successful in reducing lead times for production processes while lowering carbon emissions. The technology been deployed in 10 major manufacturing companies, including Renault and MASA Aerospace, where it's found its use in industries ranging from automotive to aerospace. By providing accurate insight into parameter optimisation, it eliminates the need for manual testing, leading to smarter decision-making, more efficient workflows, and higher yields. **Dr Erdem Ozturk, CEO at Productive Machines**, comments: “Manufacturers want to reduce costs, improve quality and cut carbon emissions. But most don’t want to buy complex software products or hire PhD-level engineers to make them work. We are meeting all of their goals. The results of our research and innovation are proven with major manufacturers, and this investment enables us to make the significant benefits more accessible to manufacturers of all sizes, anywhere in the world. “Our cutting-edge technology is already best-in-class in a $400 billion industry ripe for optimisation. There are three million machines in the world that would be more accurate, productive and sustainable with our AI, and we are removing the cost and skill barriers to its adoption.” If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/blog-ambr ### Title: Ambr, a burnout prevention software company, closes its $900k pre-seed ### Page ID: 4347972 ### Content: #### **Ambr**, a burnout prevention software company, announced today that it has successfully closed its $900k pre-seed funding round. The investment was led by Fuel Ventures, with participation from Pi Labs, APX VC, Plug & Play, Loyal VC and a number of strategic angels. #### **So what is Ambr?** Ambr, a burnout prevention software company, closes its $900k pre-seed "We are thrilled to have closed our pre-seed round and are excited to move forward with our mission to prevent workplace burnout" said **Zoe Stones, CEO & Co-founder of Ambr**. "Burnout is not the inevitable consequence of hard work, and yet for too many individuals and organisations, its costs are real. With the rise of hybrid work and the pressures of modern life, it has become increasingly difficult for managers to identify and prevent the root causes of burnout in their teams - with this funding, we will continue to develop our cutting-edge burnout prevention software to help them do exactly that.” Ambr works by using anonymised and aggregated organisational data to identify the root causes of burnout in teams, and then alerts management when preventative action needs to be taken. The product is built using the latest academic research on organisational burnout prevention. The product is particularly valuable for organisations operating in high-pressure sectors, such as professional services or tech scaleups, but can be used by any desk-based teams of more than 5 employees. The company was founded by three ex-tech executives with backgrounds at Uber, Spotify, Accenture and Deloitte, after struggling to protect their own teams from burnout. Ambr addresses the mismatch between what most organisations spend money on - such as individual wellness like meditation, coaching or yoga (often referred to as ‘Wellbeing Washing’), and what is shown by research to actually prevent burnout - reducing organisational root causes such as a lack of time boundaries, meeting overload or poor working relationships. With Ambr, organisations can target these root causes, rather than just treating the symptoms of burnout. This not only creates a more sustainable working culture, but also saves organisations money through reduced staff turnover and absenteeism, and improved productivity. Data from the CEBR shows that workplace stress costs the UK economy £28bn a year, while Harvard Business Review estimates that the US healthcare spend on burnout exceeds $125 billion. A recent Deloitte survey revealed that 77% of respondents have experienced burnout at their current job (rising to 84% of millennials), and nearly 70% of professionals feel that their employers are not doing enough to prevent or alleviate burnout in their organisation. "We were impressed by Ambr's innovative, privacy-first approach to solving the complex problem of workplace burnout.'' said [**Alex Breeden of Fuel Ventures**](https://www.linkedin.com/in/alexander-breeden-%E5%AE%89%E6%BE%9C/). "Their software has the potential to transform the way people work, and we are excited to support them in their mission." **Faisal Butt**, Founder and Managing Partner at Pi Labs, commented: “As the business world grapples with new methods of talent management, burnout has become a very real challenge affecting all generations within today’s workforce. We need better tools to help in-office, remote, and hybrid teams and businesses find a more sustainable rhythm to working life, in order to meet the needs of today’s teams, and future employees entering the workforce. We see the potential for Ambr to become a key tool in the future of work, one that can enable businesses around the world to use actionable insights to positively impact workplace management and team wellbeing.” If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/fuel-ventures-lead-saleslynks-250000-pre-seed-round ### Title: Fuel Ventures lead SalesLynk’s £250,000 pre-seed round ### Page ID: 4347981 ### Content: #### Fuel Ventures lead SalesLynk's £250,000 pre-seed round #### **What is SalesLynk?** #### **Why now?** Fuel Ventures lead SalesLynk’s £250,000 pre-seed round We're investing alongside Redu co-founders Gary Hunter and Sam Morton are investing £250,000 in cyber security sales platform, [**SalesLynk**](https://www.saleslynk.co.uk/). The investment into SalesLynk allows the team to focus on accelerating the development of their platform, building out the operations team, and launching fully commercially over the next few months. Gary and Sam will leverage their business expertise, network and experience in becoming board members. It’s a sales intelligence platform for the cyber security industry. SalesLynk provides data, insights and intelligence to help cyber vendors sell more, sell quicker and build better relationships with their prospects and clients. SalesLynk combines proprietary databases, public data sets, API's and an integration of OpenAI to provide an incredibly powerful platform for its users. SalesLynk has been created by CEO Ian Todd, who has over a decade of experience in the cyber security industry, and CTO Alan Easton, who has extensive software development experience. Both founders are passionate about building tech that helps clients work more efficiently, has a clear ROI and improves their performance. Initial users believe SalesLynk saves them tens of hours per week of manual sales effort, speeds up the sales cycle and results in greater revenue for the organisation. The cyber security industry has three key challenges; firstly, the environment has become incredibly saturated and in so, incredibly competitive for vendors. Second, there is a well known skills shortfall and finally, there are growing time constraints on cyber professionals, who are tasked with generating pipeline, closing deals, expanding into new or current accounts, as well as staying up to date with trends, regulations, breaches, understanding organisational challenges and much more. Current sales and marketing tools are not good enough, leaving cyber security professionals to do tens of hours of manual research and preparation, or get lost in the noise of data and insights that aren't important to them. SalesLynk has been developed to change all of this. In a competitive cyber security industry, we want you to succeed. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/chipflow-raises-1-2m-in-pre-seed-funding ### Title: ChipFlow Raises £1.2M in Pre-Seed Funding ### Page ID: 4348008 ### Content: #### ChipFlow Raises £1.2M in Pre-Seed Funding #### **What is ChipFlow** ChipFlow Raises £1.2M in Pre-Seed Funding to Democratise Semiconductor Design Through Open-Source Software Tools The oversubscribed financing round, which was led by Fontinalis Partners, includes participation from Fuel Ventures, InMotion Ventures, the investment arm of JLR, APX, and others. ChipFlow, a UK startup building an open source semiconductor chip design platform (PaaS), today announces the completion of a £1.2M pre-seed round of financing. The round was led by Fontinalis Partners and included investments from Fuel Ventures, InMotion Ventures, APX, and others. The new funding will be instrumental in expanding ChipFlow's team, enabling the company to attract top-tier engineering talent to further enhance its open-source software tools and accelerate product development efforts, while supporting the progression of ChipFlow's early commercial engagements. ChipFlow’s market disrupting Platform as a Service offering will provide a new, significantly more affordable way for OEMs to design and order integrated circuits. The company was founded in 2021 by a co-Founder team of 10 and is currently building its MVP platform offering together with lead customers across a number of sectors, including automotive. Please visit www.chipflow.io for more information. “We believe that open-source silicon design represents a transformational shift that is occurring, and we founded ChipFlow to be at the forefront of that movement,” commented Rob Taylor, CEO and co-founder at ChipFlow. “This round of capital, and importantly the investors behind it, serves both as early validation to the global scale of our vision and provides the firepower to execute upon our ambitions.” “Open source maturation has changed business models and vastly increased overall market opportunity in every industry where it has occurred,” commented Tomi Rantakari, CCO. ‘’Even today, existing Open Source hardware coupled with our core platform enables us to build custom ICs for Electronic Manufacturers at a greatly reduced cost. This funding, along with funding from the British Government - Innovate UK, enables us to bring this capability directly to the whole embedded electronics market, enabling companies to directly drive their own innovation and supply chain resilience.” Founded in 2021 by a group of experienced open-source software and semiconductor executives including Rob Taylor (CEO), Tom Rantakari (CCO), and Staf Verhaegen (CTO), ChipFlow has also collaborated closely with several leaders across the broader open-source software, hardware, and chip design industries, having received significant early contributions from Ian Page, Matt Venn, Michel Laudes, Catherine Zotova and Myrtle Shah. To date, ChipFlow is building upon Amaranth, a novel, Python-based hardware description language that transforms productivity for designing digital ICs. The ChipFlow platform provides cloud-scalable debug, test, simulation, and formal verification frameworks out of the box, connecting this with both industry standard semiconductor foundries and novel IC manufacturing processes, like plastic chips, GaN and SiGe. For the first time, many of ChipFlow’s prospective customers are able to bring silicon design in-house: lowering costs, simplifying design complexities, and shortening feedback loops from design to verification. Rob remarks, “Our team has worked with hundreds of electronic product companies over our careers, and the capability and availability of ICs have been at the heart of many issues in getting products to market. Our platform replaces the time-consuming process of component selection and removes complexities surrounding hardware and software interaction, accelerating innovation whilst reducing time-to-market.” “We admire the impressive work that Rob and his team have been able to achieve in building the foundation for ChipFlow on a bootstrapped budget, and we are thrilled to support the company alongside a great group of investors that have joined Fontinalis Partners in backing the company,” commented Dan Ratliff, Principal at Fontinalis Partners. “We’re still in the early innings for open-source silicon design, but we recognize several supportive tailwinds that align well with ChipFlow’s thoughtful approach to scaling its team and technology in close collaboration with industry players and this open-source movement.” To date, the open-source movement has significantly lagged for hardware development, particularly for products that require custom silicon chip design and fabrication where the costs, partnerships, tools, and expertise required create significant barriers. ChipFlow aims to accelerate a budding transformation that’s occurring in open-source silicon design by integrating and building upon a set of novel tools and datasets being developed in real time. “The recent semiconductor shortages highlighted fundamental issues within value chains across multiple industries. Novel platforms like ChipFlow are critical in enabling manufacturers to innovate faster and better by reducing development cycles, increasing supply chain control and business resilience,” commented Sam Nasrolahi, Principal at InMotion Ventures. ‘’It’s exciting to see a UK startup pioneering a semiconductor design approach with the potential to enhance JLR's next generation vehicles and services." If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/odore-secures-5-million-from-fuel-ventures ### Title: Odore Secures $5 Million in Funding to Advance its Customer Engagement Platform ### Page ID: 4348042 ### Content: #### Odore Raises £5M in Funding #### **What is Odore** Odore Secures $5 Million in Funding to Advance its Customer Engagement Platform Odore, the customer engagement platform empowering direct-to-consumer (D2C) brands to streamline their marketing efforts, today announces its $5 million Seed round led by Fuel Ventures with participation from existing investors. Odore is the preferred customer engagement platform for leading D2C brands. It drives brand effectiveness in customer acquisition and engagement across various online channels. Integrating data analytics with superior UX, Odore is revolutionising brand-customer interactions, making them more personalised, meaningful, and impactful. The Odore platform offers a range of products that enable brands to create engaging online experiences, centralise operations, and bridge physical and digital marketing efforts with innovative solutions like product sampling and metaverse campaigns. The escalating changes within the advertising industry, with rising costs of social media advertising and shifts in privacy laws, have rendered customer retargeting increasingly challenging and expensive. Meanwhile, Facebook and TikTok’s Cost Per Thousand Impression (CPM) rates surged last year by 89% and 92%, respectively, underscoring the need for innovative strategies to efficiently navigate the landscape. Odore has made its mark by offering a diverse product suite that enables brands to create engaging online experiences, centralise operations, cultivate customer bases, and integrate physical and digital marketing efforts through unique solutions like product sampling, metaverse campaigns and cross-channel digital activations. These innovative campaigns use consumer touchpoints to collect zero-party data, enabling brands to be in control of their retargeting and customer engagement. The platform’s Design Studio empowers brands to create attractive online experiences (e.g. landing pages and emails) via a user-friendly drag-and-drop builder. An Integration Hub offers connections with several social channels, publishers, and retailers, reducing data fragmentation and centralising operations. Advanced CRM solutions equip brands with tools for nurturing and retargeting customers, fostering robust brand-customer relationships and enhancing customer lifetime value. Odore already counts the entire L’Oreal Group (including Armani, Lancome, YSL, etc.), Dior, LVMH, Shiseido, and others among its clients. The platform’s intuitive design and reduced agency dependency have led to a tenfold decrease in campaign deployment costs, a 24% increase in customer lifetime value, and marketing opt-in rates exceeding 90% (3x industry average). With a broad approach that caters to large-scale enterprises and smaller brands alike and first-to-market integrations with platforms like TikTok, Odore has a unique market position. The company has seen significant growth amongst their customers, with Net Dollar Retention (NDR) rates exceeding 320% over the past year and recurring revenue increase by 3x over the past 12 months. Odore was launched in 2020 by co-founders Armaan Mehta and Karan Gupta, both graduates of the London School of Economics. **Armaan Mehta, Cofounder Odore, said:** "The challenges that today's industry faces are complex, and we founded Odore to provide solutions that are not only comprehensive but also transform the way brands strategise, operate, and connect. This is just the beginning. With this latest funding round, we're delighted to have Fuel Ventures on board for our next chapter as we expand our team and business globally and launch new tools to better serve our customers.” **Shiv Patel, Investment Director at Fuel Ventures, said:** “From the platform experience, the robust suite of tools, and the blending of digital and physical, everything is designed specifically for the brands, resulting in a far superior experience and very high levels of continued business from world-leading brands. The rapid expansion of both Odore’s geographic footprint, as well as its financial traction, makes us really excited to see what the team does next.” If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/supportwave-raises-2-2-million-seed-funding ### Title: Supportwave raises $2.2 Million Seed Funding to accelerate the Future of IT Support Services ### Page ID: 4348043 ### Content: #### **What is SupportWave** #### **Current partners include VISA, HSBC and Parliament Hill.** Supportwave raises $2.2 Million Seed Funding to accelerate the Future of IT Support Services Supportwave is pleased to announce the successful closure of its seed funding round, following their pre-seed round in late 2021. The capital injection will enable the IT Support resource platform to continue to deploy its industry leading strategic sourcing of IT Support Specialists. The round of investment has been secured by industry leaders including High-Tech Gründerfonds, Big Sur Ventures and Fuel Ventures. The capital raised will propel Supportwave to expand its resource pool in an effort to gain significant market share in the SMB and Enterprise markets. Founded in 2020, Supportwave pioneered a new approach to IT Skill Sourcing. Once an archaic and manual process, is now accessible at the click of a button by connecting you to the right IT support skills at the right time, for instant or long-term outsourced IT Support. Boasting a strong community of 5,000+ verified specialists, the team plans to triple this in the next 6 months. "We are thrilled to embark on the next chapter of our journey, supported by our incredible investors, partners and IT Specialists. This funding will play a vital role in bridging the skills gaps that many businesses are facing, whilst also spearheading the future of work by creating job opportunities within our community," says **Supportwave Founder and CEO, Kelvin Wetherill**. “We invested in Supportwave because we have experienced the problem with ineffective IT Support services firsthand, finding traditional solutions outdated and ineffective. We were impressed by its exceptional user experience. The management team has an impressive background in IT services. We are convinced that Supportwave will be a game changer for the industry and excited to be on board for this journey.” **Jose Miguel Herrero, Big Sur Ventures** "When Fuel Ventures led Supportwave's Pre-Seed investment round, we already knew the impact they would have on disrupting the traditional IT Support Services industry. We use them ourselves which gives us even more confidence that they are going to scale and take a large chunk of the $1.7T global IT services market. We are thrilled to be involved in their fundraising journey " **Mark Pearson, Fuel Ventures** If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/adam-harrison-joins-fundpath-as-chief-growth-officer ### Title: Adam Harrison joins Fundpath as Chief Growth Officer ### Page ID: 4348051 ### Content: #### **Adam Harrison joins Fundpath as Chief Growth Officer** Adam Harrison joins Fundpath as Chief Growth Officer Fundpath, the pioneering data and business intelligence business bridging the information disconnect between asset managers and wealth managers – the buyers and sellers of funds – is pleased to announce the appointment of Adam Harrison as Chief Growth Officer, a newly created role. An experienced entrepreneur, whose career in funds distribution spans more than 20 years, Adam was most recently a member of the founding team and Chief Commercial Officer of private markets investment platform, Titanbay. Prior to that, he was a founder of World Golf Group, the precedent for LIV Golf. Adam has also held senior positions with Standard Life UK as Investment Director, Global Financial Institutions and with Capital Group as Managing Director, Global Financial Institutions. Harrison’s appointment comes in the wake of Fundpath’s completion of a £4m late seed funding round with growth capital partner Fuel Ventures, one of the UK’s most active early and growth stage investors into leading, fast growth technology businesses. Fuel Ventures observed a significant opportunity to make a positive impact on the fund distribution process, with Fundpath solving a communication problem through technology and data. The investment in Fundpath is one of Fuel’s largest commitments to date, allowing Fundpath to extend the breadth and depth of its systems and proprietary data, to invest in new technologies, and recruit the very best people. Harrison is the most high-profile of four key appointments today announced by the fast-growing firm: Flora Scott joins Fundpath as Chief Marketing Officer, having consulted for the organisation over the last two years. Previously Scott headed Communications & Marketing at asset manager Redwheel. Jim Way joins as Senior Relationship Manager. He brings 24 years of sales experience in asset management, most recently having been with Invesco. Stephen Capon joins the company as Senior Relationship Manager, having spent the last 20 years working with investment funds and solutions at Ninety One Asset Management. Fundpath has been working ever more closely with the wealth and asset management industry over the last two years, and with c. 350 wealth management organisations now regularly sharing their data and business information, and over 70 asset managers signed as clients, it has made significant progress in a relatively short period. Co-Founder & CEO, Jamie Hinchliffe commented: “We simply use the power of real time, accurate and whole of industry data to share information across the whole fund distribution ecosystem to enable more targeted, more effective communication between the buyers and sellers of funds. “This is a critical period in our evolution as we develop the Fundpath offering and capability, and it is vital that we can invest in the very best people. With his deep experience on the frontline with Standard Life and Capital Group, Adam understands only too well the disconnect which exists between asset and wealth managers. We are grateful to our funding partner Fuel Ventures, without whom we would not be able to invest in building the team with such confidence.” Commenting on the significant market opportunity and his new role, Harrison said: “From my earliest engagement with the team, I could see the enormous potential of the Fundpath model; the way in which it improves the flow of information and democratises data. Fundpath presents a new way of thinking about fund distribution, using the power of data to better serve clients. It’s a very powerful tool, and I am excited about the efficiencies we are bringing to our wealth management partners and asset management clients alike – and the company’s ambitious development plans.” If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/correcto-raise-a-7-million-seed-round ### Title: Correcto raise a $7 million seed round ### Page ID: 4348061 ### Content: #### **Correcto raise a $7 million seed round** #### **What is Correcto?** #### **Alexander Breeden an investor at Fuel Ventures:** Correcto has closed their second round of investment (Seed) for a total of 7 million dollars being one of the highest for a Spanish startup. The round was led by Octopus Ventures and had participation from Carya Venture Partners and River Park Ventures. The funds will be used to accelerate product development, international expansion and an increase of the entire team and start expanding into Latin America, given the progress the team had achieved in Spain over the last couple of years. Correcto is a writing tool for Spanish founded in 2021, by Abraham López Lee, Ignacio Prieto Mayorgas and Antonio Triguero Noriega. It is a platform that improves language, spelling and offers real-time solutions through artificial intelligence to communicate with impact in Spanish. With more than 120,000 downloads, it is designed for anyone who communicates in Spanish, whether for social, professional or academic reasons. Correcto's team has had great growth in the last year, at the beginning of 2022 there were a total of 6 employees and currently there are more than 25 people in the whole team, forming the departments of artificial intelligence, marketing, technology and sales. In the last year they have participated in very important events such as the Web Summit held in Lisbon, #Disrupt by TechCrunch in San Francisco and South Summit Madrid 2023 where they had the opportunity to be speakers and show Correcto to an entire community of entrepreneurs and investors. "Since we have invested in Correcto's pre-seed round, the team have made huge strides in terms of product and growth. Abraham and Ignacio have managed to gain a strong foothold in terms of users in Spain and this large seed round will really help them accelerate their growth in LATAM. We are excited to see how this round of funding will help support their continued growth." If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/london-tech-startup-slinger-receives-500000-pre-seed-funding ### Title: London tech startup Slinger receives £500,000 pre-seed funding ### Page ID: 4348063 ### Content: #### **What is Slinger?** #### **What will the investment be used for?** #### **Why now?** #### **The solution to this is clear from the perspective of Slinger’s founder Theo-Lee Houston:** London tech startup Slinger receives £500,000 pre-seed funding [**Slinger**](https://www.slingerstaff.com/) today announced a new round of pre-seed funding of £500,000. This round of funding was led by Fuel Ventures with participation from: Andrew Gale, Dan Cobley (Ex Google MD), Cornerstone Partners, Resolution Foundation, Tim Parsons (Wage Stream CFO), Ufi Ventures, Gary Elden (EX SThree CEO), Ben Westwood, Richard Ng, plus the Google for Startups Black Founders Fund, where Slinger was selected alongside 15 other business across Europe. Slinger is a job platform that is revolutionising the hiring process in hospitality, and making the CV redundant. Currently Slinger is the first Hospitality job platform to offer the fairest pay and the easiest way to get hospitality work in the UK, owed due to its commitment to paying the UK’s Real Living Wage (jobs cannot be posted unless they meet this), and the lack of traditional friction to signing up on the platform—outdated CVs are replaced with videos and creative written submissions, and staff are vetted in advance, so if a Slinger claims a shift, it’s theirs instantly. This approach saves time-poor Hospitality businesses money and precious time. They get fast hiring, and flexible staff options in the moments they really need it. Plus with Slinger’s innovative approach to trial shifts, they can find full time staff at significantly lower costs. In Slinger’s Beta of this product it was revealed that a staggering 80% reduction in hiring costs, and a 90% acceleration in the time taken to fill roles was achieved, when compared to conventional practices involving job boards, CV vetting, and interviews. Ambitious product development - Slinger has creative solutions to tackle hiring inefficiencies: the platform will be developed to provide a safe alternative to the hospitality industry's ‘trial shift’ problem, human-first alternatives to the CV—which better asses people’s skills, and help Slinger cement its reputation as a hiring solution for short and long term contracts. Additionally, Slinger will help people move into hospitality and raise awareness of the variety of career paths available, Slinger will develop a career programme comprising mentorship, up-skilling, interview preparation and work experience. Paid acceleration - Slinger has already experienced high organic growth, with over 10,000 shifts added to the Slinger platform and over £1m+ paid out to hospitality workers in the last two years. The investment will enable Slinger to complement their organic growth with paid efforts to drive client acquisition. Team growth Slinger will grow the team with a specific focus on customer care and community, empowering Slingers to be their best when representing the company. In addition they will hire people who can support the company’s ambitious product plans. On the business side, post Brexit and Covid, \*\*the hospitality industry is struggling with staff vacancies\*\*, which has led venues to reduce opening hours or trading days. According to trade body UKHospitality—vacancies are still 72% higher than pre-pandemic levels and that the industry is currently having to turn away £25 billion worth of business in the UK. In addition recruitment is expensive endeavour, with margins so low in hospitality, the situation is precarious. Simultaneously on the worker side, a recent survey from Caterer.com showed an appetite for hospitality roles in the UK. That in fact, 2.9 million people are thinking of moving to hospitality from another sector, and 2.1 million considering hospitality as an additional job Reasons cited for this appetite from the UK public were: people wanting a more sociable job, to secure an additional income, for greater flexibility and for ongoing job security “The hiring process for the Hospitality industry is currently not fit for purpose and needs to be shaken up completely—we have a vision to make the CV redundant” London-born founder Theo has worked in hospitality for nearly 10 years, both on the worker and business side—an industry he was so passionate about that he quit his career as an investment banker to run his own hospitality business. Slinger’s inception was born from Theo’s time working with food stalls in fact, and actually began as a Whatsapp group that connected businesses with staff, that he started one day from a stool in Maltby St Market. Once the traction started to show, he realised he could create something to truly serve the industry’s needs, by people who have lived and breathed it. Slinger’s team has almost all worked in hospitality in some point. *“Knowing the industry intimately, we know things such as CVs, trial shifts, and other outdated processes are not the best way to find quality workers. And in a worker’s market, its no longer going to work to continue practices that discriminate and de-value staff, we have to give them suitable conditions and train them. Our product development is laser-focused on developing more human-led Tech solutions to connect people with businesses in a sustainable ways.”* *“We’ve found this helps businesses save time (the average shift goes in 60 seconds), offers them flexibility (temp staff), and saves them money (quick filling of shifts means they can open any time they want to, and our model offers a significantly cheaper pipeline to full time staff."* *“This is the moment for Slinger to really show up for the hospitality industry as we want it to survive and thrive.”* If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/eleos-raise-a-750000-pre-seed-round ### Title: Eleos raise a $750,000 pre-seed round ### Page ID: 4348088 ### Content: #### **What is Eleos?** #### **Who is behind Eleos?** #### **What do the investors think?** #### **What’s next?** We are excited to announce Fuel Ventures investment in Eleos as part of a $750,000 pre-seed funding round, joined by Indico Capital Partners, APX and Magic Fund, to make life and income protection insurance accessible for all. With two previous exits under the Eleos founding team belt, we can’t wait to see these guys innovate in this very exciting space. Congratulations **Kiruba Eswaran****,** **Nuno Costa** **and** **Antonio Garnier**. Eleos works in partnership with several popular brands, mostly other fintechs, to embed income protection insurance and life cover into their online journeys. By using the data these brands already hold, Eleos is able to raise awareness, provide personalised quotes, and speed up the application process. Eleos' partners range from leading fintech brands to self-employment marketplaces and demonstrate the commitment of all parties to the creation of financial resilience. These partnerships not only prioritise the financial well-being of customers but also bring considerable enhancements to each brand’s offer by giving them access to significant revenue streams and improving customer retention. Launched in 2023, and with teams in London and Lisbon, Eleos was founded by a team of entrepreneurs who have successfully exited from Zaask, a leading services marketplace in Iberia, and Anorak, the UK's first digital life insurance broker. CEO Kiruba Eswaran and CTO Nuno Costa are joined by lead engineer Antonio Garnier to take on this enormous challenge in an enormous market. “Our mission is to give everyone the financial stability that will steer them safely through times of unavoidable hardship by offering accessible, affordable and essential insurance policies. We’ve made huge progress towards this goal in just a few short months, and with our new investment partners, that progress will accelerate.” **Eleos founder and CEO, Kiruba Eswaran** “Eleos is building something hugely innovative and exciting, shaking up the insurance industry. They’re a welcome addition to the Fuel Ventures portfolio, and we look forward to supporting their continued success.” **Fuel Ventures Founding Partner, Mark Pearson.** “Happy to welcome Eleos to our Indico Founders Program powered by Google for Startups. The digitalization of insurance is still in its early days, and Eleos is innovating in this massive field.” Managing General Partner of Indico Capital Partners, Stephan Morais. Eleos has already seen exciting traction with their customers and partners. This pre-seed round will enable them to continue to build and launch innovative insurance products and forge new partnerships to bridge the massive protection gap that exists in the UK. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/cult-mia-announce-seed-round ### Title: Cult Mia today announced a new Seed funding round of £2,500,000 ### Page ID: 4348111 ### Content: #### **What is Cult Mia?** #### **Why Now?** Cult Mia today announced a new Seed funding round of £2,500,000 Cult Mia today announced a new Seed funding round of £2,500,000. This round of funding was led by Fuel Ventures with participation from: Womankind Ventures, David Wertheimer (the renowned luxury fashion investor funding the new era of luxury), and Morgan Stanley (The Morgan Stanley Inclusive Ventures Lab selected Cult Mia as one of the nine EMEA businesses for this year’s cohort from a global pool of more than 7,900 businesses). London-based Cult Mia is the online fashion marketplace building the leading platform for sustainable and conscious luxury fashion. Founded in October 2019 by female entrepreneur Nina Briance, Cult Mia has developed an unmatched marketplace model over the course of its first four years of business. With an unparalleled gross margin in the top 1 percentile in the industry, a return rate 16% below the industry average and a customer acquisition cost 31% more efficient than peers, Cult Mia has laid the foundations to supercharge its growth. Cult Mia is differentiated both in business model and in positioning: the platform is unique in catering to the modern shoppers’ expectations and values. High-quality pieces from new fashion brands at accessible luxury price points: we can see shoppers are trading in the high luxury price points for items that are unique and exclusive on Cult Mia. All of the current consumer statistics also indicate that luxury fashion customers want to shop ethically from sustainable brands. However, it’s too challenging and time consuming to find these types of brands, especially when it comes to vetting the values that underpin them. The historically dominant online luxury players have been slow to respond to this changing consumer behaviour. This has left space for Cult Mia to become the go-to destination for unique and sustainable luxury shopping. The platform has secured the leading, exclusive supply of values-driven brands. More than 40% of the products listed on the platform can only be found on Cult Mia, with 100+ brands currently on the waiting list to join, and a 95% brand retention rate since inception. “We’re incredibly excited to have received this investment. I believe we’ve found the leading strategic partners in our space: deep marketplace scaling expertise, unique financial sponsorship and support from the most reputable institution, and backing from fashion royalty. I’m humbled by this investor line-up and truly energised for the next stages of Cult Mia's growth journey.” - **Nina Briance, Founder and CEO.** "Cult Mia's sector is one we have been looking at for several months, and we've passed on a selection of opportunities where we felt the unit economics were not strong enough or that there was not enough of a USP compared to the existing players. Cult Mia's long term vision and focus on long-term relationships, both with the platform's brands and customers, excites us and speaks to our experience working with marketplaces previously. We've watched such significant growth in the luxury marketplace space, but have never really been keen to involve ourselves. Why? Because the majority of companies we've seen have had poor margins and the same stock as the major players. We've never been convinced that's a space for us. We really feel like what Cult Mia is building allows us to enter this space with real confidence." - **Mark Pearson, Founder & Managing Partner at Fuel Ventures** “We have been impressed by Cult Mia’s attractive platform, providing a high-quality experience to customers from over 42 countries. Cult Mia has built an impressive footprint of over 320 independent brands and partnered with eminent fashion authorities in its first few years. Nina and the team bring a dynamic, values-driven approach to the business and have grown Cult Mia impressively since its founding in 2019.” - **Sanghamitra Karra, Managing Director and EMEA Head of the Morgan Stanley Inclusive Ventures Group**. "We are delighted to have selected Cult Mia as the first investment made by Womankind Ventures. Nina and Cult Mia embody the exact level of robustness we look for; a perfect blend of experience and expertise in the founder expressed in a well designed and executed, high-performing business. Cult Mia is primed for explosive growth and we are thrilled to be a part of this journey." - **Andrea Sommer, Co-Founder and Investment Lead, Womankind Ventures.** If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/eilla-announce-1-5m-seed-round ### Title: Eilla announce $1.5M seed round ### Page ID: 4348127 ### Content: #### **What is Eilla AI?** #### **Meet the founding team:** #### **What do the investors think?** #### **What’s next?** We are excited to announce Fuel Ventures’ investment into Eilla AI as part of a $1,500,000 seed round, led by Eleven Ventures. [**Eilla AI**](https://eilla.ai/) is an Artificial Intelligence platform designed to power the M&A, VC and PE deal workflow by automating mundane tasks and supporting complex decision making. A huge congratulations to founders Nikola Lazarov, Nikolay Babulkov and Petar Petrov - we can’t wait to build something great together. For M&A advisors and investors, one of the biggest time constraints is the volume of mundane tasks associated with the deal workflow. Eilla AI's technology automates these processes by mirroring industry professionals using generative AI. The platform also unlocks new insights and supports complex decision-making through aggregation and analysis of large amounts of information from various sources in significantly less time than is currently possible. AI is rapidly transforming the global financial industry, which is second only to the tech sector in terms of AI investment and spend. With this trend set to continue, new verticalized financial AI companies such as Eilla AI are well positioned to quickly refine the industry. To date, Eilla AI has been used by advisors and investors from more than 50 M&A banks and VC and PE funds to help optimise specific tasks by researching, aggregating, and analysing information from key industry sources and internal data. We have huge faith that this founding team, joined by some experienced, savvy and hungry early employees has what it takes to win in this space. CEO Nikola Lazarov: An AI engineer, former Hedge Fund quant, experience as an early employee at a YC backed startup and a Masters in Generative AI from the University of Cambridge CTO Nikolay Babulkov: An AI engineer with 7 years experience across ML, software and DevOps and papers published at NLP conferences (ACL and CLEF) CCO Petar Petrov: Experience across sales and marketing at high growth startups, including being the Growth Lead at B2B SaaS company Vita Mojo, helping them land a $30m Series B from Battery Ventures. “The bottom line is that financial professionals are paid to think, not waste time on mundane tasks. But the amount of time and effort it takes a junior at a financial firm to map out the companies in a specific industry, for example, can spiral quickly. We tackle this problem by analysing all of the essential information and then providing a report in the appropriate format for our clients. This funding will be vital as we aim to expand our technical team and product offering, while also positioning the business for growth across the M&A, venture capital, and private equity markets.” **Nikola Lazarov, CEO at Eilla AI.** *“It was immediately clear from our own experiences in Venture Capital that Eilla’s innovative, AI driven approach will save a substantial amount of time and resources. Eilla will enable us in VC and others across PE, Corporate Finance and beyond to really focus on actually adding value. We’re excited to be investing alongside Eleven Ventures, and are looking forward to building something great with the enormously talented Eilla team.”* ***Fuel Ventures Founding Partner, Mark Pearson****.* *“The daily work of M&A, VC and PE professionals hasn’t evolved much in the past 30 years, dominated by lots of manual data retrieval and analysis, as well as mundane document creation. Eilla’s generative AI platform is a total game-changer, which will provide superhuman productivity. What previously took hours and days will take minutes, enabling people to focus on human interactions instead. We are excited to be leading Eilla AI’s seed funding round and work with its talented team, which uniquely combines deep AI expertise with M&A domain knowledge.”* ***Eleven Ventures General Partner, Svetozar Georgiev****.* Eilla AI have already seen some exciting traction with their current VC and M&A partners. With this funding round, it’s time to invest heavily in building and refining their world-beating tech and really focussing on making Eilla AI absolutely indispensable to their customers. To date, Eilla AI has been used by advisors and investors from more than 50 M&A banks and VC and PE funds to help optimise specific tasks by researching, aggregating, and analysing information from key industry sources and internal data. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/news ### Title: News ### Page ID: 4348139 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** ## The Fuel Ventures **News** ##### Building Value in the Next Phase of the Economy ##### Enginuity raises £500K investment to unlock the $1.58 trillion of underused global innovation ##### Leading Discord AI insights platform Levellr raises $2.5m seed investment from Fuel Ventures and video games legends ##### £1.6 million investment to transform asset allocation technology ##### Karavel secures £1.25m investment by Fuel Ventures to transform regulatory compliance for regulated industries ##### Tyten raises £750k investment to bring AI-powered automation to transform the $1.4tn global facilities management indust ##### INTELLIGENT CORE secures £2m to bring a new era of real-time, autonomous AI to the world’s most critical industries ##### Sencillo Raises £350,000 to Give Families Confidence and Control over Rising Education Costs ##### $1.3M Pre-Seed Investment to Power Theodosian’s Mission to Reinvent Cybersecurity and Tackle Data Breaches ##### VRFY To Transform Public Safety and Boost Frontline Policing with Secure AI Transcription ##### Synthax Secures £500K to Bring AI Operating Systems to Outpatient Clinics ##### Jack Fertility Secures Over £500k Pre-Seed Investment to Launch Groundbreaking Home-to-Lab Test Kits ##### Healsgood AI secures additional £2.5m in seed funding to accelerate roll-out of Flexzo AI, bringing total raised for NHS ##### Rehuman Raises £1 Million to Deliver the Future of Customer Experience in Insurance ##### Pesto Secures over $1m to Transform Operations for Food & Drink Manufacturers and Brands ##### Lumo Energy, set to supercharge the residential solar and battery sector, opening the door to Zero-bill homes ##### Emerging infrastructure intelligence company, JoltSynsor, rebrands as Inframind Labs following a year of rapid growth ##### Allasso wins $3m investment to bring AI-ready, data-enabled and complete analytics to options trading and beyond ##### Fuel Ventures Leads £525k Investment in Eventwise to Revolutionise Event Budgeting at Scale ##### Glyde Raises £450,000 to Disrupt the FX Market for Growing Businesses and Global Earners ##### Blocktype Secures £315,000 to Tackle UK’s Housing Planning Crisis ##### Fuel Up | From Amazon to AI: Building Customer Obsession with Rebecca Griffiths ##### Velocity emerges from stealth with $10M to power the velocity of money ##### Martello Raises £1.2 Million to Transform Property Risk Assessment ##### Fuel Ventures Leads £340k Investment in Community Wolf to Power Global Public Safety Innovation via WhatsApp ##### Everybody Counts Raises £500K in Seed Round Led by Fuel Ventures to Transform Global Maths Education ##### What 30,000 Pitch Decks Taught Us After a Decade in Venture Capital ##### Fuel Up | From Amazon to AI: Building Customer Obsession with Rebecca Griffiths ##### Fuel Up | Boris Hodakel From Setbacks To Success: The Journey In The Wellness Industry At Feel ##### Fuel Up | Nina Briance (Cult Mia) From Banking to Boutique: Building Cult Mia and Fashion's Future ##### Fuel Up | Tracey Shirtcliff (Scope Better) Culture, Delegation & Motivation: The building blocks of success ##### Building Value in the Next Phase of the Economy ##### Enginuity raises £500K investment to unlock the $1.58 trillion of underused global innovation ##### Leading Discord AI insights platform Levellr raises $2.5m seed investment from Fuel Ventures and video games legends ##### £1.6 million investment to transform asset allocation technology ##### Karavel secures £1.25m investment by Fuel Ventures to transform regulatory compliance for regulated industries ##### Tyten raises £750k investment to bring AI-powered automation to transform the $1.4tn global facilities management indust ##### INTELLIGENT CORE secures £2m to bring a new era of real-time, autonomous AI to the world’s most critical industries ##### Sencillo Raises £350,000 to Give Families Confidence and Control over Rising Education Costs ##### $1.3M Pre-Seed Investment to Power Theodosian’s Mission to Reinvent Cybersecurity and Tackle Data Breaches ##### VRFY To Transform Public Safety and Boost Frontline Policing with Secure AI Transcription ##### Synthax Secures £500K to Bring AI Operating Systems to Outpatient Clinics ##### Jack Fertility Secures Over £500k Pre-Seed Investment to Launch Groundbreaking Home-to-Lab Test Kits ##### Healsgood AI secures additional £2.5m in seed funding to accelerate roll-out of Flexzo AI, bringing total raised for NHS ##### Rehuman Raises £1 Million to Deliver the Future of Customer Experience in Insurance ##### Pesto Secures over $1m to Transform Operations for Food & Drink Manufacturers and Brands ##### Lumo Energy, set to supercharge the residential solar and battery sector, opening the door to Zero-bill homes ##### Emerging infrastructure intelligence company, JoltSynsor, rebrands as Inframind Labs following a year of rapid growth ##### Allasso wins $3m investment to bring AI-ready, data-enabled and complete analytics to options trading and beyond ##### Fuel Ventures Leads £525k Investment in Eventwise to Revolutionise Event Budgeting at Scale ##### Glyde Raises £450,000 to Disrupt the FX Market for Growing Businesses and Global Earners ##### Blocktype Secures £315,000 to Tackle UK’s Housing Planning Crisis ##### Velocity emerges from stealth with $10M to power the velocity of money ##### Martello Raises £1.2 Million to Transform Property Risk Assessment ##### Fuel Ventures Leads £340k Investment in Community Wolf to Power Global Public Safety Innovation via WhatsApp ##### Everybody Counts Raises £500K in Seed Round Led by Fuel Ventures to Transform Global Maths Education ##### What 30,000 Pitch Decks Taught Us After a Decade in Venture Capital ##### Materials Market raises £2m to cement its position as the UK’s leading building materials marketplace These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - ALL - FUEL UP - NEWS - 1 - [2](https://www.fuel.ventures/news?page=2) - [3](https://www.fuel.ventures/news?page=3) - … - [7](https://www.fuel.ventures/news?page=7) - 1 - [2](https://www.fuel.ventures/news?page=2) - [3](https://www.fuel.ventures/news?page=3) - … - [7](https://www.fuel.ventures/news?page=7) --- ## URL: https://www.fuel.ventures/seis-fund ### Title: SEIS Fund ### Page ID: 4366176 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** # **Pre-Seed** **SEIS Fund** ### About the SEIS Fund #### Key Information ### **Are you an investor?** #### [Call](tel: +44 20 36958740) [+44 20 3695 8740](tel: +44 20 36958740) [or](tel: +442036958740) ## Fuel Ventures Funds' Portfolio These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). The Fuel Ventures SEIS Fund seeks to invest in a diversified portfolio of 30-45 early-stage technology companies per year. **The Fuel Ventures SEIS Fund seeks to invest in a diversified portfolio of 30-45 early-stage technology companies per year.** The SEIS fund focuses on fast-growing companies with exceptional founders, global ambition, and the potential to generate lucrative returns. In addition to investment capital, Fuel Ventures Ltd provides the portfolio companies with expert advice, strategic partnerships, and unique access to follow-on capital from the EIS funds. By investing in SEIS, UK investors have the potential to claim up to 50% income tax relief on their investment amount and pay no Capital Gains Tax on returns. VAT will be added to all fees and charges where applicable. Please ensure you read the Key Information Document (KID) and the Information Memorandum for full details of the fees. Prospective investors are advised to obtain their own investment and taxation advice and should consult their own professional advisors on the implications of investing. Heroes acquires, operates and optimises Fulfilled By Amazon businesses (FBA) Peckwater Brands offers delivery franchises to kitchen operators B2B marketplace connecting enterprise clients with best agencies Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - Initial charge - 5% - Annual management charge - Total 1% (payable by Investee Companies) - Performance fee: 30% - Current status: **Open** - Fund type: **SEIS** - Investment goal: **Growth** - Invests in: Marketplaces, platforms, SaaS - Portfolio size: **30-45** companies - Target returns: **5x** (but not guaranteed) - Target time to full investment: **12 mo.** - Tax relief available: SEIS (income tax relief, capital gains tax relief, loss relief) --- ## URL: https://www.fuel.ventures/scale-up-eis-fund ### Title: Scale-Up EIS Fund ### Page ID: 4366185 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** # **Scale-Up EIS Fund** ### About the Scale-Up EIS Fund #### Key Information ### **Are you an investor?** #### [Call](tel: +44 20 36958740) [+44 20 3695 8740](tel: +44 20 36958740) [or](tel: +442036958740) ## Fuel Ventures Funds' Portfolio These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). The Fuel Ventures Scale-Up EIS Fund seeks to invest in a portfolio of 10-15 technology companies, with a focus on marketplaces, platforms and software (SaaS). **The Fuel Ventures Scale-Up EIS Fund seeks to invest in a portfolio of 10-15 technology companies, with a focus on marketplaces, platforms and software (SaaS). It has invested in a range of sectors to date, including fintech, logistics, manufacturing, events and the world of work.** The Scale-Up EIS Fund focuses on companies at the seed stage, which has the potential to generate lucrative returns. The companies will have an exceptional founding team, proven commercial traction and be ready to scale. By bringing companies into our portfolio, we provide hands-on support, advice and connections. VAT will be added to all fees and charges where applicable. Please ensure you read the Key Information Document (KID) and the Information Memorandum for full details of the fees. Prospective investors are advised to obtain their own investment and taxation advice and should consult their own professional advisors on the implications of investing. Heroes acquires, operates and optimises Fulfilled By Amazon businesses (FBA) Peckwater Brands offers delivery franchises to kitchen operators B2B marketplace connecting enterprise clients with best agencies Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - Initial charge - 5% - Annual management charge - Total 5% (payable by Investee Companies) - Performance fee: 20% - Current status: **Open** - Fund type: **EIS** - Investment goal: **Growth** - Invests in: Marketplaces, platforms, SaaS - Portfolio size: **10-15** companies - Target returns: **10x** (but not guaranteed) - Target time to full investment: **12 mo**. - Tax relief available: EIS (income tax relief, capital gains tax relief, loss relief) --- ## URL: https://www.fuel.ventures/follow-on-eis-fund ### Title: Follow-On EIS Fund ### Page ID: 4366200 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** # Follow-On **EIS Fund** ### About the Follow-On EIS Fund #### Key Information ### **Are you an investor?** #### [Call](tel: +44 20 36958740) [+44 20 3695 8740](tel: +44 20 36958740) [or](tel: +442036958740) ## Fuel Ventures Funds' Portfolio These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). The Fuel Ventures Follow-On EIS Fund seeks to target the 5-8 of the best performing companies in the Fuel Ventures funds' portfolio who need additional capital to accelerate their already proven growth. **The Fuel Ventures Follow-On EIS Fund makes follow-on investments in existing portfolio companies. It seeks to target the 5-8 of the best performing companies in the Fuel Ventures funds' portfolio who need additional capital to accelerate their already proven growth.** A follow-on investment decision from the Fuel Ventures EIS Fund goes through a decision-making process, which includes approval by Fuel Ventures experienced Advisory Committee and Investment Committee, as well as the fund manager. By bringing companies into our portfolio, we have a good understanding of which of the companies are fast growing and could benefit most from follow-on investment. This means we can deploy the fund in a short period of time, giving EIS investors the ability to carry-back their tax relief to the previous tax year. VAT will be added to all fees and charges where applicable. Please ensure you read the Key Information Document (KID) and the Information Memorandum for full details of the fees. Prospective investors are advised to obtain their own investment and taxation advice and should consult their own professional advisors on the implications of investing. Heroes acquires, operates and optimises Fulfilled By Amazon businesses (FBA) Peckwater Brands offers delivery franchises to kitchen operators B2B marketplace connecting enterprise clients with best agencies Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - Initial charge - 2.5% (payable by Investee Companies) - Annual management charge - Total 2% (payable by Investee Companies) - Performance fee: 20% - Current status: **Open** - Fund type: **EIS** - Investment goal: **Growth** - Invests in: Marketplaces, platforms, SaaS - Portfolio size: **5-8** companies - Target returns: **5x** (but not guaranteed) - Target time to full investment: Full investment within the **25/26 tax year** - Tax relief available: EIS (income tax relief, capital gains tax relief, loss relief) --- ## URL: https://www.fuel.ventures/vct-fund ### Title: VCT Fund ### Page ID: 4366223 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** # **VCT Fund** ### About the VCT Fund #### Key Information ### **Are you an investor?** #### [Call](tel: +44 20 36958740) [+44 20 3695 8740](tel: +44 20 36958740) [or](tel: +442036958740) These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). **The Fuel Ventures funds are a prominent early-stage investor in technology in the UK, focusing on scalable companies across marketplaces, platforms and software (SaaS). Building on the track record of the EIS funds, comes the** **Fuel Ventures VCT** **which is a £12m+ fund invesing in a more diversified portfolio of tech-enabled businesses.** The VCT focuses on investing in top-performing portfolio companies, often co-investing with Fuel Ventures' existing EIS funds. The VCT is able to invest in companies throughout the year rather than being focused on tax year end, whilst offering greater diversification than the existing EIS funds.  The Fuel Ventures VCT will have a very experienced board to oversee the investment manager, comprised of: This is the first time that Titan Alternatives, a sector specialist, has chosen to help originate and officially promote a new VCT. Having previously raised approximately £90 million into VCTs they bring significant experience and a high-calibre of investor support.  (Titan Alternatives Limited (FRN: 974252) is acting as promoter of the Offer and is an Appointed Representative of Sturgeon Ventures LLP (FRN: 452811), which is authorised and regulated by the Financial Conduct Authority.) **An Offer for subscription in Fuel Ventures VCT plc (the “Offer”)** Titan Alternatives Limited (FRN: 974252) is acting as promoter of the Offer and is an Appointed Representative of Sturgeon Ventures LLP (FRN:452811), which is authorised and regulated by the Financial Conduct Authority.  Any decision to invest in the Offer should only be made based on information contained in the prospectus and the Key Information Document (KID). The information provided in the Presentation, herein or on the website, does not constitute advice on investments, legal matters, or taxation. Prospective investors should consult with their own independent financial adviser before making an investment in a Venture Capital Trust (VCT). Prospective investors should be aware that the Offer is a high-risk investment and they should not invest unless they are prepared to lose the entirety of their investment. In addition, the value of an investment can fluctuate and that they may not get back the full amount they invest. There is no certainty that the market price of the shares will fully reflect the underlying net asset value, that Shareholders will be able to realise their shareholding, or that any dividends will be paid. An investment in a VCT should be viewed as a higher risk, longer-term investment. Investors should be prepared to hold their investment for a minimum of five years in order to benefit from tax relief, with such requirements and benefit subject to future regulatory change. Fuel Ventures VCT invests in early stage, unquoted companies whose shares can fall or rise in value more than other shares listed on the main market of the London Stock Exchange. The secondary market for VCT shares is generally illiquid and investors may find it takes longer to realise their investment. Tax reliefs available on VCT investments depend on individual circumstances and may change in the future. Tax reliefs also depend on the VCT obtaining and maintaining its VCT-qualifying status. Past performance is not a reliable indicator of future results. Forecasts are not a reliable indicator of future performance and target values may deviate when different parameters apply. Investors in the Offer will not be covered by the Financial Services Compensation Scheme (FSCS). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - Exceptional entrepreneurs - Proven and growing revenues - Highly-scalable - Capital efficient  - Multi-billion-pound market opportunities  - **Andrew Whitehouse** (Chair of the VCT, Ex-Chief Risk Officer on Board of esure, Treasurer Trustee of charity, KSAR); - **Marc Rubinstein** (Ex-Fund Manager at Lansdowne, author of Net Interest); - **Stuart Knight** (Co-Founder of Titan Alternatives).  - Current status: **Open** - Next allotment date: **01/04/2026** - Fund type: **VCT** - Investment goal: Focused on **Seed & Series A** - Invests in: Marketplaces, Platforms, SaaS - Tax relief available: **30%** income tax relief - **30% Income Tax Relief** \- You can claim up to 30% upfront income tax relief on the amount you invest, given you keep your VCT shares for at least five years. - **Tax-Free Dividends** - If the VCT pays out dividends, there is no tax to pay, you won’t need to declare them on your tax return. - **Tax-Free Capital Gains** - If you sell your VCT shares and make a profit, the proceeds won’t be liable for capital gains tax.  - Full initial charge: **5.5%** - Existing clients of Fuel Ventures and Titan Alternatives discount: **5.5%** - Net initial charge for existing Fuel Ventures and Titan Alternatives clients: **0%** - Annual management charge: **2%** - Performance Fee: **20%** --- ## URL: https://www.fuel.ventures/fuel-ventures-minna-wollocombe ### Title: Minna Wollocombe ### Page ID: 4388941 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/winner-of-best-seis-investment-manager-at-the-growth-investor-awards-fuel-ventures ### Title: Winner of ‘Best SEIS Investment Manager’ at the Growth Investor Awards ### Page ID: 4400832 ### Content: Winner of ‘Best SEIS Investment Manager’ at the Growth Investor Awards "*Winning the Best SEIS Fund award is a great achievement for the team here at Fuel Ventures, especially considering we only launched the pre seed strategy in 2021. It's a testament to our team's hard work and dedication. We're thrilled to receive this recognition of the achievements from the SEIS fund after such a short period of time against some strong, well established competition.*" **\- Mark Pearson, Managing Partner, Fuel Ventures.** The award for **Best SEIS Investment Manager** is particularly meaningful to us as it reflects our core mission of empowering emerging, pre-seed businesses. Working closely with the passionate founders and teams, we have witnessed firsthand the transformative impact of early-stage investments in this space. Our approach has always been to not only provide financial support but also to offer strategic guidance to our investee companies. This award serves as a reminder of the positive influence we can exert in the ecosystem and further fuels our passion to continue our work with even greater impact in the future. "*We are immensely proud and honoured to have our SEIS fund recognised as the 'Best SEIS Fund' at the 2023 Growth Investor Awards”* says **James D’Mello, Head of Strategic Partnerships at Fuel Ventures.** *“This accolade is a testament to the hard work, dedication, and innovative approach of our team. Being acknowledged by the judges amidst such strong competition from our peers is not only a significant achievement for us but also a firm validation of our commitment to backing what we believe are the best startups at an early stage.* *We are delighted to receive this recognition and remain dedicated to maintaining our high standards and delivering exceptional value to our investors. This award inspires us to continue pushing boundaries and setting new benchmarks in the industry.*” Fuel Ventures’ success at the awards doesn’t end here. We are also proud to have been named runner up in the Best Investor Return Category. This milestone comes at the end a great year for us, after our IFA team made up of James D’Mello and Katie Hopkin were highly commended at the Enterprise Investment Scheme Association awards only a few months ago. We look forward to continuing to pursue this success trajectory in the new year. Click here to see the full list of winners at the Growth Investor Awards, 2023. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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The 12-month-old startup’s valuation is unknown due to a **$500k extension** being negotiated with further investors. This investment propels the company's cutting-edge software, which **reimagines the role of AI in back-office financial operations within the $580bn global accounting market**. The funding round was led by veteran AI investors Nick Slater and John Spindler at London’s Twin Path Ventures, with participation from Fuel Ventures, Antler, Hatcher+ in Singapore, and seasoned angel investors from the US and UK. The fresh capital will be deployed to engineering, customer success and expanding global payment compliance.  Nick Slater, Partner at Twin Path Ventures, an early-stage AI fund, comments “With the current explosion in AI capabilities, we believe Jenesys is well placed to take advantage. The team passed extensive technical due diligence to prove their use of cutting edge AI, integrating it directly into everyday workflows to allow for seamless productivity gains. We are very excited about what they can achieve.” “We are hugely excited to join Jenesys on their journey towards transforming the FinOps space with their leading-edge technology. Nicolai and Tosin are two impressive founders who have assembled a fantastic team of executors. We’re confident they can go and win in this market,” said Mark Pearson, Managing Partner, Fuel Ventures. Established in November 2022, Jenesys AI focuses on elevating the role of bookkeepers and accountants with an AI co-pilot called “Jack”. By shifting human accountants to supervisory positions, Jenesys AI's technology minimises errors and inconsistencies in transaction reconciliation, compliance and payments. The company stresses they don’t sell a tool but a service, completing 90% of bookkeeping and compliance tasks and, when used, helping approvers improve budget performance by 20-25%. Jenesys’ mission is to help businesses overcome cashflow worries by enabling instant reconciliation so supply chain payments are faster than card payments. Founded by Nicolai Thomson and Tosin Dairo during Antler's founder residency, Jenesys AI combines Thomson's enterprise and financial management acumen with Dairo's AI and computer science expertise. This synergy has led to a platform that addresses critical inefficiencies in financial management, garnering a waitlist of over 3,000 clients from a dozen UK Accounting Practices. Ollie Purdue, Partner at Antler, comments, “AI is the single biggest growth opportunity in the world, and Jenesys is applying genuine innovation in this space to transform invoice and cash flow management. Today’s funding and acquisition announcement is a testament to their future potential. This ambitious and highly skilled founding team builds world-class technology that addresses an urgent market demand. We are proud to have backed Nicolai and Tosin from day zero and to continue backing them as they grow.” *Adding to its ten-strong team, Jenesys AI is thrilled to welcome* *Jonathan Bredo* *after* ***acquiring his Andreessen Horowitz Scout-funded (“a16z”) digital TaxTech company, VAT Key, in a six-figure cash & equity deal subject to approval,*** *adding the global venture firm to Jenesys’ cap table. VAT Key and its brand will receive an injection of capital to expand beyond its home market of Denmark, helping SMEs reclaim VAT for EU business travel outside their home market.*  *Formerly among the first 30 employees at Pleo, Bredo will join Jenesys AI as Strategy Manager, heading up payments and Compliance. Breo’s expertise and leadership at Pleo, a leading EU expense management platform, mirror his anticipated role at Jenesys AI. This significant recruitment underscores Jenesys AI's commitment to global competitiveness and strategic growth in the fintech space within the next 12 months.* The highlight of their innovation is "Jack", an AI co-pilot powered by their proprietary Accounting Language Model (ALM). Jack will update budgets and complete the bookkeeping reconciliation, fraud, and compliance check in under 30 seconds before making a domestic or global payment, effectively operating from bookkeeper to internal auditor to ensure adherence to accounting policy and international financial regulations. Nicolai Thomson, CEO of Jenesys AI, emphasises the ethical imperative of integrating AI into finance. "These regulated tasks can’t not be done, so outsourcing tasks to low-cost labour isn't just unsustainable; it's a missed opportunity to leverage AI for efficiency and accuracy at a lower cost", Thomson states. Further highlighting Jenesys AI's unique approach, he adds: "Our software is designed for all employees, not just finance professionals. Jack starts working when an employee requests to spend company money via Slack or Teams, allowing Jack to take over most data entry and operational tasks, enabling accountants to focus on validation and analytical work.” Tosin Dairo, drawing parallels with ChatGPT, notes his transition from Veterinary Surgery to AI. "The challenges in financial operations are ripe for AI intervention. We're set to revolutionise an age-old profession," Dairo adds. Angel investor Michael Corcione, Cybersecurity Partner at PKF Advisory, underscores Jack's role in fraud prevention and compliance, praising its proactive capabilities.   If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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Trudenty is a consumer data network providing consumer fraud risk intelligence to help merchants and merchant acquirers offer personalised payments experiences to consumers to increase customer satisfaction, loyalty and retention; whilst preventing fraud.* Eliminating fraud to create trust & security is still a major challenge impacting commerce and payments. Merchants battle with fraud along the consumer journey; from account takeover, online payment fraud, friendly fraud and return-and-refund fraud. Trudenty provides merchants with a 360 view of their consumers’ fraud profiles in real time, helping merchants prevent fraud and personalise consumer payments experiences at checkout and refund. **Trudenty** has started by helping merchants and merchant acquirers offer personalised payments to consumers at checkout and during refunds. Trudenty enables the personalisation of checkout options by acting as a payments orchestration layer and embedding consumer fraud risk intelligence into payments stacks. During refunds, Trudenty helps merchants make automated and assisted decisions that enable instant refunds for trusted consumers and assisted refunds for everyone else, effectively reducing the manual work related to refund operations.  The Trudenty Trust Network is a blockchain based network holding pseudonymised consumer fraud risk profiles computed by a machine-learning powered smart contract algorithm. Each fraud risk profile is built across multiple data sources, including Open Banking data and various other real world data sources. Trudenty builds a view of the consumer that is unconstrained by a merchant or acquirers’ network reach and extends beyond the payment method consumers present. Anchored by its ‘self-sovereign identity’, the network helps merchants build trust with consumers by ensuring that consumers maintain visibility and control over their data. The company recently unveiled the Trudenty Trust Network at the Worldline epayments challenge where it took top prize in its category and was ranked in the top 5 of the overall innovation contest. Currently, they are onboarding merchants in the UK and France. Trudenty’s £365k pre-seed round was lead by Fuel Ventures, with participation by Techstars, Plug and Play and angel investors. This fundraise has enabled the team to accelerate product development and bolster the team to ensure an impactful launch. The team has been committed to delivering a solution that will help ensure trust and security in payments, whilst empowering consumers as custodians of their own data. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/investor-news ### Title: Investor News ### Page ID: 4483340 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/what-does-a-typical-start-up-candidate-look-like ### Title: What does a typical start up candidate look like? ### Page ID: 4724228 ### Content: *Tempted by a fast-paced work culture, quick growth opportunities, and a potential future payout? Wondering what it takes to land a job in a start-up? We’re sharing some top tips to guide you on what startups tend to look for when hiring:* **Adaptability:** Working in a startup involves rapidly changing priorities and responsibilities. Candidates should be able to demonstrate flexibility and a practical attitude towards change. Particularly though, tolerance of ambiguity in the workplace is important: bearing in mind how unpredictable the startup world can be, a willingness to throw yourself into an industry that can either boom or bust is vital.  **Mission buy-in:** Perhaps more so than well established companies, startups want to see commitment to their product or service and overall goals. This is because an early stage founder has thrown their life and usually a large sum of their own money to get the business to where it is before they begin recruiting. Whoever joins needs to believe in the product or service, leadership and business in order to be able to make a quality contribution to the end goal. So, showing passion and advocacy for these goals will help you to provide an informed approach from the beginning, and will make for a more attractive candidate.  **An entrepreneurial mindset:** Keeping an open mind and having the ability to think on the spot is crucial in the fast paced and dynamic environment which characterises startups. Being resourceful and innovative is important in light of this, as jobs are often variable and subject to change depending on shifting and uncertain industry dynamics. Thinking about past experiences which can prove this is helpful, as interviewers will look for someone who can add value, and generally help to build and grow the company.  **Doing the research:** Thinking about what the company’s funding structure looks like and how they intend to reach profitability is another good tip for candidates. Considering potential competition from other startups as well as what specific gap in the market the company is going to fill is also useful as it can help to reinforce commitment and passion towards the company’s mission. **Ability to learn fast:** Being curious and appreciating that the return on learning when working for a startup is much higher than in other jobs. Again, this shows that the candidate is motivated by factors other than just cash. Thinking about what questions to ask in an interview in order to dig deeply into what the company does, how they do it, and what they’re looking for is a good way of showing this curiosity and enthusiasm from the beginning.  **Humility:** Recognising that working in a startup often involves carrying out tasks which are not necessarily ‘glamorous’, but understanding that it can be all hands on deck at some points. The upside of this is being able to take on more responsibility and have a greater impact than in other companies. Showing an appreciation of the value of collaboration and mutual support in these times will help a candidate to stand out.  **An understanding of the market:** This is helpful when it comes to finding innovative solutions and considering the long term aims of the company, as well as the potential challenges it might face along the way. It also helps to demonstrate enthusiasm for the sector in general, as well as showcasing what qualities the candidate can bring to the role, and how they will act as a valuable and worthwhile asset to the team.  Read more about Fuel Talent and see what roles we are currently hiring for [**here**](https://www.fuel.ventures/talent). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-ventures-transformation-unifying-portfolio-data-with-visible ### Title: Fuel Ventures’ Transformation: Unifying Portfolio Data with Visible ### Page ID: 4724432 ### Content: Fuel Ventures’ Transformation: Unifying Portfolio Data with Visible At Fuel Ventures, we've always been dedicated to nurturing and propelling the growth of startups in our portfolio. As a Venture Capital firm, managing the diverse and expanding range of investments has been a dynamic challenge for us ?. However, we sought a change that would not just address our immediate needs but transform the way we manage our investments. Managing our portfolio data across various Google solutions felt like trying to solve a jigsaw puzzle with missing pieces ?. The complexities of maintaining a master Google sheet for investment data and dispersing qualitative information across different documents and Drive folders became increasingly challenging as our portfolio expanded. In our pursuit for a unified source of truth, we sought a platform that would align with our specific needs. Our criteria were clear: straightforward onboarding, seamless historical data uploads, substantial improvement in efficiency, flexibility to accommodate complexities, and a justifiable return on investment. After meticulous research and a tailored demo, we found our solution in Visible. The onboarding experience was seamless, and the Visible team provided invaluable support throughout the process. Implementing Visible marked a transformative phase for us, streamlining our operations and enhancing decision-making processes. Since adopting Visible, we've witnessed an immediate and profound impact. Visible serves as the centralised hub for investment information, notes, and qualitative updates about our portfolio companies. It offers granular visibility into investments, simplifies the retrieval of notes and company updates, and significantly improves our reporting for Limited Partners. The decision to choose Visible was not just practical but also strategic, aligning with our vision for future-ready portfolio management. It has revolutionising the way we manage our portfolio; streamlining operations and embracing efficiency and accuracy. Visible has empowered us to make informed decisions and provide impactful support for the startups in our portfolio. Our journey with Visible has been transformative, and we're excited to continue making strides in the startup ecosystem. Oli Hammond, Partner at Fuel shared "***Visible is a great choice for funds who are looking to move away from fragmented systems and methodology (Word, Google Drive, spreadsheets) to one source of truth.***” If you are an entrepreneur looking for investment, please apply [**here**](https://www.fuel.ventures/for-founders)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/primis-secures-two-million-pound-seed-funding-from-fuel-ventures ### Title: PRIMIS Secures £2M Seed Funding from Fuel Ventures! ### Page ID: 4783521 ### Content: #### **About PRIMIS** #### **The journey to date** PRIMIS Secures £2M Seed Funding from Fuel Ventures! *A major milestone for PRIMIS as they proudly announce a successful seed funding round, raising an impressive £2 million from Fuel Ventures. This infusion of capital marks a significant leap forward for their vision and growth.* **PRIMIS’** mission is to enhance the open interactions between the consumer and retailer to improve consumers’ post-purchase customer experiences in a way that modifies how they think, react, and buy online. PRIMIS has helped brands create a customer-centric experience from cart to door, streamlining post-purchase communications. At PRIMIS, they are pioneers in everything Customer Experience. Their commitment to being an innovator in all things post purchase, as well as willing to get stuck into the difficult elements of eCommerce & supply chain, sets them apart from current providers, and this funding will fuel their mission to leverage new and emerging technologies to the betterment of the customer journey. *"Fuel Ventures' support is a game-changer, propelling us to new heights and empowering us to redefine the way retailers look at post purchase and final mile communication in greater detail*”, **Rebecca Griffiths, Founder & CEO of Primis** *"We are thrilled to be leading this funding round for PRIMIS, who are pioneering the future of post-purchase customer experience. We've been extremely impressed with Rebecca's leadership of the business to date, having delivered significant growth in a capital efficient manner. We see huge potential for PRIMIS to positively impact customer experience, by solving a genuine problem through technology and data.*" **Shiv Patel, Partner at Fuel Ventures** The idea of PRIMIS was first considered in 2020 when CEO & founder, Rebecca Griffiths, stepped into the post-purchase customer experience world and saw gaps in the solutions being offered to date.   In the past 18 months, PRIMIS have launched three distinct products: their main one been PRIMIS Track. PRIMIS have also signed a Partnership Agreement with one of the largest UK carriers to support their post-purchase comms journey. The team has grown from a single founder to an efficient team of eight including a CPO and COO. Join PRIMIS on this exciting journey as they continue to push boundaries and make waves in the industry! If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/risk-warning ### Title: Risk Warning ### Page ID: 4857378 ### Content: ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/award-winning-cyber-start-up-raises-3m-led-by-fuel-ventures-to-empower-employees-to-protect-themselves ### Title: Award winning cyber start-up raises £3m led by Fuel Ventures to empower employees to protect themselves ### Page ID: 5039326 ### Content: #### **About ThinkCyber** Award winning cyber start-up raises £3m led by Fuel Ventures to empower employees to protect themselves [**Think Cyber Security Ltd**](https://thinkcyber.co.uk/) has announced today that it has raised a £3 million late seed funding round to deliver measurable secure behaviour change. The [multi-award winning, National Cyber Security Centre](https://news.thinkcyber.co.uk/thinkcyber-triumphs-at-teiss-awards) recognised firm offers an innovative and uniquely real-time Redflags® subscription software solution which gently guides and nudges staff to secure behaviours, with measurable impact. UK investor Fuel Ventures led the funding round. To date, ThinkCyber has raised a total of £3.6 million in funding. Organisations have been spending millions on technical cyber security controls but they have tended to poorly address their exposure to attacks that start with the “human in the loop”, where a staggering [83% of cyber breaches start](https://www.verizon.com/business/resources/reports/dbir/). Technical controls for this can only do so much, and industry standards of eLearning and phishing simulations have ranged from ineffective to [alienating staff](https://www.theguardian.com/uk-news/2021/may/10/train-firms-worker-bonus-email-is-actually-cyber-security-test). Cyber attacks and data breaches have consistently started with human action and a technical focused industry has tended to blame those users for falling for these attacks or acting insecurely. Phishing, and spear phishing, in particular, is a leading attack vector. However, accidental data breaches caused by misdirected emails, use of insecure file sharing mechanisms, poor password hygiene, and even cutting and pasting [commercial data into ChatGPT](https://www.techradar.com/news/samsung-workers-leaked-company-secrets-by-using-chatgpt) are of equal concern. Many of these attacks use an understanding of behavioural psychology against us. Phishing attacks that use urgency, authority (from the CEO), social proof (recognised brands), fear, etc., are all designed to make us click without thinking, such that traditional eLearning approaches have little chance of helping – your brain simply “can’t stop and think”. Building on their experience combatting these threats as Global Heads of IT and Information Security respectively, at the Cyber Division of BAE Systems (Detica), Tim Ward and Dr Mike Butler the co-founders launched Think Cyber Security Ltd with InnovateUK funded research grants to go back to the basics of behavioural and learning science with an emphasis on using these same psychological techniques “for good”. The outcome is Redflags®, a uniquely real-time approach to nudging risky behaviours directly on a device and directly at the point of risk—as a link is about to be clicked, a password entered, or a file uploaded. Making these behaviours measurable and offering pre-emptive and preventative nudges allows ThinkCyber to measurably reduce risk for their clients. Tim Ward, co-founder and CEO at Think Cyber Security Ltd, commented: “*The unique ability of Redflags® to impact cyber hygiene in real time and measurably change an organisation's risk profile has been recognised again this month with another award. Our investment from Fuel allows us to widen our reach across industries and sectors, with the ultimate goal of the Redflags® approach simply being the way we empower people to protect themselves against cyber threats in the future*”. Redflags® has seen rapid adoption over the past few years with a 200% increase in revenue and clients, including household names across high-street banking, financial services, energy and utilities, retail, and fast-moving consumer goods. Speaking about the value Think Cyber Security provides, the former CISO of NHS, GSK, and National Grid, Robert Coles, stated that “*Experienced CISOs know that phishing simulations have limited effect and that we can all fall for tricks when we are vulnerable; awareness campaigns only work for a short period before people forget the messages; and everyone hates computer-based compliance training! What I like about Redflags® is that messages can be tailored and delivered “in the moment” as someone is about to do something risky.*” Fuel Ventures invested £2.8m from its Seed funds. Mark Pearson of Fuel Ventures added "*We've seen throughout our own portfolio how seriously modern companies are taking cyber security threats. Supporting and empowering employees to form good habits is the main way to prevent security breaches. Think Cyber Security are revolutionising the way this is done, moving away from yearly multiple choice tests and inter-company meetings and instead providing real, actionable support to employees at points where success in their role can make them forget about complicated security protocols. We've been incredibly impressed in Think Cyber Security’s traction to date and are thrilled to now be on this journey with them.*" Think Cyber Security’s mission is to empower people to protect themselves against cyber threats that target the human user - embedding measurable security behaviours through real-time interventions. Tim Ward added, “*We are excited to have Fuel onboard with us and delighted with the validation that we are already shaking up this market with our innovation and have considerable further potential!*” If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/christina-levada ### Title: Christina Levada ### Page ID: 5039443 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/icustomsai-raises-22-million-to-revolutionise-trade-compliance-with-ai ### Title: iCustoms.AI Raises $2.2 Million to Revolutionise Trade Compliance with AI ### Page ID: 5113689 ### Content: #### **About iCustoms** iCustoms.AI Raises $2.2 Million to Revolutionise Trade Compliance with AI **iCustoms.AI**, a leading provider of AI-powered trade compliance solutions, today announced the closing of a $2.2 million seed funding round. This investment will fuel the company's growth into ground breaking innovations and further development of its innovative trade compliance platform. The traditional customs clearance process is notorious for its complexity, characterised by outdated software, mountains of paperwork, and a reliance on manual labour. This creates a significant burden for traders, brokers, and customs agents, who struggle with tight deadlines and overwhelming workloads. Clear Customs Group established iCustoms to transform customs clearance, making it faster, cheaper, more accurate, and compliant. The company's HMRC Recognised customs declaration software and AI-powered platform automates and streamlines customs processes with an impressive 99% accuracy, resulting in savings of up to 50% in both cost and time. "*At iCustoms, we're passionate about making life easier for everyone involved in international trade,*" said Adnan Zaheer, CEO of iCustoms AI. "*Our AI platform eliminates tedious manual tasks, streamlines customs processes, and ensures complete compliance. This funding allows us to expand our tech team, develop new offerings, and make a significant impact on the trade compliance industry.*" A team with a proven track record of success in developing cutting-edge compliance and customs technology solutions leads iCustoms. The founding team boasts an impressive pedigree: Fuel Ventures, a leading venture capital firm, along with PlugnPlay, Outrun Ventures, Montblu Capital, SyndicateRoom and leading angels are backing iCustoms' fast growth. "*Our experience in the VC space has shown us the immense potential of iCustoms' innovative AI-driven approach,*" said Mark Pearson, Founder and Managing Partner of Fuel Ventures. "*We believe this technology will significantly reduce time and resource burdens for businesses involved in international trade. We're excited to invest in iCustoms and collaborate with their talented team to build something truly remarkable.*" *“At SyndicateRoom, we're thrilled to support iCustoms alongside other visionary investors.  Adnan and his team's dedication, expertise, and exceptional capabilities make them a perfect fit for our portfolio. We're excited to see iCustoms revolutionise trade compliance industry."* - Tom Britton, Founding Partner, SyndicateRoom. With this funding round, iCustoms is set to refine and enhance its technology, establishing itself as the leading platform for seamless trade compliance. The company's vision is to redefine the industry landscape by offering a powerful and indispensable solution for businesses worldwide. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - **Adnan Zaheer (CEO):** Qualified Accountant & MBA, Ex-PWC, Founding Member of $1bn Smart Pension, Founder Seers-Privacy and consent management platform - **Mark Denney (Advisor):** Ex CIO of HMRC, Ex Group CIO of Barclays. Led Brexit including Customs Technologies at HMRC, Expertise in digital transformation, technology, and strategic change. --- ## URL: https://www.fuel.ventures/silo-team-raises-116-million-usd-to-tackle-global-developer-turnover-a-challenge-costing-companies-billions ### Title: Silo Team Raises $1.16 million USD to Tackle Global Developer Turnover, a Challenge Costing Companies Billions ### Page ID: 5201797 ### Content: #### **Solving the problem** Silo Team Raises $1.16 million USD to Tackle Global Developer Turnover, a Challenge Costing Companies Billions *Silo Team, founded by brother and sister Rasmus Stjernström and Ida Stjernström, has secured a $1.16 million USD pre-seed funding round led by Pitchdrive and Fuel Ventures. They are on a mission to dramatically reduce developer turnover—an issue that is profoundly expensive for every industry.* Estimates vary, but most studies on the cost of replacing a developer range from 0.75x to 2x their annual salary. For example, finding a replacement for a developer who earns $90,000 per year could cost a company anywhere from $67,000 to $180,000. These costs arise from the need to find, hire, and train someone new, along with the loss of work while that person is getting up to speed. Addressing the rampant issue of developer turnover, which ranks among the highest, requires tackling systemic problems such as chaotic onboardings, disorganised knowledge silos, and limited automation. Silo Team’s solution begins with an advanced onboarding tool that ensures new developers are effectively integrated and productive from the start. Looking ahead, Silo Team aims to evolve this initiative into a comprehensive platform that enhances the entire developer lifecycle by leveraging AI to streamline knowledge management and automate key workflows. **The funding round** attracted significant backing, co-led by Pitchdrive (Belgium) and Fuel Ventures (United Kingdom). It was further bolstered by investments from Genesis Ventures (Greece), StartupIst Ventures (Estonia), ROI Ventures (Austria), and a group of angel investors, including Michael Proszynski (Sweden) and Ferdinand Dietrich (Austria). “*Our mission is to position Silo Team as the essential tool for enhancing accessibility to technical knowledge and substantially boosting time-to-code productivity. Our initiative, backed by an exceptional technical team, is designed to equip developers with what they need for quick adaptation and impactful contributions, thus speeding up innovation and efficiency across tech* *teams.*" stated Rasmus Stjernström, CEO. “*The feedback from early build partners has been overwhelmingly positive, and it reflects the hard work and dedication we've put into this project,*” added Ida Stjernström, CCO. "*Partnering with Silo Team is a strategic move that aligns with our commitment to supporting innovative companies reshaping their industries, and we are very confident in the Stjernström's vision and are excited to be part of their growth story,*" said Koen Christiaens from Pitchdrive, a firm co-leading the investment with Fuel Ventures. Fuel Ventures echoed the sentiments of Pitchdrive. "*We’re hugely excited to be joining Silo Team's journey towards changing how technical talent fundamentally interact and engage with an organisation. Rasmus and Ida’s vision and balance of skills is exceptional, and we’re all raring to go.*” commented Mark Pearson, Founding Partner of Fuel Ventures. Pär Hedberg, founder of Sting, the Stockholm-based startup accelerator program from which Silo Team emerged, is thrilled about the startup's success. "*We are immensely proud of what Rasmus and Ida have accomplished with Silo Team,*" said Hedberg. "*Their success is a clear indication of the innovative spirit that we foster at Sting. This investment round will undoubtedly propel them to new heights.*" Silo Team (TopCo: Stair Path AB 559393-4887) is a Swedish and UK-based company founded by brother and sister Rasmus Stjernström and Ida Stjernström. The company was part of Sting Accelerate in Stockholm and Forward’s Funding Lab in London and has since been making waves with its innovative developer on/offboarding and retention platform. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/james-dmello ### Title: James D'Mello ### Page ID: 5289177 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/the-uks-enterprise-investment-scheme-empowering-small-businesses-for-30-years ### Title: The UK's Enterprise Investment Scheme: Empowering Small Businesses for 30 Years ### Page ID: 5289179 ### Content: #### **Bridging the Funding Gap** #### **More Than Just Tax Relief** The UK's Enterprise Investment Scheme: Empowering Small Businesses for 30 Years *Since 1994, the UK government's Enterprise Investment Scheme (EIS) is a key UK initiative, designed to help smaller, higher-risk trading companies raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies. Introduced in 1994, the EIS has been instrumental in fostering growth and innovation within the SME sector. Here, we explore the key historical milestones, its impact on SMEs, benefits for investors, and the future outlook of the scheme. Since its inception, over 31,000 companies have received around £30 billion of investment through the EIS.* SMEs are the backbone of many economies, but they often face challenges securing traditional bank loans. The EIS steps in by providing an alternative source of funding. By incentivising private investment through tax breaks, the scheme bridges the funding gap for SMEs, allowing them to access capital for growth and expansion. The benefits of the EIS extend beyond tax advantages for investors. Here's how it fuels the success of SMEs and the UK economy as a whole: 1994: The EIS was launched to help smaller, higher-risk companies raise finance through tax reliefs for investors. 1998: The investment and company eligibility criteria were broadened to allow more companies and investors to participate in the scheme. 2001: The introduction of significant amendments increased the range of companies eligible and the annual investment limits for individuals. 2011: The investment limit was again increased, allowing individuals to invest up to £1 million annually, and the qualifying company assets threshold was raised to £15 million. 2012: As part of the Finance Act, the maximum annual investment that companies could receive through EIS was doubled to £5 million. This act also introduced the Seed Enterprise Investment Scheme (SEIS) to further encourage investment in early-stage companies. 2015: Adjustments were made specifically to benefit knowledge-intensive companies, increasing the amount these businesses could raise. 2018: Amendments included changes to focus EIS on growth investments, reinforcing rules to ensure EIS funding is directed towards companies with genuine need for capital to grow. At Fuel Ventures, we recognise the importance of the EIS in empowering SMEs. We actively seek out high-potential businesses that align with the Fund investment criteria and can benefit from the scheme's advantages. By connecting investors with these growth-oriented companies, we contribute to a thriving entrepreneurial ecosystem in the UK. And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - **Job Creation:** EIS-funded businesses are at the forefront of innovation and growth, particularly in sectors like technology, renewable energy, and healthcare. This translates into more jobs being created across the UK. - **Driving Innovation:** By making it more attractive to invest in these businesses, the EIS encourages entrepreneurs to pursue groundbreaking ideas and develop new technologies. This fosters a culture of innovation that benefits the entire economy. - **Spreading Growth:** The EIS isn't just for major cities like London. It helps distribute investment capital to businesses across the UK, promoting regional development and ensuring a more balanced economic landscape. --- ## URL: https://www.fuel.ventures/eleos-a-fully-digital-life-insurance-provider-secures-325m-seed-investment-to-transform-the-insurance-sector ### Title: Eleos, a fully digital life insurance provider secures £3.25M seed investment to transform the insurance sector ### Page ID: 5340312 ### Content: Eleos, a fully digital life insurance provider secures £3.25M seed investment to transform the insurance sector *A major step forward for London-based insurtech making essential protection accessible with embedded life and income insurance* Only six months after completion of its pre-seed round, [**Eleos**](https://www.eleos.co.uk/) has raised venture capital investment of £3.25 Million in a seed round led by Fuel Ventures and Indico Capital. Founded in 2022, Eleos has made rapid progress in consolidating its position as the UK’s only provider of fully digital life insurance and income protection products and is on course to pass the £1 million revenue mark by the end of 2024. Eleos was founded to address two basic shortcomings in the insurance industry: its inability to communicate the importance of financial protections like income protection and life insurance and its difficulty in developing fully digital solutions. By partnering with leading financial brands Eleos is revolutionising consumer access to important financial protections. Using its proprietary full stack B2B2C solution with APIs and white-labelled journeys the company makes integration simple with no additional costs. This enables its partners to benefit from new revenue streams, enhanced customer retention, and full regulatory coverage under the company’s FCA authorisation. Currently Eleos’s partners include the credit-building specialists Loqbox and CreditLadder and the flexible loans providers CreditSpring and Updraft. At the same time, consumers have come to expect more from their insurers than just simple insurance policies, so Eleos’s customer attraction and retention plan involves offering its customers several free ancillary benefits to offset the cost of their insurance premiums. These include a 24/7 remote GP (General Practitioner) service, mental health support and a scheme that gives cashback on everyday purchases. Partnership with Eleos offers companies the advantages of this high-value marketing In the UK, the current penetration of life insurance is only 35% and for income protection just 6%. Adoption rates of these essential protections have been slowly rising in recent years but this can be accelerated by raising awareness and improving access. This is the first element of Eleos’s mission. As for digital solutions, even though it is common amongst traditional insurers for the customer journey to begin online, the existing model still relies on lengthy phone calls with agents and a protracted underwriting process. The customer experience is cumbersome and disjointed, with policies taking days to go live. Consumers expect to buy their financial products entirely online and on the platforms they know and trust. This is the second element of Eleos’s mission. Eleos’s CEO, Kiruba Shankar Eswaran, founded Zaask in Portugal, later selling it to Worten. He has also been responsible for successful start-ups and exits in the UK. Of Eleos’s seed round Kiruba says: “*With our new funding we will launch more lines of insurance in the life and disability verticals and strike more distribution partnerships in the UK. Part of the funding is also earmarked to launch operations in the US.*” Mark Pearson, founder of Fuel Ventures, commented: “*We’ve been looking for a way into the insurtech sector for a long time but to do that we need a team with specialist experience, an understanding of the challenges and access to a substantial market. With Eleos we’ve found all three and we believe their products encapsulate our thinking about the insurance space – giving people easy access on familiar platforms. We’re working together to make our shared vision of the future a reality and that’s why we’ve doubled down on our support for their growth and expansion.*” Stephan Morais, Managing General Partner of Indico Capital Partners, added “*Indico is happy to keep supporting experienced founders such as the founders of Eleos. The insurtech market has plenty of room to grow and Eleos is targeting areas which are not only sizeable but overlooked by other current players globally*”. Operating in both the B2B and B2C sectors, Eleos is making substantial new sources of revenue accessible to its partners by addressing the deficit in personal financial security which leaves millions of people vulnerable to life’s toughest challenges. This seed round builds substantially on previous funding from Fuel Ventures, Founders Factory, Insurtech NY, Magic Fund, and Indico Capital Partners. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/global-climate-fintech-leader-ekko-secures-25-million-funding-round ### Title: Global climate fintech leader, ekko, secures $2.5 million funding round ### Page ID: 5385671 ### Content: #### **Hear from the co-founder** Global climate fintech leader, ekko, secures $2.5 million funding round *London-based climate fintech,* [***ekko***](https://ekko.earth/)*, has successfully closed a $2.5 million funding round led by Fuel Ventures and supported by Sorven Partners, Mishcon de Reya and existing investors. The raise will supercharge ekko’s ability to bring sustainability to the forefront of financial services by enabling banks, fintechs and payment providers to plug-in planet positive impact into their products.* After securing several successful partnerships, including fintech of the year Volt, Primis, and Stubben Edge, as well as the introduction of the Planet Saver Account in collaboration with Akoni Hub and BLME, this funding round underscores ekko's significant progress in the climate tech sector. ekko will deploy this new investment to drive innovation as it continues on its mission to leverage financial technology to deliver meaningful and positive climate impact at scale, and break down the barriers to more sustainable lifestyles. As part of this, ekko will be bringing leading industry experts to support international expansion and product development. Moving into the next phase of growth, ekko team’s focus is on faster routes for banks, fintechs, and payment providers to better serve and empower their customers, whilst delivering on their climate and environmental objectives. By embedding sustainability into financial products, individuals and businesses can begin to make an impact instantly. ekko supports a variety of impact partners through its fintech model. Working with leading organisations including Gold Standard, Conservation International, Tusk, and Prevented Ocean Plastic, ekko is supporting carbon compensation, reforestation and conservation projects, and preventing plastic from entering our oceans. By choosing to raise this money at this time, ekko is committing to its mission to act now on climate, turning words into action, whilst remaining commercially strong. Through the investment from pre-seed and seed specialist Venture Capital firm, Fuel Ventures, ekko joins a formidable portfolio of up-and-coming technology businesses. Partnered with the backing from Mishcon de Reya and Sorven Partners, this demonstrates the growing market demand for climate technology and ekko is ideally positioned to capture that demand and harness market growth.  Speaking on the closure of the funding round, Oli Cook co-founder and CEO at ekko commented: “*This fundraise is a recognition of the huge potential of ekko’s business, and the resonance of our mission. Welcoming investors of such calibre as Fuel Ventures, Sorven and Mishcon de Reya, is hugely encouraging. ekko is a very scalable business, and we’re looking forward to seeing the wider influence that this raise will have on our product growth and impact partners, too. The time to act on our current climate situation is now. With this raise, we aim to be the disruptor in the market and enable banks, fintechs, and payment providers to empower their customers to have a tangible and meaningful impact on our world.*” Mark Pearson, Managing Partner & Founder at Fuel Ventures, added: “*It’s always been important for us that we invest in tech businesses with the potential to scale quickly. The combination of sustainability and fintech embedded into ekko’s unique value proposition means we can immediately see the opportunity for fast growth. The pressure is on for fintech and banking to adopt more sustainable practices and the ekko leadership team has both the banking credentials and the fintech entrepreneurship to make this happen. We’re excited to help the business push onto the next level.*” If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/the-vice-mayor-of-beijing-mr-jin-wei-visits-fuel-ventures-to-explore-a-new-chapter-of-sino-british-cooperation-in-technology-innovation-and-investment ### Title: The Vice Mayor of Beijing, Mr. Jin Wei, Visits Fuel Ventures to Explore a New Chapter of Sino-British Cooperation in Tec ### Page ID: 5415948 ### Content: The Vice Mayor of Beijing, Mr. Jin Wei, Visits Fuel Ventures to Explore a New Chapter of Sino-British Cooperation in Tec *We were privileged to host Mr. Jin Wei, Vice Mayor of Beijing, and his esteemed delegation at Fuel Ventures' London office, where they were warmly greeted by the Fuel Ventures team.* The meeting convened senior leaders and influential decision-makers from both sides, comprising key officials from Beijing alongside core members of the Fuel Ventures team. Throughout the visit, in-depth discussions were held, focusing on fortifying collaboration in technology innovation and investment. Mark Pearson, Founder of Fuel Ventures, and Xu Jingjing, Partner of Fuel Ventures, provided a comprehensive overview of Fuel Ventures' investment strategy, outcomes, and their enduring partnership with the Zhongguancun Development Group (ZGCDG). ZGCDG stands as a cornerstone enterprise in China's science and technology innovation landscape, and its collaboration with Fuel Ventures has yielded strategic benefits in terms of brand elevation, project support, and network and resource expansion. Expressing enthusiasm, Mark Pearson highlighted Fuel Ventures' established cooperative foundation with ZGCDG in Beijing, underscoring the firm's growing confidence in the Asian market, exemplified by the expansion of Fuel Ventures' Asia team. Furthermore, Jingjing Xu, Partner of Fuel Ventures, conveyed the firm's commitment to spearheading technology investment endeavors, aiming to cultivate an environment and ecosystem conducive to the growth of technology ventures with great potential. Mr Jin Wei extended recognition towards Fuel Ventures for its passion and professionalism in early-stage technology investment. He voiced his support and recognition of the collaboration between Fuel Ventures and ZGCDG, emphasizing the pivotal role of Zhongguancun Science Park in Beijing's innovation ecosystem. Mr. Jin Wei expressed optimism regarding the prospects for sustained cooperation between the two entities, underlining the substantial potential for Beijing-London collaboration in technology and innovation and investment. Furthermore, he articulated specific expectations for future cooperation, including strengthening ongoing China-UK collaboration in science, technology, and innovation, fostering deeper ties within the venture capital industries of both sides, and facilitating mutual understanding and technological exchanges among multinational enterprises. The meeting served not only as a platform for substantive exchanges but also as a catalyst for setting clearer directions and goals for future collaboration. Through these measures, Beijing and Fuel Ventures hopes to jointly promote science and technology innovation, enhance investment opportunities, and deepen cooperation and influence on the global science and technology innovation stage. If you would like to hear more about the Investment opportunities at Fuel Ventures, please click [**here**](https://www.fuel.ventures/for-investors)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/understanding-the-benefits-of-using-seis-to-mitigate-capital-gains-tax ### Title: Understanding the Benefits of Using SEIS to Mitigate Capital Gains Tax ### Page ID: 5775154 ### Content: # **Key Benefits of SEIS** Understanding the Benefits of Using SEIS to Mitigate Capital Gains Tax *Firstly, an important disclaimer - This article is not intended to offer tax advice. Neither myself or Fuel Ventures are qualified or authorised to give Tax advice. Tax laws and regulations are subject to change, and it is crucial to consult with a professional tax or financial adviser for specific guidance. The information presented here is based on the rules as of July 2024.* Amidst the backdrop of the new Labour government potentially increasing CGT rates, we have seen investors that are increasingly concerned about the future tax landscape. Speculation about higher CGT rates has led many to consider triggering capital gains now, to take advantage of the current, lower rates. This preemptive approach aims to mitigate potential higher tax liabilities in the future. As investors look for strategies to manage these gains effectively, the Seed Enterprise Investment Scheme (SEIS) emerges as a valuable tool. The Seed Enterprise Investment Scheme (SEIS) is a UK government initiative designed to encourage investment in early-stage companies. It offers a range of tax reliefs to individual investors who purchase shares in qualifying startups. Investors can claim 50% income tax relief on the amount invested in SEIS-qualifying companies, up to a maximum annual investment of £200,000. This can significantly reduce your overall tax liability. One of the most attractive features of SEIS is its ability to help mitigate capital gains tax. If you reinvest a capital gain into SEIS-qualifying shares, you can benefit from CGT relief on up to 50% of the reinvested amount. This effectively reduces the tax payable on the original gain, rather than deferring it. Gains on SEIS shares are exempt from CGT if the shares are held for at least three years and the investor has claimed income tax relief on them. This can result in substantial tax savings if the investment performs well. Should your SEIS investment not succeed, you can claim loss relief. This allows you to offset the loss against your income, reducing your tax bill. The loss can be offset at your marginal rate of income tax (up to 45%). Suppose you have a capital gain of £100,000 from the sale of a buy-to-let property, and you are facing a CGT bill. On top of this you have an income tax bill of £50,000 in the same tax year. By reinvesting the gain into SEIS shares, you can take advantage of several tax reliefs: If you invest £100,000 in SEIS shares, you can claim up to £50,000 in income tax relief (50% of the investment). Additionally, you can claim CGT relief on 50% of the reinvested gain. This means you can reduce the taxable gain by £50,000, lowering your CGT liability by £12,000 If the SEIS shares appreciate in value, the gains will be tax-free. Conversely, if the investment incurs a loss, you can claim loss relief against your income tax, further mitigating your exposure. SEIS shares may qualify for Business Relief, which provides up to 100% relief from Inheritance Tax (IHT) if the shares are held for at least two years at the time of death. This can reduce the taxable value of your estate for IHT purposes. \*Shares must be held for 3 years to qualify for income tax relief and CGT free growth \*\*Shares must be held for 2 years to qualify for Business Relief/IHT Exemption **In the right circumstances, using SEIS to mitigate capital gains tax can be a powerful strategy for investors looking to manage their tax liabilities. By understanding the benefits and ensuring that the investments qualify with SEIS requirements, you can take full advantage of the tax reliefs available. Always remember to speak with a tax or financial adviser to navigate the complexities of tax regulations and optimise your investment strategy.** If you would like to hear more about the Investment opportunities at Fuel Ventures, please click [**here**](https://www.fuel.ventures/for-investors)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/startup-for-first-time-buyers-raises-750k-to-transform-shared-ownership ### Title: Startup for first-time buyers raises £750k to transform shared ownership ### Page ID: 5794978 ### Content: Startup for first-time buyers raises £750k to transform shared ownership *Data-driven startup on track to help people in shared ownership achieve dream of owning a home following pre-Seed funding led by Fuel Ventures.* [**Stairpay**](https://www.stairpay.com/), a platform that simplifies the customer journey of shared ownership to help more people achieve their dream of owning a home, has raised £750k in Pre-Seed funding.  The round was led by Fuel Ventures, with participation from Heartfelt Ventures. Prominent angel investors such as Rob Hamilton, who built and sold Instant Offices to private equity house MML Capital, prolific proptech specialist Luke Appleby, and Paul Kempe of City and Provincial Properties also joined the round. The funding will be used to further develop the platform and onboard more housing associations.  The startup, which currently focuses on automating staircasing - the process of gradually building towards 100% home ownership - has partnered with leading housing association, Clarion and social enterprise, Places for People. The company has also partnered with Share to Buy, the largest property portal for shared ownership, to facilitate automatic listing of shared ownership properties for sale. These partnerships will leverage Stairpay’s data-driven insights to enhance and simplify the shared ownership experience for residents using the part-buy, part-rent scheme designed to make housing more affordable.  The UK faces a significant gap between renters and affordable properties. While 8.5 million people currently rent, only [20,000 shared ownership properties became available in 2021-22](https://www.gov.uk/government/statistics/social-housing-sales-and-demolitions-2021-22-england/social-housing-sales-and-demolitions-2021-22-shared-ownership#:~:text=In%202021%2D22%20there%20were,was%20recorded%20in%202014%2D15). The end of the Help to Buy scheme in 2022, which enabled the purchase of almost 390,000 new build homes, has also created a supply void. Consequently, the number of first-time buyers dropped to a 10-year low of [293,000](https://www.statista.com/statistics/557862/total-first-time-buyers-united-kingdom/#:~:text=Over%20293%2C000%20people%20bought%20their,deteriorated%20markedly%20during%20that%20period.) last year, highlighting the need for innovative solutions.  Stairpay’s platform addresses these challenges by automating the entire shared ownership journey for both residents and housing associations — from initial purchase to staircasing and resales. Residents can manage their entire shared ownership experience through the app, eliminating the need for dealing with multiple advisers and complex paperwork. Stairpay also captures crucial data points to help housing associations better understand their residents and optimise their shared ownership offerings. A successful two-month pilot with Clarion saw an additional £1.58m worth of staircasing instructions generated and strong resident engagement with the app.  **Floris ten Nijenhuis, Founder of Stairpay said:** “*Stairpay was born out of the desire to solve the challenges faced by first-time buyers looking to get onto the property ladder. The UK has the largest shared ownership market globally, but has challenges to address. Our partnerships with Places for People, Clarion and Share to Buy signify the collective intent to apply a data-driven approach to significantly improve the shared ownership experience for both residents, housing associations and other stakeholders which will see more people realise their dream of full home ownership. Shared Ownership has also become an increasingly popular asset class, attracting significant investment from the likes of Blackstone, Legal & General and M&G. Our technology provides data and insights to make Shared Ownership an even more attractive asset class by determining who it works for.*” **Mike Stevenson, Principal at Fuel Ventures said:** “*The shared ownership market in the UK is currently facing significant challenges and the results of Stairpay’s pilot with Clarion Housing has demonstrated the potential of innovative solutions to address them. By leveraging data, the platform simplifies and enhances the shared ownership experience for both housing associations and residents. We are excited to support Floris and the team in their mission to help more people achieve their dream of owning a home.*” If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-ventures-named-finalist-in-the-2024-growth-investor-awards ### Title: Fuel Ventures named finalist in the 2024 Growth Investor Awards ### Page ID: 5836373 ### Content: Fuel Ventures named finalist in the 2024 Growth Investor Awards Marking a decade of excellence, this year’s Growth Investor Awards, hosted by Intelligent Partnership, have once again attracted a highly competitive field of entries. With the standard so high, Fuel are delighted to have achieved shortlisted status.  Now celebrating their 10th anniversary, the Growth Investor Awards have established themselves as a cornerstone event in the investment industry calendar. These prestigious awards honor the companies and individuals who go above and beyond to support the UK’s burgeoning businesses, fostering job creation, driving economic growth, and championing innovation. The judging panel pride themselves on seeking out funds and firms that demonstrate exceptional innovation, commitment, and impact within the venture capital, EIS, and VCT investment sectors. The “Best New Product or Service” award category celebrates pioneering advancements and outstanding contributions that drive growth and transformation in these dynamic fields. This award recognises a new product or service that has significantly enhanced the capabilities, efficiency, or reach of the venture capital, EIS, and VCT investment community. Nominees are evaluated on the originality of their offering, the tangible benefits it provides to the market, and its potential to set new industry standards. To get to the final itself is an achievement, but Award winners will have to stand out above the rest for achieving impact beyond investment.  Commenting on the announcement, **James D’Mello, Head of IFA Distribution at Fuel** said: *"We are delighted to be recognised as a finalist at the 2024 Growth Investor Awards for the Fuel Ventures VCT. Achieving one of the largest maiden VCT raises for a new VCT manager is a testament to our dedication and the innovative solutions we bring to the market. We are very grateful for the unwavering support of our partners, investors and financial advisers, who have played a crucial role in our success. This recognition reflects our commitment to supporting the UK’s most promising tech startups. Congratulations to all the finalists; it’s an incredible achievement to be among such distinguished companies.”* The Growth Investor Awards are bigger than ever this year, with over 20 categories. The awards will be celebrated with a gala dinner at the prestigious London Hilton Park Lane, on the evening of November 21st.  Commenting on the Growth Investor Awards 2024, **Guy Tolhurst, Managing Director of Intelligent Partnership**, said: *“Our finalists this year have truly set new standards for the growth investment community. We are consistently amazed by the crucial contributions our finalists make in supporting the UK's most rapidly expanding SMEs and startups. The competition is always fierce, but this year has surpassed all our expectations. Fuel Ventures deserves immense congratulations for reaching the final in the Best New Product category, as the competition was exceptionally tough.”* Award submissions will now move to a second round of judging from an independent panel of judges. All scores are collated to determine the Winner, Runner-Up and One to Watch, with the results announced at our Awards dinner in November.  If you would like to hear more about the Investment opportunities at Fuel Ventures, please click [**here**](https://www.fuel.ventures/for-investors). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - Fuel Ventures is a finalist at the prestigious Growth Investor Awards 2024 - Now in its 10th year, the Growth Investor Awards will be announced during a gala dinner in London, in November --- ## URL: https://www.fuel.ventures/eis-tax-relief ### Title: EIS Tax Relief ### Page ID: 6072974 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/vct ### Title: Venture Capital Trusts ### Page ID: 6072976 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/eis-eligibility-criteria ### Title: EIS eligibility criteria ### Page ID: 6072977 ### Content: #### Resources List ### EIS eligibility criteria The Enterprise Investment Scheme (EIS) offers a vital funding pathway for smaller companies that may find it difficult to secure investment through traditional channels. EIS funding is targeted at businesses that require it most. To qualify, companies must be actively trading and unlisted on any major stock exchange, although those listed on the AIM market are still considered unquoted for the purposes of EIS. EIS is designed to direct funding to areas where it's most needed. Over time, the sectors eligible for EIS funding may change, but currently, businesses involved in the following activities do not qualify: Several rules govern how companies can use EIS funding: Companies can apply for advance assurance from HMRC, which gives them an indication that a future investment will likely meet EIS qualification criteria. Although advance assurance isn’t mandatory, it provides a level of certainty to investors and businesses that the company should qualify under EIS guidelines. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) - Dealing in land, property development, or leasing - Non-standard retail or wholesale distribution - Financial services such as banking, insurance, or lending - Dealing in financial instruments or receiving royalties - Legal and accounting services - Farming and market gardening - Forestry operations - Running hotels or residential care homes - Coal, steel, or shipbuilding industries - All energy generation activities. - Funds must be used to purchase new shares, not existing ones. - There must be a genuine risk to capital, meaning the investment cannot be designed as low-risk. - The funds should drive business growth, such as expanding revenue, customers, or workforce, rather than sustaining the company’s regular expenses. - Companies must have been trading for less than seven years, or up to ten years for knowledge-intensive companies (KICs), and cannot be controlled by another entity. - The business must have a permanent establishment in the UK. - The company must have fewer than 250 employees (500 for KICs). - Gross assets must be under £15 million before investment and no more than £16 million post-investment. - Funds raised must be deployed within 24 months. - There are caps on the amount of investment a company can receive through EIS and similar schemes: - Up to £5 million annually (£10 million for KICs). - No more than £12 million across the company’s lifetime (£20 million for KICs). --- ## URL: https://www.fuel.ventures/two-ways-to-invest-in-eis ### Title: Two ways to invest in EIS ### Page ID: 6073093 ### Content: #### Resources List ### Two ways to invest in EIS Investors looking to purchase shares in companies that qualify under the Enterprise Investment Scheme (EIS) have two main options in terms of strategy and structure for their investment. The most straightforward method of investing in an EIS is by choosing a specific company to back. This requires investors to conduct their own research and due diligence, which can be time-consuming and demands a good understanding of the market. Alternatively, investors can opt to invest through a specialist manager, who pools funds from multiple investors to create a portfolio of EIS-qualifying companies. A specialist manager brings several advantages, such as continuous monitoring of the companies in the portfolio, the possibility of influencing board-level decisions (if the manager is significant enough to secure a board position), and expertise in negotiating favourable exit strategies. Investments through specialist EIS managers can be structured in two ways: The primary distinction between the two lies in the timing of when tax reliefs can be claimed. For an EIS fund to be treated as ‘approved’ by HMRC, it must meet certain criteria: *NB: Although referred to as "funds" in tax regulations, EIS investments differ from mutual funds or collective investment schemes. An investor in an EIS fund directly owns shares in the underlying companies, not shares or units in a pooled investment.* Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) - Unapproved EIS portfolios/funds - Approved Knowledge Intensive EIS portfolios/funds - 80% of the funds must be invested in knowledge-intensive companies within two years. - 50% of the capital must be deployed within 12 months of the fund’s closing, with an additional 40% invested within the following 12 months (totalling 90% within two years). --- ## URL: https://www.fuel.ventures/why-consider-investing-in-eis ### Title: Why consider investing in EIS? ### Page ID: 6073183 ### Content: #### Resources List ### Why consider investing in EIS? There are various reasons for choosing to invest in an EIS-qualifying company, depending on individual investor goals and preferences. Many businesses seeking EIS funding are in the early stages of their development, with ambitious growth plans. For investors, this presents a chance to share in the success of companies as they embark on their growth journey. The EIS offers several tax benefits, including loss relief, which can help mitigate the financial risk if the investment doesn’t succeed. Given the high-risk nature of these investments, this is a particularly valuable feature. It’s important to note that tax treatment is subject to individual circumstances, current legislation, and the company maintaining its EIS-qualifying status. EIS-qualifying companies are often young and innovative, focused on providing new solutions to existing problems or creating something entirely original. Investing in such firms allows investors to support the development of pioneering ideas. Smaller companies usually experience different market cycles compared to larger firms, offering investors an additional layer of diversification. For those comfortable with higher risk, investing in EIS-qualifying companies can provide exposure to businesses outside the traditional investment market. EIS shares are designed to be held for the long term and come with distinct benefits and risks. For this reason, many investors view them as a complement to their broader investment strategy, which may include ISAs, VCTs, and pensions. However, it’s crucial to understand that EIS is not a substitute for more traditional long-term investments like pensions. The variety of tax reliefs available under the EIS can provide valuable options for investors interested in tax planning, offering multiple ways to manage their financial portfolio efficiently. Investing in EIS-qualifying businesses not only offers personal financial benefits but also contributes to the broader UK economy. Investors are backing entrepreneurial ventures that drive innovation, create jobs, and enhance productivity across the country. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) --- ## URL: https://www.fuel.ventures/risks-of-eis-investments ### Title: Risks of EIS investments ### Page ID: 6073210 ### Content: #### Resources List ### Risks of EIS investments Investing in early-stage companies through the Enterprise Investment Scheme (EIS) is inherently risky and best suited for investors who can tolerate a high level of uncertainty. Investments in EIS-qualifying companies are high risk, as these businesses are typically in their early stages. The value of investments can decrease significantly, and investors may lose their entire capital. Shares in smaller companies tend to fluctuate more than those of larger, well-established firms, making EIS investments particularly volatile. EIS tax benefits depend on current legislation and personal tax circumstances. Changes in tax laws or the interpretation of these laws by HMRC could affect the availability of relief. Moreover, if a company loses its EIS status within three years, you may need to repay any tax relief claimed, and future tax benefits would be revoked. As EIS shares are typically unlisted (including those listed on AIM), they may be more difficult to sell compared to shares traded on the main London Stock Exchange. To qualify for certain tax reliefs, investors must hold their shares for at least three years, but it is often necessary to hold them for much longer, sometimes up to ten years or more. *Before investing in EIS-qualifying companies, it's essential to carefully assess and understand the associated risks. Both the potential returns and risks of EIS investments are largely influenced by the specific companies chosen and the expertise of the specialist manager responsible for managing the investments.* Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) --- ## URL: https://www.fuel.ventures/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax ### Title: The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax ### Page ID: 6073239 ### Content: #### Resources List ### The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax #### Income tax #### Capital Gains Tax (CGT) #### Inheritance Tax Understanding the distinctions between these taxes is crucial before delving into the specific EIS-related tax reliefs available to investors. Income tax applies to the earnings an individual receives, such as wages, dividends, pensions, rental income, savings interest, and certain state benefits. The rates vary depending on the total income earned during the tax year. Capital gains tax is payable when an asset is sold for more than its original purchase price. CGT is charged when gains exceed the annual exempt amount (AEA) of £3,000. The applicable rate depends on combined income and capital gains. Inheritance tax is levied on the estate of a deceased person, including some gifts made within seven years before death. The first £325,000 of an estate is exempt, with a 40% tax applied to anything above that threshold. ***Investors should seek advice from a professional tax adviser to fully understand how these taxes apply to their personal situations.*** Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [1\. EIS eligibility criteria](/eis-eligibility-criteria "1. EIS eligibility criteria") - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis "2. Two ways to invest in EIS") - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis "3. Why consider investing in EIS?") - [4\. Risks of EIS investments](/risks-of-eis-investments "4. Risks of EIS investments") - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax "5. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax") - [6\. EIS tax relief](/eis-tax-reliefs "6. EIS tax relief") - [7\. How and when to claim tax relief](/claiming-tax-reliefs "7. How and when to claim tax relief") - [8\. Married couples and EIS shares](/married-couples-and-eis-shares "8. Married couples and EIS shares") - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares "9. Other beneficiaries and EIS shares") - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments "10. Things to consider when choosing an EIS investment") - [1\. EIS eligibility criteria](/eis-eligibility-criteria "1. EIS eligibility criteria") - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis "2. Two ways to invest in EIS") - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis "3. Why consider investing in EIS?") - [4\. Risks of EIS investments](/risks-of-eis-investments "4. Risks of EIS investments") - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax "5. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax") - [6\. EIS tax relief](/eis-tax-reliefs "6. EIS tax relief") - [7\. How and when to claim tax relief](/claiming-tax-reliefs "7. How and when to claim tax relief") - [8\. Married couples and EIS shares](/married-couples-and-eis-shares "8. Married couples and EIS shares") - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares "9. Other beneficiaries and EIS shares") - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments "10. Things to consider when choosing an EIS investment") - **Basic Rate Taxpayers**: 18% for residential property (excluding the main home), 10% for other assets. - **Higher/Additional Rate Taxpayers**: 24% for residential property (excluding the main home), 20% for other assets. --- ## URL: https://www.fuel.ventures/eis-tax-reliefs ### Title: EIS tax relief ### Page ID: 6073321 ### Content: #### Resources List ### EIS tax relief #### Knowledge Intensive Companies (KICs) #### Important to note UK investors who pay tax have access to several reliefs when investing in companies that qualify for EIS. Investors may claim up to 30% income tax relief on their EIS investments, which helps offset some of the risks associated with investing in small businesses. The maximum amount an investor can claim in a single tax year is based on an investment limit of £1 million, providing up to £300,000 in income tax relief. This relief applies to the tax year in which the investment is made into the company. However, for unapproved EIS funds, investors can opt to backdate the investment to the previous tax year, allowing a potential investment of up to £2 million within one tax year (£1 million for the current tax year and £1 million carried back to the previous year). ***Note that investors must hold their shares for at least three years, and the company must retain its EIS-qualifying status throughout that period. Otherwise, the relief will need to be repaid to HMRC. Income tax relief can only reduce the tax bill to nil; any excess cannot be refunded.*** When EIS shares are sold, any increase in value is entirely free from capital gains tax. This is particularly beneficial as early-stage companies can often experience significant growth. To benefit from this relief, investors must have already claimed income tax relief, and the company must remain EIS-qualifying for at least three years. Additionally, the shares must have been held for a minimum of three years. KICs allow greater flexibility, increasing the investment limit to £2 million per tax year, provided at least £1 million is invested in KICs. Investors may also backdate their investment, potentially allowing up to £4 million over two tax years. Investors can defer capital gains by reinvesting them into EIS shares. This deferral applies for the lifetime of the investment, with no upper limit on the gains that can be deferred. However, it’s the gain, not the sale proceeds, that must be reinvested. For example, if an asset is sold for £50,000, having originally cost £10,000, the gain of £40,000 would need to be reinvested to qualify for deferral. This reinvestment can be made within a window of 12 months before or up to three years after the original gain. The deferred gain will remain on hold until one of the following events occurs: When the deferred gain comes back into charge, it will be subject to capital gains tax at the current rate. The gain can be deferred again if reinvested in another EIS-qualifying investment. If the investor passes away while still holding the EIS shares, the gain is cancelled. EIS shares qualify for business relief, which allows them to be passed to beneficiaries free from inheritance tax, provided the shares have been held for at least two years at the time of death. Given the nature of EIS investments in early-stage companies, the risk of loss is higher compared to other investments. However, EIS loss relief can reduce the financial impact if an individual company’s shares decrease in value. Even if an investor’s entire portfolio delivers an overall positive return, they can still claim loss relief on individual investments that performed poorly. EIS tax reliefs help offset some of the risks involved in investing in early-stage companies. However, the availability of tax reliefs depends on qualifying conditions and the investor’s personal circumstances. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [1\. EIS eligibility criteria](/eis-eligibility-criteria "1. EIS eligibility criteria") - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis "2. Two ways to invest in EIS") - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis "3. Why consider investing in EIS?") - [4\. Risks of EIS investments](/risks-of-eis-investments "4. Risks of EIS investments") - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax "5. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax") - [6\. EIS tax relief](/eis-tax-reliefs "6. EIS tax relief") - [7\. How and when to claim tax relief](/claiming-tax-reliefs "7. How and when to claim tax relief") - [8\. Married couples and EIS shares](/married-couples-and-eis-shares "8. Married couples and EIS shares") - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares "9. Other beneficiaries and EIS shares") - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments "10. Things to consider when choosing an EIS investment") - [1\. EIS eligibility criteria](/eis-eligibility-criteria "1. EIS eligibility criteria") - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis "2. Two ways to invest in EIS") - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis "3. Why consider investing in EIS?") - [4\. Risks of EIS investments](/risks-of-eis-investments "4. Risks of EIS investments") - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax "5. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax") - [6\. EIS tax relief](/eis-tax-reliefs "6. EIS tax relief") - [7\. How and when to claim tax relief](/claiming-tax-reliefs "7. How and when to claim tax relief") - [8\. Married couples and EIS shares](/married-couples-and-eis-shares "8. Married couples and EIS shares") - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares "9. Other beneficiaries and EIS shares") - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments "10. Things to consider when choosing an EIS investment") - The EIS shares are sold. - The company loses its EIS-qualifying status within three years. - The investor ceases to be a UK resident within three years of the investment. --- ## URL: https://www.fuel.ventures/claiming-tax-reliefs ### Title: Claiming tax reliefs ### Page ID: 6073371 ### Content: #### Resources List ### How and when to claim tax relief When claiming EIS tax reliefs, certain time limits and processes need to be followed. Amend PAYE tax code (if applicable) or claim through a personal tax return. EIS 3 or EIS 5 certificates required.\* Approved EIS portfolio: in the tax year the fund closes. Unapproved EIS portfolio: in the tax year the investment is made. Five years from 31 January after the tax year in which the shares were issued. When the shares are sold, provided they’ve been held for at least three years. When the shares are either sold or deemed of nil value. Income tax: One year from 31 January after the tax year in which the loss was made. CGT: Four years after the tax year in which the loss was made. Claim through a personal tax return. EIS 3 or EIS 5 certificates required.\* Approved EIS portfolio: in the tax year the investment is made. Unapproved EIS portfolio: in the tax year of the investment. Five years from 31 January after the tax year in which the shares were issued. Claim through an inheritance tax form valuing the deceased’s estate. \* EIS 3 certificates are issued by each company in an unapproved EIS portfolio. EIS 5 certificates are provided by the EIS manager of an approved EIS portfolio. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) --- ## URL: https://www.fuel.ventures/married-couples-and-eis-shares ### Title: Married couples and EIS shares ### Page ID: 6073445 ### Content: #### Resources List ### Married couples and EIS shares ### When shares are gifted Understanding the tax rules when transferring EIS shares between spouses or civil partners can help investors make informed decisions. If EIS shares are gifted to a spouse or civil partner during the investor's lifetime, this is not considered a taxable sale. No impact – income tax relief is not repayable, even if the shares are transferred within three years of the original investment. If income tax relief is withdrawn after the gift, the spouse becomes liable for repaying it. No impact – gifts between spouses do not trigger a CGT charge. Growth is tax-free, provided the shares have been held for a combined total of three years between both spouses. No impact – gifting between spouses cannot realise a loss. Loss relief is available against income or gains, based on the original investment amount after accounting for any income tax relief claimed. No impact – deferred gains are not brought back into charge upon the gift. Deferred gains become chargeable to the spouse when the shares are sold. No impact – transfers between spouses are exempt from inheritance tax. The shares must be held for an additional two years to qualify for Business Relief as part of the spouse’s estate. When EIS shares are transferred to a spouse upon the original investor's death, the tax implications vary. No impact – income tax relief is not reclaimable, even if the death occurs within three years of the investment. If income tax relief is withdrawn after the transfer, the spouse is not required to repay it. No effect – any growth up to the date of death is tax-free, including within the three-year holding period. Any growth in the value of the shares after the transfer will no longer be exempt from capital gains tax. No implications – losses are not crystallised upon death. Loss relief can be claimed against capital gains, with the loss calculated from the date of death to the eventual sale of the shares. No impact – deferred gains are nullified upon death. No further implications for the spouse after the transfer. No implications – transfers between spouses are exempt from inheritance tax. The shares will still qualify for Business Relief (BR) if the combined holding period between the spouses is at least two years. *Important Note: Unmarried couples are considered single individuals for tax purposes and do not benefit from the tax advantages available to married couples or civil partners.* Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) --- ## URL: https://www.fuel.ventures/other-beneficiaries-eis-shares ### Title: Other beneficiaries and EIS shares ### Page ID: 6073464 ### Content: #### Resources List ### Other beneficiaries and EIS shares Understanding the tax consequences when EIS shares are transferred to beneficiaries who are not married to the original investor is crucial for effective estate planning. When shares are gifted to non-spouse beneficiaries, it's treated as a sale for tax purposes. Where shares are transferred within three years of investment, income tax relief claimed is repayable. Where shares are transferred within three years of investment, growth will be subject to capital gains tax. Any growth in value after transfer is no longer from from capital gains tax. If the shares have fallen in value between investment and gift, loss relief can be claimed against income or gains. Loss relief is available against capital gains only. The loss is based on the fall in value between the date of gift to the date of sale. If the investor dies within seven years of making the gift, inheritance tax may be payable. However, if the investor held the shares for at least two years before making the gift and the recipient still owns them when the investor dies, no inheritance tax is due. The shares will need to be held for a further two years to be free from inheritance tax as part of the recipient’s estate. When shares are inherited from the original investor, the tax implications change. No implications – income tax relief remains even if death is within three years. No implications – growth to the date of death is tax-free, even if the death is within three years of investment. Any growth in value after the transfer is no longer free from capital gains tax. No implications – deferred gains are eliminated on death. Shares will be free from inheritance tax provided the shares have been held for two years on death. The shares will need to be held for a further two years to be free from inheritance tax as part of the recipient’s estate. *NB: Beneficiaries who are married are treated differently for tax purposes.* Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) --- ## URL: https://www.fuel.ventures/things-to-consider-when-choosing-eis-investments ### Title: Things to consider when choosing an EIS investment ### Page ID: 6073482 ### Content: #### Resources List ### Things to consider when choosing an EIS investment When considering an EIS investment, several key factors should be taken into account: Investors should seek advice from a financial adviser who understands their unique circumstances, risk tolerance, and long-term goals. A professional can help tailor the right EIS investment to meet individual needs. Investing in EIS-qualifying companies involves higher risks. These companies are often unlisted and may fluctuate in value, potentially falling to nil. Shares in unlisted businesses are generally harder to sell, and liquidity can be a concern. Additionally, if a company loses its EIS-qualifying status, tax reliefs will need to be repaid. Changes in tax rules can also affect future reliefs. It's essential to evaluate the experience and track record of the EIS manager. A strong history of selecting smaller companies and successfully facilitating exits can be an indicator of reliability. However, past performance does not guarantee future success. Keep in mind that selling shares can take years, so an exit plan is important. Carefully compare the fees of various EIS portfolio services. These costs can vary, and it’s essential to understand how they impact overall returns. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) - [1\. EIS eligibility criteria](/eis-eligibility-criteria) - [2\. Two ways to invest in EIS](/two-ways-to-invest-in-eis) - [3\. Why consider investing in EIS?](/why-consider-investing-in-eis) - [4\. Risks of EIS investments](/risks-of-eis-investments) - [5\. The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax](/the-essentials-income-tax-capital-gains-tax-and-inheritance-tax) - [6\. EIS tax relief](/eis-tax-reliefs) - [7\. How and when to claim tax relief](/claiming-tax-reliefs) - [8\. Married couples and EIS shares](/married-couples-and-eis-shares) - [9\. Other beneficiaries and EIS shares](/other-beneficiaries-eis-shares) - [10\. Things to consider when choosing an EIS investment](/things-to-consider-when-choosing-eis-investments) --- ## URL: https://www.fuel.ventures/an-introduction-to-venture-capital-trusts ### Title: An Introduction to Venture Capital Trusts ### Page ID: 6073493 ### Content: #### Resources List ### An introduction to Venture Capital Trusts The UK has established itself as a leading market for entrepreneurial small businesses. However, to achieve growth and expansion, these companies often require additional investment. Understanding that investing in smaller businesses carries more risk than investing in established, larger companies, the government introduced Venture Capital Trusts (VCTs) in 1995. These were designed to encourage investment in innovative British firms. Over the nearly 30 years since their inception, VCTs have played a key role in fostering innovation, job creation, and strengthening the UK economy. Several businesses that initially benefited from VCT funding have grown significantly, with some going public on the London Stock Exchange, while others have been acquired by global giants such as Microsoft, Amazon, and X (formerly Twitter). VCTs not only provide investors with access to smaller, unlisted, or AIM-listed companies, but also come with a range of tax benefits. These include up to 30% upfront income tax relief, tax-free dividends, and exemption from capital gains tax on any share value increase. Given the inherent risks involved in smaller businesses, these tax incentives serve to offset the potential losses investors might face. We believe that VCTs present attractive investment opportunities, especially with the associated tax advantages. However, they aren’t suitable for everyone, so we always recommend consulting with a financial adviser before making any decisions. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct) - [3\. Understanding the risks](/understanding-the-risks) - [4\. Key statistics](/key-statistics) - [5\. How VCTs work](/how-vcts-work) - [6\. What types of VCT are available?](/what-types-of-vct-are-available) - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct) - [8\. Frequently asked questions](/frequently-asked-questions) - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct) - [3\. Understanding the risks](/understanding-the-risks) - [4\. Key statistics](/key-statistics) - [5\. How VCTs work](/how-vcts-work) - [6\. What types of VCT are available?](/what-types-of-vct-are-available) - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct) - [8\. Frequently asked questions](/frequently-asked-questions) --- ## URL: https://www.fuel.ventures/reasons-to-consider-investing-in-a-vct ### Title: Reasons to Consider Investing in a VCT ### Page ID: 6073534 ### Content: #### Resources List ### Reasons to consider investing in a VCT #### Tax benefits #### Add diversity to your portfolio #### Supporting UK innovation and economic growth through VCTs #### Complementing other investments #### An additional source of income VCTs focus on smaller companies that meet the qualification criteria and are not listed on the main market of the London Stock Exchange. These smaller firms often have greater growth potential compared to larger listed companies. Established VCTs provide investors with a diversified portfolio of these businesses, offering an appealing entry into this sector. That said, investing in VCTs comes with high risks, and there’s a chance you may not recover your full investment. Investing in new VCT shares offers several tax benefits on investments up to £200,000 per year. These include: The value of listed company shares can be influenced by global market trends and external events. However, smaller firms often follow a different investment pattern, more closely tied to their own performance. This distinction can make VCTs a valuable addition to a well-diversified investment portfolio. Investing in a VCT means backing smaller, innovative companies that contribute to job creation and economic growth across the UK. By investing in a VCT, you’re supporting innovative small businesses that drive job creation, economic growth, and prosperity throughout the UK. The tax-free dividends offered by VCTs can serve as a valuable source of extra income, particularly for those nearing or in retirement. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct) - [3\. Understanding the risks](/understanding-the-risks) - [4\. Key statistics](/key-statistics) - [5\. How VCTs work](/how-vcts-work) - [6\. What types of VCT are available?](/what-types-of-vct-are-available) - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct) - [8\. Frequently asked questions](/frequently-asked-questions) - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct) - [3\. Understanding the risks](/understanding-the-risks) - [4\. Key statistics](/key-statistics) - [5\. How VCTs work](/how-vcts-work) - [6\. What types of VCT are available?](/what-types-of-vct-are-available) - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct) - [8\. Frequently asked questions](/frequently-asked-questions) - **Income tax relief** – Investors can claim up to 30% upfront relief on their income tax, provided the VCT shares are held for at least five years. For example, a £10,000 investment could reduce your income tax bill by £3,000, although this is limited to the amount of tax owed. - **Tax-free capital gains** – If VCT shares are sold at a profit, the gains are exempt from capital gains tax. - **Tax-free dividends** – Any dividends received from a VCT are not subject to tax and do not need to be declared on your tax return. --- ## URL: https://www.fuel.ventures/understanding-the-risks ### Title: Understanding the risks ### Page ID: 6073775 ### Content: #### Resources List ### Understanding the risks #### Your capital is at risk #### High-risk nature of smaller companies #### A long-term commitment #### Limited market for VCT shares #### Changing tax rules #### Potential loss of VCT status Every investment carries risk, and VCTs are no different. Given that they focus on small, unlisted, or AIM-listed companies, VCTs are considered high-risk investments. Below is an overview of the key risks, but it’s important to consult the specific VCT’s product materials and seek advice from a financial professional to understand how these risks might apply to you. The value of your VCT investment, along with any income it generates, can fluctuate. You may not recover the full amount of your initial investment. VCTs target smaller companies, which are often not listed on the main London Stock Exchange. Shares in these companies tend to experience more significant price swings compared to those in larger, established firms. Additionally, smaller businesses have a higher chance of failure. VCT shares should be held for at least five years. Selling your shares before this period could result in the need to repay any upfront income tax relief claimed from HM Revenue & Customs (HMRC). Unlike shares in larger companies, there isn’t an active market for VCT shares. This means it may take time to find a buyer, and you might have to sell for less than the net asset value (NAV) of the VCT. See our FAQs for more details on selling VCT shares. The tax benefits associated with VCTs, as outlined in this guide, are correct at the time of publication. However, tax rates, benefits, and allowances can change, and the advantages you receive will depend on your personal circumstances. HM Treasury may also alter the definition of VCT-qualifying investments in line with policy changes, potentially affecting future investments. There is no certainty that a VCT will retain its qualifying status. Should it lose this status, the associated tax advantages will be withdrawn. If this occurs within five years of your investment, you will be required to repay any income tax relief you have claimed. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct) - [3\. Understanding the risks](/understanding-the-risks) - [4\. Key statistics](/key-statistics) - [5\. How VCTs work](/how-vcts-work) - [6\. What types of VCT are available?](/what-types-of-vct-are-available) - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct) - [8\. Frequently asked questions](/frequently-asked-questions) - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct) - [3\. Understanding the risks](/understanding-the-risks) - [4\. Key statistics](/key-statistics) - [5\. How VCTs work](/how-vcts-work) - [6\. What types of VCT are available?](/what-types-of-vct-are-available) - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct) - [8\. Frequently asked questions](/frequently-asked-questions) --- ## URL: https://www.fuel.ventures/key-statistics ### Title: Key statistics ### Page ID: 6073791 ### Content: #### Resources List ### Key statistics Since the first VCT was launched in 1995, the VCT sector has seen impressive growth. While offering significant advantages to investors, VCTs also provide essential funding for hundreds of small UK businesses. The following statistics highlight the positive impact of VCT funding on these companies. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct) - [3\. Understanding the risks](/understanding-the-risks) - [4\. Key statistics](/key-statistics) - [5\. How VCTs work](/how-vcts-work) - [6\. What types of VCT are available?](/what-types-of-vct-are-available) - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct) - [8\. Frequently asked questions](/frequently-asked-questions) - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct) - [3\. Understanding the risks](/understanding-the-risks) - [4\. Key statistics](/key-statistics) - [5\. How VCTs work](/how-vcts-work) - [6\. What types of VCT are available?](/what-types-of-vct-are-available) - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct) - [8\. Frequently asked questions](/frequently-asked-questions) - **1995**: The year VCTs were introduced. - **£1.1 billion**: Raised by VCTs during the 2021/22 tax year. - **£1.7 billion**: Invested in small UK businesses by VCTs since 2018 (Source: *Funding opportunity – Making a big impact on small businesses*, Association of Investment Companies, September 2022). - **£11 billion**: Total raised by VCTs since their inception (Source: *Venture Capital Trust statistics: 2022*, HMRC, January 2023). - **530**: The number of high-growth potential businesses that VCTs have invested in since November 2017 (Source: *Funding opportunity – Making a big impact on small businesses*, Association of Investment Companies, September 2022). - **51%**: The proportion of VCT-backed businesses that export internationally (Source: *Funding opportunity – Making a big impact on small businesses*, Association of Investment Companies, September 2022). - **70%**: The percentage of investee companies reporting sales of up to £5 million in their last financial year (Source: *Funding opportunity – Making a big impact on small businesses*, Association of Investment Companies, September 2022). - **35%**: The proportion of VCT-backed businesses classified as knowledge-intensive (Source: *Funding opportunity – Making a big impact on small businesses*, Association of Investment Companies, September 2022). --- ## URL: https://www.fuel.ventures/how-vcts-work ### Title: How VCTs work ### Page ID: 6073803 ### Content: #### Resources List ### How VCTs work VCTs operate in much the same way as standard investment trusts, which are among the oldest forms of collective investment. A VCT is a publicly listed company that pools investors' money to buy shares in VCT-qualifying businesses, many of which are privately owned. When you invest in a VCT, you’re buying shares in the VCT itself, not directly in the companies it invests in. Upon investing, you’ll receive a share certificate reflecting your investment and a tax certificate to claim the 30% upfront income tax relief from HM Revenue & Customs (HMRC). As listed companies, VCT shares are traded on the London Stock Exchange. VCTs are required to: Investing in an established VCT provides instant access to a diversified portfolio of companies. The Government imposes strict criteria on the types of businesses that can qualify for VCT investment, which we’ll explain further later. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct) - [3\. Understanding the risks](/understanding-the-risks) - [4\. Key statistics](/key-statistics) - [5\. How VCTs work](/how-vcts-work) - [6\. What types of VCT are available?](/what-types-of-vct-are-available) - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct) - [8\. Frequently asked questions](/frequently-asked-questions) - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct) - [3\. Understanding the risks](/understanding-the-risks) - [4\. Key statistics](/key-statistics) - [5\. How VCTs work](/how-vcts-work) - [6\. What types of VCT are available?](/what-types-of-vct-are-available) - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct) - [8\. Frequently asked questions](/frequently-asked-questions) - Publish an annual report and accounts. - Maintain an independent Board of Directors to protect shareholders’ interests. - Hold general meetings, including an annual general meeting (AGM). - Adhere to corporate governance standards like any public company. --- ## URL: https://www.fuel.ventures/what-types-of-vct-are-available ### Title: What types of VCT are available? ### Page ID: 6073804 ### Content: #### Resources List ### What types of VCT are available? #### 1) Generalist VCTs #### 2) AIM VCTs #### 3) Specialist VCTs #### The lifespan of a VCT Each VCT has its own investment approach, with some targeting early-stage companies that are yet to turn a profit, while others focus on more mature businesses. Understanding a VCT’s strategy is crucial before deciding if it suits your investment goals. The three main types of VCTs include: Generalist VCTs represent about 75% of all VCTs. They invest in companies across a wide range of sectors, aiming to build a diversified portfolio that aligns with the VCT’s investment mandate. AIM VCTs invest in companies listed on the Alternative Investment Market (AIM), a junior segment of the London Stock Exchange created to support the growth of smaller UK businesses. Unlike privately owned VCT-qualifying companies, AIM-listed firms have a daily market price and must meet ongoing regulatory requirements. This makes AIM-listed shares more liquid and easier to buy or sell. Specialist VCTs concentrate on specific industries such as energy, infrastructure, or biotechnology. While focusing on a single sector involves higher risk, it can also offer greater potential returns if the sector performs well. VCTs can have different lifespans depending on their structure: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "1. An introduction to Venture Capital Trusts") - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct "2. Reasons to consider investing in a VCT") - [3\. Understanding the risks](/understanding-the-risks "3. Understanding the risks") - [4\. Key statistics](/key-statistics "4. Key statistics") - [5\. How VCTs work](/how-vcts-work "5. How VCTs work") - [6\. What types of VCT are available?](/what-types-of-vct-are-available "6. What types of VCT are available?") - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct "7. Which companies can be included in a VCT?") - [8\. Frequently asked questions](/frequently-asked-questions "8. Frequently asked questions") - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "1. An introduction to Venture Capital Trusts") - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct "2. Reasons to consider investing in a VCT") - [3\. Understanding the risks](/understanding-the-risks "3. Understanding the risks") - [4\. Key statistics](/key-statistics "4. Key statistics") - [5\. How VCTs work](/how-vcts-work "5. How VCTs work") - [6\. What types of VCT are available?](/what-types-of-vct-are-available "6. What types of VCT are available?") - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct "7. Which companies can be included in a VCT?") - [8\. Frequently asked questions](/frequently-asked-questions "8. Frequently asked questions") - **Evergreen VCTs**: Designed to operate indefinitely, these VCTs seek to provide long-term capital growth and/or regular dividends. - **Limited Life VCTs**: Set up with a fixed-term structure, these VCTs aim to wind up shortly after the minimum five-year holding period. Once this period ends, the VCT sells its assets and distributes the proceeds to shareholders. --- ## URL: https://www.fuel.ventures/which-companies-can-be-included-in-a-vct ### Title: Which companies can be included in a VCT? ### Page ID: 6073823 ### Content: #### Resources List ### Which companies can be included in a VCT? #### Permitted business activities #### Company size #### Investment limits #### Company age Strict criteria govern which companies are eligible for VCT funding, ensuring that investments align with the Government's policy objectives. These rules, set by HM Treasury, aim to direct capital to businesses most in need of growth finance. To qualify for VCT funding, a company must have a permanent UK presence and conduct what HM Revenue & Customs defines as a ‘qualifying trade’. While most trades are eligible, certain sectors are excluded as they are deemed less in need of financial support. These exclusions currently include land dealing, financial services, forestry, farming, hotel management, and energy generation. To be eligible for VCT investment, a company must have gross assets of £15 million or less at the time of investment, rising to no more than £16 million immediately afterwards. It must also employ fewer than 250 full-time staff at the point of investment. A VCT is permitted to invest up to 15% of its capital in a single company. Each business can receive a maximum of £5 million in VCT or other tax-efficient funding within a twelve-month period, with a lifetime cap of £12 million. VCTs are generally required to invest in companies that are less than seven years old from the date of their first commercial sale. Exceptions exist for follow-on investments and when established businesses seek substantial capital to expand into new markets or product areas. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct) - [3\. Understanding the risks](/understanding-the-risks) - [4\. Key statistics](/key-statistics) - [5\. How VCTs work](/how-vcts-work) - [6\. What types of VCT are available?](/what-types-of-vct-are-available) - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct) - [8\. Frequently asked questions](/frequently-asked-questions) - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct) - [3\. Understanding the risks](/understanding-the-risks) - [4\. Key statistics](/key-statistics) - [5\. How VCTs work](/how-vcts-work) - [6\. What types of VCT are available?](/what-types-of-vct-are-available) - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct) - [8\. Frequently asked questions](/frequently-asked-questions) --- ## URL: https://www.fuel.ventures/frequently-asked-questions ### Title: Frequently asked questions ### Page ID: 6073894 ### Content: #### Resources List ### Frequently Asked Questions #### **How do I claim my income tax relief?** #### After investing in a VCT, you will receive two certificates: #### **What happens to my VCT shares when I die?** #### When you pass away, your VCT shares become part of your estate. Your beneficiaries can choose to either sell the shares or transfer them into someone else’s name. If you die within five years of holding the investment, your estate will not be required to repay any claimed tax relief. Additionally, dividends will remain tax-free, and no capital gains tax will be due on any growth when the shares are sold. #### **Advantages and disadvantages of VCTs** #### Investing in VCTs offers both benefits and risks. #### **Advantages**: #### **Disadvantages**: You can invest by subscribing to a VCT when it’s open for new investment (referred to as a ‘new share offer’). This process involves reading the prospectus, completing an application form, and making a payment. You can do this directly, via an online broker, or with the help of a financial adviser. Due to the high-risk nature of VCTs, it’s strongly recommended to seek advice from a financial adviser before making an investment decision. Since VCTs are listed companies, you can also purchase existing shares through the stock market, typically via a stockbroker. These ‘second-hand’ shares do not offer upfront income tax relief but still provide access to tax-free dividends and potential growth. It’s important to note that second-hand VCT shares count towards the £200,000 annual tax-free limit. Regardless of the method you choose, carefully reviewing the relevant information and considering any associated costs is essential. Be sure you understand the risks involved before investing. The market for second-hand VCT shares is limited, as they do not provide upfront income tax relief. As a result, selling VCT shares at a favourable price can be challenging. Many VCTs offer a ‘buyback’ scheme, where they purchase shares at a small discount to their Net Asset Value (NAV), typically around 5-10%. However, these schemes are not guaranteed and depend on the VCT’s cash reserves. You can also sell VCT shares through a stockbroker or a share dealing account, but keep in mind that the quoted price may not fully reflect the NAV. If you sell your shares before the minimum five-year holding period, you will need to inform HMRC and repay any income tax relief you have claimed. This confirms how many VCT shares you own and should be kept safe, as you’ll need it if you decide to sell. This certificate enables you to claim income tax relief from HMRC. You can adjust your tax code immediately by contacting HMRC or claim the relief through your Self Assessment tax return at the end of the financial year. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct) - [3\. Understanding the risks](/understanding-the-risks) - [4\. Key statistics](/key-statistics) - [5\. How VCTs work](/how-vcts-work) - [6\. What types of VCT are available?](/what-types-of-vct-are-available) - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct) - [8\. Frequently asked questions](/frequently-asked-questions) - [1\. An introduction to Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [2\. Reasons to consider investing in a VCT](/reasons-to-consider-investing-in-a-vct) - [3\. Understanding the risks](/understanding-the-risks) - [4\. Key statistics](/key-statistics) - [5\. How VCTs work](/how-vcts-work) - [6\. What types of VCT are available?](/what-types-of-vct-are-available) - [7\. Which companies can be included in a VCT?](/which-companies-can-be-included-in-a-vct) - [8\. Frequently asked questions](/frequently-asked-questions) - Exposure to early-stage companies with high growth potential. - Up to 30% income tax relief on investments of up to £200,000. - Tax-free dividends, often providing a regular income stream. - Profits from selling VCT shares are exempt from capital gains tax. - Helps diversify an investment portfolio by including companies in different stages of growth. - Supports the growth of smaller UK businesses, contributing to innovation and job creation. - Early-stage companies present a high level of risk, and the value of investments may decrease, possibly to zero. - Smaller companies are more volatile and harder to sell than those listed on the main stock exchange. - Tax relief is not guaranteed and depends on current legislation, which could change in the future. - VCTs are long-term investments, requiring at least a five-year holding period to retain tax benefits. - Tax advantages rely on the VCT maintaining its qualifying status and vary based on individual circumstances. --- ## URL: https://www.fuel.ventures/seis-tax-relief ### Title: SEIS Tax Relief ### Page ID: 6189512 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/seis-tax-relief-guide ### Title: SEIS tax relief guide ### Page ID: 6192297 ### Content: #### Resources List ### SEIS tax relief guide The Seed Enterprise Investment Scheme (SEIS) is a government-backed [venture capital scheme](https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors) aimed at encouraging private investment in early-stage businesses. It provides tax incentives for those willing to invest in startups, which play a vital role in driving innovation, creating jobs, and boosting the economy. Investing in these young companies carries higher risk compared to traditional assets like property or shares, so the tax benefits help mitigate some of that risk. SEIS specifically targets the smallest and most high-risk ventures, offering particularly attractive tax relief for investors. Furthermore, it's possible to combine SEIS with other schemes, such as the Enterprise Investment Scheme (EIS), allowing investors to claim relief from both within the same year. With SEIS, investors can reduce their Income Tax bill by 50% of the amount invested. For example, if you invest £10,000 in a company eligible under SEIS, you can claim a £5,000 reduction on your Income Tax when you submit your tax return. As of April 2023, the annual investment limit for SEIS has increased to £200,000, doubling from the previous cap of £100,000. Typically, selling shares results in paying Capital Gains Tax on any profit made. However, under SEIS, you pay no Capital Gains Tax (CGT) on the profit from the sale, regardless of the size of the exit. To qualify for this SEIS benefit, investors must hold the shares for at least three years before selling them. If you reinvest profits from a non-SEIS company into an SEIS-eligible company, you can reduce your Capital Gains Tax liability by 50% on the amount reinvested. If your SEIS investment results in a loss, you can offset this against your Income Tax bill. The amount you can claim is calculated by taking your at-risk investment (the amount lost minus any Income Tax relief already claimed) and multiplying it by your Income Tax rate, whether that's 20%, 40%, or 45%. For further details, visit the relevant page on [gov.uk](https://www.gov.uk/government/publications/seed-enterprise-investment-scheme-income-tax-and-capital-gains-tax-reliefs-hs393-self-assessment-helpsheet/hs393-seed-enterprise-investment-scheme-income-tax-and-capital-gains-tax-reliefs-2020#can-you-claim-a-loss). SEIS shares are exempt from Inheritance Tax, provided they have been held for at least two years. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [SEIS tax relief guide](/seis-tax-relief-guide) - [How to qualify for SEIS tax relief](/how-to-qualify-for-seis-tax-relief) - [When is SEIS tax relief available for claims?](/when-is-seis-tax-relief-available-for-claims) - [Claiming SEIS Tax Relief](/claiming-seis-tax-relief) - [Claiming SEIS Loss Relief](/claiming-seis-loss-relief) - [How do SEIS funds operate?](/how-do-seis-funds-operate) - [SEIS tax relief guide](/seis-tax-relief-guide) - [How to qualify for SEIS tax relief](/how-to-qualify-for-seis-tax-relief) - [When is SEIS tax relief available for claims?](/when-is-seis-tax-relief-available-for-claims) - [Claiming SEIS Tax Relief](/claiming-seis-tax-relief) - [Claiming SEIS Loss Relief](/claiming-seis-loss-relief) - [How do SEIS funds operate?](/how-do-seis-funds-operate) --- ## URL: https://www.fuel.ventures/how-to-qualify-for-seis-tax-relief ### Title: How to qualify for SEIS tax relief ### Page ID: 6192524 ### Content: #### Resources List ### How to qualify for SEIS tax relief There are a number of requirements for both companies and investors. These regulations are in place to ensure the scheme’s purpose is upheld – to incentivise investors for backing small, early-stage companies with no direct ties to their own financial interests. To qualify for SEIS tax relief, you must be a UK taxpayer. Several regulations ensure the scheme functions as intended: *\**What constitutes as 'value'? An investor is deemed to have received value from the company if: If you are uncertain whether you have received 'value' from the company, refer to [HMRC's guidelines](https://www.gov.uk/hmrc-internal-manuals/venture-capital-schemes-manual/vcm36070) on this matter. **Which businesses qualify for investment under the SEIS?** The SEIS programme incentivises investors who back small, early-stage startups. For a company to qualify for SEIS, it must: *Did you know businesses can secure pre-approval for SEIS?* If you're certain you want to invest in startups eligible for SEIS, seek out companies with SEIS Advance Assurance. While this does not guarantee compliance with SEIS regulations, it provides added reassurance that, barring any changes, you are likely to receive the SEIS tax benefits. This assurance is a key element of your due diligence. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [SEIS tax relief guide](/seis-tax-relief-guide) - [How to qualify for SEIS tax relief](/how-to-qualify-for-seis-tax-relief) - [When is SEIS tax relief available for claims?](/when-is-seis-tax-relief-available-for-claims) - [Claiming SEIS Tax Relief](/claiming-seis-tax-relief) - [Claiming SEIS Loss Relief](/claiming-seis-loss-relief) - [How do SEIS funds operate?](/how-do-seis-funds-operate) - [SEIS tax relief guide](/seis-tax-relief-guide) - [How to qualify for SEIS tax relief](/how-to-qualify-for-seis-tax-relief) - [When is SEIS tax relief available for claims?](/when-is-seis-tax-relief-available-for-claims) - [Claiming SEIS Tax Relief](/claiming-seis-tax-relief) - [Claiming SEIS Loss Relief](/claiming-seis-loss-relief) - [How do SEIS funds operate?](/how-do-seis-funds-operate) - You cannot be an employee or hold more than 30% of the company's shares. - Your investment must involve genuine risk; agreements to exchange investments for tax relief or any tax avoidance strategies are not allowed. - The annual investment limit is £200,000 per investor across SEIS-eligible companies. Additionally, a company can raise a maximum of £250,000 through SEIS over its lifetime. - Shares must be paid for in full at the time of purchase. - You must hold the shares for a minimum of three years from the issue date and cannot receive any 'value' from the company during this period.\* 1. The company repays, redeems, or repurchases any of its shares owned by the investor. 2. The company settles a debt owed to the investor. 3. The company offers any benefit or facility to the investor. - Have been operating for under three years - Have a workforce of fewer than 25 employees - Possess gross assets not exceeding £350,000 - Maintain a permanent establishment in the UK - Not engage in excluded trades, such as banking, insurance, or property development. --- ## URL: https://www.fuel.ventures/when-is-seis-tax-relief-available-for-claims ### Title: When is SEIS tax relief available for claims? ### Page ID: 6192600 ### Content: #### Resources List ### When is SEIS tax relief available for claims? You can claim SEIS tax relief within five years from 31 January following the tax year in which you made your investment. This date aligns with the deadline for [Self Assessment tax returns.](https://www.gov.uk/self-assessment-tax-returns) If you do not fully utilise your SEIS allowance of £200,000 per year, you cannot roll over the unused portion to the next year. However, you may carry back SEIS tax relief to the previous tax year, provided you have not already reached the maximum investment limit for that year. **Important:** For personalised advice suited to your individual situation, be sure to consult a qualified tax professional. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [SEIS tax relief guide](/seis-tax-relief-guide) - [How to qualify for SEIS tax relief](/how-to-qualify-for-seis-tax-relief) - [When is SEIS tax relief available for claims?](/when-is-seis-tax-relief-available-for-claims) - [Claiming SEIS Tax Relief](/claiming-seis-tax-relief) - [Claiming SEIS Loss Relief](/claiming-seis-loss-relief) - [How do SEIS funds operate?](/how-do-seis-funds-operate) - [SEIS tax relief guide](/seis-tax-relief-guide) - [How to qualify for SEIS tax relief](/how-to-qualify-for-seis-tax-relief) - [When is SEIS tax relief available for claims?](/when-is-seis-tax-relief-available-for-claims) - [Claiming SEIS Tax Relief](/claiming-seis-tax-relief) - [Claiming SEIS Loss Relief](/claiming-seis-loss-relief) - [How do SEIS funds operate?](/how-do-seis-funds-operate) --- ## URL: https://www.fuel.ventures/claiming-seis-tax-relief ### Title: Claiming SEIS Tax Relief ### Page ID: 6192616 ### Content: #### Resources List ### Claiming SEIS tax relief Having identified SEIS-eligible companies, confirmed their SEIS Advance Assurance, negotiated terms, and made your investment, what comes next? How do you secure the promised tax relief? The investee company must fill out a compliance statement. There are specific rules regarding when this can occur. HMRC accepts compliance statements only after the company has engaged in qualifying business activities for at least four months or has spent a minimum of 70% of the funds raised through SEIS. **2) HMRC issues confirmation documents (SEIS2 and SEIS3)** Typically, HMRC reviews the compliance application within 15 to 45 working days. To approve the SEIS-qualifying status, HMRC sends the investee company two key documents: **Claiming tax relief via your annual Self Assessment tax return** As an investor, you can claim your SEIS tax relief by completing your annual Self Assessment tax return. On the Additional Information page, under ‘Other tax reliefs’, input the total amount you’ve invested in SEIS-eligible companies (as well as any other Venture Capital Scheme relief you’re seeking). Keep in mind that you have five years to claim SEIS tax relief, and there is flexibility to carry back relief to the previous tax year. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [SEIS tax relief guide](/seis-tax-relief-guide) - [How to qualify for SEIS tax relief](/how-to-qualify-for-seis-tax-relief) - [When is SEIS tax relief available for claims?](/when-is-seis-tax-relief-available-for-claims) - [Claiming SEIS Tax Relief](/claiming-seis-tax-relief) - [Claiming SEIS Loss Relief](/claiming-seis-loss-relief) - [How do SEIS funds operate?](/how-do-seis-funds-operate) - [SEIS tax relief guide](/seis-tax-relief-guide) - [How to qualify for SEIS tax relief](/how-to-qualify-for-seis-tax-relief) - [When is SEIS tax relief available for claims?](/when-is-seis-tax-relief-available-for-claims) - [Claiming SEIS Tax Relief](/claiming-seis-tax-relief) - [Claiming SEIS Loss Relief](/claiming-seis-loss-relief) - [How do SEIS funds operate?](/how-do-seis-funds-operate) - **SEIS2**: A letter containing the Unique Investment Reference (UIR) number for the share issue. The company must provide you with this UIR to facilitate your claim for tax relief. - **SEIS3**: A blank SEIS compliance certificate. The company completes this for each investor (including the UIR) and sends it to you. The SEIS3 serves as proof that your investment qualifies for SEIS tax relief. --- ## URL: https://www.fuel.ventures/claiming-seis-loss-relief ### Title: Claiming SEIS Loss Relief ### Page ID: 6192695 ### Content: #### Resources List ### The essentials: Income Tax, Capital Gains Tax, and Inheritance Tax If your investment does not perform as expected and you incur a loss, you can claim loss relief. This relief enables you to offset the loss, after deducting any income tax relief you have already received from HMRC, against your income. If a company is not profitable and struggles to secure further funding, founders typically face three options: sell the company, enter a "zombie mode" (ceasing all activity and expenditure), or shut down. Each path impacts your ability to claim loss relief. Yes, you can claim loss relief if you receive less for your shares than your initial investment. However: if the company is sold within three years of your investment, you will forfeit the original SEIS/EIS tax deduction, but you can still claim loss relief when selling shares at a loss. More information is available on the HMRC website. No, because you still hold the shares and nothing has been sold. However: You may be able to make a [negligible value claim](https://www.gov.uk/government/publications/negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-hs286-self-assessment-he/hs286-negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-2021), allowing you to declare a loss even if you still own the shares. **Scenario: The company shuts down (voluntary liquidation)** Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [SEIS tax relief guide](/seis-tax-relief-guide) - [How to qualify for SEIS tax relief](/how-to-qualify-for-seis-tax-relief) - [When is SEIS tax relief available for claims?](/when-is-seis-tax-relief-available-for-claims) - [Claiming SEIS Tax Relief](/claiming-seis-tax-relief) - [Claiming SEIS Loss Relief](/claiming-seis-loss-relief) - [How do SEIS funds operate?](/how-do-seis-funds-operate) - [SEIS tax relief guide](/seis-tax-relief-guide) - [How to qualify for SEIS tax relief](/how-to-qualify-for-seis-tax-relief) - [When is SEIS tax relief available for claims?](/when-is-seis-tax-relief-available-for-claims) - [Claiming SEIS Tax Relief](/claiming-seis-tax-relief) - [Claiming SEIS Loss Relief](/claiming-seis-loss-relief) - [How do SEIS funds operate?](/how-do-seis-funds-operate) - **For Current Tax Year Claims**: If you are claiming the loss for the current tax year, you can contact HMRC to request a modification to your PAYE tax code or adjust your Self Assessment tax payments. - **For Previous Tax Year Claims**: If you are claiming the loss for the previous tax year, submit your claim on your Self Assessment tax return. For comprehensive details on claiming SEIS/EIS loss relief, visit the [gov.uk](https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors#how-to-claim-relief) website. - As an SEIS/EIS investor, you qualify for loss relief if your sale price is lower than what you paid. - The relief amount depends on the Income Tax relief you received when purchasing the shares and whether HMRC has withdrawn any of that relief. - There are no minimum or maximum holding periods for your shares. - As an SEIS/EIS investor, you may be eligible for loss relief if the company is voluntarily wound up for legitimate commercial reasons. - The relief amount depends on the Income Tax relief you received when you bought the shares and whether HMRC has withdrawn any of that relief. - There are no minimum or maximum holding periods for your shares. --- ## URL: https://www.fuel.ventures/how-do-seis-funds-operate ### Title: How do SEIS funds operate? ### Page ID: 6192729 ### Content: #### Resources List ### How do SEIS funds operate? SEIS funds gather capital from investors to distribute among a selection of SEIS-eligible companies. The fund is accountable for conducting due diligence and ensuring that the companies in its portfolio meet SEIS criteria. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [SEIS tax relief guide](/seis-tax-relief-guide) - [How to qualify for SEIS tax relief](/how-to-qualify-for-seis-tax-relief) - [When is SEIS tax relief available for claims?](/when-is-seis-tax-relief-available-for-claims) - [Claiming SEIS Tax Relief](/claiming-seis-tax-relief) - [Claiming SEIS Loss Relief](/claiming-seis-loss-relief) - [How do SEIS funds operate?](/how-do-seis-funds-operate) - [SEIS tax relief guide](/seis-tax-relief-guide) - [How to qualify for SEIS tax relief](/how-to-qualify-for-seis-tax-relief) - [When is SEIS tax relief available for claims?](/when-is-seis-tax-relief-available-for-claims) - [Claiming SEIS Tax Relief](/claiming-seis-tax-relief) - [Claiming SEIS Loss Relief](/claiming-seis-loss-relief) - [How do SEIS funds operate?](/how-do-seis-funds-operate) --- ## URL: https://www.fuel.ventures/press ### Title: Press ### Page ID: 6206050 ### Content: ##### **Don’t invest unless you’re prepared to lose all your money.** ### Risk summary for non-readily realisable securities which are shares: ###### **Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!** ### Recent News ##### Building Value in the Next Phase of the Economy ##### Enginuity raises £500K investment to unlock the $1.58 trillion of underused global innovation ##### Leading Discord AI insights platform Levellr raises $2.5m seed investment from Fuel Ventures and video games legends ##### £1.6 million investment to transform asset allocation technology ##### Karavel secures £1.25m investment by Fuel Ventures to transform regulatory compliance for regulated industries These are high-risk investments and you are unlikely to be protected if something goes wrong. *Last updated: 15 April 2024 |* *Estimated reading time:* ***2 min*** If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). [Fuel Ventures](www.fuel.ventures) is a **leading UK venture capital fund** specialising in early stage high growth technology startup investments with **disruptive and ambitious** founders who strive to build global multi-billion dollar businesses. Fuel provides entrepreneurs with expertise and insights in business development, marketing and brand-building through its experience of building, scaling and exiting global companies. Since its inception in 2014, Fuel Ventures has invested over £246 million into more than 210 UK companies. One of the **first investors** in companies such as Volt valued at £256m (one of the fastest growing FinTech in Europe), ContentCal who were acquired for £110m by Adobe ($198b market cap), and Capdesk who were acquired for $88m by Carta ($8.5b market cap). Founded by entrepreneurs for entrepreneurs. **\- Assets Under Management (AUM):** £400 million, making Fuel Ventures one of the fastest growing and most active early-stage UK tech investment funds. **\- Investment Portfolio:** Over 210 investments into high-growth sectors, including SaaS, FinTech, Platforms and Marketplaces. Notable investments include [Volt](https://www.volt.io/), a payments platform disrupting financial technology, [OnBuy](https://www.onbuy.com/gb/), a fast-growing UK-based online marketplace challenging global e-commerce giants, [Abingdon](www.abingdon.software), a provider of mission critical VMS software in vertical markets and [Hotel Manager](www.hotelmanager.co), a no-code platform that can be used to manage your hotel, from guest experience through to hotel operations. **\- Funding Rounds and Capital Deployed:** Fuel Ventures has participated in hundreds of funding rounds, with typical capital injections ranging from £250k to £5 million. **\- Strategic Guidance:** Our team, led by experienced entrepreneurs and our advisory network, allows for high-touch guidance. Noteworthy successes include [Cult Mia](https://cultmia.com/?srsltid=AfmBOootk2dxFk67HFA-tZcDg2ai_19DN6mzlKLB8gloxIuKeW2UNIrC), a female lead online luxury fashion marketplace building the leading platform to discover sustainable and conscious independent designers from around the world, which has expanded significantly under Fuel Ventures’ operational support and strategic direction having recently been invested into by H&M Ventures. **\- Significant Investor Base:** Over 1,000 individuals, consisting of exited technology entrepreneurs, financial services professionals, Family Offices and Corporate investors. [Mark Pearson](https://www.linkedin.com/in/markalanpearson/) is an entrepreneur and investor with over 20 years of experience. As the Founder of Fuel Ventures, one of the UK’s most successful early-stage tech investors, he personally invests in every fund. From an initial investment of £300 Mark grew MyVoucherCodes into the second biggest deals-comparison brands in Europe (by revenue and audience). In 2014 Mark exited MyVoucherCodes for a reported £55 million. In addition to this, Mark also built up a personal investment portfolio of several companies, one of which was the first investor in Paddle, a UK tech unicorn (worth $1.4 billion). Father of two children, lives and breathes entrepreneurship and being a passion-fueled voice to support current and future founders, Mark is driven by his goals to make an impact in the UK and around the globe to encourage others in the tech world via entrepreneurship and innovation. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - One of UK’s most active early stage investors - 210+ Investments to date  - 30+ new 'first cheque' investments per year  - 20 Seed/Follow On investments per year  - £246m+ Invested to date - £400m AUM (Assets under management)  - Multi-award winning Fund - [Company overview](https://cloud-1de12d.becdn.net/customfile/1a45c10513765c481ba9f513afbbd8af7370f6a3f8686dfb690e4718d0b5862d/Fuel-Ventures-Igniting-Tomorrow-s-Leading-Companies.pdf) - [Logos](https://drive.google.com/drive/folders/1it_FDKbSd2Y9ex46o5WURQEVF45CMTvO?usp=drive_link) - [Brand guidelines](https://cloud-1de12d.becdn.net/customfile/ee4068456e68d9e051ee0aec60bccf526ab023661f695d1ee93816d4b2a607c0/Fuel-Branding-Guideline.pdf) - [Team & Mark photos](https://drive.google.com/drive/folders/1eufqhsmZk4p1FV8m7j3xrX8QGgQ2ITo1?usp=drive_link) - [Further imagery](https://drive.google.com/drive/folders/17HdUsC_5XPJXMKAg8Mw5PCxPOvwrk9RB?usp=drive_link) --- ## URL: https://www.fuel.ventures/podcasts ### Title: Podcasts ### Page ID: 6231539 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/tracey-shirtcliff-scope-better-podcast ### Title: Fuel Up | Tracey Shirtcliff (Scope Better) Culture, Delegation & Motivation: The building blocks of success ### Page ID: 6231661 ### Content: ### More Episodes: ###### Fuel Up | From Amazon to AI: Building Customer Obsession with Rebecca Griffiths ###### Fuel Up | Boris Hodakel From Setbacks To Success: The Journey In The Wellness Industry At Feel ###### Fuel Up | Nina Briance (Cult Mia) From Banking to Boutique: Building Cult Mia and Fashion's Future Culture, Delegation & Motivation: **The building blocks of success** In this episode, Mark Pearson and Tracey Shirtcliff explore the entrepreneurial journey, discussing the challenges, influences, and experiences that shape business success. Tracey shares insights from her corporate background, emphasising problem-solving, building strong teams, and fostering company culture. The conversation covers leadership, trust, ambition, and the importance of delegation, with Tracey also revealing her daily habits and inspirations. They highlight the importance of mental and physical health, including biohacking, and discuss the current entrepreneurial landscape, encouraging action even in difficult times. ***"The zest for life and the energy to solve a problem, I think is probably what drives me. I love a problem. I like solving them just as much as I like getting them."*** *"It's like when two heads come together, it's a third person entering the room. It's really powerful."*  *"I think it's an amazing thing to do, to build a business, to have opportunities for people, to see people grow, to advance people."* Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - Tracey Shirtcliff is the founder and CEO of Scope Better, a B2B SaaS platform. - Entrepreneurship is often learned from influences, such as family. - Navigating challenges is a crucial part of the entrepreneurial journey. - Corporate experience can shape decision-making and direction in business. - Building a team requires understanding individual strengths and weaknesses. - Company culture is essential for team engagement and productivity. - Ambition should be big enough to inspire and challenge others. - Delegation is key to managing a successful business. - Identifying weaknesses is as important as recognizing strengths. - Entrepreneurship offers opportunities for personal and professional growth. Founders have a significant impact on their teams, even without direct interaction. - Trust is fragile; one bad experience can ruin a relationship. - Starting a business in challenging times can lead to greater success later. - Daily habits and routines are crucial for maintaining focus and motivation. - A good idea is timeless, and action is essential for success. - Vitamin D and magnesium are vital for health, especially for busy entrepreneurs. - It's important to learn from failures and pivot quickly when necessary. - Building relationships with potential acquirers can lead to successful business sales. - Entrepreneurs should embrace risks that larger companies may avoid. - Maintaining physical health is essential for sustaining mental health and productivity. --- ## URL: https://www.fuel.ventures/leading-entrepreneur-and-investor-mark-pearson-claims-uk-government-is-killing-the-start-up-economy ### Title: Leading Entrepreneur, and Investor, Mark Pearson Claims UK Government is “Killing the Start-Up Economy” ### Page ID: 6231815 ### Content: #### **Entrepreneur & Fuel Ventures founder, Mark Pearson’s Open Letter to the Chancellor of the Exchequer, Rachel Reeves:** Leading Entrepreneur, and Investor, Mark Pearson Claims UK Government is “Killing the Start-Up Economy” *As the Chancellor prepares to deliver the Autumn Budget this week (Wednesday 30th October), Mark Pearson, founder of Fuel Ventures and one of the UK’s most prolific startup investors, has published an open letter to Rt. Hon. Rachel Reeves, urging the government to reconsider its planned abolishment of Business Asset Disposal Relief (previously known as Entrepreneurs’ Relief).*  In his open letter, founder of one of the most active venture capital firms in the UK, Fuel Ventures, Mark Pearson argues that the abolition of Business Asset Disposal Relief will harm the next generation of British entrepreneurs, further disincentivising them to build their business in the UK Reflecting on his own entrepreneurial journey, Pearson, who has invested over £200 million in more than 170 innovative UK startups via Fuel Ventures, warns that scrapping this vital tax relief will be a “devastating blow” to the UK's startup ecosystem, putting the future of British entrepreneurship at serious risk as he labels the government will “kill the start-up economy”.  *I am reaching out with an urgent plea to reconsider the planned abolishment of Business Asset Disposal Relief (previously Entrepreneurs’ Relief) in the upcoming Autumn budget. The decision to dismantle this critical tax relief is purely anti-entrepreneurship and could deal a devastating blow to the UK’s startup ecosystem, stifling the next generation of entrepreneurs who are the backbone of innovation, job creation, and economic resilience in our country.* *My journey began in my bedroom with a simple idea for MyVoucherCodes, a venture that grew into one of Europe’s leading voucher code brands and ultimately resulted in a successful exit. This journey was not without hardship, risk, and personal sacrifice. Had these tax policies been in place when I began, I would not have been able to build and scale the business, let alone go on to establish Fuel Ventures. Today, through Fuel Ventures, I have had the privilege to invest over £200 million in more than 170 transformative businesses, have helped UK businesses create thousands of jobs, and have supported a new generation of British entrepreneurs who now face obstacles that could make the journey I took almost impossible.* *Business Asset Disposal Relief was specifically crafted to reward and support individuals who risk their livelihoods to build something meaningful, knowing that they have a chance to see the fruits of their labour fairly rewarded. Removing this relief effectively penalises entrepreneurs, equating their high-stakes investments to ordinary income and stripping them of the incentives that drive innovation and growth. This move will not only reduce entrepreneurial efforts but will also send a troubling signal to both homegrown and international investors who see the UK as a hub for innovative ventures.* *The UK’s competitive edge lies in its ability to foster an environment where entrepreneurs can thrive. Removing this relief sends a clear message that our government no longer values the unique contributions of those who create the jobs, pay the taxes, and drive the innovations that propel our economy forward - instead they’d rather kill the start-up economy. This is not just about individual wealth accumulation, this is about safeguarding a vital part of our economy that benefits society at large.* *As you finalise the Autumn budget, I urge you to recognise the profound consequences of abolishing Business Asset Disposal Relief. Doing so may provide a small, short term boost to the Treasury, but it will have lasting negative impacts on the vibrancy and resilience of the UK economy. Encouraging and supporting entrepreneurship must remain a priority.* *I hope ahead of Wednesday's budget you further consider the long-term implications of these policies on the UK’s entrepreneurial landscape. Let’s ensure that the doors remain open for tomorrow’s entrepreneurs who, like myself, are ready to build, innovate, and contribute to a thriving UK economy.* **Speaking of his letter, Mark Pearson, Founder of** **Fuel Ventures****, says;** “There are already enough challenges for startup companies, and this tax hike only accelerates that trend. I’m writing to Rachel Reeves with a final plea to not remove Business Asset Disposal Relief, as the implications will be catastrophic for UK startups and our entire entrepreneurial landscape.  “For the UK to remain competitive, we need policies that reward the risk and sacrifice involved in starting and growing businesses, not ones that punish it. Without Business Asset Disposal Relief, the door will close on countless entrepreneurs who won’t have the same chance I did. We’re calling on the Chancellor to reconsider this decision and stand up for the entrepreneurs and investors who drive our economy forward instead of making us further a country of anti-entrepreneurship.” And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/nina-briance-cult-mia ### Title: Fuel Up | Nina Briance (Cult Mia) From Banking to Boutique: Building Cult Mia and Fashion's Future ### Page ID: 6246558 ### Content: ### More Episodes: ###### Fuel Up | From Amazon to AI: Building Customer Obsession with Rebecca Griffiths ###### Fuel Up | Boris Hodakel From Setbacks To Success: The Journey In The Wellness Industry At Feel ###### Fuel Up | Nina Briance (Cult Mia) From Banking to Boutique: Building Cult Mia and Fashion's Future From banking to boutique: **Building** **cult mia** **and fashion's future** In this conversation, Mark Pearson interviews Nina Briance, founder of Cult Mia, an independent luxury fashion marketplace. They discuss Nina's unique journey from investment banking to fashion entrepreneurship, the importance of timing in business, and the lessons learned from industry leaders. Nina shares insights on building a two-sided marketplace, adapting to market changes, and balancing creativity with business acumen. The conversation also highlights the significance of Fashion Month for emerging designers and the challenges they face in a competitive industry. In this conversation, Nina discusses the evolving landscape of fashion, particularly the impact of Fashion Month, the importance of sustainability and inclusivity, and the role of technology in enhancing the customer experience. She emphasises the need for independent designers to focus on robust business models and shares insights on the future vision for Cult Mia, including international expansion and community building. Nina also reflects on her motivation as an entrepreneur, the challenges of work-life balance, and the core values that guide her business practices. *"Your team is buzzing and that's what kind of makes momentum happen."* *"Fashion Month serves as a huge inspiration for us."* *"Sustainability continues to be at the forefront of luxury fashion."* Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - Nina Briance's journey from investment banking to fashion entrepreneurship is unique and inspiring. - Timing is crucial for success in the luxury fashion market. - Learning from industry leaders can help shape a successful business strategy. - Innovation doesn't always mean creating something new; it can also mean improving existing concepts. - Prioritising efforts and focusing on strengths is essential for entrepreneurs. - Building a two-sided marketplace requires careful planning and execution. - Adapting to market changes is key to sustaining growth in business. - Effective marketing strategies can help emerging brands stand out in a crowded market. - Balancing creativity with business acumen is vital for success in the fashion industry. - Fashion Month provides unparalleled exposure for emerging designers. Fashion Month is still relevant but brands must adapt. - Sustainability is a baseline expectation for luxury shoppers. - Independent designers need strong business models to succeed. - Cult Mia aims to be a leading independent luxury marketplace. - Community support is crucial for emerging designers. - Motivation comes from seeing the impact on designers' lives. - Work-life balance is a continuous journey for entrepreneurs. - Positivity and trust are essential in business relationships. - Future growth includes expanding product categories and B2B opportunities. --- ## URL: https://www.fuel.ventures/research-grid-raises-65m-in-seed-funding-to-make-trials-admin-free ### Title: Research Grid raises $6.5m in seed funding to make trials admin-free ### Page ID: 6281071 ### Content: #### **Products built from first-hand experience** #### **Dr Amber HIll, founder and CEO of Research Grid, said:** #### **Shiv Patel, Partner at Fuel Ventures, said:** Research Grid raises $6.5m in seed funding to make trials admin-free Research Grid, the AI startup that helps medical research institutions automate back-office admin for clinical trials, has raised a $6.5m seed round. The company will use the new funding to double down on its mission of making clinical trials faster and more successful. The round was led by Fuel Ventures, with participation from Arve Capital, Ada Ventures, Morgan Stanley Inclusive Venture Lab, Arāya Ventures, Ascension Ventures, Plug and Play Ventures, and Atomico Angels, with limited availability remaining.  With artificial intelligence poised to rapidly accelerate the speed of drug discovery, the funding comes at a critical time for the clinical trials market, which is now seen as the major bottleneck in the drug development process. This is often caused when using legacy software systems and manual processes to manage trials, resulting in inefficiency, errors, and weak patient engagement. Delays to clinical trials are also phenomenally expensive, costing up to $400 million per year, per trial running to Phase 3, just on back-office admin. To solve this problem, Research Grid has developed two products, Inclusive and TrialEngine, which together allow its customers to seamlessly manage the full life cycle of clinical trials in one place. Both products are powered by Research Grid’s patented AI algorithms which automate many of the administrative and data management workflows. This eliminates the monotonous work, freeing up highly qualified medical researchers to focus on more meaningful work. Research Grid helps its customers cut months off trial timelines while dramatically reducing their costs and driving up success rates. On average, customers of Research Grid see 98% efficiency gains, 45% cost savings, and 145% increase in patient engagement. The company will use the funding to invest in R&D, developing more AI automations and building out its engineering teams. It also plans to grow its marketing and sales functions as it expands its presence in US and Asian markets. The company was founded by Dr Amber Hill, a former medical researcher with a PhD in biomedical neuroscience and a background in AI research technology. This first-hand experience of the clinical trials means she was uniquely positioned to build a solution, with a deep understanding of the problem. The recruitment phase is a common source of delays in clinical trials, due to the extremely manual process of sourcing representative samples of patients which are often sourced via adverts on social media. Increased pressure from the FDA to ensure representative patient panels means this has become increasingly important. Research Grid’s Inclusive product, a patient recruitment and engagement platform, largely solves this problem, providing instant access to a vetted network of more than 91,000 global communities covering 2,050 medical conditions. It also automates all the admin, such as patient outreach, payments, and data management.  The TrialEngine product, which connects seamlessly with Inclusive, handles the administration, data, and reporting workflows during the trial itself. It leverages Research Grid’s patent-pending AI algorithms to automate tasks such as protocol generation and data extraction. *“I spent 14 years as a medical researcher, and I would spend hundreds of hours copying data from one system to another. The back-office process is completely broken. When you multiply this across the industry the costs for patients and research institutions are astronomical.*   *“That’s why we’re building the automation engine for admin-free clinical trials. Whether you’re a pharmaceutical company, a CRO, or a clinical research site, we can help run faster, more successful clinical trials. We’ve already seen how AI is accelerating drug discovery and it’s time to do the same in clinical trials.* *“We’re delighted to have the support of our investors. Now we’re focusing on expanding our engineering teams and scaling up our R&D efforts, allowing us to deliver more of the features our customers are asking for. We’ll also be growing our sales and marketing team so that we can take advantage of opportunities in the US and Asia.”* “We are committed to backing the most innovative and disruptive businesses in the country, and our investment into Research Grid reinforces this. “While AI is making significant waves in drug discovery, clinical trials are still the main barrier to medicine reaching the people who need it, and Research Grid are strategically placed to exploit the urgent demand of automating clinical trials at scale. Its rapid growth has shown that the market is largely green-field, with validation from across the industry in the U.S. and Europe, including big pharma, contract research organisations and sites. “Every investor wants to find unicorns, and with the clinical trial market expected to reach over $95 billion in the next five years, we believe in the mission, proposition and trajectory of Research Grid.” If you are an entrepreneur looking for investment, please apply [**here**](https://www.fuel.ventures/submit-pitch). And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/trump-re-election-could-spark-33-billion-in-chinese-investment-for-the-uk-predicts-vc-firm ### Title: Trump Re-Election Could Spark $33 Billion in Chinese Investment for the UK, predicts VC firm ### Page ID: 6498940 ### Content: Trump Re-Election Could Spark $33 Billion in Chinese Investment for the UK, predicts VC firm Following the US Presidential Election, Fuel Ventures, a leading UK-based venture capital firm, has shared predictions on its impact on the UK market and foreign investment, stating that the UK will benefit from Trump’s presidency, as a possible $33 billion lost in the first two years of Trump’s presidency could be diverted to the UK.  Looking at previous Chinese investment in the US, according to Statistica, when Trump first took office, Chinese investment dropped by around 36% then subsequently the following year investment decreased by around 83%.  Calculations from Fuel Ventures has projected that if investment trends follow a similar pattern to Trump’s first presidency, Chinese investment in the US could drop sharply from the $28 billion in 2023\* to $10 billion in the first year of his presidency in 2025, with a further decline to $3 billion thereafter. ***Mark Pearson, Founder of Fuel Ventures, comments:*** *"Trump's re-election means Chinese investors are looking elsewhere for investment outside of the US market. We predict around $33 billion is up for grabs from Chinese companies in the coming years, and the UK only stands to benefit from this, as a hotbed for tech talent and innovation. Although Fuel Ventures and Fuel Ventures Asia already have a large pool of Chinese investors, since Trump’s re-election we’ve seen growing interest as major investors look to redirect their money this side of the pond.”* **Jing Jing Xu, Managing Director at** [**Fuel Ventures Asia**](https://www.fuelventures.asia/)**,** says: "The UK is becoming an increasingly attractive destination for Chinese investors. The quality of UK technology and innovation stands out globally, offering more consistent growth opportunities compared to other markets. “Education has always been a priority for Chinese investors, and the UK boasts some of the world's leading universities and secondary schools. This is evident in the 80% rise in Chinese students studying in the UK over the past decade\*\*.  "Beyond education, the UK lifestyle and cultural ties to Europe further enhance its appeal.  For Chinese investors, the UK represents a bridge to Western markets that offers reliability, sophistication, and long-term potential. "Following our recent meeting with the Deputy Mayor of Beijing, who expressed a strong desire to bring more advanced technology into China, we are pleased to have successfully forged a relationship with both the Mayor and the Chinese government, further solidifying collaboration opportunities through our latest round of investments.” And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-ventures-steps-up-support-for-homeless-youth-with-commitment-to-house-100-young-people-in-2025-2 ### Title: Fuel Ventures Steps Up Support for Homeless Youth with Commitment to House 100 Young People in 2025 ### Page ID: 6499024 ### Content: Fuel Ventures Steps Up Support for Homeless Youth with Commitment to House 100 Young People in 2025 *Fuel Ventures, the UK-based venture capital firm, has announced the expansion of its philanthropic efforts through its annual Fuel Giving initiative, pledging safe housing to 100 homeless young people across the UK in 2025. Calling on its extensive network of investors, founders and the wider community for further donations, the leading venture capital firm aims to support even more young people over the next 12 months.* This initiative builds on the firm’s impactful donation last year, in which they supported 27 homeless young people, paying for them to have a place to call home for a full year. With this year’s expanded commitment, Fuel Ventures aims to make an even greater impact, ensuring that 100 young people across the UK receive safe housing and access to essential services - providing a foundation for vulnerable individuals to rebuild their lives and overcome the challenges of homelessness. Youth homelessness remains a pressing issue in the UK, with more than 136,000 young people aged 16-24 homeless or at risk of homelessness\*. This disproportionately affects marginalised communities, as a quarter (24%) of homeless young people in the UK identify as LGBTQ+\*\*. Through its partnership with a leading homelessness charity, Fuel Ventures is offering tangible, life-changing solutions, such as counselling and trauma recovery programs equipping young people with the resources they need to break the cycle of homelessness. To amplify the initiative’s reach, Fuel Ventures has invited its investors and founders community to join the cause.  Launched last year, the FuelGiving initiative has previously supported Cancer Research UK and provided support and housing for 27 homeless young people in 2024, underscoring Fuel Ventures’ dedication to leveraging its success for meaningful societal impact. "I grew up on a council estate in Liverpool, raised by a single mum, and we sometimes relied on domestic violence refuges. Despite my success, I’ve never forgotten where I come from, and giving back is a core part of who I am. As a father of two, I feel a responsibility to address the stark reality that tens of thousands of LGBTQ+ young people faced homelessness last year. No young person should be forced onto the streets, especially because of their sexuality or how they identify. "This initiative is about more than just providing a roof over their heads - it’s about offering stability, support, and hope to help them rebuild their lives. We’re taking action not just to make a difference but to inspire others to do the same. Thanks to the generosity of our incredible network so we can help even more young people across the UK find the safety and opportunities they deserve." **Christina Levada, Operations** **Manager at Fuel Ventures, com****ments:**  “Our FuelGiving initiative is a cornerstone of what Fuel Ventures stands for - using our success to uplift those who need it most. As a venture capital firm, we don’t just want to be known for supporting innovation; we want to create a lasting impact on society. Especially as the weather turns, we’re reminded of how fortunate we are to have roofs over our heads. It’s a no-brainer for us to step up and help vulnerable young people not only find safety, but also give them access to the support they need to reach their full potential. Last year, we gave 27 homeless young people a place to call home. This year, we’re taking it further by committing to house 100, and with the help of our investor community, hopefully even more!” And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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The round was led by Private Equity Fund Explorer Investments, alongside contributions from UK and European VCs, including Seed X, Love Ventures, Portfolio Ventures, New Alpha Asset Management, Exceptional Ventures, and Start Ventures.* This milestone marks a significant step for Jove as it continues to revolutionise how contractors, small businesses, and recruitment firms manage insurance with a digital-first approach. Jove’s journey has been supported by early seed funding from investors such as Fuel Ventures in October 2021, which backed the company in its initial stages and helped set the foundation for its growth and innovation. Jove’s insurance products provide comprehensive, borderless coverage for contractors and small businesses working across jurisdictions, addressing the gaps in traditional insurance offerings. Its solutions are tailored for the demands of global mobility, including flexible monthly subscriptions that can be paused when contractors are not working. Their insurance capacity is provided by A rated insurers such as Accelerant and Great American Insurance Group.  The company’s AI-powered platform streamlines the insurance process, enabling a 30-second quote and purchase journey while automating insurance validation. This embedded solution integrates seamlessly with HRIS and ATS systems, simplifying compliance for recruitment firms, managed service providers (MSPs), and mobility marketplaces. The investment will enable Jove to accelerate product development, enhance automation, and scale its operations to meet growing demand. The company is also preparing to launch a recruitment business insurance scheme across the UK and Europe in early 2025, empowering firms to validate insurance effortlessly while enabling recruitment companies to secure digital coverage. Jove has already established partnerships with major global recruitment firms and MSPs, including InterEx, Magnit, Remote, and Hays, as well as mobility platforms like Shiply.   *“We are thrilled to announce the successful closing of our funding round. This investment will enable us to further develop our AI-powered insurance validation platform and empower contractors and recruitment companies to achieve seamless insurance compliance and to get their global suppliers and contractors covered instantly. Jove is at the forefront of changing the landscape of how insurance is being quoted and purchased globally. This has never been done before.”*  **Pedro Correia de Barros at** **Explorer Investments** **said;**  *"At Explorer, we are proud to support Jove's mission to revolutionise insurance for contractors and small businesses. Their innovative AI-driven platform addresses critical pain points, delivering unmatched efficiency and flexibility in insurance solutions. We believe Jove is well-positioned to redefine the global insurance landscape, and we’re excited to be part of this transformative journey."* If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/uk-venture-capital-firm-leads-1m-investment-round-in-juno-ai-to-levels-up-loan-processing-for-small-businesses ### Title: UK Venture Capital Firm Leads $1M Investment Round in Juno AI to Levels Up Loan Processing for Small Businesses ### Page ID: 6615646 ### Content: UK Venture Capital Firm Leads $1M Investment Round in Juno AI to Levels Up Loan Processing for Small Businesses *A leading UK venture capital firm has announced its part in a $1,000,000 investment round in Juno Technologies, a company developing Juno AI, a generative AI-powered operating system for financial services, aiming to transform business loan processing for lenders and brokers. Juno AI's technology dramatically speeds up lead processing, reduces costs, and offers features like natural language interactions and autonomous management of loan applications.* Fuel Ventures, one of the UK's leading venture capital firms has announced investment in Juno Technologies, a company developing pioneering artificial intelligence-powered “employee” designed to transform the loan processing experience for lenders and brokers specialising in business and property loans. Lead by Fuel Ventures, with contributions from Zinc and other Angel Investors, the investment round has raised a total of $1,000,000. [**Juno AI**](https://www.thisisjuno.ai/) plans to use this investment to launch its core offering into the market, helping lenders and brokers drastically cut processing times and costs. The system utilises advanced AI technology to automate a wide range of tasks traditionally handled manually in the loan origination and packaging process. This innovation speeds up front and middle office operations saving hundreds of manhours, improves accuracy, increases the number of successful applications processed, and eliminates the need for human intervention at most stages of the deal’s lifecycle. Juno Technologies’ first product, a loan packaging AI agent named Juno is designed to efficiently onboard small business customers by guiding them through the loan application process, collecting necessary information and documents, enriching their profile with third-party data sources, and ensuring all data is complete, accurate and up-to-date for the lender’s decision-making team. *“We are thrilled to have Fuel Ventures on board as we gear up to introduce our “employees of the future” to the commercial finance market. This investment is not just a financial boost but a strong vote of confidence in our vision and technology.*  *“At Juno AI, we are passionate about improving access to capital for small businesses and boosting the economy through the application of the latest advances in AI. With Fuel Ventures' support, we are now well-positioned to accelerate our product development and deployment, ensuring that lenders and brokers can offer quicker, more reliable and cost-effective services to SMEs across the UK and beyond.”* *"Juno AI’s technology has the potential to redefine how small business loans are managed and we believe in this potential. Not only does this investment align perfectly with our commitment to backing technologies that drive significant advancements in traditional industries, but we also see the passion of these amazing founders to take their business to the next level using this investment.“* Juno Technologies is a company at the forefront of developing Juno AI, a generative AI-powered operating system designed to revolutionise business loan processing for lenders and brokers. Juno AI automates a range of tasks in loan processing, significantly reducing time and costs while increasing efficiency. Its advanced system accelerates the journey from enquiry to offer, reduces operational expenses, and allows for handling a higher volume of applications with improved success rates. Juno AI automates manual administrative tasks and streamlines the onboarding of small business customers. It guides them through the loan process, collects necessary information and documents, follows up on missing details, and manages internal tasks like system updates and compliance checks. This results in a fully prepared loan application, ready for review by the lender’s decision-making team, transforming the loan process and enhancing the overall customer experience. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-ventures-and-oxford-capital-co-lead-1-million-investment-in-egregious-to-combat-ai-driven-superhuman-deception ### Title: Fuel Ventures and Oxford Capital Co-Lead $1 million Investment in Egregious to Combat AI-Driven Superhuman Deception ### Page ID: 6646942 ### Content: Fuel Ventures and Oxford Capital Co-Lead $1 million Investment in Egregious to Combat AI-Driven Superhuman Deception *Leading UK venture capital funds, Fuel Ventures and Oxford Capital, have co-led a $1 million Pre-Seed funding round in Egregious, a pioneering company developing advanced technologies to defend humans from AI misuse. The World Economic Forum’s 2025* [*Global Risks Report*](https://reports.weforum.org/docs/WEF_Global_Risks_Report_2025.pdf) *placed disinformation as the #1 global risk for the second consecutive year, alongside cyber espionage and societal polarisation. This investment marks a significant milestone in Egregious’ mission to safeguard organisations from AI-driven deception, disinformation and harmful content.* Fuel Ventures, a leading UK venture capital fund, has co-led a $1 million Pre-Seed funding round with Oxford Capital in [**Egregious**](https://egregious.ai/), an analysis platform which protects the internet from superhuman AI deception, misinformation, disinformation and polarisation. Egregious is at the forefront of Human AI, on a mission to defend humans from the misuse of AI by delivering transformative solutions across critical sectors. This funding will accelerate Egregious’ product development and scale its cutting-edge Human AI platform. With the backing of Fuel Ventures, Oxford Capital, and a network of strategic investors, Egregious is well-positioned to transform behavioural analysis and digital risk management. This investment underscores the growing importance of Human AI solutions in an increasingly interconnected world. **Rupert Small, PhD, CEO and Founder of Egregious, commented:** *“AI-powered bots and agents are a powerful tool but they also pose a growing threat. These AI agents give people superhuman powers to shape narratives, manipulate systems, and undermine trust at scale. At Egregious, we’re building a defense line for humanity. With Oxford Capital and Fuel Ventures behind us, we’re ready to face these global challenges head-on and redefine how we combat AI-driven deception.”* *“Egregious represents a bold step forward in the AI space. Rupert and his team have demonstrated exceptional expertise and have an unwavering commitment to addressing some of the most critical challenges facing society today due to evolving technology in the world. We’re thrilled to support Egregious as they lead the charge in Human AI innovation, and look forward to supporting them grow in 2025.”* Egregious is an advanced analysis platform which has developed AI-ready Social Media Intelligence tools and Narrative Intelligence solutions to detect and counter the misuse of AI against humans. At the forefront of Human AI, Egregious is on a mission to help organisations across critical sectors such as the public sector & NGO, finance & corporate security, media , communications and marketing, to counter AI-powered deception, disinformation, misinformation and polarisation. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch)[.](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - **National Security and Defence:** providing private and secure Social Media Intelligence (SOCMINT) - **Finance & Corporate Security:** safeguarding enterprises from personnel risk, market manipulation, and AI-driven scams - **Marketing & Communications:** driving AI-powered multi-platform social media marketing strategies - **Cybersecurity:** detecting and mitigating open-source intelligence (OSINT) risks - **Insurance:** Enabling insurers to identify and assess global security threats through AI-driven social media intelligence. --- ## URL: https://www.fuel.ventures/prosper-4million ### Title: Fuel Ventures Leads £4M Investment in Prosper to Transform Wealth Management ### Page ID: 6688701 ### Content: Fuel Ventures Leads £4M Investment in Prosper to Transform Wealth Management *Fuel Ventures, a leading UK venture capital firm, has announced its latest investment of £2 million in Prosper, a wealth management platform targeting high net worth individuals that is shaking up the way wealth is managed by unlocking access to private markets and leveraging AI. The investment round which totalled £4 million was led by Fuel Ventures and included participation from existing investors.* Fuel Ventures, one of the UK's leading venture capital firms, has announced its latest investment of £2 million in [Prosper](https://www.prosper.co.uk/) as lead investor in a £4 million round. Prosper is a high-net-worth wealth management platform designed to maximise people’s long term wealth leveraging AI. The platform, which has over £200 million in assets under administration, is at the forefront of transforming wealth management by combining innovative technology with expert financial insights. With this investment, Prosper intends to rapidly scale its customer base, launch its private market investment offering and build out its AI product. By leveraging AI, the platform aims to revolutionise their customer experience and diversify customer investments, leading to higher potential returns. This latest funding follows Prosper’s initial angel round, which saw support from an impressive roster of investors, including founders of Monzo, Capital One, World First, Tandem, Azimo, Embark, Comply Advantage, as well as institutional angel investments from Silicon Valley firm Andreessen Horowitz (A16Z), Connect Ventures, MMC Ventures, and Portfolio Ventures. With the backing of prominent investors and a proven fintech team previously behind businesses such as Nutmeg and Tandem Bank, Prosper is poised to set a new standard in high-net-worth wealth management. **Ricky Knox, Chairman and Co-Founder of Prosper, said:** *“We are thrilled to close our latest investment round and have the likes of Fuel Ventures join us on this journey to reshape wealth management. Their belief in our mission to revolutionise wealth management in favour of the customer is critical at this stage of our growth. With this investment, we’re excited to expand our AI-driven solutions to serve even more clients and deliver exceptional value.”* *“Prosper stands out as a truly innovative player in the wealth management space. Their use of AI to provide tailored financial help for clients at scale addresses a significant market need. Nick, Ricky and the Prosper team are already making huge waves in the finance industry and we look forward to seeing how they continue to redefine how wealth management services are delivered in 2025.”* **Nick Perrett, CEO and Co-Founder of Prosper, added:** *“For far too long we have had a rough deal from wealth managers: high fees, or worse still hidden fees, companies that incentivise their people to sell products rather than giving us the help we need, and managing this entire process with painful PDFs and old fashioned technology. I founded Prosper because this simply isn’t good enough. It’s time for wealth management to be shaken up and brought into the 21st Century.”* Prosper was founded to maximise our members’ potential wealth. We provide pensions, investments and savings that have clear charges. And we keep them low. Our members benefit from market beating cash savings, zero fee access on 30 index funds from the world's leading asset managers, zero platform fees and zero transaction fees. In the future, we will charge members a fair platform fee and low, fair and transparent fees for any other investment products we think represent great value. The business will always be run with a lean team so that we can pass on as much value as possible to our members. Prosper founder and CEO Nick Perrett and Chairman Ricky Knox have previously worked together building Tandem Bank. The company is backed by the founders of Monzo, Capital One and Admiral and other leaders in financial services. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/cult-mia-industry-trends-2025-seed-funding ### Title: Cult Mia Set to Buck Industry Trends and Plans for Groundbreaking 2025, following Seed Funding Raise ### Page ID: 6717939 ### Content: Cult Mia Set to Buck Industry Trends and Plans for Groundbreaking 2025, following Seed Funding Raise *Cult Mia, the London-based online fashion marketplace that is redefining luxury retail, has announced a significant milestone following its latest Seed Funding investment round, led by Fuel Ventures, H&M Group Ventures, and other backers. This commitment comes off the back of a year of exceptional growth, with the company’s topline tripling as Net Revenue rose by 191% year-over-year, exceeding annual forecasts by 4%.* *Cult Mia remains focused on redefining how global consumers connect with emerging designers, blending unparalleled marketplace economics with a commitment to sustainability and cultural diversity within the fashion industry. As the company prepares for a transformative year, founder and CEO Nina Briance highlights the strategies that will drive growth and innovation in 2025.* Fuel Ventures, one of the UK’s leading venture capital funds, joined a strong cohort of investors to bolster Cult Mia’s mission of supporting independent designers and disrupting the traditional fashion landscape. Building on its remarkable growth over the past year, [**Cult Mia**](https://cultmia.com/?srsltid=AfmBOorVEZ7-gKHKcI5-f9UL3Q3_JAZdRNpquAc6dFfPgz_LsoC0VM5Q) is focusing on key areas such as enhancing its technology platform to deliver a  seamless and more personalized customer experience, deepening its presence in its core two markets (US and Middle East), and staying true to its commitment to share sustainable and ethical practices, to incentivise its brand partners to make improvements on their ESG journeys. Looking ahead, Cult Mia is committed to accelerating its momentum by continuing to attract and curate the best emerging talent. With over 250 independent designers applying each month and only 10% being accepted, the company aims to grow its exclusive portfolio beyond the 400 brands it has already onboarded across 46 countries. With 39% of its products available exclusively on Cult Mia and an **impressive 98% retention rate for brands**, the company is poised to strengthen its position as the go-to destination for unique, high-quality fashion. Cult Mia also plans to capitalise on its surging customer and community growth, having already expanded its customer base by 2.5x, **an increase of 146% year over year**, and grown its engaged community to 278K members in 2024. In the last 12 months, Cult Mia’s strong performance was bolstered by an average order value (AOV) of £564, a 9% increase year of year, **surpassing the AOVs of luxury incumbents Farfetch and Net-a-Porter**, reinforcing its alignment with the expectations of high-end consumers. The company achieved a significant reduction in return rate to 15% and maintained discounts at only 7% of gross merchandise value, underscoring its ability to drive profitability without heavy discounting - rarely seen in the luxury fashion space.  Cult Mia has also seen a breakthrough performance in the Middle Eastern market, where gross merchandise value grew 4.4x year over year, making it the fastest-growing region for the company. The US followed closely with a 2.1x year over year increase in gross merchandise value, demonstrating the brand’s ability to scale efficiently in high-potential markets. Despite a challenging climate for luxury e-commerce, Cult Mia successfully extended its speed round to £4.5M, reflecting strong investor confidence in its business model and future growth potential. By the start of 2026, Cult Mia expects to be in a strong position to launch its Series A funding round, setting the stage for the next chapter of its expansion and solidifying its position as a leader in curated luxury fashion. Cult Mia’s latest achievements underscore its commitment to innovation and transparency in an industry often criticised for its lack of inclusivity and sustainability. Through its unique model, Cult Mia empowers emerging designers while catering to a global audience of fashion-forward consumers seeking exclusive, ethical products. Speaking on her predictions and aspirations for the next 12 months following the funding round, **Nina Briance, founder and CEO of Cult Mia, said:** *“2025 is shaping up to be a transformative year for Cult Mia as we continue to challenge industry norms and redefine the luxury fashion experience. With the incredible support from our investors and the momentum we’ve built over the last year, we’re focused on scaling our platform, empowering emerging designers, and setting a new standard for ethics and inclusivity in fashion. We’re excited to build on our success in markets like the US and Middle East, and take bold steps towards our vision of making Cult Mia the go-to destination for curated, values-driven luxury.”* *“Cult Mia is a shining example of how innovation and purpose-driven entrepreneurship can redefine industries. As we look to 2025, the convergence of technology and retail is set to create waves, and Cult Mia is perfectly positioned to lead this charge. We’re excited to support Nina and her team as they continue to make bold moves and set new standards for the fashion-tech space.”* London-based Cult Mia is the online fashion marketplace building the leading platform for sustainable and conscious luxury fashion. Founded in October 2019 by female entrepreneur Nina Briance, Cult Mia is reshaping the luxury fashion industry by offering a marketplace for those seeking individuality and quality while focusing on independent talent, sustainability, and cultural diversity. Since its inception, Cult Mia has supported over 400 designers from 46 countries, fostering a community that celebrates creativity and conscious consumption. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/serene-strategic-new-hires ### Title: Serene Announces Strategic New Hires to Drive 'Serene' Financial Experiences ### Page ID: 6760796 ### Content: Serene Announces Strategic New Hires to Drive 'Serene' Financial Experiences *A UK platform redefining customer protection in financial services has announced the addition of three key hires to its leadership team, as the company advances its mission to enhance financial experiences through predictive and proactive support, improved inclusivity, and responsible growth for brands and their customers. These appointments come as the company continues to build on the momentum of a transformative year, marked by significant investments from Fuel Ventures and most recently, NatWest.* [**Serene**](https://www.myserene.io/)*,* a UK fintech innovator dedicated to crafting seamless financial experiences for brands and their customers, has announced the appointment of three major hires to its leadership team, collectively bringing nearly four decades of expertise in data, engineering, and financial services. These strategic hires come as Serene continues to expand its footprint in the financial technology space, following an initial investment from Fuel Ventures 12 months ago and recent funding from NatWest. These investments have enabled Serene to accelerate its mission of helping retail organisations detect early signs of distress and proactively deliver targeted support - driving improved outcomes for customers, and foster inclusivity and responsible growth for firms - ensuring customer needs are met seamlessly across products, journeys, and every touchpoint. **Ehsan Faridifar, Co-Founder and Chief Data Scientist** Ehsan brings nearly a decade of expertise in product and data science across startups, venture builders, and NASDAQ-listed companies in six countries. His achievements include developing the UK’s first attrition-based credit score ML product, which secured £20m in funding and was later productised and sold for £45m. At Serene, Ehsan will leverage his deep expertise to drive the development of cutting-edge data-driven solutions that enhance transparency and efficiency for brands and their customers. With over 20 years of experience in engineering leadership, Ian has driven technology transformations in financial services and beyond. At his previous role at Talk Think Do, he introduced cutting-edge DevOps practices and delivered AI-driven solutions showcased at BETT UK and DigiGov. Ian will lead Serene’s engineering operations, focusing on scaling infrastructure, implementing advanced AI solutions, and ensuring operational excellence. Elizabeth brings more than a decade of operational expertise in consumer credit and financial services. She has led regulatory compliance transformations, embedded Consumer Duty frameworks, and driven operational efficiency through new Target Operating Models. At Serene, Elizabeth will play a pivotal role in aligning strategic initiatives, enhancing governance, and driving operational efficiency to support the company’s growth. Serene’s focus on enhancing financial journeys for brands and their customers continues to drive its expansion and innovation in the sector. With a strengthened leadership team, the company is poised to help brands consistently create seamless and supportive customer experiences and responsible business growth. **Savannah Price, Founder and CEO of** **Serene****, commented:** “*We are thrilled to welcome Ehsan, Ian, and Elizabeth to the Serene family. Their combined expertise and leadership will be instrumental in driving our vision forward. At Serene, we are committed to reimagining financial experiences with transparency, efficiency, inclusivity and innovation at the core. These hires mark a pivotal moment in our journey, as we continue to transform how brands and their customers interact with financial services.*” *“It’s fantastic to see Serene’s growth trajectory following our investment last year. Savannah and her team have made incredible progress, and the addition of such experienced professionals is a testament to their ambition and the value they are creating in the fintech space. We’re excited to see how these new hires will help propel Serene’s mission even further.”* Serene is a UK based FinTech pioneering the first **Consumer Vulnerability Engine** of its kind. Their mission is to help any **retail organisation anticipate and meet customer needs** - across every product, journey, and touchpoint. Trusted by a growing number of retail banks and consumer credit providers, Serene’s flagship products - **SereneID, SereneScore,** and **SereneCare** \- enable organisations to detect financial vulnerability early, deliver personalised support, and expand access to financial services. With dynamic, forward-looking insights, Serene helps businesses serve previously excluded customers with tailored solutions that drive responsible growth and inclusion. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/alfa-raises-to-build-their-ai-recruiter-agent ### Title: Alfa raises $625,000 in pre-seed funding to build their AI Recruiter Agent ### Page ID: 6793615 ### Content: Alfa raises $625,000 in pre-seed funding to build their AI Recruiter Agent *Alfa AI has announced a $625,000 raise in pre-seed funding at a $6 million valuation. The round was led by Fuel Ventures.* [**Alfa**](https://welovealfa.com/), an AI recruitment start-up, has secured over $625,000 placing them at a $6 million valuation.   The round was led by Fuel Ventures, with participation from Davie Rowe (Sixty Six & Black Green), Pierre Decote (Revolut & Golden Square), Chris Adelsbach (Outrun Ventures), and multiple other Angel Investors. Alfa is building the world's first truly intelligent AI Recruiter. Alfa’s Agent can instantly find, screen, and connect employers with the top 1% of candidates on autopilot. Alfa is not a replacement, but rather a co-pilot designed to automate all of the admin work of recruitment, so hiring managers can spend more time speaking to candidates about the things which really matter. Unlike some humans, Alfa has no gender or racial bias. This massively improves DE&I by supporting underrepresented minorities. With Alfa, everybody finally gets an equal opportunity. Alfa AI is co-founded by Alfie Whattam (Chief Executive Officer), Ed Godshaw (Chief Technology Officer), and Dr. Linda Yu, PhD (Chief Research Officer). **Alfie Whattam, CEO of Alfa**, said: “Recruiting is broken. It's a slow and manual process, with extremely expensive hiring fees, and hundreds of unsuitable applications. Hiring managers are frustrated, and candidates are burnt out applying to job advert after job advert and then never hearing back. That’s why we have built Alfa. Our AI Agent is capable of millions of calls simultaneously, in any language, at 97% lower cost than a human.” ***Mark Pearson, founder of*** ***Fuel Ventures*** *c**ommented: “At Fuel Ventures, we back founders who are solving real-world problems with cutting-edge technology, and Alfa is doing exactly that. Recruitment is long overdue for disruption, and Alfa’s AI-driven approach has the potential to revolutionise how businesses find and hire top talent. We’re excited to support Alfie and the team as they build the future of AI-powered hiring.”* *Companies can sign up for a free demo for Alfa AI, here:* [*welovealfa.com*](http://welovealfa.com) Alfa is an AI Agent, designed to streamline and revolutionise the recruitment process. By leveraging cutting-edge artificial intelligence, Alfa automates the time-consuming tasks of hiring, allowing managers to focus on what truly matters - connecting with top talent. Simply set your hiring criteria, click search, and let Alfa do the rest. Within hours, Alfa finds, screens, and connects you with the best candidates available. Employers can then review CVs, watch AI-powered video interviews, and seamlessly progress applicants through their recruitment pipeline. Backed by leading investors and industry experts, Alfa is redefining the future of hiring with intelligent, unbiased, and efficient talent solutions. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/augmetec-raises-2m ### Title: Augmetec raises £2m+ to eliminate inefficiencies in managing and conducting internal and regulatory investigations ### Page ID: 6797452 ### Content: Augmetec raises £2m+ to eliminate inefficiencies in managing and conducting internal and regulatory investigations *Founded and led by Kritin Sundaram, the lead investigator on one of the biggest fraud cases in modern history, and having conducted hundreds of high profile investigations into alleged improper conduct, Augmetec has truly been built by investigators, for investigators.*  [**Augmetec**](https://augmetec.com/), the legal tech startup founded and led by Kritin Sundaram, today announces that it has raised over £2m in seed funding to turbo charge its growth. The round is led by UK-based early-stage investors Fuel Ventures, with participation from Swiss fund 14Peaks Capital, and three industry angel investors, including a retired Senior Partner at Kirkland & Ellis, the family office of NetDocuments' original founding team, and the Head of Fraud at Rajah & Tann Singapore.  Historically, ethics and compliance investigations are slow, expensive and often inconsistent. With increased global enforcement action for regulatory non-compliance, particularly for regulations with extraterritorial reach, such as the UK Bribery Act and the US Foreign Corrupt Practices Act (reflected in penalties levied of over $375bn since the 2007-2008 financial crisis), combined with the introduction of new whistleblower regulations, and a growing corporate ‘speak up’ culture, the number of international and regulatory investigations is set to rise exponentially. This increased scrutiny and extra requirements not only cost corporations significant time and money, but also place a great strain on valuable resources.  This is where Augmetec comes in. The company’s platform - LEIAA: Your Investigations Command Centre - is built by investigators, for investigators, and empowers organisations to standardise processes and investigative workflows, maintain trust, and increase transparency and auditability.  LEIAA’s user-friendly interface provides the necessary tools to manage and conduct entire end-to-end investigations, from inception to reporting, data analysis to witness interviews, and everything in between. It enables multinational corporations, top law firms, global financial services organisations, NGOs, and governments, to eliminate inefficiencies by leveraging these AI and automation-focused tools. This means they can make data-driven decisions, optimise cost, alleviate the strain on valuable resources, and increase precision. With ISO27001 and SOC II security certifications, relevant integrations, and technology partner relationships with a host of enterprise platforms including the likes of Relativity, iManage and NetDocuments, LEIAA provides a secure, defensible, single source of truth.  Augmetec will use the fresh injection of capital to continue growing its client base, to fund its product development and to level up its offering on a global scale. The company has structured plans to expand its team by hiring key personnel in engineering, compliance, operations, and sales. Augmetec also aims to strengthen its international enterprise partnerships and invest in developing new features and enhancements for the LEIAA platform. **Kritin Sundaram, Co-Founder and CEO at Augmetec, said:** *“Augmetec has been built on decades of experience in conducting hundreds of high profile investigations into alleged improper conduct. Our fantastic team has deep industry expertise to create specific solutions to solve precise, real-world problems. This is the backbone of LEIAA’s offering, which has been directly experienced and loved by customers worldwide.*  *Our vision is to ease the overwhelming burden placed on the shoulders of investigative teams handling numerous, often complex and multi-faceted investigations, which frequently involve multiple stakeholders across jurisdictions. With the growing number of global investigations, we believe we have built Augmetec at the perfect time to meet this ever-evolving need given the wider international regulatory landscape.”* ***Oliver Hammond, Partner at Fuel Ventures, said:*** *“We're so excited to be working with Augmetec. We've seen internal investigations within corporations increase significantly as regulation grows and levels of improper conduct increase. As such, corporations are being required to investigate thoroughly and fairly.*  *Progress in AI and automation means we think the time is now to automate and maximise the efficiency to a significant degree in that process, allowing corporations to come to conclusions quicker and more accurately. We think Augmetec is going to revolutionise this industry.”* ***Emanuele Larocca, Principal at 14Peaks Capital, said:*** *“LEIAA by Augmetec is uniquely positioned to truly automate regulatory investigation workflows. The team’s intimate understanding of investigative processes has been distilled into a fit-for-purpose software solution, leveraging a unified data architecture to consolidate siloed tasks into a cohesive, transparent and secure platform.*  *We are convinced that both enterprise and law firms worldwide will resonate with this proposition, finding in Augmetec the ideal partner to navigate to the ever-evolving global regulatory landscape.”* Augmetec is a legal tech company transforming the future of internal and regulatory investigations. Founded by experts in law, technology, innovation and compliance, we bring over 100 years of combined industry expertise to solve a decades-long problem of inefficiency in ethics, compliance, and regulatory investigations. Our flagship platform - LEIAA: Your Investigations Command Centre - revolutionises how organisations conduct internal and regulatory investigations through advanced AI and automation. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/atria-ai-secures-720-000-to-revolutionise-legal-workflows ### Title: Atria AI secures £720,000 backing to revolutionise legal workflows with lawyer-grade AI ### Page ID: 6810064 ### Content: Atria AI secures £720,000 backing to revolutionise legal workflows with lawyer-grade AI [**Atria AI**](https://www.atria-ai.com/), a pioneering provider of generative AI solutions tailored for the legal industry, has successfully completed its pre-seed funding round (£720,000) led by Fuel Ventures and a network of esteemed angel investors. This investment marks a pivotal step in Atria AI’s mission to revolutionise legal workflows with cutting-edge artificial intelligence. Built by a team of former top-tier lawyers and an ex-Googler, Atria AI is redefining how legal professionals interact with technology by offering AI-driven “plug and play” solutions that enhance efficiency and reduce costs enabling lawyers to focus on high-value strategic work. At the core of its innovation is Pathfinder, an AI-powered platform designed to seamlessly assist lawyers in managing dates, deadlines and obligations, while delivering actionable insights and ensuring robust data security and compliance. Part of this new funding unlocks an exciting opportunity for law firms to join a strategic partnership and work with Atria AI to co-design a new set of modules for the ever-growing suite of AI-driven solutions. By leveraging advanced AI capabilities, the company aims to empower legal teams with all the tools needed to stay competitive in an increasingly technology-driven industry. **Industry Leaders Supporting AI-Driven Legal Transformation** Fuel Ventures, a leading UK venture capital fund known for its strategic investments in high-growth technology startups, has been instrumental in supporting Atria AI’s journey. With a portfolio of over 170 investments, Fuel Ventures brings extensive experience in backing disruptive technology businesses. *“We are delighted to have the support of Fuel Ventures and our angel investors as we push forward in our mission to transform the legal industry with our technology. This funding not only validates our vision but also enables us to further develop and scale our AI-powered solutions, ensuring legal professionals have access to the most advanced technology available.”* *“Atria AI is bringing much-needed innovation to the legal sector by simplifying complex legal processes through AI. Their Pathfinder platform is set to revolutionise legal workflows, and we are excited to support their journey towards transforming the industry.”* Atria AI is at the forefront of AI-driven legal technology, offering sophisticated solutions that automate document review, knowledge management, and legal research. Founded by former Google technologists and top-tier legal experts, the company is committed to reshaping legal workflows with AI-powered tools that enhance efficiency, security, and decision-making. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-up-boris-hodakel-from-setbacks-to-success-the-journey-in-the-wellness-industry-at-feel ### Title: Fuel Up | Boris Hodakel From Setbacks To Success: The Journey In The Wellness Industry At Feel ### Page ID: 6827718 ### Content: ### More Episodes: ###### Fuel Up | From Amazon to AI: Building Customer Obsession with Rebecca Griffiths ###### Fuel Up | Boris Hodakel From Setbacks To Success: The Journey In The Wellness Industry At Feel ###### Fuel Up | Nina Briance (Cult Mia) From Banking to Boutique: Building Cult Mia and Fashion's Future From Setbacks To Success: **The Journey In The Wellness Industry** At Feel In this episode of Fuel Up, Mark Pearson sits down with Boris Hodakel, founder of Feel, a leading health supplement company in the UK. They dive into Boris' entrepreneurial journey, exploring his business evolution and the key mindset shifts that have shaped his success. Boris opens up about the challenges of building a company, emphasising the importance of prioritisation, learning from setbacks, and the role of technology in e-commerce. He shares his views on effective hiring practices, building a strong company culture, and the value of resilience in overcoming business challenges. From scaling a business with a lean team to understanding the founder’s role and maintaining health as an entrepreneur, this conversation offers valuable insights for anyone looking to navigate the ups and downs of entrepreneurship. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - Boris emphasises the importance of understanding the cost of one's time. - Saying no is crucial for prioritising impactful projects. - Continuous improvement is key in product development. - A no can be a yes in the future with new information. - Building a strong company culture is essential for success. - Over hiring can lead to misalignment and inefficiencies. - Identifying market gaps can lead to successful business pivots. - Entrepreneurs should focus on solving real problems in the market. - Learning from setbacks is vital for growth and development. Founders must understand every aspect of their business. - Delegation is crucial for scaling a business effectively. - A good hire aligns with the company's culture and values. - Setting realistic goals is essential for team motivation. - Resilience is key to overcoming business challenges. - Maintaining a strong reputation is vital for long-term success. - Open and honest communication builds trust and reputation. - Health and wellness are critical for sustained performance. - Research-based decisions lead to better health outcomes. --- ## URL: https://www.fuel.ventures/p3mo-secures-investment-to-accelerate-global-expansion-and-enhance-strategic-initiative-delivery ### Title: P3MO Secures Investment to Accelerate Global Expansion and Enhance Strategic Initiative Delivery ### Page ID: 6886049 ### Content: P3MO Secures Investment to Accelerate Global Expansion and Enhance Strategic Initiative Delivery *P3MO, a digital platform that helps companies manage their projects and strategic initiatives, today announced the successful completion of a funding round. This new investment from a leading venture capital firm, Fuel Ventures, reinforces market confidence in the P3MO platform and supports their continued product investment.* Since its inception, [**P3MO**](https://p3mo.io) has enabled organisations across various sectors to streamline project delivery through an intuitive, automation-driven platform. By offering real-time insights and enhanced collaboration tools, the platform helps leadership teams maintain control over complex projects and drive efficiency in diverse industries—from life sciences and pharmaceuticals to finance, manufacturing, and beyond. “*Our latest funding round is a resounding vote of confidence in the P3MO platform and its ability to transform strategic initiative delivery across industries,*” said Andrew Eatherington, Founder and CEO of P3MO. “*This investment will enable us to further develop our technology, broaden our market presence, and continue providing organisations with a solution that drives operational excellence and strategic clarity.*” P3MO’s robust platform has already been instrumental for some of the world’s leading organisations, particularly within the pharmaceutical sector, where it has played a key role in navigating evolving regulatory landscapes and accelerating digital transformation. However, its adaptable design and user-friendly interface have ensured its appeal across multiple sectors, making it a versatile asset for any organisation seeking to align strategic objectives with effective project execution. The new capital will be dedicated to enhancing platform capabilities, expanding into new markets, and continuing to support clients in their journey towards efficient, agile, and digitally enabled operations. *“P3MO are already working with leading organisations around the globe and this funding round will enable the talented team to go further, quicker.”* Founded to revolutionise how organizations manage and deliver their strategic initiatives, P3MO offers a comprehensive platform that links high-level business objectives with day-to-day project execution. By automating key processes and fostering cross-team collaboration, P3MO empowers companies to drive efficiency, mitigate risks, and achieve their long-term goals - across industries. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-ventures-announces-another-successful-exit ### Title: Fuel Ventures Announces Another Successful Exit Delivering 5.8X Return to Investors ### Page ID: 6910467 ### Content: #### Track Record  #### No Slowing Down Fuel Ventures Announces Another Successful Exit Delivering 5.8X Return to Investors *Fuel Ventures is pleased to announce its latest successful exit with a partial sale of their Arbolus position, delivering impressive returns of up to 5.8x for its investors. This marks yet another significant milestone for the award-winning venture capital firm, reinforcing its reputation for identifying, investing and nurturing high-growth tech businesses.*  *? Since receiving investment from Fuel Ventures’ early stage EIS fund in 2019 and 2020,* [***Arbolus***](https://www.arbolus.com/)*, the expert knowledge platform, has seen revenue growth of 3,313%* With this fifth exit, we continue our streak of outstanding returns, taking the total value of funds returned to £40 million. This latest liquidity event underlines Fuel Ventures' proven investment strategy and its commitment to generating substantial returns.  Previous notable exits from the Fuel Ventures Portfolio include: ?️ ContentCal, acquired by Adobe for £85 million with returns of 7.8x and 6x respectively ? Capdesk, [**acquired by Carta for £68 million**](https://www.fuel.ventures/carta-acquires-capdesk), delivering returns of 8x and 3.5x respectively ?Naytal, acquired by Maven Clinics who were last valued at $1.7bn  Fuel Ventures continues to hold several high-potential positions, notably fintech innovator Volt, initially backed in January 2020 at a modest £4 million valuation. Volt was most [**recently valued at $350m (£280m)**](https://www.cityam.com/volt-meet-the-fintech-taking-on-visa-and-mastercards-duopoly/) following a significant £46 million funding round led by IVP. **Mark Pearson, Founder and Managing Partner of Fuel Ventures, commented**: "*We're thrilled with our latest exit, which underscores our approach to backing visionary founders and innovative companies. Delivering significant returns to our investors remains our primary focus, and we look forward to sharing more successes soon.* *As the Fuel Ventures portfolio begins to mature, we are seeing more potential to exit our positions and deliver significant returns. There is, for example, a term sheet on the table for another portfolio company that will potentially be our largest exit to date.* *The government's continued commitment to the EIS structure in the Autumn budget has given those looking for tax-efficient investments a renewed confidence to back high-growth businesses in the UK. Results like this one shine a spotlight on the opportunity for EIS investors.*” Fuel Ventures’ founding team have previously been the first investor in tech unicorn Paddle ($1.4bn valuation), founded MyVoucherCodes (exited for reported £55m exit), early investor in Playlists.net (exited to Warner Music) and continue to actively seek to invest in disruptive, technology-driven businesses poised for growth and market leadership. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) 1. https://growthinvestorawards.com/winners/winners-2024/ 2. https://www.reuters.com/business/healthcare-pharmaceuticals/women-focused-health-startup-maven-valued-17-bln-funding-round-2024-10-08/ --- ## URL: https://www.fuel.ventures/vouchsafe-raises-1-million-pre-seed-to-revolutionise-identity-verification-and-fight-id-poverty ### Title: Vouchsafe raises £1 million pre-seed to revolutionise identity verification and fight ID poverty ### Page ID: 6921495 ### Content: #### Solving ID poverty at home and worldwide #### The next generation of identity verification #### Trusted by governments #### About Vouchsafe Vouchsafe raises £1 million pre-seed to revolutionise identity verification and fight ID poverty [***Vouchsafe***](https://vouchsafe.id)*, the next-generation identity verification platform dedicated to solving global ID poverty, today announced the successful £1m close of their oversubscribed pre-seed round.* *The round was led by Bethnal Green Ventures (BGV) and supported by Biometric Ventures, Fuel Ventures, Seed X Liechtenstein, along with angel investor Andrew Chevis, CEO of CitizenCard, who brings 30 years of industry expertise.* One billion people around the world don’t have good photo ID. In the UK, 11 million people have neither a passport nor driving licence. It’s getting harder to access life’s essentials without identity documents, particularly banking and credit. Vouchsafe’s work aligns with the [**United Nations Sustainable Development Goal 16.9**](https://unstats.un.org/legal-identity-agenda/), which calls for “Legal Identity for All.” ID poverty affects people at every stage of life, and contributes to financial exclusion and the poverty premium. Vouchsafe’s approach balances accessibility and security in an era of rising fraud risks. As generative AI makes identity fraud more sophisticated, businesses need smarter, more inclusive ways to verify users without putting up more barriers to access. Vouchsafe is already having an impact and is scaling fast. They are working with leading financial services firms to apply the technology to banking and credit. They were also chosen by the Scottish Government to help provide public services to people who struggle with proving their identity, through the [**CivTech programme**](https://www.civtech.scot/). ***Mark Elliot****,* ***Head of CivTech, Scottish Government, said:*** *"Vouchsafe was one of the standout successes of the CivTech programme, tackling a challenge that affects millions. Their approach to identity verification is a game-changer, making it easier, faster, and more cost-effective for public services to reach those who need them most.”* *“This funding is a testament to the impact they are already making, and I’m excited to see how they scale their work to help even more people access vital services."* ***Paul Miller OBE, Managing Partner at Bethnal Green Ventures, added:*** *"Vouchsafe is addressing one of the biggest barriers to financial and digital inclusion. Their innovative approach to identity verification has the potential to unlock access for millions of people.We’re excited to support Chloe, Jaye, and the team as they take this technology to the next level."* ***Mark Pearson, Managing Partner of Fuel Ventures, shared:*** *“The opportunity for disruption is huge and the Vouchsafe team are well-placed to be a driving force for digital inclusion. Even at this pre-seed stage, they have found real-world applications for their platform which is significant.”* Vouchsafe is a tech-for-good company solving ID poverty. Their platform helps businesses safely onboard more users without relying on photo ID. They do this by accepting a wide range of evidence, combined with best-in-class background checks, along with safety nets like a vouch from a trusted referee. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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The oversubscribed round, led by Fuel Ventures, signifies strong investor confidence in Healsgood's vision of dramatically reducing patient waiting times and NHS service delivery failures across the UK.* *Founded by healthtech entrepreneur Jack Henderson,* [***Healsgood***](https://healsgood.com/) [](https://healsgood.com/)*is dedicated to tackling some of the NHS’s most pressing challenges by leveraging cutting-edge artificial intelligence. Recent data reveals significant operational pressures faced by NHS trusts, with a substantial percentage experiencing service delivery failures, driving up patient waiting lists and negatively impacting patient outcomes.* Healsgood's flagship solution, Flexzo AI, directly confronts critical NHS inefficiencies: This latest investment round underscores growing investor belief in the transformative potential of Healsgood’s technology within the UK's public healthcare sector. The £1.5 million funding will enable Healsgood to further enhance its technology platforms, expand its collaborative staff bank, and accelerate the adoption of Flexzo AI across additional NHS trusts nationwide. *"We are thrilled by the strong investor backing for our vision to fundamentally improve NHS service delivery. This £1.5 million investment allows us to scale our technology more rapidly, helping NHS trusts eliminate unnecessary administrative burden, reduce reliance on costly external providers, and crucially, get patients the timely care they need. We’re dedicated to empowering hospitals with solutions that make a real-world difference for patients and healthcare professionals alike."* ***Mark Pearson, Managing Partner of Fuel Ventures, shared:*** *“There is a clear market need and enormous potential for cost savings and efficiency gains within the NHS. Healsgood's AI-powered platforms ensure substantial savings are retained within NHS trusts, thereby directly improving patient care outcomes. We’re excited to be backing Jack and the team as they deliver on this very important challenge.”* If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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The £250,000 investment from Fuel Ventures will enable Jamie and Sam to take their start-up to the next level.  Jamie said: “*The investment will allow us to rapidly scale up our sales and marketing activity, and further develop our system. It allows Sam and I to keep living the dream of building a massive business together out of university and aid our goals for mytender.io to become one of the biggest pieces of bid writing software in the world.*”  The duo already has over 20 clients, a small team of employees, and big ambitions to grow the start-up when they graduate this year. “*We were housemates, and we were always talking about different ideas as we were keen to start a business together,*” said Jamie. “*We went to a Small Business Speed Launch weekend organised by the university’s Student Enterprise team. We learnt lots that weekend and it gave us a real urge to create a business.*” They set up an AI consultancy and contacted hundreds of businesses offering AI automation.  “*Through reaching out via lots of emails, we met a facilities management director who was spending his weekends writing bids and responding to tenders, and wanted to use AI to speed this up,*” explained Samuel. “*At that time, we didn’t know what bids or tenders were, but we did lots of research and things grew from there.”* He added: *“Outside of our studies, we put everything else that we can to the business. After we graduate, we both intend to work on this full time.”*  They have employed two interns, a salesperson and one full time employee, and are looking to grow the start-up via seed funding in the coming months. They are also keen to explore overseas expansion.  Last month, Universities UK launched a **new campaign** to highlight the impact of university start-ups.  Since 2014, 38,000 student and staff start-up companies have been launched with the support of universities, and from 2014-15 to 2022-23 there was a 70 per cent increase in active firms. On average, more than 4,300 start-ups are registered each year, and in the academic year 2022 to 2023, more than 64,000 people were employed by start-ups that emerged from universities.  If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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And that* ***85% of employees have no sense of purpose in their work****.* *The result is what has come to be known as* ***‘Quiet quitting’*** *with 60% of employees admitting that they’re doing the bare minimum required and are psychologically detached from their jobs.* [**Dosen**](https://dosen.io/), the pioneering AI-driven employee alignment platform founded by Ronan Wall, Victor Burke and Cian McCarthy, today announces the successful close of a $2.3 million oversubscribed pre-seed funding round. Led by Affinity Ventures with investment from Unshackled Ventures and Fuel Ventures, the round exceeded its initial target, highlighting strong investor confidence in Dosen's innovative approach to one of the biggest problems in today's workplace. Already revenue-generating, Dosen enables HR departments and senior leadership to retain talent and increase performance by aligning company performance with employee purpose.  The platform leverages advanced artificial intelligence to combine company inputs (structure, goals, roles, processes) with employee inputs (personal values, purpose, skillsets, development goals) to create purpose-led, organizationally-aligned employee learning. **Driving company performance through employee alignment** As organisations face increasingly complex talent and performance challenges - 65% of people now work remotely - traditional methods of ensuring workplace alignment and performance are failing. The annual cost of this underperformance to US businesses alone is $500B, and Dosen’s AI-powered platform has been developed to directly address this problem: Dosen has already successfully delivered ROI for a number of multi-national clients, by improving employee performance and business productivity. *“The impact has been transformative. I can see our workforce not just adopting but embodying our organisational practices that allow us to fulfill our purpose”* Businesses of 100+ employees that are experiencing transition (changing processes, hiring new staff, suffering from employee churn problems) can benefit significantly from the Dosen platform. This $2.3 million funding will fuel Dosen's continued expansion, enabling the company to accelerate product development, scale the team and deepen market penetration. *“We’re thrilled by the overwhelming support we’ve received, exceeding our initial round size by 50%. Dosen is designed specifically to help HR teams and senior leaders solve the biggest challenge they face right now, underperformance or loss of their top talent. This investment allows us to reach more people and companies and put an end to the trend of ‘Quiet Quitting’* *“This pre-seed round validates our mission to redefine workplace learning. By automating the personalisation of training at scale, we’re excited to make a significant impact for organisations and the people within them.”* *“The most exciting thing about Dosen is that the product is in its infancy and we see a huge opportunity to advance it further, driv**ing even greater levels of employee purpose and company performance after this round.”* The team is an all Irish founding team, based in Los Angeles with considerable experience in founding and building businesses. Ronan Wall - founding team Matchbook.com (acq 2014), Online COO Paddy Power - took the company from 100 to 5,000 people in 7 years, Senior Executive @Ticketmaster Victor Burke - 2x Founder Wilde Irish Gin and ICP Digital Media Cian McCarthy - 2x founder Pina Gold and Base Influence If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - **Personalised learning journeys:** Employee inputs create tailored learning paths matched to individual employee roles, development areas and career ambitions - **Aligned with company goals:** Organisational inputs including Strategy, Goals and Structures align employee development directly to company performance - **Driven by scientific best practice:** Scientifically proven tools ensure maximum ROI for the company and development for employees --- ## URL: https://www.fuel.ventures/damisa-secures-2-25-million-pre-seed ### Title: Damisa secures £2.25 Million pre-seed to build the fastest and most secure stable-coin payment experience yet ### Page ID: 6998259 ### Content: #### **Solving Global Payment Complexity** #### Strategic Investor Backing #### Rapid Growth, Ambitious Launch Timeline Damisa secures £2.25 Million pre-seed to build the fastest and most secure stable-coin payment experience yet [***Damisa***](https://damisa.xyz/)*, the next-generation payments platform co-founded by fintech entrepreneur Jordan Lawrence, today announces the successful close of its £2.25 million pre-seed funding round, led by Fuel Ventures. The oversubscribed round also saw participation from investors including EWOR, Greyhound Capital, prominent investor Mark Ransford, and strategic backing from Damisa's first customer, a leading foundational company using Damisa's secure wallets to replace their existing Escrow services.* *Damisa is poised to modernise cross-border money movements and transactions across key global sectors, focusing initially on logistics, real estate, travel, and education. The platform is set to facilitate its first transactions this month, with a broader market launch scheduled for July this year.* International transactions remain notoriously complex and costly for businesses, often plagued by inefficiencies, high fees, and slow settlement times. Damisa directly addresses these pain points through its cutting-edge payment solution, designed specifically to simplify escrow services & cross-border money movement whilst eliminating friction across the global economy. With industry veterans at its helm, including CEO Jordan Lawrence, co-founder of Volt, Maximilian Marenbach, former Head of APAC Expansion at Kraken, and Panos Dandolas, former Head of Fintech Innovation at Agoda, Damisa’s leadership team brings unmatched fintech experience to its ambitious mission. Fuel Ventures, known for its investments in transformative fintech companies, spearheaded the round. Mark Pearson, Managing Partner at Fuel Ventures, commented: “*Damisa is uniquely positioned to fundamentally transform international payments. We’ve invested in Jordan before through our investment into Volt ($350m+ valuation) and are delighted to be working with him again. The team has the experience, regulatory foundation, and industry understanding to make a significant global impact. We’re excited to lead their first round and support their ambitious growth trajectory.*” Additional backing from EWOR, Greyhound Capital,and Mark Ransford, combined with strategic investment from Damisa’s first customer, provides Damisa with valuable industry connections and operational validation. The £2.25 million raised will enable Damisa to accelerate its go-to-market strategy, scaling its operational infrastructure, obtaining the necessary licenses, and advancing technological capabilities ahead of its public launch. The initial transactions set to go live in April will mark a critical milestone, demonstrating immediate customer value and efficiency improvements. Damisa currently holds a VASP in Poland and will have an AFSL in Australia by the end of Q2 2025. *“This funding reflects confidence in our vision to fundamentally improve global payment processes for sectors burdened by outdated, expensive solutions. By implementing our smart wallets and orchestrating leading stablecoins for speed and security, Damisa will dramatically simplify escrow services and cross-border payments, delivering greater transparency to businesses operating internationally, especially in complex, emerging markets. We look forward to providing immediate, tangible benefits to customers across logistics, real estate, travel, and education sectors.”* If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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This investment underscores significant confidence in Homemove’s mission to transform the moving experience, enabling people to move home with more confidence and ease through high quality service and an all-in-one tech solution. Co-founded by James Freestone and Louis O'Connell-Bristow, in a highly fragmented industry, Homemove creates a seamless moving experience, by centralising everything in one place. From research to completion, homemove offers holistic oversight, easy management, and real-time updates, significantly cutting down administrative delays and improving customer confidence. In just three years since its inception, Homemove has rapidly scaled from zero to $4 million in revenue, reflecting strong market validation and customer adoption of its innovative services. This latest funding round will enable Homemove to further refine its technology in its five core verticals of estate agents, mortgages, surveys, conveyancing and removals, build national brand recognition, and accelerate a rollout of innovative homemoving products to simplify moving home. **James Freestone, co-founder and CEO of Homemove, said:** *"We’re incredibly excited by the support from Fuel Ventures and our additional investors. This investment empowers us not only to scale our platform but also to continue to make the home-moving experience simpler, less stressful, and more joyful for our customers. Our goal is to help homeowners move with greater ease and confidence, knowing everything they need is seamlessly managed in one friendly, easy-to-use place. Homemove truly is the home of moving home."* ***Mark Pearson, Founder and Managing Partner of Fuel Ventures, added:*** *"Homemove is exactly the type of disruptive business we love to support - one that's clearly addressing real-world inefficiencies with robust technology solutions. The company’s exceptional growth from zero to $4 million revenue in such a short time highlights its immense potential. Having backed Homemove since their first SEIS round in 2022, we’re thrilled to lead this round and excited about Homemove’s future."* If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/intelligent-core-secures-500k-funding-to-help-companies-cut-operational-costs-by-up-to-80 ### Title: Intelligent Core Secures £500k Funding to Help Companies Cut Operational Costs by up to 80% ### Page ID: 7018128 ### Content: Intelligent Core Secures £500k Funding to Help Companies Cut Operational Costs by up to 80% [**INTELLIGENT CORE**](https://intelligentcore.io/), an industrial intelligence company at the forefront of AI-driven automation in the energy sector, today announced the successful close of a £500,000 investment round, securing a £4 million valuation. Backed by Fuel Ventures, this funding affirms strong investor confidence in INTELLIGENT CORE’s mission to modernize operations across oil & gas infrastructure. Known for its predictive maintenance systems, real-time water and asset monitoring, and scalable field-edge deployment, INTELLIGENT CORE continues to drive measurable improvements.  INTELLIGENT CORE was advised by Helion Partners who also invested in the round.  Led by CEO Tom Greenlees, INTELLIGENT CORE delivers advanced AI solutions that streamline complex processes, eliminate operational inefficiencies, and enhance decision-making precision across key industries. Committed to driving sustainable growth, INTELLIGENT CORE empowers businesses with AI technology that promotes operational excellence and environmental responsibility. The latest funding round will accelerate product innovation, expand our skilled technical team, and enhance platform capabilities to meet increasing market demand for intelligent, sustainable business solutions. *“We are delighted by the confidence and support of our investors. This investment accelerates our mission to deliver transformative AI solutions that optimize efficiency and unlock smarter operations for businesses across key sectors. We are committed to making advanced AI technology practical, impactful, and accessible, driving meaningful change where it matters most. Special thanks to our lead investor Fuel Ventures and to Helion Partners for their expert advice throughout.”* ***Mark Pearson, Founder and Managing Partner of Fuel Ventures, added:*** *“We are very bullish on AI and INTELLIGENT CORE is an excellent example of real-world AI deployment at scale. The team has clearly demonstrated the ability to create tangible efficiencies and improvements for businesses, making INTELLIGENT CORE a compelling investment for us. We’re excited to see how they continue to evolve and drive forward innovation in AI technology.”* The funding comes at a time of rapid technological advancements and increased adoption of AI across industries, positioning INTELLIGENT CORE to capitalise on the growing demand for intelligent business solutions. INTELLIGENT CORE leverages state-of-the-art artificial intelligence technology to help businesses automate, optimise, and make better-informed decisions. Led by CEO Tom Greenlees, the company is committed to driving innovation in business intelligence through accessible, robust, and scalable AI solutions. Helion Partners is a leading M&A and strategic advisory firm, specialising in the media and  technology sectors. Focused on sell-side advisory for entrepreneurial and founder-led  businesses, Helion delivers hands-on, partner-led support across all transaction types.  Combining deep sector expertise with a commitment to exceptional client service, Helion  provides tailored, strategic solutions that maximise value and deliver successful outcomes. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/3-million-investment-in-51tocarbonzero-to-accelerate-global-expansion ### Title: Fuel Ventures Leads £3 Million Investment in 51toCarbonZero to Accelerate Global Expansion and AI-Driven Platform Enhanc ### Page ID: 7038277 ### Content: Fuel Ventures Leads £3 Million Investment in 51toCarbonZero to Accelerate Global Expansion and AI-Driven Platform Enhanc Fuel Ventures has led an investment round for pioneering climate-success company, [**51toCarbonZero**](https://www.51tocarbonzero.com/), the first platform to ensure effective corporate transition to net zero while boosting clients’ business performance. The £3 million funding round, which includes contributions from angel investors, follows a previous investment by Fuel Ventures and reflects the significant growth 51toCarbonZero has achieved since then. 51toCarbonZero specialises in a growing number of sectors including advertising, sports, entertainment, food and beverage, logistics, automotive and financial services. This additional funding will enable 51toCarbonZero to extend its climate-success platform to a greater number of businesses and sectors across the UK, Europe, and the US.  The investment will also facilitate the advancement of its platform to better leverage AI and enhance the client experience, making carbon management and reduction more intuitive and effective.  **Prof. Neil Woodcock, Co-Founder & Executive Chairman of 51toCarbonZero, commented:** *"This investment marks a pivotal moment for 51toCarbonZero. With Fuel Ventures' continued support, we're poised to extend our reach and enhance our platform's capabilities, particularly through AI integration. Our mission is to simplify the path to net-zero for companies worldwide so we can help reduce emissions by 500m tonnes CO2e, and this funding brings us closer to achieving that."* ***Mark Pearson, Founder and Managing Partner of Fuel Ventures, added:*** *"Our continued investment in 51toCarbonZero underscores our confidence in their mission and the impressive progress they've made since our previous investment. The 51toCarbonZero team have developed a platform that not only addresses the urgent need for emissions management but also empowers companies to take actionable steps towards sustainability. We're excited to support their expansion into new markets and industries."* 51toCarbonZero is a climate-tech company dedicated to helping organizations understand and reduce their carbon emissions. Their platform consolidates an enterprise's entire carbon footprint, providing real-time data and actionable insights to drive carbon transformation. With a focus on industries that shape public opinion, such as media and advertising, 51-0 is expanding to serve additional sectors, including food and beverage and automotive. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/trusted-secures-1-million-pre-seed-investment ### Title: Trusted Secures £1 Million Pre-Seed Investment to Revolutionize B2B Customer Advocacy​ ### Page ID: 7049297 ### Content: Trusted Secures £1 Million Pre-Seed Investment to Revolutionize B2B Customer Advocacy​ [**Trusted**](https://thetrusted.io/), a UK-based technology startup transforming how B2B enterprises harness customer advocacy, today announced the successful closure of a £1 million pre-seed funding round led by Fuel Ventures. The investment will accelerate the development of Trusted’s platform, which empowers businesses to convert their happiest customers into their most powerful growth engine.​ Founded by industry veterans Emma Roffey, Paul Button (Co-CEOs), and Roger Barr (CTO), Trusted combines advisory services with a scalable SaaS platform designed to help global enterprises win more profitable business faster. The company is already revenue-generating and working with enterprise clients to build programs that turn satisfied customers into brand advocates, boosting retention, deal size, and sales velocity. *“We believe the future of B2B growth is customer-led,*” said Emma Roffey, Co-CEO of Trusted. “*Our platform will help businesses capture and amplify the authentic voice of their customers, turning trust into tangible commercial outcomes.”​* [**Emma Roffey**](https://www.linkedin.com/in/emma-roffey-8b61a31/) is a leader in enterprise marketing, having most recently held a global VP position at Cisco. [**Paul Button**](https://www.linkedin.com/in/paul-button/) & [**Roger Barr**](https://www.linkedin.com/in/rogerbarr/) previously co-founded digital experience agency, Mediablaze, which was acquired by iCrossing in 2021.  Trusted’s advisory board includes senior leaders from ServiceNow, Fortinet, TeamViewer, Freshworks, BNP Paribas, and Natilik, ensuring the product is built in close collaboration with the needs of global enterprises. **Mark Pearson, Founder and Managing Partner of Fuel Ventures, added:** *"Trusted is exactly the kind of founder-led, customer-centric business we love to back. They’re building a category-defining platform that taps into a massive market opportunity. We’re excited to support their journey at this early stage.”* If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/aviel-intelligence-launches-to-tackle-uks-scamdemic ### Title: AVIEL Intelligence Launches to Tackle UK’s ‘Scamdemic’, as Fuel Ventures Leads £350k Investment ### Page ID: 7062006 ### Content: #### About AVIEL Intelligence AVIEL Intelligence Launches to Tackle UK’s ‘Scamdemic’, as Fuel Ventures Leads £350k Investment *A new intelligence-led startup,* [*AVIEL Intelligence*](https://www.aviel.tech/)*, has emerged from stealth with an ambitious mission: to stop financial scams before they happen. Founded by ex-Google operators, the former UK director of what3words, and leading intelligence experts, AVIEL Intelligence has secured a £350,000 pre-seed investment round led by Fuel Ventures, one of the UK’s leading early-stage venture capital firms. The round also includes backing from Cambridge Angels and a range of other angel investors including respected experts across the cybersecurity industry.* Fuel Ventures, one of the UK's leading venture capital firms, has announced its latest investment in AVIEL Intelligence, as lead investor in a £350k round. Having launched in 2024, AVIEL Intelligence delivers actionable intelligence to banks and payment service providers (PSPs), helping them prevent customers from being scammed. The company’s proprietary intelligence engine is already live, actively identifying scam networks and enabling PSPs to take real-time action to block fraud before it occurs. The rise in scams, dubbed a “scamdemic” by Government and media, has hit consumers and institutions hard. But a major regulatory shift has brought new urgency to the fight. Since October 2024, over 1,100 PSPs have come under new Payment Systems Regulator (PSR) rules, requiring them to reimburse victims of APP (Authorised Push Payment) fraud – effectively transferring liability from consumers to financial institutions.\* Following the ruling, it's more important to PSPs to prevent scams proactively than ever before. AVIEL Intelligence is already helping high street banks and neobanks do just that; actively stopping scams in real time. The platform is laser-focused on producing intelligence that banks and PSPs can act on immediately - whether that’s stopping a customer from sending money to a scammer or removing scammers from their own banking platforms. In a unique approach to scam intelligence, AVIEL Intelligence has created a suite of AI personas that interact with scammers through digital platforms, and as conversations move to “end-to-end encrypted” environments such as WhatsApp, the AI personas extract information from the scammer. For receiving banks, this is a game changer - understanding which of its accounts are being used in scams. This investment will power AVIEL’s next phase of growth, including its go-to-market expansion across the UK and internationally, and continued product development. Key priorities include increasing the speed and accuracy of scam detection, expanding the scope of scams covered, and scaling up intelligence delivery. AVIEL’s founding team brings together deep experience in cybersecurity, social media monitoring and alternative finance. ***Joe Tallett, Co-Founder and CEO of AVIEL Intelligence, said:*** *“We couldn’t be more excited about closing our funding round and ramping up our anti-scam activities. With Fuel Ventures supporting our vision and providing the backbone of our funding round, AVIEL can accelerate fast.”* ***Mark Pearson, Managing Partner of Fuel Ventures, shared:*** *“AVIEL is tackling one of the biggest challenges facing banks and payment service providers today. The team has found a completely unique angle – using intelligence, not just analytics, to stop scams at the source. Their approach is bold, focused and scalable, and we’re excited to back them at this critical stage.”* AVIEL Technologies provides precision intelligence to protect financial institutions and their customers from the breakout cybercrime of the 2020s - financial scams. Its unique intelligence engine - ‘EVIE’ - sets traps for scammers and returns valuable intelligence. This intelligence enables scam payments to be halted in real time; stopping bank customers from becoming victims. AVIEL's vision is to deploy its unique cybercrime prevention capability globally. \*https://www.psr.org.uk/information-for-consumers/app-fraud-reimbursement-protections/ If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/materials-market-raises-2m ### Title: Materials Market raises £2m to cement its position as the UK’s leading building materials marketplace ### Page ID: 7073547 ### Content: #### About Materials Market Materials Market raises £2m to cement its position as the UK’s leading building materials marketplace *Materials Market, the innovative online marketplace for heavy side building materials, has raised £2* *million in a funding round led by its existing backers Fuel Ventures, with participation from new* *investors Active Partners (whose investments include household names like Soho House and Honest* *Burgers) and an assortment of experienced angel investors. In addition to the new funding, Materials* *Market also welcomed two new directors to the board: James Mackenzie (ex MD of Travis Perkins &* *Toolstation with extensive experience in the digital building materials space) and Thomas Studd* *(former partner at Vitruvian whose portfolio experience includes two-sided marketplaces such as* The UK’s £40bn building materials market is hugely fragmented, comprising thousands of suppliers servicing localised areas with constantly fluctuating stock and delivery capabilities. For buyers of building materials, the purchase process involves contacting numerous suppliers to negotiate prices and discuss stock availability and delivery options. With limited digital adoption amongst suppliers, the process remains highly analogue, creating significant friction and frustration, as well as fostering an opaque pricing environment. Against the current macroeconomic backdrop of price inflation and the government’s push to build 1.5 million homes before the end of this term, the opportunity to disrupt the Founded by professional construction buyers Samuel Hunt and Andrew Haehn, who experienced these problems first-hand, Materials Market is on a mission to create a perfect online market for the buying and selling of building materials. Leveraging its proprietary marketplace technology and working with a huge network of supplier partners across the country, Materials Market offers low prices, speedy delivery and great service levels to DIY and trade customers. As well as providing customers with fairer pricing than they would get from well-known retailers, Materials Market gives its suppliers access to an online market without the need to invest in expensive digital infrastructure. Since 2020, Materials Market has grown from a spare bedroom startup to the leading marketplace of its kind in the UK. The number of suppliers actively engaged on the platform has reached over 750 branches, more than any other UK building materials supplier (online or offline). This supply chain is now supporting an ecosystem of over 2,000 monthly customers, ranging from DIY enthusiasts looking for a better deal than those offered by general retailers, to construction contractors working on large commercial projects. The latest investment will be used primarily to recruit best-in-class talent, including across its supplier and sales teams, marketing, product and operations, helping Materials Market to further push the boundaries of its marketplace model and unlock new and innovative ways to **Talking about the deal from their Shoreditch offices, Co-Founder and CEO Samuel Hunt said:** “*The fragmented nature of the construction industry creates a frustrating trading environment for both customers and suppliers alike. Faced with an uncertain economic climate and the ambitious targets set by government, it’s never been more important to maximise efficiency in the procurement process. We are thrilled to be working with Active Partners, who bring a wealth of experience from the consumer side, as well as Tom and James, whose expertise will play a pivotal role as we take this exciting next step in our journey.*” **Tom Profumo, Partner at Active Partners, added:** *"The building materials market is highly fragmented and inefficient and has yet to experience the level of disruption seen in other industries through digitisation. Materials Market is changing that with its innovative approach and proprietary technology, seamlessly connecting buyers and suppliers through its online marketplace. Their impressive growth to date demonstrates clear product market fit and Samuel and Andrew’s deep understanding of their customers. We’re excited to support them as they scale their offering nationwide and beyond."* **James Mackenzie, newly appointed Non-Executive Director at Materials Market, said:** *“The building materials sector is one of the last major industries to undergo true digital transformation. What Materials Market is doing - using technology to simplify and scale a highly fragmented supply chain - is exactly what the industry needs. Their progress to date speaks volumes, and I’m looking forward to bringing my experience to the board as we work to unlock the next phase of growth.”* Founded in October 2020, Materials Market is the leading building materials marketplace in the UK, using innovative technology to leverage a large network of suppliers and deliver low prices and fast delivery times for its customers. For more information, visit materialsmarket.com. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/what-30-000-pitch-decks-taught-us-after-a-decade-in-venture-capital ### Title: What 30,000 Pitch Decks Taught Us After a Decade in Venture Capital ### Page ID: 7087416 ### Content: What 30,000 Pitch Decks Taught Us After a Decade in Venture Capital After ten years on the front line of early-stage investing, we at Fuel Ventures have reviewed more than 30,000 startup pitches, and counting. Today, we receive around 6,000 new decks each year, which works out to one every 88 minutes. With a decade of data behind us, we decided it was time to take stock and share what these numbers say about the UK’s startup ecosystem, and where it’s heading. Our analysis shows that 76% of successful pitches we’ve backed have come from co-founded startups, not solo founders. While we’ve seen exceptional individuals secure investment, our experience suggests co-founders bring complementary skills, shared resilience, and greater long-term potential factors that consistently give them an edge in the investment process. We’ve also seen encouraging progress when it comes to gender diversity. Since we launched in 2014, female founder submissions have increased by 45%, including a 30% jump in just the last five years. There’s still more work to be done, but this trend is a step in the right direction. While London remains the top destination for startups in the UK, innovation is spreading. In the past decade, we’ve seen pitch volume from Birmingham rise by 120%, and Manchester by 95%. But it doesn’t stop there: Leeds is up 88%, Bristol 72%, and Glasgow 65%. Even Belfast and Cardiff have seen notable increases of 54% and 47% respectively. More founders are building businesses outside the capital, and it’s a sign of a healthier, more decentralised entrepreneurial ecosystem. There’s also a shift in the age profile of founders. Over the last ten years, we’ve received 35% more pitches from entrepreneurs aged 40 and up. It’s clear that many of the most exciting businesses are now being built by experienced professionals turning their deep industry expertise into scalable ventures. At the same time, founders aged 25–34 still make up the largest share of submissions, but growth has slowed slightly (up 12% over the decade), while founders aged under 25 have increased by 22%, driven largely by university spinouts and digital-native startups. We’ve also seen a modest rise (9%) in founders aged 55+, often launching businesses in later careers or post-exit from previous ventures. In 2024 alone, “AI” featured in 86% of all decks we received, beating out “disruption” (61%), “scale” (52%), “sustainability” (45%), and “pivot” (32%). Other repeat appearances included “Web3” (28%), “decentralised” (24%), “hypergrowth” (21%), “blockchain” (18%), and “metaverse” (11%)—some of which have aged better than others. But here’s the kicker: in roughly one in five of those decks, there was no actual AI capability. If you’re chasing a buzzword without the product or team to back it up, we’ll notice. We also uncovered some interesting patterns in timing. January and September are peak months for pitches - up 9% and 10% respectively - and Tuesdays are statistically the best day to send your deck. Submissions that land on a Tuesday are 18% more likely to get a follow-up than those sent on Fridays.  Over the years, we’ve seen pitch decks of all shapes and sizes, from the shortest at just three slides to the longest stretching at 127 slides. Neither of those extremes secured investment. In contrast, the average successful pitch deck we receive sits at around 18–24 slides. The best decks are focused, well-structured, and tailored to the opportunity at hand. It’s not about how much you say, it’s about saying the right things, clearly and convincingly. When it comes to pitch decks, quality always beats quantity. As one of the UK’s most active early-stage investors, we’ve had a unique vantage point on how the startup landscape has evolved. We’ve seen first-hand the creativity, drive, and resilience that founders bring to the table. We’ve also learned that the strongest pitches come from teams who understand their market, tell a clear story, and show evidence of traction - not just buzzwords. And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/everybody-counts-raises-500k-in-seed-round-led-by-fuel-ventures-to-transform-global-maths-education ### Title: Everybody Counts Raises £500K in Seed Round Led by Fuel Ventures to Transform Global Maths Education ### Page ID: 7117755 ### Content: #### About Everybody Counts Everybody Counts Raises £500K in Seed Round Led by Fuel Ventures to Transform Global Maths Education [**Everybody Counts**](https://everybodycounts.org.uk/), the UK-based EdTech social enterprise delivering inclusive, AI-powered maths education, today announced it has raised £500,000 in the latest phase of its £1.9 million seed funding round. The investment, led by Fuel Ventures with support from industry angels, will accelerate the global rollout of its personalised learning platform designed to close the maths attainment gap for all learners. Founded by international education leader Andy Ridgway and maths mastery expert Judy Hornigold, Everybody Counts is on a mission to make high-quality, inclusive maths learning available to every child—regardless of geography, language, or neurodiversity. The platform combines the proven Singapore Maths approach with adaptive AI, multilingual delivery, and embedded teacher training, offering a scalable solution to the global maths crisis. “This investment marks an exciting milestone in our journey to make maths mastery globally accessible,” said Andy Ridgway, CEO of Everybody Counts. “We’re thrilled to have Fuel Ventures’ backing as we expand our reach, enhance our platform, and continue empowering both students and teachers worldwide.” The company has already secured over £4 million in B2G and B2B contracts in the past 12 months, including a major UK government procurement, and has forged partnerships with global development organisations including ChildFund Korea, Kampuchea Action to Promote Education (KAPE), and YPO. Its platform is now being deployed in multiple languages—including Khmer—with tailored teacher CPD (continuing professional development) delivered as part of its integrated offer. Currently delivering a £500,000 innovation project funded in part by Innovate UK, the platform is focused on building tools to support neurodiverse learners using cognitive science, education psychology, and data analytics. Its accessibility features include dyslexic-friendly fonts, dyscalculia-sensitive interfaces, and diverse character representation to reflect the communities it serves. “Everybody Counts is addressing one of the most pressing and underserved challenges in global education,” said Mark Pearson, Managing Partner at Fuel Ventures. “Andy and Judy bring deep domain expertise, proven traction, and a clear vision for scale. Their platform is exactly the kind of high-impact, high-growth innovation we look to support.” With over 100 new schools set to be signing up each month by the end of 2025, and expansion plans underway across both UK and international markets, Everybody Counts is poised to be a major player in the £170 billion global EdTech sector. *Everybody Counts*, the UK-based EdTech social impact company delivering inclusive, AI-powered maths education, today announced it has raised £500,000 in the latest phase of its £1.9 million seed funding round. The investment, led by Fuel Ventures with support from industry angels, will accelerate the global rollout of its personalised learning platform designed to close the maths attainment gap for all learners. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-ventures-leads-340k-investment-in-community-wolf-to-power-global-public-safety-innovation-via-whatsapp ### Title: Fuel Ventures Leads £340k Investment in Community Wolf to Power Global Public Safety Innovation via WhatsApp ### Page ID: 7123089 ### Content: Fuel Ventures Leads £340k Investment in Community Wolf to Power Global Public Safety Innovation via WhatsApp *Fuel Ventures has led a £340,000 investment round into* [***Community Wolf***](https://www.communitywolf.com/)*, a South African startup pioneering a new era of public safety through its WhatsApp-based platform. The raise, which closed this month, marks a significant milestone in Community Wolf’s mission to ensure all of humanity is safe, beginning with crime reporting and community intelligence gathering via the world’s most widely used messaging app.* Community Wolf has transformed WhatsApp into the primary communication channel for reporting crime and suspicious activity across South Africa. With millions already relying on the app daily, this channel feeds into an intelligent technology stack, designed to be the connective layer for the entire public safety industry - delivering faster responses, data-driven insights, and ultimately, safer streets. The investment will fuel the development and distribution of the Community Wolf platform, including expanded marketing efforts from digital campaigns to out-of-home visibility. These efforts aim to solidify Community Wolf as a trusted and recognisable name across South Africa and into global territories where public safety needs are most urgent, including Nigeria, Brazil, and wider South America. Funding will also support the growth of its in-house tech team to accelerate platform evolution and innovation. “We're backing Community Wolf because they're building something truly game-changing; a public safety network that puts the power in the hands of the people, using tools we already know and trust. The platform's impact in South Africa has already proven just how vital this service is. We're excited to support the team as they scale their technology and make communities around the world safer.” **Nick Mills, Co-Founder of Community Wolf, commented:** “This investment is a huge validation of our vision. Community Wolf started as a grassroots idea to help people feel safer in their own neighbourhoods, and we’ve seen just how transformative it can be. Fuel Ventures’ belief in what we’re building gives us the rocket fuel we need to scale our impact, both in South Africa and far beyond.” **Michael Houghton, Co-Founder of Community Wolf, added:** “We’ve always wanted to stay a lean company as it’s what allows us to stay close to the communities we serve. But we also want Community Wolf to become a household name. A brand people can think of, rely on, and thank for ensuring their safety. With this investment, we can continue growing our platform with care, scale our reach, and stay true to the personal and hands-on approach that makes Community Wolf different.” To join the movement and connect directly with Community Wolf, members of the public can message them on WhatsApp [**here**](https://api.whatsapp.com/send?phone=447488879934&text=Hello%20Wolf%21%20Help%20keep%20me%20safe%20%F0%9F%90%BA) Community Wolf is enabling communities, enterprises, and deskless workers to prevent crime with agentic systems on WhatsApp. The platform converts everyday WhatsApp activity into structured, actionable intelligence, bridging gaps between citizens, private security, and law enforcement. Community Wolf is building out enterprise tools such as facial recognition and license disc scanning, enabling instant verification and tracking of vehicles and individuals for law enforcement and security providers. With features like anonymous multilingual reporting, real-time dashboards, and predictive modeling, Community Wolf makes public safety more accessible, data-driven, and effective for millions of South Africans. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/martello-raises-12-million-to-transform-property-risk-assessment ### Title: Martello Raises £1.2 Million to Transform Property Risk Assessment ### Page ID: 7123090 ### Content: Martello Raises £1.2 Million to Transform Property Risk Assessment Backed by Fuel Ventures and Industry Experts, Martello Accelerates Launch of its AI-Powered Environmental Search Platform [**Martello**](https://www.martello.app/), the AI-powered platform reimagining how environmental and property risks are assessed during conveyancing, today announced it has raised £1.2 million in a funding round led by Fuel Ventures. The round also includes participation from strategic angel investors with deep expertise in environmental searches and property law. Martello is pioneering a smarter way to surface, analyse, and communicate critical environmental risks—such as flooding, subsidence, and contamination—that affect property transactions across the UK. By using Martello’s deep data expertise to interrogate thousands of data points in real time, the platform dramatically improves the due diligence process for lawyers,, and their buyers. Founded by a team of data science and legal experts, Martello is on a mission to replace the ambiguous outputs , PDF-heavy reports used in environmental property searches with definitive answers, exceptional service, and  interactive dashboards. Martello have been on the market for 15 months now, and are releasing high quality reports at an unprecedented pace, working with some of the industry’s most respected law firms to iterate and gain feedback quickly.  **Dr Henry Crosby, Co-Founder and CEO of Martello, said:** *“In my opinion, the foundations of Environmental searches haven’t changed in 20 years—and they’re often ambiguous, ,, and risk-prone. Martello is bringing much-needed clarity to an increasingly critical part of the conveyancing process. With this funding, we’re building a platform that helps everyone involved in a property transaction make faster, more informed decisions.”* **Mark Pearson, Managing Partner at Fuel Ventures, added:** *“We’re thrilled to back Martello at this early stage. The founding team brings a unique combination of legal domain knowledge and technical innovation, and they’re tackling a problem that’s long overdue for disruption. With deep insight into the conveyancing process and strong backing from industry insiders, Martello is well positioned to become the new standard for environmental risk reporting in UK property.”* Martello is a UK-based property data intelligence company transforming the way environmental and location-based risks are assessed during property transactions. By replacing legacy reports with AI-driven insights, Martello helps conveyancers and homebuyers make faster, more confident decisions—bringing much-needed transparency and efficiency to the property search process. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/velocity ### Title: Velocity ### Page ID: 7165195 ### Content: ## Why they are positioned to be the best ### **Strong Founding Team and Advisory Board** ### Market Size ### and Opportunity Velocity Pay is a business aiming to create modern infrastructure to unify the world of fiat and digital assets. Through the use of stablecoins, Velocity allows consumers and businesses to move, hold and manage capital seamlessly across existing global banking, payment, and treasury infrastructure in real time. It is an enterprise-grade cross-border payment and treasury infrastructure platform built for enterprises. Velocity is building an end-to-end platform to address stablecoin payouts, merchant settlement, enterprise cross-border, and treasury. Velocity is tackling inefficiencies in the global cross-border market by delivering a unified solution. Enterprises currently face significant pain points like high FX fees (often up to 5%), fragmented payment rails, and capital inefficiencies with legacy systems. Velocity Pay provides an enterprise-grade solution that leverages a global network of banking partners and qualified custodians to **reduce FX costs and latency**. Their platform offers modular Treasury Management System (TMS) tools to **optimise working capital, automate flows, and provide real-time control**. Velocity Pay is presented as the **only player in its cohort offering full-stack treasury capabilities** with embedded settlement and custody infrastructure. While many competitors focus on specific use cases (like payroll, payouts, or SME invoicing), Velocity is building a scalable solution covering all key functions of enterprise-level financial operations. Its positioning is strengthened by a **unique Go-To-Market (GTM) strategy targeting finance leaders** with high-value, persistent use cases across FX, capital markets, and settlement. The platform includes on/off-ramp infrastructure, FX optimisation, treasury tools, merchant settlement capabilities with end-to-end visibility, and security built with qualified custody and compliance. This modular architecture allows users to integrate as needed, replacing outdated systems. Velocity's tech platform addresses **seamless interoperability between fiat and stablecoins**. The Velocity Pay team is highlighted as a significant strength. The co-founders are: The combination of their experience covers working at a large payments platform (WorldPay) and a large open banking company (Volt). They have experience scaling companies from incorporation through to later stages. The sources mention connections to Fireblocks, Circle/LP, and custodians like Todis Custody and Fireblocks. The global cross-border payments market is expected to exceed **$300 billion by 2026**. It is characterised by high fees charged by acquirers and card schemes. Even large enterprise firms are charged up to 5% FX fees to return funds to operational currencies. Key drivers of cross-border volume growth include remittances, e-commerce, and SME internationalisation, with total volume reaching $150T in 2022, up 13% from 2021. Stablecoins are seen as mainstream with strong regulatory tailwinds. The total market cap of stablecoins is over $190 billion, and transfer volumes have increased significantly, exceeding $1 trillion per month. Over 25 countries globally have now written regulatory frameworks to support stablecoin adoption. Velocity Pay is positioned at the convergence of treasury digitisation, stablecoin legitimacy, programmable finance, and enterprise globalisation. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - **Tom Greenwood**: A seasoned fintech entrepreneur with over two decades in financial services, he founded IFX Payments (exited) and Volt, a real-time payments company named UK Fintech of the Year 2024. He has a proven track record in building infrastructure fintech from zero to scale and a deep technical intuition. His global network is seen as valuable for opening doors across financial institutions, regulators, and investors. - **Eric Queathem**: A global payments executive and former senior leader at Worldpay, where he led initiatives generating over $500M in incremental revenue. His experience includes crypto, payouts, M&A, and geo-expansion, and he previously worked at McKinsey. His mix of operational rigour, strategic insight, and enterprise sales experience provides a strong edge in execution, and his international network supports Velocity's distribution and licensing ambitions. --- ## URL: https://www.fuel.ventures/seed-eis ### Title: Seed EIS ### Page ID: 7165220 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/pre-seed-seis ### Title: Pre-Seed SEIS ### Page ID: 7165221 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/velocity-emerges-from-stealth-with-10m-to-power-the-velocity-of-money ### Title: Velocity emerges from stealth with $10M to power the velocity of money ### Page ID: 7178021 ### Content: Velocity emerges from stealth with $10M to power the velocity of money Velocity announces a $10M pre-seed funding round and emerges from stealth to launch the Stablecoin Payment Account. The round was led by Activant Capital, with participation from Fuel Ventures, Triton Capital, Fabric Ventures, Commerce Ventures, Digital Space Ventures and Preface Ventures. Strategic shareholders include current and former executives from Stripe, Worldpay, Visa, Circle, PayPal, and Google.  Founded by payments industry veterans Tom Greenwood (Volt, IFX) and Eric Queathem (Worldpay, McKinsey & Company), Velocity delivers the financial upgrade global businesses have been waiting for.  Traditional financial systems were not designed for a multi-asset economy, limiting the seamless integration of digital assets into existing infrastructure. Velocity bridges this gap by providing a platform where businesses can manage fiat and stablecoin transactions in one place, eliminating the need for parallel systems or complex integrations.  Velocity’s Stablecoin Payment Account provides enterprises with a frictionless way to move and manage capital across banks, blockchains, and borders. Designed for seamless integration, the platform combines the speed and programmability of stablecoins, with the rigour and reliability of traditional finance —- solving real-world challenges in cross-border settlement, liquidity management, and treasury operations.  “This isn’t about replacing the old with the new; it’s about intelligently integrating both,” said **Tom Greenwood, co-founder and CEO**. “We’re not chasing crypto hype — we’re leveraging stablecoins to remove friction, accelerate settlement, and drive improved performance in real-world financial operations.”  Greenwood previously founded Volt, a leading fintech specialising in real-time payments, and IFX, a prominent foreign exchange and cross-border payments company. Queathem spent nearly a decade at Worldpay, where he led global strategy and growth across both traditional and crypto markets. Together, they bring deep expertise in scaling regulated financial systems globally.  “We’ve experienced first-hand the financial complexity of operating a global business — the fragmentation of providers, the lack of transparency, and the workarounds,” said **Eric Queathem, co-founder and President**. “Velocity is built to eliminate that friction with infrastructure that scales, adapts, and solves the real-world problems large enterprises face every day when moving and managing money around the world.”  Velocity’s funding comes as global momentum builds around regulated stablecoins and digital money. Across major financial markets — including the US, UK, EU, and Singapore — emerging regulatory frameworks are accelerating enterprise adoption and driving demand for infrastructure that connects today’s financial system with tomorrow’s digital economy.  “Tom and Eric bring the rare technical depth and regulatory fluency needed to build and scale a product like this. We’ve shared this vision for years, and now is the time to bring it to life,“ said **Andrew Steele, Partner at Activant Capital**. “Velocity isn’t just solving cross-border payments, it’s rethinking how enterprises manage FX, liquidity, and treasury through stablecoin infrastructure,”  “Velocity is building foundational infrastructure for the future of global finance,” said **Shiv Patel, Partner at Fuel Ventures**. “We backed Tom at Volt, and we’re proud to back him again. Tom and Eric bring unique experience in navigating regulation, scaling enterprise platforms, and solving the real-world operational challenges that define success.”  “We’re proud to support Velocity as a technology partner,” said **Ran Goldi, SVP Payments and Network at Fireblocks**. “Fireblocks' recent report on stablecoin trends showed that 90% of market participants are moving forward with stablecoin adoption at pace. As demand for digital payment infrastructure accelerates, the market needs trusted, enterprise-ready solutions. Velocity is bringing a thoughtful approach to shaping this next chapter of digital payments.”  Velocity is a next-generation financial infrastructure platform built to unify global payments and treasury operations through stablecoin technology. Founded by seasoned operators with deep expertise in regulated financial systems, Velocity enables businesses to move and manage capital across banks, blockchains, and borders. Designed for seamless integration, the platform combines the speed and programmability of stablecoins with the rigour and reliability of traditional finance — solving real-world challenges in cross-border settlement, liquidity management, and treasury operations.  If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-up-from-amazon-to-ai-building-customer-obsession-with-rebecca-griffiths ### Title: Fuel Up | From Amazon to AI: Building Customer Obsession with Rebecca Griffiths ### Page ID: 7194768 ### Content: ### More Episodes: ###### Fuel Up | From Amazon to AI: Building Customer Obsession with Rebecca Griffiths ###### Fuel Up | Boris Hodakel From Setbacks To Success: The Journey In The Wellness Industry At Feel ###### Fuel Up | Nina Briance (Cult Mia) From Banking to Boutique: Building Cult Mia and Fashion's Future In this episode of Fuel Up, we sit down with Rebecca Griffiths, founder and CEO of Primis, to talk about her journey from Amazon to launching her own customer experience platform. Rebecca shares what she learned from Amazon’s culture—particularly its obsession with the customer and running lean—and how she’s applying those principles to her own startup. We explore how data and AI are shaping the future of retail, why post-purchase experience matters most, and the hard lessons of leadership, delegation, and scaling a business. She also opens up about being a woman in tech, the value of mentorship, and why asking for help is a strength, not a weakness. If you're building something or leading a team, this one's full of real, practical insight. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - *"Customer experience is the most emotional part."* - *"Be obsessed with your customers."* - *"Leadership is such a tough one."* - *"I've had to learn to go, I can't do this anymore."* - *"If you need help, ask for it."* - Customer experience is crucial in the post-purchase phase. - Rebecca's journey from Amazon to entrepreneurship shaped her business philosophy. - Amazon's culture emphasises customer obsession and frugality. - Data-driven decision making is essential for retailers. - AI can significantly enhance customer experience. - Balancing lean operations with growth is a constant challenge. - Learning from failures is key to innovation. - Customer feedback is vital for future product development. - Building trust with customers is essential for retention. - Effective communication can reduce customer service costs. Leadership is challenging and requires clear communication. - Delegation is essential for scaling a business. - Mentorship can provide valuable guidance and support. - Women in tech face unique challenges but are making strides. - Asking for help can lead to unexpected opportunities. - Believing in oneself is crucial for entrepreneurial success. - Navigating the startup journey involves sacrifices and hard work. - Collaboration among women can foster a supportive environment. - Success in business often comes from perseverance and resilience. - The entrepreneurial journey is a continuous learning experience. --- ## URL: https://www.fuel.ventures/blocktype-secures-315-000-to-tackle-uks-housing-planning-crisis ### Title: Blocktype Secures £315,000 to Tackle UK’s Housing Planning Crisis ### Page ID: 7258823 ### Content: Blocktype Secures £315,000 to Tackle UK’s Housing Planning Crisis [**Blocktype**](https://www.blocktype.co.uk/), the residential planning platform helping to unlock the UK's housing pipeline, has announced a new round of investment led by Fuel Ventures to support the scaling of its data-driven planning solution. The pre-seed funding will be used to accelerate growth, expand partnerships, and support local authorities and developers in tackling one of the UK’s most urgent challenges: building the right homes, in the right places, at the right time. With 1.5 million new homes needed across the country, Blocktype is redefining how housing is planned for by bridging the critical gap between national housing targets, viability and local infrastructure realities. Using machine learning, spatial analysis, and planning policy data, Blocktype helps decision-makers navigate the complexities of multiple layers of planning policy and respond to governments urgent call to build more homes faster. Blocktype de-risks the process for housebuilders applying for planning permission. The platform provides pre-designed, policy compliant components for houses, apartment blocks, streets, parking spaces and more making it incredibly easy for them to design, test and collaborate on site layouts. All this whilst getting instant feedback on viability, infrastructure and sustainability metrics of their development proposals. *“We’re building tools that will transform how we plan for housing,” said* ***Euan Mills, CEO and Co-Founder of Blocktype****. “Policymakers know the numbers. The challenge is understanding what homes can go where. With this funding, we’re scaling our platform to give planners, developers, and local leaders the clarity they need to make housing delivery actually happen.”* Founded by a team with deep experience in planning, PropTech, and government advisory, Blocktype is already working with local authorities and housing bodies to help them better understand housing capacity. The platform gives users a geospatial, policy-aware lens on development potential to automate what was once a fragmented, manual, and highly political process. *“Blocktype’s approach addresses one of the most stubborn barriers to housing growth: poor visibility into infrastructure and policy constraints,”* said **Mark Pearson, Managing Partner at Fuel Ventures**. *“Euan and Adam bring unmatched credibility from years advising government and shaping digital planning strategy. We’re proud to back them in solving a problem of national importance.”* **Dr. Adam Rae**, Blocktype’s CTO and Co-Founder, added: *“There’s a huge data gap between housing ambition and planning reality. We’re giving the sector the digital tools to close that gap so that development can move faster, with greater confidence and community support.”* Blocktype is a planning platform designed to help deliver the UK’s housing targets by providing a data-driven view of where development can, and should, happen. Combining spatial data, AI, and planning policy insights, Blocktype equips public and private sector stakeholders with the clarity needed to unlock housing sites and plan smarter infrastructure investments. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/glyde-raises-450-000-to-disrupt-the-fx-market-for-growing-businesses-and-global-earners ### Title: Glyde Raises £450,000 to Disrupt the FX Market for Growing Businesses and Global Earners ### Page ID: 7277418 ### Content: Glyde Raises £450,000 to Disrupt the FX Market for Growing Businesses and Global Earners [**Glyde**](https://www.glyde.money/), the currency platform that empowers individuals and businesses to send, receive and convert money on their own terms, has secured £450,000 in pre-seed funding led by Fuel Ventures. The investment will be used to grow Glyde's engineering team, accelerate product development, and expand adoption across the UK and internationally. Founded by brothers Ellis and Nathan Taylor, Glyde is building a new standard for cross-border money movement. Users can choose their own exchange rates, avoid expensive FX brokers, and save up to three times compared to leading alternatives such as Revolut. "*Foreign exchange has long been a black box. It is often complicated, expensive, and controlled by brokers or platforms that offer little transparency,*" **said Ellis Taylor, CEO and Co-Founder of Glyde.** "*We started Glyde to give users more control. Whether you are a freelancer billing in euros, a business paying overseas suppliers, or someone managing income across borders, you deserve a faster, clearer and more cost-effective solution. This funding gives us the momentum to deliver exactly that, at scale.*" Glyde enables users to send and receive over 50 currencies, converting them at rates they select rather than ones dictated by providers. With full visibility and flexibility, users can improve profit margins, streamline cash flow, and reduce administrative effort. As part of its mission to bring greater clarity to currency exchange, Glyde has also launched an FX calculator that doesn’t require any personal information and instantly shows users the true cost of using traditional providers, as well as any hidden fees. "*The first step with transparency is showing people what they're really paying their FX providers,*" **Ellis Taylor added.** "*Our calculator exposes the hidden fees and helps users make better decisions.*" People can try Glyde’s FX calculator here: https://www.glyde.money/compare-rates/ *"Glyde addresses a critical pain point in the modern, global economy,"* ***said Mark Pearson, Managing Partner at Fuel Ventures****. "Ellis and Nathan have created a product that hands real control back to users. From digital nomads and ecommerce sellers to growing businesses, Glyde offers a compelling alternative to outdated FX systems. We are excited to support them in bringing more clarity and competition to this space."* With a sleek, user-friendly interface, Glyde simplifies international payments. Users can open multi-currency accounts, automate transactions, and get started in minutes, all without paperwork, brokers or hidden fees. The investment will support the launch of new features, customer growth, and preparations for global expansion. Glyde is a borderless money platform that allows users to send, receive and convert more than 50 currencies without hidden fees or middlemen. Designed for entrepreneurs, freelancers and global earners, Glyde helps users take control of their finances while improving speed, savings and simplicity. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/fuel-ventures-leads-525k-investment-in-eventwise-to-revolutionise-event-budgeting-at-scale ### Title: Fuel Ventures Leads £525k Investment in Eventwise to Revolutionise Event Budgeting at Scale ### Page ID: 7387158 ### Content: Fuel Ventures Leads £525k Investment in Eventwise to Revolutionise Event Budgeting at Scale [**Eventwise**](https://eventwise.com/) empowers teams to manage complex budgets with clarity and confidence. By bringing all financial aspects of event planning into one intuitive platform, Eventwise reduces administrative overhead, improves forecasting accuracy, and gives businesses a clear view of spend from start to finish. This latest funding will support Eventwise’s continued growth across three strategic areas: enhancing its platform through new tech development, strengthening customer success functions to support its growing user base, and expanding operational capabilities as the company accelerates into new markets. **Chris Cater, Founder & CEO of Eventwise, commented:**  *“This raise is a major step forward in our journey. We’ve seen huge momentum over the past 12 months, and this investment allows us to push even further, improving our tech, deepening customer relationships, and building the operational backbone to scale with confidence. We’re excited to have Fuel Ventures continuing with us on this path.”* *“Our mission has always been to bring clarity, control, and confidence to event budgeting. This funding gives us the resources to deliver on that mission at a much larger scale. With stronger foundations in tech and operations, we’re set to serve more clients, more effectively, than ever before.”* *“Eventwise is transforming a core part of the events industry - one that’s long been plagued by spreadsheets and inefficiencies. The platform Chris and his team have built offers a smarter, more scalable way to manage event spend. We’re thrilled to back them again as they double down on product and prepare for their next phase of growth.”* Eventwise is the all-in-one event budgeting platform designed to simplify the financial side of event planning. From forecasting and tracking to final reconciliation, Eventwise gives users a clear, real-time view of every pound spent - helping teams stay in control and on budget from start to finish. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/allasso-wins-3m-investment-to-bring-ai-ready-data-enabled-and-complete-analytics-to-options-trading ### Title: Allasso wins $3m investment to bring AI-ready, data-enabled and complete analytics to options trading and beyond ### Page ID: 7711844 ### Content: Allasso wins $3m investment to bring AI-ready, data-enabled and complete analytics to options trading and beyond [**Allasso**](https://www.allasso.ch/), the fintech that brings data-backed, modern analytics to one intuitive interface for financial market professionals, has secured $3m in investment in its latest funding round led by Fuel Ventures.  The raise included angel investors and follows early support from industry backers. It marks an important step in Allasso’s mission to provide an alternative to outdated trading infrastructure, incomplete cloud adoption, and siloed trading systems. In their place, Allasso delivers API-first, web-based interfaces, with chat integration, that are designed for data science. Co-founders, veteran options trader Felix Euler and data scientist Vadim Cissa, share over three decades of experience in the financial markets. Allasso was born from their personal frustration with the limits of legacy trading technology.  Its flagship trading tool, Allasso Copilot, brings the fastest, most comprehensive options analytics, combining backtesting, scenario analysis, idea generation, historical analysis, and risk management to one interface. Using 20 years of best-in-class data to meet the widespread data inadequacy in the industry, and delivering all insights fast and intuitively on one screen, Copilot gives traders 360-degree clarity, saving time, reducing risk, and bringing greater potential returns. The funding from Fuel Ventures will help Allasso scale commercially and expand into other asset classes – STIR and bond futures, ETFs, FX, single stocks and crypto. *“The trading industry has been held back for too long by fragmented and outdated systems. At Allasso, we want to change the game for financial markets professionals across the board and, among them, the next generation of data science-ready graduates who expect better trading tools.* *“From hedge funds and brokers to systematic trading firms and to other asset classes, Allasso’s trading tools give professionals the clarity they need to make more rational and risk-aware decisions.”* *“Felix and Vadim are a prime example of the founders we love to back: problem-solvers using their years of experience and insight to disrupt outdated systems with smarter, more efficient solutions. They are redefining what is possible in pre-trade analytics and risk management, helping traders manage risk and make more informed decisions, and we’re proud to support their growth.”* Allasso is a Geneva-based fintech company built by traders, for traders. Founded by ex-trader Felix Euler and data scientist Vadim Cissa, who bring decades of combined experience in financial markets, Allasso delivers modern analytics and risk management tools that enable traders, brokers and hedgers to make faster, smarter, and more responsible decisions. By helping entire trading teams work from the same playbook, Allasso drives better outcomes across the enterprise and beyond. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/allasso ### Title: Allasso ### Page ID: 7806996 ### Content: ## Why they are positioned to be the best ### **Strong Founding Team and Advisory Board** ### Market Size ### and Opportunity Allasso provides state-of-the-art solutions for today's financial market professionals. As a new type of SaaS market data platform, they offer sophisticated, intuitive, complete solutions, from idea generation to risk assessment. Impatient with the legacy tech stack that holds financial market pros back, they poured 50-plus shared years of active trading experience into the products that their team could once only have dreamed of using. Allasso's inaugural product (Copilot) offers advanced options analytics for derivatives. Copilot gives you everything you need to know about a particular trade, instantly, with no manual inputs and all on one super-intuitive screen. Allasso is uniquely positioned to disrupt the market by directly addressing the **limitations of legacy tools**. Finance market professionals often face an outdated, fragmented, and incomplete data and analytics stack that is siloed, hard to access, cumbersome to use, and fraught with complex licensing issues. Models are often operated locally, dependent on key individuals, lack standardization, and produce inconsistent results. Integration is typically unsecure, file/email-based, and fundamentally unscalable, leading to **errors, friction, high costs, and missed opportunities**.Allasso provides users with "superpowers" through **pre-checked criteria, best practices in methods and data curation, and augmented productivity**. The platform is described as the "once dreamed-of solution" by experienced ex-trading team members. Unlike traditional providers such as Bloomberg and Reuters, which offer generic solutions, Allasso offers sophisticated, tailored solutions that meet increasingly complex requirements, enabling them to gain market share. Allasso's platform provides a complete, one-screen solution, eliminates repetitive manual tasks, and delivers instant answers, ensuring 360-degree market awareness. Allasso's key differentiator is its integration of historical analytics with live pricing and risk analytics in a **no-code environment**, setting it apart from competitors that often require scripting. The company is poised to seize opportunities from rapid digital transformation, unprecedented data growth, and advancements in AI/ML, as legacy providers struggle to integrate advanced technologies and innovate due to their outdated systems. Allasso is backed by a **strong founding team and advisory board** with deep industry expertise and a proven track record. The founding team combines **over 50 years of active trading experience** and expertise in pioneering AI and machine learning, with deep market insights and successful implementation of innovative solutions. **Advisory Board:** Offers strategic insight and industry leadership. The team's extensive experience in the highly specialised and regulated financial sector, coupled with their background in early-stage development, positions them strongly to address the problem. The market size and opportunity for Allasso are substantial. The Total Addressable Market (TAM) for financial data and analytics is projected to reach **$34 billion by 2030**. The Serviceable Available Market (SAM) is estimated at $15 billion, with a Serviceable Obtainable Market (SOM) of $2 billion. Despite the large market size, significant opportunities remain untapped, particularly as legacy providers fall behind in innovation. Allasso aims to capture a notable share of this burgeoning market by leveraging cutting-edge technology and deep industry expertise. Allasso's target customer base includes approximately **40,000 asset managers globally**, with about 4,000 potential clients in Europe. While currently focused on the commodities market, Allasso plans to expand into other asset classes such as **short-term interest rates, crypto, single stocks, and leveraged ETFs**. Their primary target is Tier 2 firms that lack extensive in-house capabilities. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - **Felix Euler (Founder, CEO):** Has a long and successful career in derivatives trading and investing, having previously built and sold systematic trading infrastructure. - **Vadim Cissa (Co-Founder, COO):** A former #1 Kaggle champion and rocket scientist, with over 10 years of experience in data science and banking, innovating alongside Felix. - **Andrei Kuminov (CTO):** A visionary, problem-solver, and leader in driving cutting-edge solutions. - **Alexandra Nitka (Head of Sales):** A seasoned energy markets broker and dynamic team builder. - **Simon Collins (Investor Director):** Has 30+ years in commodities, is a technology entrepreneur, and currently CEO at TradeCloud. - **Alan Duric (Director):** Founder of Wire, with over 20 years in secure communication and successful exits to major tech companies. - **Jeremy Elliott (Advisor):** Has over 20 years in the IDB space, focusing on scaling businesses and transitioning into SaaS for commodity markets. - **David Wender (Advisor):** A tech entrepreneur with 20+ years of experience transforming financial markets. --- ## URL: https://www.fuel.ventures/emerging-infrastructure-intelligence-company-joltsynsor-rebrands-as-inframind-labs-following-a-year-of-rapid-growth ### Title: Emerging infrastructure intelligence company, JoltSynsor, rebrands as Inframind Labs following a year of rapid growth ### Page ID: 7847905 ### Content: Emerging infrastructure intelligence company, JoltSynsor, rebrands as Inframind Labs following a year of rapid growth Officially launched in September 2024 after Techstars, [**Inframind**](https://inframindlabs.com/) was born from a meeting between co-founders Leo Jiang and Brian Sheil at an academic event in Cambridge. The pair quickly recognised the potential to combine their expertise in AI and civil engineering to solve one of the industry’s most pressing challenges: ageing and under-monitored infrastructure. By harnessing AI and a pioneering “inside-out” monitoring approach that combines LiDAR and ground penetrating radar to track structural deterioration, Inframind delivers the equivalent of MRI scans for bridges, tunnels, and buildings - turning infrastructure intelligence from a concept into a tangible, practical tool for everyday use. Formerly JoltSynsor, the new name reflects this vision. “Infra” grounds the company in the industry it serves, while “mind” signals the intelligence driving its solutions. More than just a play on words, the name underscores the team’s belief in mindful engineering - where safety and reliability are non-negotiable, and infrastructure is treated with the same precision as healthcare. The rebrand comes after a transformative year of research validation, industry traction, product development and support from early stage backers such as Fuel Ventures. Inframind has also begun building a loyal customer base, recognised and respected by industry professionals for its credibility and engineering-first approach. With AI still largely a buzzword in the infrastructure sector, Inframind is positioning itself as one of the first companies to bring both technical and engineering credibility to this untapped vertical, bridging the gap between advanced intelligence and everyday application. **Leo Jiang, Co-Founder of Inframind, says:** *“Over the past year, we’ve proven that embedding intelligence into infrastructure isn’t just possible - it’s essential. With this rebrand, we’re making clear that our focus is on bringing AI out of the abstract and into the everyday tangible reality of engineers, operators, and communities who depend on safe, resilient infrastructure.”* **Brian Sheil, Co-Founder, added:** “*As civil engineers, we’ve seen firsthand the impact of structural deterioration and how stakeholders struggle to extract actionable information from their data. Our approach allows us to start a new conversation about infrastructure intelligence, which is one rooted in trust, precision, and real-world impact. This rebrand to Inframind signals that evolution, reflecting both our engineering foundations and the intelligence-driven future we’re building.”* **Mark Pearson, Founder of Fuel Ventures and early backer of Inframind, said:** *“Inframind has the golden duo for a successful company in 2025 - deep technical expertise combined with a bold vision to transform a critical industry. Leo and Brian have built extraordinary momentum over the past year, and this rebrand reflects their ambition to lead the way in bringing AI into the heart of infrastructure. As they launch this new chapter, I look forward to seeing how they continue that momentum and cement their place in infrastructure intelligence.”* Inframind (formerly JoltSynsor) is an engineering intelligence company launched in September 2024 by Leo Jiang (MBA, Cambridge; ex-Wall Street investment professional and startup operator) and Brian Sheil (Associate Professor in Construction Engineering at Cambridge, Royal Academy of Engineering Research Fellow). The company harnesses inside-out AI and sensor fusion, including LiDAR, to enable proactive infrastructure health monitoring - making safety routine, extendable, and intelligent across the engineering industry. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/uk-start-up-lumo-energy-set-to-supercharge-the-residential-solar-and-battery-sector-opening-the-door-to-zero-bill-homes-for-all ### Title: Lumo Energy, set to supercharge the residential solar and battery sector, opening the door to Zero-bill homes ### Page ID: 7925347 ### Content: Lumo Energy, set to supercharge the residential solar and battery sector, opening the door to Zero-bill homes [**Lumo Energy**](https://www.lumoenergy.co.uk/), the clean-tech startup on a mission to help electrify every home in the UK by making solar & batteries up to 30% more efficient, announced the successful close of an overfunded investment round led by Fuel Ventures. This show of investor confidence comes as Lumo prepares for its commercial launch this month. Founded by energy sector veteran Alex Brummeler and Zander Gosling the Founder of PurpleBricks (previously Strike), Lumo Energy is building a home energy optimisation platform, often referred to as a home energy management system (HEMS), that massively increases the efficiency of home energy systems, helping customers achieve zero electricity bills and enhance the return on investment and payback periods of these systems. The fresh funding will accelerate product development, support Lumo’s partnerships with leading UK installers, and help scale the Company’s innovative energy platform. The optimisation platform already boosts the efficiency of solar & batteries by 30% through intelligent optimisation. With more than 160,000 solar battery systems sold in the UK last year – and government’s ambition to triple that figure by 2030 – Lumo is well-positioned to lead what’s being described as the “rooftop revolution.” **Alex Brummeler, Co-Founder and Co-CEO of Lumo Energy, commented:** *“Our goal is simple: to make solar & batteries, EV charging, and heat pumps smarter, work holistically and more cost-effective for every household. This investment will help us accelerate toward that goal. Whether you're installing these devices for the first time or already have these systems in place, Lumo can unlock more value for homeowners.”* **Zander Gosling, Co-Founder and Co-CEO of Lumo Energy, added:** *“We're incredibly proud of the progress our team has made, and the trust our investors and angels have shown by overfunding this round. With energy prices and climate concerns rising, there’s never been a more urgent time for households to electrify their homes to enable greater use of renewables.”* **Mark Pearson, Managing Partner at Fuel Ventures, added:** *“We’re backing Lumo Energy because it’s led by a truly exceptional founding team with a proven track record of building and scaling high-growth businesses. Alex and Zander bring deep sector and business expertise and they’re applying that experience to one of the most exciting opportunities in clean tech today. With energy at the top of the national agenda, Lumo’s smart, scalable approach to home energy optimisation couldn’t be more timely. We’re proud to lead this overfunded round and support them in accelerating the UK’s residential energy transition.”* Lumo Energy is a UK-based clean tech startup helping households cut energy bills and carbon emissions with low carbon technologies, such as residential solar & battery systems, EV chargers and Air source heat pumps. Through intelligent software and strategic partnerships with trusted installers, Lumo maximises the efficiency of these technologies  — helping make the UK’s homes greener and smarter, accelerating their electrification journeys. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/pesto-secures-over-1m-to-transform-operations-for-food-and-drink-manufacturers-and-brands ### Title: Pesto Secures over $1m to Transform Operations for Food & Drink Manufacturers and Brands ### Page ID: 7942464 ### Content: Pesto Secures over $1m to Transform Operations for Food & Drink Manufacturers and Brands [**Pesto**](https://heypesto.ai/), the ERP platform built by food industry veterans for ambitious food and drink brands, today announced it has closed a $1.1m funding round to accelerate the adoption of its AI-powered operations and insights software. The oversubscribed round led by Fuel Ventures, and including Prequel Ventures, Antler, Ventures Together, Leo Lion, Mark Philip-Sorensen, CEO & Founder of Sorven Capital Limited and other angel investors reflects strong investor confidence in Pesto’s mission to optimise operations, improve profitability and build supply chain resilience for businesses across the food and drink sector. The funding comes at a critical time for the industry: Founded by two former food brand founders, CEO Kate Hofman (GrowUp Farms, IBM), COO Sanjay Sood-Smith (Tuk In, Bain & Co) alongside CTO Amish Ralhan (Citi, Galaxy), Pesto’s vision is to be the single connected platform for the food system, combining core commercial processes and data with relevant sustainability analysis. Designed specifically for the unique needs of food and drink producers and brands, Pesto’s technology reduces admin workload by 75% and eliminates spreadsheet chaos and costly manual errors.   Pesto automates and connects critical workflows including: The new funding will be used to accelerate product development, expand integrations and scale sales and customer support as Pesto targets rapid growth in the UK and international markets. **Kate Hofman, CEO and Co-Founder of Pesto**, commented: *“Food and drink businesses face constant operational complexity and too often they’re stuck with outdated tools that slow them down. Pesto changes that. This investment allows us to accelerate the build of more features of our AI-powered ERP platform and help more businesses centralise their critical business data and automate key processes so they can operate with clarity, resilience and stronger margins.”* *“What excited us about Pesto from inception was the combination of experienced founders applying AI to address a challenge that they have all personally experienced. They are laser focused on the impact they want to achieve, and have built a solution based on world-class technology to achieve it. This funding is testament to their vision and I have every confidence in their future success.”* **Mark Pearson, Managing Partner of Fuel Ventures**, said: *“Pesto is solving real pain points in a sector that’s been underserved by modern technology. Their team combines deep food industry expertise with serious tech capability giving them a unique edge. We’re excited to back Kate, Sanjay, Amish and the team as they transform how food and drink brands operate.”* Pesto is an AI-enabled software platform for small and medium food and drink manufacturers supplying packaged products into retail and foodservice. It automates order-to-invoice, unifies operational data, and delivers profitability and demand forecasts quickly and seamlessly. Pesto is purpose-built for the food industry, replacing outdated tools with a single platform that automates processes, improves profitability, and integrates sustainability data into everyday workflows. Learn more at https://heypesto.ai. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - **Profit is getting squeezed** – Food and beverage manufacturers saw a 28% year-on-year drop in profit margins last year alone - **Prices have surged** – Food inflation has increased 13x in just three years  - **The planet’s feeling it too** – Food production accounts for over 25% of global carbon emissions  - **Public health is paying the price** – Unhealthy diets are costing the UK economy £268 billion every year. - **Automated order management** – AI reads purchase orders from emails, PDFs and EDI instantly pulling them into the system - **Instant document generation** – Delivery notes, 3PL instructions and production documents are created automatically - **Autopilot invoicing** – Integrated invoicing streamlines cash flow and reduces admin - **Inventory Management** – Stock management and batch traceability for manufacturers and brands --- ## URL: https://www.fuel.ventures/rehuman-raises-1-million-to-deliver-the-future-of-customer-experience-in-insurance ### Title: Rehuman Raises £1 Million to Deliver the Future of Customer Experience in Insurance ### Page ID: 7942482 ### Content: Rehuman Raises £1 Million to Deliver the Future of Customer Experience in Insurance Founded by Aaron Sherwood, [**Rehuman**](https://www.rehuman.co.uk/) is rethinking how policyholders understand and manage insurance. The company’s intelligent “insurance wallet” enables users to pull together all their existing policies into one secure place. Users can upload documents manually or, for those with policies sitting in their inbox, Rehuman’s technology can scan Gmail and Outlook accounts to automatically extract and organise policies directly into the wallet, making onboarding effortless. The wallet is just the beginning. It acts as the entry point to Rehuman’s broader vision - enabling the company to build a unique corpus of real-world policy data. This foundation powers the development of a proprietary AI model, trained exclusively on insurance documents and behavioural insights. By applying intelligence across this dataset, Rehuman aims to upgrade the entire insurance ecosystem - empowering policyholders with clarity, equipping brokers with automated alerts on renewals, potential policy lapses, and personalised insurance recommendations, improving customer retention and engagement. “*The Rehuman Wallet is just the start of our bigger vision to empower brokers with a real competitive advantage,*” **said Aaron Sherwood, Founder and CEO of Rehuman.** “*Powered by Rehuman AI  - our generative and agentic model, we’re building the customer experience infrastructure for insurance: one that drives loyalty for brokers, efficiency for insurers, and clarity for policyholders*” “*Rehuman is exactly the kind of company we love to back. It’s deep tech solving a real-world problem with massive potential,*” **said Mark Pearson, Managing Partner at Fuel Ventures.** “*Aaron and the team are building the infrastructure for embedded insurance, where value is shared between consumers, brokers, and providers in a way that’s long overdue.*” Rehuman’s newly launched website and brand reflect the company’s expanded ambition to reshape the insurance landscape. The platform puts users first and turns static policy documents into dynamic, actionable insight. Rehuman is a customer experience platform for brokers and insurers, powered by our own custom AI model. By delivering live engagement and retention intelligence, Rehuman gives brokers a competitive advantage to anticipate client needs, strengthen relationships, and grow loyalty, while enabling insurers to provide more personalised and seamless policyholder experiences. The result is a smarter, more human-centred approach to insurance - one that empowers brokers, supports insurers, and builds lasting trust with clients. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/healsgood-ai-secures-additional-25m-in-seed-funding-to-accelerate-roll-out-of-flexzo-ai-bringing-total-raised-for-nhs-cost-saving-platform-to-5m ### Title: Healsgood AI secures additional £2.5m in seed funding to accelerate roll-out of Flexzo AI, bringing total raised for NHS ### Page ID: 7969345 ### Content: Healsgood AI secures additional £2.5m in seed funding to accelerate roll-out of Flexzo AI, bringing total raised for NHS [**Healsgood**](www.healsgood.com) AI Ltd, trading as **Flexzo AI**, today announced it has secured **£2.5 million in additional seed funding** from **Octopus Ventures**, one of Europe’s largest and most active venture capital firms. This investment brings total seed funding raised for Flexzo AI to **£5 million within the past 12 months**, marking a significant milestone in the company’s mission to transform NHS workforce management. Flexzo has seen a surge in demand from the NHS. This fresh round of funding will be used to support on-boarding of those customers and accelerate research and development of Flexzo AI’s artificial intelligence platform, designed to help NHS Trusts and Integrated Care Boards (ICBs) reduce reliance on expensive bank and agency staffing. This latest raise builds on earlier investment from **Fuel Ventures**, who invested **£1.5 million**, alongside over **£1 million from leading angel investors**. Octopus Ventures, with **over £2 billion under management**, has a strong track record in supporting Healthcare scale-ups in the UK. Fuel Ventures is one of the UK’s most prolific early-stage investors, backing high-growth technology companies from seed through scale. Together, their support demonstrates strong confidence in Flexzo AI’s vision and its potential to deliver significant cost savings for the NHS. The NHS currently spends billions each year on temporary staffing. Flexzo AI provides advanced AI-driven infrastructure to optimise workforce planning, enabling Trusts to manage their own staff banks, standardise rates, and significantly reduce costs. By leveraging AI, Flexzo AI delivers workforce solutions at a fraction of the cost of traditional providers. **Jack Henderson, Founder and CEO of Healsgood AI Ltd, commented:** *“The NHS has faced years of spiralling bank and agency costs that put pressure on budgets and frontline care. At Flexzo AI, we’re building the digital infrastructure that allows the NHS to own and manage its workforce sustainably. With Octopus Ventures, Fuel Ventures, and our angel investors behind us, we’re in a strong position to scale solutions that can save the NHS millions while improving conditions for clinicians.”* *"Jack and the Flexzo team impressed us from the outset with their mission-driven focus on solving one of the NHS’s most urgent and timely challenges, delivering cost savings at scale. Their AI-powered platform is already seeing strong demand from Trusts, and we’re delighted to be partnering with them as they execute on this opportunity and build towards a more efficient, sustainable healthcare system”* *“From the outset, we were impressed by Jack and the team’s vision to tackle one of the NHS’s most urgent financial challenges. The combination of deep sector expertise and cutting-edge AI technology positions Flexzo AI to deliver enormous value to the healthcare system. We’re proud to have supported the company from the beginning and are excited to see them scale with the backing of Octopus Ventures.”* If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/jack-fertility-secures-over-500k-pre-seed-investment-to-launch-groundbreaking-home-to-lab-test-kits ### Title: Jack Fertility Secures Over £500k Pre-Seed Investment to Launch Groundbreaking Home-to-Lab Test Kits ### Page ID: 8001049 ### Content: Jack Fertility Secures Over £500k Pre-Seed Investment to Launch Groundbreaking Home-to-Lab Test Kits [**Jack Fertility**](https://www.jackfertility.co.uk/), the Oxford-based men’s healthtech startup founded by Nick Shipley and Lily Elsner, is on a mission to reframe sperm testing as a proactive part of men’s health and wellness. Fuel Ventures led the pre-seed round, which has attracted over £500k since last year, enabling the company to bring its innovative solutions to market. The pre-seed round included angels from Microsoft, Alma Angels, and The Beam Network, marking an important step in Jack Fertility’s purpose-driven mission. They join existing investors Moonstone Venture Capital, FemTech Lab, Founders Factory’s Reckitt Benckiser Accelerator, and the Oxford Seed Fund. The company's first product, Snip Check™, directly addresses a critical and often-overlooked need. Research shows that more than 40% of men miss vital follow-up appointments after a vasectomy often due to embarrassment or the inconvenience of attending a clinic1. Jack Fertility’s postal kit removes these barriers, enabling men to check the success or failure of their procedure discreetly and conveniently from home. This investment not only accelerates the launch of Snip Check™ but also the development of Jack Fertility’s flagship offering: a first-of-its-kind, fully postable semen analysis kit. Built in Jack Fertility’s Oxford lab and powered by a proprietary sperm preservation solution, the test kit will deliver accurate, clinic-grade results straight to customers’ doors. **Lily Elsner, Co-founder of Jack Fertility, commented on the significance of their innovative technology:** “*By using the Royal Mail postbox network and our proprietary tech, it’s like putting a male fertility clinic on every street across the UK. We're empowering men to take control of their reproductive health and get actionable insights about their fertility, all without ever setting foot in a clinic.*” Male fertility is a significant yet often-overlooked factor in reproductive health. Despite common misconceptions, male factors are an equally common cause of infertility as female factors and are the number one reason couples undergo IVF treatment 2 . Yet, men are far less likely to get tested. Jack Fertility is directly addressing this critical gap by providing a stigma-free way for men to conveniently and proactively take control of their reproductive health from home. **Nick Shipley, Co-founder of Jack Fertility, commented:** *“The stigma around male fertility has meant too many men avoid getting checked. That's why we've put the customer experience at the heart of our mission to make testing accessible. Our first product, a postal vasectomy kit, removes the traditional barriers and awkwardness of a clinic visit, giving men a simple and accessible way to engage with their reproductive health. We're not just offering a test; we're empowering men to proactively and conveniently take control of their sperm health.”* *“At Fuel, we back ambitious founders who are addressing real, everyday problems with innovative, scalable solutions – and Jack Fertility is a prime example. Nick and Lily are tackling an often-overlooked issue that affects millions of men and couples across the UK. While they are just at the start of their journey, it’s already clear that the funding is going directly into solutions that can make a meaningful difference in people’s lives. Male reproductive health has long been hidden behind stigma and awkwardness, and Jack Fertility is changing that by making testing accessible, private and normalised.*  *We’re proud to support Nick and Lily as they bring their first product to market and build a category-defining healthtech business.”* Jack Fertility is a UK-based healthtech company focused on breaking the stigma around male reproductive health. Its mission is to make male fertility testing simple, accessible, and stigma-free through home-to-lab testing kits and actionable insights, empowering men to take charge of their sperm health and wellness. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/synthax-secures-500k-to-bring-ai-operating-systems-to-outpatient-clinics ### Title: Synthax Secures £500K to Bring AI Operating Systems to Outpatient Clinics ### Page ID: 8055811 ### Content: Synthax Secures £500K to Bring AI Operating Systems to Outpatient Clinics [**Synthax**](https://www.synthax.ai/), the AI-powered operating system for outpatient clinics, today announced it has closed a £500k funding round at a £6.5m post-money valuation to accelerate adoption across the US and global healthcare market. The oversubscribed round, led by Fuel Ventures and including Anerly, and angel investors such as two US based cardiologists, highlights strong confidence in Synthax’s mission to reduce the administrative burden on clinicians and level the playing field for outpatient clinics. The funding comes at a critical time for the healthcare industry: Founded by NHS doctor and CEO Dr. Shaheer Aslam Joiya and CTO Mark Murtagh, Synthax was created from frontline frustration with healthcare’s outdated systems. Its vision is to be the operating system for outpatient clinics, combining automation, AI decision support and real-time data insights to boost efficiency and patient outcomes. The funding will be used to expand Synthax’s engineering team, fast-track product development, and scale commercial adoption across both US and UK markets. **Dr. Shaheer Aslam Joiya, CEO and Co-Founder of Synthax, said:** *"As a clinician, I've seen how much of our time is swallowed by paperwork and antiquated systems. Synthax is our answer to that – to equip outpatient clinics with the same AI advantages larger institutions enjoy. The gap in this market is enormous, particularly in the US where thousands of independent clinics still lack access to modern tools. This investment will enable us to hire top engineering talent and accelerate our growth across the US and beyond."* *“From global tech to high potential healthtech, I’ve seen the difference good engineering makes. In healthcare, small clinics have been left behind. By combining medical insight with scalable tech, we’re building a platform to change that.”* **Mark Pearson, Managing Partner at Fuel Ventures, said:** *“Shaheer and Mark are tackling one of the biggest inefficiencies in healthcare with practical, scalable technology. Outpatient clinics are an essential but underserved part of the system, and Synthax’s platform brings the benefits of AI to a space long overlooked by innovation. We’re excited to back a team with deep domain insight and proven technical execution as they expand across the US and the UK.”* Synthax is an AI-powered operating system designed for outpatient clinics, founded by NHS doctor Dr. Shaheer Aslam Joiya and technologist Mark Murtagh. Its platform reduces administrative burdens, surfaces patient data faster, and improves operational efficiency. With a mission to level the playing field between outpatient clinics and larger healthcare institutions, Synthax is scaling across the US and UK healthcare markets. ³ Oxford University study (QJM: An International Journal of Medicine) If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - **Clinicians are overloaded** - research shows physicians spend nearly half of their working day on electronic health records and desk work, leaving limited time for patients¹ - **Technology is outdated** - over 60% of US hospitals continue to operate at least one critical application on legacy systems² - **UK clinicians face similar strain -** a UK study found trainee doctors spent up to 73% of their time on non–patient facing tasks³ - **Automate clinical documentation** - reducing admin burdens for specialists - **Surface patient records instantly** - giving clinicians clarity in decision-making - **Improve revenue and operational performance** \- enabling streamlined workflows --- ## URL: https://www.fuel.ventures/vrfy-to-transform-public-safety-and-boost-frontline-policing-with-secure-ai-transcription ### Title: VRFY To Transform Public Safety and Boost Frontline Policing with Secure AI Transcription ### Page ID: 8055884 ### Content: VRFY To Transform Public Safety and Boost Frontline Policing with Secure AI Transcription [**VRFY Solutions Group UK Ltd.**](https://www.vrfyinc.com/), the AI-driven transcription and data intelligence platform tackling inefficiencies, security gaps and rising operational costs in critical services, has secured £200,000 in pre-seed funding led by Fuel Ventures. The investment will accelerate adoption within UK police forces, and lay the groundwork for expansion into sectors such as healthcare. Founded by Jeff Meyers and Mike Willford, two veteran police officers with over 60 years of combined law enforcement experience, VRFY’s secure AI transcription technology streamlines the analysis of audio and video evidence. This best-in-market technology reduces transcription and report writing time by over 80% versus the manual processes used today by most  police officers, allowing them to get away from their desks and improve public safety. VRFY’s transcription solution reduces the costs associated with manual transcribing by 70%, enabling police forces to increase the amount of policing, without increasing budgets.   95% of all PTSD related sickness in admin staff is related to transcription, due to what are typically junior civilian employees having to repeatedly listen to traumatic and sensitive details for hours on end when manually transcribing information. VRFY’s platform helps mitigate the serious toll transcription can take on these employees' mental health, positions in which there is an over index of women, reducing sickness-related absence in the police force.  *“Policing is facing a perfect storm of rising workloads, officer shortages, and increasing demands for speed and accuracy. We’ve built a secure AI solution with end-to-end encryption and strict access controls that doesn’t just save time. It protects officers’ wellbeing and improves the quality and speed of justice, ultimately helping to improve public safety* *“The latest funding will support VRFY’s continued growth and enable it to actively pursue opportunities to support other mission-critical sectors. The company is currently exploring tenders in other areas of high sensitivity where  skilled staff are being held back by archaic processing tasks. This includes the NHS where skilled nurses are burdened with paperwork, allowing them to focus on patient care -  a crucial goal during ongoing staff shortages.”* *“AI-first businesses like VRFY have the opportunity to bring direct, real-world efficiencies to some of the most important sectors. In law enforcement, six hours can be lost to transcribe just one hour of audio, a stark example of the inefficiencies holding back critical services which VRFY are tackling head on.* *“We invest in founders who can solve the biggest problems with skill and determination and VRFY is uniquely-placed to bring wholesale change to public safety and beyond.”*  VRFY is a secure AI-driven transcription and data intelligence platform purpose-built for mission-critical services. By streamlining the analysis of audio and video evidence, VRFY helps police forces and other high-sensitivity sectors cut transcription costs by up to 70%, free skilled staff from hours of manual admin, and improve both efficiency and wellbeing. With end-to-end encryption, strict access controls, and compliance with leading data protection standards, VRFY ensures sensitive information remains secure while accelerating the speed and quality of justice. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/13m-pre-seed-investment-to-power-theodosians-mission-to-reinvent-cybersecurity-and-tackle-data-breaches ### Title: $1.3M Pre-Seed Investment to Power Theodosian’s Mission to Reinvent Cybersecurity and Tackle Data Breaches ### Page ID: 8107338 ### Content: $1.3M Pre-Seed Investment to Power Theodosian’s Mission to Reinvent Cybersecurity and Tackle Data Breaches [**Theodosian**](http://theodosian.com/) was created by experienced cybersecurity operators who have spent over a decade analysing corporate security spending and risk across industries ranging from military and intelligence to banking and healthcare. The company was born from the recognition that businesses need a second layer of defense: persistent, per-file protection that stays with the data, no matter where it moves. For Chief Information Security Officers (CISOs), the stakes have never been higher - with escalating regulatory requirements, growing liability for compliance failures, and the mounting costs of breaches, which now average millions per incident. Theodosian addresses these pressures directly by embedding protection at the file level, helping enterprises safeguard sensitive data while reducing compliance and reputational risk. The platform’s unique approach allows businesses to set access permissions on a per-file basis, with 20 to 30 checks per document aligned with industry compliance frameworks. It also helps companies prepare for emerging standards, including the UK’s Defence Cyber Certification (DCC) and US regulations such as Cybersecurity Maturity Model Certification (CMMC), which will affect enterprises and contractors alike. By embedding security at the data level, Theodosian ensures persistent protection and granular control, giving enterprises confidence in both their compliance and overall cybersecurity posture. Having just launched, Theodosian will leverage the pre-seed investment to complete version 1 of the product, and to begin scaling its customer base. *"Theodosian is building the next generation of enterprise cybersecurity, protecting data at the most granular level while keeping compliance at the forefront. The team’s deep expertise in cybersecurity and risk management makes them ideally positioned to tackle this challenge, and we’re thrilled to support them at this early stage."* *"We started Theodosian to address a critical gap in enterprise security, protecting every file individually, wherever it goes. Our platform goes beyond traditional encryption, offering persistent, per-file dynamic access controls, detailed permission management, and continuous verification to ensure only the right people can access sensitive data. With Fuel Ventures’ support, we can bring these capabilities to market quickly, helping companies comply with regulations, including new DCC standards, and significantly reduce the risk of data breaches.”* *"This funding allows us to not only introduce a new approach to data security to the market, but to focus on delivering tangible value to our customers. By giving enterprises and security teams granular control over files, reducing the risk of breaches, and simplifying day-to-day security management, Theodosian lets teams focus on what matters most while ensuring sensitive data stays protected wherever it travels. Our goal is to make enterprise security effortless and reliable, so teams can collaborate with confidence and compliance is always built in.”* Theodosian is a cybersecurity startup delivering file-level encryption and access control solutions for enterprises across industries. Its platform ensures data compliance with multiple regulatory frameworks, providing a persistent layer of protection that travels with each file and protects against both human error and cyberattacks. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/sencillo-raises-350-000-to-give-families-confidence-and-control-over-rising-education-costs ### Title: Sencillo Raises £350,000 to Give Families Confidence and Control over Rising Education Costs ### Page ID: 8310150 ### Content: Sencillo Raises £350,000 to Give Families Confidence and Control over Rising Education Costs [**Sencillo**](https://www.sencillo.finance/), the new fintech venture launching a responsible finance platform that helps parents plan, fund and manage their children’s education with confidence, control, and clarity, has secured over £350,000 pre-seed funding led by Fuel Ventures.  The funding round remains open for additional investors over the coming months, as Sencillo continues to attract strong interest from across fintech and education sectors. The rising costs of education means UK families are now spending increasingly larger amounts on their children’s education each year - averaging between £3,600 and £15,000 per annum for early years childcare, £19,000 to £50,000 for independent schooling, and over £22,700 a year for university, including living costs. Sencillo addresses a growing need for accessible, transparent, and responsible financial support in the education sector - an area in which millions of families now need financial support to secure their child’s education journey. Its platform aims to support parents navigating these rising costs, whilst also addressing the impact of VAT on private school fees, limited bursaries and the growing accessibility gap for children with Special Educational Needs and Disabilities (SEND) - all major challenges families are facing in the education sector. Focused on smart planning tools and responsible credit and savings products, Sencillo’s platform gives families a single, clear view of their education journey and costs - from nursery to university - so every family can access a secure education journey and future for their children. The platform’s marketplace is initially focused on unsecured credit products that integrate directly with its proprietary planning tools. Parents use smart digital calculators to visualise the total cost of the education journey ahead, allocate any savings and family contributions to the plan, and where required responsibly access tailored financing solutions via their strategic partners to support the most immediate costs, with the money paid directly to the nursery, school or university. The result is a simpler experience, and manageable plan to secure and fund a child’s educational journey with confidence. Founded by Adam Amos, a design and innovation expert with experience spanning fintech and family finance, Sencillo is built by parents for parents and backed by leading experts Previously, he co-founded Pigzbe, a pocket money app focused on early financial literacy and held positions at EY leading innovation across retail banking, wealth and credit lending. As a father of two, Amos brings both professional expertise and personal insight to the challenge. Sencillo is supported by a network of strategic partners who bring deep expertise in financial services, credit risk, and education finance. Notably, Advisors, Emma Steeley, Ex-CEO of ARO Finance, acquired by Clearscore earlier in 2025, brings vast leadership and credit lending expertise, Andrew Doman, former CEO of Premium Credit, offering valuable insight into building responsible and scalable financial services businesses, and Jasper Martens, CMO of PensionBee, who shares his experience building a multi award winning D2C brand over the past decade. The new capital will be used to grow the team, expand the platform, and prepare for launch at the start of 2026. **Adam Amos, CEO and founder of Sencillo:** *“Education is one of the biggest investments any parent will make. Yet for most, the process is fragmented, confusing, and stressful. Add in challenges such as the rising cost of childcare, VAT on private school fees,and the growing accessibility gap for children with Special Educational Needs and Disabilities it can feel like an impossible journey to navigate.*  *We believe every parent should be able to make informed, confident decisions about their child’s education. Smart planning plus responsible, accessible financial products are key, and Sencillo is here to make that possible - not just for the few, but for every family seeking a clear and secure education journey and future for their children.”* **Mark Pearson, founder of Fuel Ventures:** “*Adam’s vision for helping parents plan and fund education in a smarter, more accessible way is exactly the kind of ambitious thinking we look for at Fuel. Sencillo is tackling real challenges within the education sector that affect millions of families across the UK and we’re proud to back Sencillo at this early stage.”* Sencillo is a fintech platform helping families plan, fund and manage their child’s education journey - from early years through to adulthood. With a focus on responsible lending and clear financial visibility, Sencillo empowers parents to understand the full cost of education and secure tailored funding through embedded credit solutions. Founded by Adam Amos, a designer and financial services expert, Sencillo combines smart tools, strategic partnerships and personal insight to make education more accessible, inclusive and financially manageable for every family. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/intelligent-core-secures-2m-to-bring-a-new-era-of-real-time-autonomous-ai-to-the-worlds-most-critical-industries ### Title: INTELLIGENT CORE secures £2m to bring a new era of real-time, autonomous AI to the world’s most critical industries ### Page ID: 8369968 ### Content: INTELLIGENT CORE secures £2m to bring a new era of real-time, autonomous AI to the world’s most critical industries [**Intelligent Core**](https://www.intelligentcore.io/), the AI-powered company delivering real-time, autonomous intelligence to crucial industrial sectors including energy, oil and gas and manufacturing, has secured £2m in investment led by Fuel Ventures. The raise also included additional investment from Plug & Play Tech Center and Helion Partners. This new investment follows on from a £500k funding round earlier this year which sparked explosive growth.  Led by CEO Tom Greenlees, Intelligent Core is transforming crucial industrial sectors - such as oil and gas, water, manufacturing and transport -  that have historically relied on slow, siloed and reactive systems.  Its modular AI platform takes live data from sensors, equipment and field environments and converts it into real-time visibility, accurate forecasting and autonomous decision-making. Built to run seamlessly in the cloud, on-premises and at the edge, the platform delivers intelligence directly to the most remote and mission-critical parts of an organisation. At a time when energy networks, utilities, manufacturers and transport operators face rising costs, complex operations and escalating sustainability demands, Intelligent Core gives them a completely new level of control.  Instead of waiting hours or days for visibility, organisations can now act in milliseconds -  predicting failures before they happen, optimising performance continuously, and reducing emissions through smarter automation. This best-in-market AI- powered technology has helped organisations cut operational costs by up to 80%.  Its INTELLIGENT CORE™ Platform brings together data ingestion, forecasting, analytics and autonomy into one modular framework. By unifying data and enabling AI to operate anywhere -  from central systems to remote edge locations -  the platform helps enterprises reduce downtime, predict equipment and system risks, and deliver more sustainable, efficient operations.  The new investment will accelerate Intelligent Core’s mission to modernise and transform outdated industrial infrastructure. The company will use the capital to scale its team, advance product development of their hardware solutions and deliver large-scale customer deployments across global markets. *“Industrial organisations are under pressure to run more efficiently, safely and sustainably - but the reality is that most are still limited by outdated tools and legacy systems that simply can’t keep up.*  *We built Intelligent Core to give organisations real operational intelligence - live, predictive, and autonomous - no matter how remote, complex, or distributed their operations are. In heavy industry, data is often the biggest roadblock to meaningful AI deployment, and that’s exactly why we’ve developed proprietary hardware that allows us to collect the critical data ourselves and deliver results rapidly. This investment accelerates our mission to bring truly intelligent infrastructure to the sectors that need it most and to redefine what industrial AI can achieve in the real world.”* *“Since initially investing in Intelligent Core earlier this year, we’ve been impressed by the momentum they’ve built and the speed at which they are reshaping industrial operations with real-time, autonomous AI.*  *We’re strong believers in the power of AI, and Intelligent Core is an excellent example of real-world AI deployment at scale. The team is solving challenges that have held major industries back for decades, and their technology has the potential to redefine how critical infrastructure runs. We’re thrilled to support them at this stage and look forward to backing their rapid growth in the journey ahead”*  Intelligent Core leverages state-of-the-art artificial intelligence technology to help businesses automate, optimise, and make better-informed decisions. Led by CEO Tom Greenlees, the company is committed to driving innovation in business intelligence through accessible, robust, and scalable AI solutions. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/tyten-raises-750k-investment-to-bring-ai-powered-automation-to-transform-the-14tn-global-facilities-management-industry ### Title: Tyten raises £750k investment to bring AI-powered automation to transform the $1.4tn global facilities management indust ### Page ID: 8370339 ### Content: Tyten raises £750k investment to bring AI-powered automation to transform the $1.4tn global facilities management indust [**Tyten**](https://tyten.ai/) (formerly Fixo), the AI company for the next generation of facilities management, has secured £750,000 in investment, co-led by Fuel Ventures and Concrete Ventures, with follow-on participation from Antler. The raise included angel investors and follows early support from industry backers. It marks an important step in Tyten’s mission to modernise the facilities management sector - a critical but often overlooked industry that keeps buildings operational across electrical, plumbing, structural and mechanical systems. Co-founded by Vladimir Pushmin (CEO), Sergey Nasonov (CTO), and Tom Petrides (CCO) the team combines expertise in energy optimisation, AI, and commercial real estate, bringing first-hand experience to solve the pain points of facilities management teams. Under Vladimir’s leadership in company strategy, fundraising, and product direction; Sergey’s leadership in directing all technical innovation and AI development, including the personal architecture of Tyten’s core platform and infrastructure; and Tom’s success in securing Tyten’s first pilot customers, building strategic partnerships, and gearing the company up for rapid commercialisation, the company is establishing itself as a leading innovator in the UK facilities management market. The team has spent more than 400 hours shadowing technicians and help desk teams on the ground to understand their workflows, challenges, and daily realities. This direct experience forms the foundation of Tyten’s product design philosophy - creating a solution built specifically for the unique needs of facilities management, rather than retrofitting tools built for other industries. The UK facilities management market alone is worth £60bn¹, and globally the sector represents a $1.4tn industry². Despite its size, the sector has historically been underserved by tailored AI and automation tools. Tyten aims to change that. Tyten’s AI-powered platform tackles the two biggest bottlenecks in facilities management: The new capital will be primarily directed towards engineering and product development, accounting for around 70–80% of the funds. Tyten is rapidly hiring across technical roles to meet growing customer demand. **Vladimir Pushmin, CEO and Co-founder of Tyten**, **said:** *“Facilities management is the invisible backbone of every building - but the technology behind it hasn’t kept up and has lacked the innovation needed. We built Tyten to solve that, working hand in hand with technicians and help desk teams to understand their real challenges.* *“This funding round gives us the resources to scale rapidly, accelerate product development, and bring much-needed acceleration to an industry that keeps the world running.”* *"Facilities management is a trillion-dollar market that’s been left behind by modern technology, and Tyten is seizing that gap with clarity, speed and ambition. At Fuel, we back founders who see massive opportunities where others see legacy industries - and that’s exactly what Tyten has done.* *“What stood out to us was the team’s rare mix of deep industry insight and technical execution. They’re not just building a clever tool - they’re reshaping how an entire sector operates. It’s exactly the kind of bold, high-impact vision we love to support, and we’re excited to be backing them on this journey”* *“We have been impressed with the depth of insight Tyten has developed into this enormous and highly fragmented technology ecosystem. LLM’s offer a new dawn to the painful repetitive processes necessary to keep buildings and their occupiers happy and focussed on what they do best.”* *“We seek founders who are eager to work closely with real estate operators, enabling them to innovate and improve on services in the built environment. Rarely have we seen such a perfect fit for a new technology, and a strong customer response to an early stage company’s offering.”*  Tyten is a UK-based technology company pioneering the use of artificial intelligence to modernise and transform the global facilities management industry. Its platform combines intelligent workflow automation for help desks with guided diagnostic tools for technicians, delivering significant original operational efficiencies and improved service outcomes across the built environment. Founded following extensive research with industry professionals, Tyten is purpose-built to address the unique challenges of a $1.4 trillion global market that underpins the operation of buildings worldwide. By equipping facilities teams with modern, AI-driven tools, Tyten is setting a new standard for how repairs and maintenance are managed at scale. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - **Automating help desk administration** – The platform manages repair requests from the moment an issue is reported through to job closure. Its first automation module takes incoming tasks, reaches out to subcontractors, processes technician reports, identifies missing information, and follows up automatically. This alone saves help desk employees up to two out of five working days each week, freeing them to focus on building stronger client relationships. - **Supporting technicians in the field** – Tyten provides step-by-step diagnostic and repair guidance, eliminating the need to search manuals or videos mid-job. This allows technicians to execute repairs faster and more accurately, closing work orders up to 80% faster and improving KPIs for service providers and clients alike. --- ## URL: https://www.fuel.ventures/karavel-secures-125m-investment-by-fuel-ventures-to-transform-regulatory-compliance-for-regulated-industries ### Title: Karavel secures £1.25m investment by Fuel Ventures to transform regulatory compliance for regulated industries ### Page ID: 8679475 ### Content: Karavel secures £1.25m investment by Fuel Ventures to transform regulatory compliance for regulated industries [**Karavel**](https://karavel.ai/), the AI-driven compliance platform that streamlines regulatory monitoring, ad reviews and compliance workflows for highly-regulated industries, has secured £1.25m in funding by leading UK venture capital Fuel Ventures.  Karavel empowers legal, compliance and marketing teams across financial services, fintech, insurance, healthcare, consumer credit and other highly regulated sectors. Its unified platform replaces slow, fragmented review processes with an intelligent, AI-driven workflow that enables organisations to move at modern pace while ensuring they meet stringent regulatory and advertising standards. It comes at a time when across the industry, the demands on compliance teams have intensified. Regulatory frameworks are expanding, expectations are rising and fines for non-compliance continue to grow. Yet many organisations still rely on fragmented, manual methods to track rule changes, interpret requirements and approve materials - creating bottlenecks across teams and increasing reliance on costly external legal support.  Karavel is on a mission to change this. Co-founders Pedro Sousa and Nav Garcha bring a wealth of extensive experience in compliance and software engineering across companies including Revolut, Deliveroo, CNN and Clearscore. Karavel was born from their personal frustration and first-hand experiences with fragmented and manual compliance systems. Seeing teams overwhelmed by regulatory change, struggling to identify compliance gaps early and lacking a central system to coordinate efforts, they created Karavel to bring precision, structure and intelligence to the entire regulatory lifecycle.  The platform combines automated ad reviews, real-time horizon scanning, regulatory gap analysis and clear, actionable guidance within one intuitive interface. Its AI analyses regulatory updates as they occur, flags relevant changes, extracts requirements and offers recommendations that enable teams to respond immediately. The impact is already tangible. Karavel’s AdCheck technology enables financial promotion reviews to be completed three times faster while achieving a 91% first-pass approval rate. Its horizon scanning tools replace bi-weekly manual reports with daily, automated alerts, delivering efficiency gains of up to fourteen times and reducing external legal spend by as much as 73% in the first year. This new capital will be used to accelerate product development and support the company’s mission to modernise compliance workflows for organisations operating under increasingly complex regulatory scrutiny. *“During my time as Head of Compliance, I had to face many of the obstacles that are still present for most compliance officers: manual and repetitive work, fragmented processes, friction with other teams and that ever-present feeling in the pit of my stomach that I was missing something important.* *That’s why we built Karave:, to give compliance, legal and marketing teams the clarity, automation and tools that I always wished I’d had in previous roles.”*  **“***Karavel is solving one of the most urgent operational challenges facing regulated industries today. The team has combined deep compliance expertise with advanced AI to create a platform that redefines how organisations interpret regulations, review content and coordinate cross-team efforts. Their approach replaces outdated workflows with intelligent systems that deliver real commercial impact, and we’re proud to back their vision as they scale*.” Karavel is an AI-powered compliance and regulatory intelligence platform built for businesses in regulated industries. Serving compliance, legal, risk and marketing teams across financial services, fintech, insurance, healthcare, consumer credit and other sectors, Karavel delivers automated ad reviews, daily horizon scanning and compliant-by-design workflows. By accelerating approvals, reducing risk and simplifying complex regulatory processes, Karavel helps organisations operate with speed, confidence and control. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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The raise marks an important step in Allocation Strategy’s mission to equip institutional investors with a more modern and robust set of analytics for asset allocation decision-making - enabling investment teams to tackle complex portfolio questions with forward-looking tools, clearer scenarios, and more intuitive macro insights.  Allocation Strategy was founded by Pavol Povala, Drew Barnden and Michael Chin, former leaders from NBIM - the world’s largest sovereign wealth fund - with decades of experience building and operating asset allocation analytics at scale. Having seen the industry’s biggest challenges first-hand, they combined decades of research, proven real-world deployment, and production-grade technology to create Allocation Strategy: a modern, comprehensive platform built to solve these pain points. When inflation surged in 2021, many institutional allocation tools were exposed as outdated and unprepared for a rapidly shifting macro environment. Existing solutions failed to connect portfolio decisions to the macro forces driving markets - leaving investors working with incomplete, inconsistent or unreliable inputs. Additionally, asset allocation requires complex yet broad toolkits covering multiple angles, that historically hasn’t been available from one provider, and building in-house is costly and time-consuming.  Allocation decisions are getting harder to make as the world rapidly changes. The line between traditional and new assets has blurred, as private, alternatives, and crypto markets grow. Geopolitical and macro regimes are also shifting, and old models and assumptions no longer hold. Finally, rapid technological change, driven by AI-advances, presents multi-faceted challenges to investors.  Allocation Strategy was built to solve this gap, delivering more powerful, comprehensive, and trustworthy analytics to help investors build more resilient portfolios. With the right tools, the large volume of challenges facing investors can instead be viewed as unprecedented opportunities. The platform provides state-of-the-art asset allocation technology, built on decades of research and expertise. Its tools support investors across critical allocation workflows - from capital market assumptions and portfolio optimisation, to macro risk factors, scenario builders, and model portfolios - helping institutions better understand risk and return trade-offs and strengthen decision-making across portfolios.  The new capital will be used to build and scale the business, further expand Allocation Strategy’s R&D activity, and accelerate the rollout of new solutions for institutional investors.  *“Portfolio decisions are more complex than ever, and institutional investors need stronger tools to understand risk and build resilience over time. Allocation Strategy is designed to give investment teams a clearer analytical foundation for asset allocation decisions - supporting everything from expected return inputs to scenario analysis and portfolio construction.* *“This funding enables us to accelerate R&D underpinning our analytics, scale the business, and expand our solutions to support more institutions globally.”* *"Allocation Strategy is tackling one of the biggest challenges in investing today: making confident allocation decisions when portfolio construction is becoming more complex and macro conditions are shifting faster than many traditional tools can handle. The team brings exceptional domain expertise from operating at scale inside one of the world’s most sophisticated investment organisations, and they’ve translated that experience into a platform that’s genuinely useful for investment teams.* *“We’re excited to support Allocation Strategy as they build out the product, launch new solutions and scale to meet growing demand from institutional investors globally.”* Allocation Strategy provides cutting-edge asset allocation technology, built on decades of research, proven real-world deployment, and production-grade tech. Founded by former leaders at the world’s largest sovereign fund, the team has spent over a decade building, refining and operating advanced investment analytics at scale. Allocation Strategy helps institutional investors strengthen portfolio decision-making with actionable insights across expected returns, risk modelling, portfolio construction and scenario analysis, enabling more resilient, high-performing portfolios in changing market conditions. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/leading-discord-ai-insights-platform-levellr-raises-25m-seed-investment-from-fuel-ventures-and-video-games-legends ### Title: Leading Discord AI insights platform Levellr raises $2.5m seed investment from Fuel Ventures and video games legends ### Page ID: 8792261 ### Content: Leading Discord AI insights platform Levellr raises $2.5m seed investment from Fuel Ventures and video games legends [**Levellr**](https://www.levellr.com/), the leading AI insights platform helping brands and game studios understand and monitor Discord, next-generation communities and user voice data, has secured $2.5m of funding in a round led by Fuel Ventures.  The raise included investment from industry leaders in the video game sector including Mark Pincus’ Workplay Ventures (Zynga Founder), Bing Gordon (Duolingo & T2 board member), Frank Gibeau (CEO Zynga), Phil Mansell (former Jagex CEO), Simon Hade (Space Ape founder), Norman Cheuk (ex-Microsoft executive) & Playformant. They join a wide roster of existing games industry notaries who have previously invested in Levellr such as Mitch Lasky (Benchmark Partner), Owen Mahoney (ex-Nexon CEO), Dylan Collins (SuperAwesome founder), Mika Salmi, Matt Bilbey (former EA Executive) and Rich Barnwell (Digit founder). As Discord has become one of the most important communities, global brands and games companies need enterprise-grade tools and services to support real-time user insights.   Levellr unifies user conversation and engagement signals from the newest generation of social platforms such as Discord to provide real-time intelligence on critical events to support product, live ops, game design, community and support teams. With community increasingly becoming a commercial driver of consumer revenues, Levellr has seen growing demand for its enterprise products, doubling revenue in back-to-back years.  With brands facing rising acquisition costs, fragmented audiences and growing pressure on retention, one channel has become mission-critical: community. Millions of players now spend more time on Discord than in traditional social networks - yet for most companies, Discord, and other next-generation online community platforms, remain a black box. As a result, companies are missing out on critical audience feedback and insight that creates opportunities to improve products, engagement and commercial performance. Levellr’s platform turns raw, fast-moving community conversations into clear, actionable insight. It listens to player discussions across Discord and other next-generation platforms to provide real-time intelligence on critical events to support product, developer relations, community and support teams.  Founded by Tom Gayner and Ben Barbersmith in 2021, Levellr reflects the founders’ experience at YouTube, Octagon and MyCujoo, addressing the community and audience challenges they saw first-hand. Levellr is already used by leading gaming and consumer companies including Epic Games, Krafton, Scopely, YouTube and Google, to assist with:  As community increasingly drives commercial retention and revenue, demand for Levellr’s enterprise platform has accelerated, with the company doubling revenue in back-to-back years. The new funding will support Levellr’s next stage of growth, building data infrastructure that allows customers to unlock deeper user insight which can then be combined with Leveller’s agentic solutions that can proactively provide insight-based recommendations. These increased data insights and recommendations will enable teams to respond faster, supporting product and marketing goals. **Bing Gordon (Duolingo & T2 board member), who invested in the round, commented:** *"I've tracked Levellr’s impressive growth and it's clear they're solving a critical industry gap. Levellr are shifting the way teams can bring intelligence from core platforms like Discord into the business with real-time sentiment and relationship analysis. But that's just the start. They're essentially building the CDP layer - the customer data platform - that can amplify value and unlock more revenue for companies with Discord communities and beyond."* *“Our customers told us that while they had clarity on what was happening through product and monetisation data, they often lacked the ‘why’ behind changes in metrics like DAU and ARPDAU. They needed real-time insight from the user voice to help teams make smarter decisions.* *“Before Levellr, teams were manually scrolling platforms like Discord, often undervaluing community signals until a bug or issue had already escalated into user churn. Community reports often lacked sophistication in the form of segmentation, cohort analysis or weighting, so even if customers could see user signals, there was a real lack of clarity as to whether product teams should actually act on it.* *“With Levellr, product and support teams can understand the ‘why’ behind product usage shifts and prioritise roadmaps based on real user pain. Live ops and dev rel teams get real-time intelligence on critical events that threaten revenue and retention, so they can act faster. Community and customer support can filter signals from the noise, removing significant manual work, whilst Marketing teams can keep users in and moving along the funnel with user-level automation.”*  *“Levellr is tackling a problem we see time and again across games and consumer businesses - huge amounts of value locked up in community conversations, with no clear way to turn that insight into action. Tom and Ben have built a platform that brings clarity where there has been noise, helping teams make better decisions that directly impact retention and growth.*  *They are exactly the kind of founders we love to support at Fuel Ventures - deeply connected to the problem they’re solving and focused on building a product with real commercial impact.”* If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) 1. Data Fragmentation & Lack of Context: Unifying community and player voice data with product KPIs to contextualize the "why" behind changes in telemetry and monetization data.  2. Signal-to-Noise & Prioritization: Reducing the difficulty distinguishing true impact from isolated noise, memes and negativity. Product teams can evolve from over-or underreacting to viral posts due to a lack of volume context, segmentation and representativeness to support when to act, quantify behavioral impact, and predict churn. 3. Reporting Latency: Removing slow, manual reporting cycles which were causing crucial insights to arrive too late for product and live operations. --- ## URL: https://www.fuel.ventures/enginuity-raises-500k-investment-to-unlock-the-158-trillion-of-underused-global-innovation ### Title: Enginuity raises £500K investment to unlock the $1.58 trillion of underused global innovation ### Page ID: 8957642 ### Content: Enginuity raises £500K investment to unlock the $1.58 trillion of underused global innovation Each year, organisations spend more than $2.5 trillion on research and development, yet around 95 per cent¹ of patents go unused, representing an estimated $1.58 trillion in unrealised innovation value. [**Enginuity**](www.enginuityai.io) believes many of today’s challenges could be solved with technology that already exists, if those solutions could be more easily connected with the people and industries that need them. The UK-based company uses artificial intelligence to make intellectual property, including patents, research proposals, and specialised areas of expertise, easier to find and apply. Its technology lets innovators, corporates and research institutions discover existing solutions faster, matching them to live market demand and open new commercial opportunities. Enginuity’s platform turns intellectual property into a practical innovation tool rather than a static legal asset. It allows users to: The company is already working with innovation networks including Cambridge, MIT/Harvard, Oxbridge AI and the Technical University of Munich (as an alumni of their Xpreneurs accelerator), as well as pilots with corporates and venture studios such as C10 Labs. **Richard Heggie, CEO and Founder of Enginuity, said:** *“Every major industry faces pressure to innovate faster, yet the majority of the world’s ideas sit unused on the shelf. Enginuity exists to change that. By making IP searchable and commercially relevant, we’re helping innovators save time, unlock value and build on what already exists. This funding enables us to accelerate our go-to-market strategy, expand our partnerships and help more organisations turn dormant IP into active opportunity.”* *“Enginuity is tackling one of the biggest inefficiencies in global innovation, the waste of untapped IP. Richard and the team have built a platform with the potential to transform how ideas are discovered and applied across industries. We’re proud to back founders who combine deep industry understanding with the ambition to redefine how innovation scales, and Enginuity exemplifies that.”* Enginuity is an AI platform that helps organisations actively map market demand for their inventions. Using artificial intelligence, it helps innovators, R&D teams and corporates prioritise which IP has demonstrable market demand  – saving time, unlocking value and enabling faster innovation. Learn more at www.enginuity.ai. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - **Explore** - search patents, markets and research by function and feature - **Build** - uncover related technologies and innovation pathways - **Commercialise** - match ideas to real-world demand from buyers, partners and grants --- ## URL: https://www.fuel.ventures/building-value-in-the-next-phase-of-the-economy ### Title: Building Value in the Next Phase of the Economy ### Page ID: 9035595 ### Content: #### 1.1 The Nature of the Current Cycle: Distinguishing Signal from Noise #### 1.2 The Circular AI Capital Flow: A Reinforcing Loop #### 1.3 2026 Outlook: The Year of Delays vs. Adoption #### 1.4 Geopolitics and the Multipolar Financial System #### 2.1 Producers vs. Consumers of Compute #### 2.2 The Rise of AI Orchestration Layers #### 2.3 State of Software 2025: Efficiency as the New Moat #### 3.1 The Undervalued Opportunity #### 3.2 Portfolio Deep Dive: The Fintech 2.0 Cohort #### 3.3 The Future of Money #### 4.1 Intelligence Arbitrage vs. Labour Arbitrage #### 4.2 Case Study: Abingdon Software Group #### 5.1 Why Horizontal AI Won't Win Everything #### 5.2 The Vertical Moats #### 6.1 The Hidden Power Law #### 6.2 Anatomy of a Strong Vintage #### 7.1 The Shifting Tides #### 7.2 Our House View **This document is provided for informational and educational purposes only. It does not constitute a financial promotion, investment advice, or an invitation or inducement to engage in any investment activity within the meaning of the Financial Services and Markets Act 2000 (FSMA). The content herein should not be relied upon as a basis for making any investment decision.** **The views and opinions expressed in this document are solely those of the authors and do not necessarily reflect those of any affiliated parties, companies, or investors. While care has been taken to ensure the accuracy of the information at the time of writing, no representation or warranty is made as to its completeness, accuracy, or ongoing relevance.** **Readers should not construe any part of this document as regulated advice. We strongly recommend seeking independent financial, legal, and tax advice from qualified professionals before taking any action based on the information provided.** **Any references to companies, technologies, or market trends are provided as part of a general market overview and should not be interpreted as endorsements or investment recommendations.** ***By*** ***Michael Burnett, Managing Partner, Fuel Ventures*** As we all start to find our rhythm in 2026, I’ve found it valuable to first pause and reflect on markets, business and life more broadly. This year, I thought it would be helpful to share some reflections in this letter to my investors, network and wider audience. **Reflection, for me, has become a deliberate practice.** In a world that increasingly rewards speed, immediacy, and constant output, stepping back feels almost counterintuitive. Compartmentalising is something I have found increasingly valuable. That is, to separate the professional from the personal and the signal from distraction. There are 365 days in a year, or 8,760 hours. That is an extraordinary amount of time to get things done but just as much time to move quickly without ever truly reflecting. Regardless of how successful or productive a year has been, it is always my tendency - and most people’s tendency - to want more. Ambition can sometimes be my own worst enemy, always striving for more, always doing more, which can also come with some significant downsides. That tendency is deeply human. **We are wired to strive, to aspire, to optimise.** Those instincts are responsible for extraordinary outcomes - innovation, prosperity, growth. But, without conscious awareness, ambition can quietly become a moving goalpost, where satisfaction is always deferred to the next milestone. Appreciation, in my view, is one of the most important skills in life. The older I get, the more I have come to realise that genuine appreciation doesn't dampen ambition; it refines it. Always needing more can become a vicious cycle, an endless chase that rarely delivers lasting fulfillment. As Morgan Housel articulates it, "*Happiness is the result of expectations minus reality.*" With time, I have learned that appreciation is not about settling or standing still. It grounds you enough to aim high without becoming overly attached to where you land. When you are not chasing outcomes for validation, progress becomes more intentional and less hurried. Ultimately, real satisfaction comes from being present in the journey itself, not fixated on a distant, arbitrary end goal. 2025 was a year to remember for so many reasons. From a market perspective, we are ending the year in a profoundly contradictory place. On the surface, global equity markets appear strong, with major indices sitting at or near all-time highs. Capital has flowed aggressively into a relatively narrow group of large technology companies, many of them directly or indirectly exposed to AI. In the US, market concentration has reached levels typically associated with late-cycle environments, where a small number of companies account for a disproportionate share of total returns. Yet, beneath this surface, the macro-economic picture is complex. Inflation remains sticky, particularly in services, and productivity growth in the UK continues to lag historical averages. Geopolitically, the world feels more fragmented than it has in decades, with protectionism around strategic resources intensifying. We are witnessing an increasingly explicit challenge to the dollar’s role as the world’s reserve currency - a trend reinforced by experimentation with alternative global payments infrastructure and crypto/stablecoins. Despite these challenges, optimism is not just warranted; it is essential. It has unquestionably been the year AI shifted from narrative to economic enabler. What began as experimentation has translated into tangible impact, influencing cost structures, margins, and capital allocation across the board. We may well be in a bubble, but if so, it increasingly resembles an "inflection bubble" rather than a mean reversion one - a bubble that funds the infrastructure for a new era of productivity and growth. As we look ahead to 2026, I remain optimistic. Not because the path ahead is guaranteed to be smooth, but because the underlying drivers of progress are still very much in motion. When thoughtful people work on meaningful problems, supported by powerful technology and capital markets, the outcomes tend to compound. I hope you find the following report valuable and I wish you all a fantastic year ahead. Section 1: The Macro Lens - The Inflection Bubble and Circular Capital The financial landscape of 2025 was defined by a palpable tension between macro-economic strain and technological exuberance. To understand where the market is heading in 2026, one must first dissect the nature of the current "bubble." In financial history, bubbles generally fall into two distinct categories: mean-reversion bubbles and inflection bubbles. A mean-reversion bubble is a financial fad - asset prices rise based on leverage, credit expansion, and speculation without any fundamental shift in economic utility. When the credit cycle turns, these assets collapse back to historical averages, leaving little behind but bad debt. The subprime mortgage crisis of 2008 serves as the archetype for this dynamic. In stark contrast, the current environment surrounding Artificial Intelligence (AI) bears the hallmarks of an **inflection bubble**. As outlined by Howard Marks in his recent analysis, inflection bubbles are based on genuine technological progress. While they often involve speculative mania and the destruction of individual wealth during the "installation phase" (as described by economist Carlota Perez), they act as necessary catalysts for building the infrastructure required for a subsequent "deployment period". The dot-com boom of the late 1990s was an inflection bubble; it crashed, destroying trillions in paper wealth, but the fibre-optic networks and server capacity it funded laid the groundwork for the modern internet economy, eventually birthing giants like Google and Amazon. We see the same pattern today. The massive capital expenditures by hyperscalers are funding the data centres, energy grids, and GPU clusters that will underpin the next decade of global productivity. If AI delivers even half of what credible experts expect, it is not unreasonable to imagine a world where sustained 4%+ GDP growth in developed economies becomes achievable again - driven not by leverage or demographics, but by productivity. AI is inherently deflationary at the margin: it lowers the cost of intelligence, compresses labour inputs, reduces error rates, and accelerates innovation. This deflationary pressure on the cost of doing business is the counter-force to the inflationary pressures seen in the broader services economy. One of the defining characteristics of 2025 was the emergence of "circular AI capital flows." This phenomenon represents a self-reinforcing loop that has aligned public equities, venture capital, infrastructure investors, and private credit around a single technological theme. It is a financial perpetual motion machine, at least for the duration of the installation phase. It is rare to see so many layers of the capital stack aligned so tightly around a single thematic axis. However, the market is beginning to show sophistication in how it prices this risk. Credit markets, often the most conservative signal, are distinguishing between companies that structurally benefit from AI and those that merely adopt it. For instance, Oracle’s debt now trades at a materially wider spread than Microsoft’s, reflecting a nuanced view of creditworthiness in the AI arms race. Furthermore, sophisticated investors have begun hedging AI exposure through the use of Credit Default Swaps (CDS) on single names such as CoreWeave, Oracle, and Meta, signalling that while the trend is upward, the volatility risk is acknowledged. Looking toward 2026, the market faces a divergence defined by a collision between soaring demand and physical constraints. While end-user adoption of AI accelerates, the infrastructure build-out faces a "Year of Delays". This lag suggests that value will accrue not to those building the infrastructure, but to those deploying the software or those who already possess the "hard" assets required to operate. Parallel to the technological shift is a geopolitical one. The global order is fragmenting into a "war for AI" played out across policy, capital, and talent flows. Protectionism around strategic resources like semiconductors and rare earths has intensified. Perhaps most notably, we are seeing an explicit challenge to the dollar’s role as the world’s reserve currency. This shift is fueled by a move toward a multipolar financial system and experimentation with alternative payment infrastructures. **Strategic Note:** The changing political order is opening up entirely new supply chains and physical commodity arbitrages. As economic blocs like BRICS grow, we anticipate a recovery in diverse commodity markets; however, current shipper and payment infrastructure may not be ready for this decentralised reality. This friction is a primary driver for our "Fintech 2.0" thesis, where non-sovereign rails become critical infrastructure for global trade. **Section 2: The Compute Economy and the Shift to Application** The initial phase of the AI boom (2023-2025) overwhelmingly rewarded the **Producers of Compute** - the chip designers (Nvidia), the fabricators (TSMC), and the hyperscalers providing the cloud infrastructure. These entities captured the lion's share of value as the market scrambled for scarcity. However, as we move into 2026, the centre of gravity is shifting toward the **Consumers of Compute** - the application layer that converts raw intelligence into economic value. The economic logic for this shift is grounded in historical precedent. During the internet revolution, the initial value accrued to Cisco and the fibre layers (infrastructure), but the enduring value was created by Google, Amazon, and Facebook (applications) which utilised that infrastructure to reshape behaviour. Similarly, in the "Compute Economy," the winners of the next cycle will be the companies that can effectively arbitrage the cost of intelligence against the value of the business problem they solve. This shift is not just theoretical; it is visible in the margins. The cost of "raw tokens" - the fundamental units of AI-generated output - is plummeting (deflationary). Just as the cost of a long-distance phone call or a megabyte of data eventually dropped to near zero, the cost of generating AI intelligence is becoming a commodity. However, while the "ingredients" are getting cheaper, the value of a solved business problem (like automating legal discovery or real-time supply chain optimisation) remains high. The massive opportunity for investors lies in "capturing the spread": Companies that sit between the raw model and the end-user - those that add specific business context, ensure 100% reliability, and integrate AI directly into existing workflows - are positioned to pocket the difference between these two price points. As enterprises move from experimentation to integration, they are discovering that raw models are insufficient for complex business workflows. A foundation model can write a poem, but it cannot reliably reconcile a ledger or execute a trade without guardrails. This has given rise to the **AI Orchestration Layer** - the middleware that connects foundation models to enterprise data, manages context, ensures compliance, and executes multi-step tasks. Our team sees this layer as critical. It is the "connective tissue" that transforms a probabilistic LLM into a deterministic business process. A prime example of our thesis in action is **Revenue Labs**. Self-described as the "Databricks for GTM" (Go-to-Market), Revenue Labs sits at the intersection of data and execution, orchestrating AI agents to automate complex revenue operations. By treating GTM processes as a data engineering problem, their platform allows enterprises to deploy AI that doesn't just "chat" but actually "does" - updating CRMs, scoring leads, and executing outreach with high fidelity. This capability effectively replaces the "swivel chair" work of junior sales operations staff with scalable code. This thesis aligns with the broader market movement toward "agentic" workflows. In 2026, we expect the conversation to move beyond "copilots" (which assist humans) to "agents" (which act on behalf of humans). This shift requires robust orchestration to manage the safety, accuracy, and sequence of agent actions. Without orchestration, agents are unreliable; with it, they are transformative. The software landscape in 2025 has matured significantly. The "growth at all costs" mentality of 2021 has been replaced by a disciplined focus on efficiency. According to ICONIQ’s "State of Software 2025" report, the Rule of 40 (growth rate + profit margin) remains the primary valuation signal, but the composition has shifted. Companies are achieving efficiency not just through cost-cutting, but through structural changes enabled by AI.3 Section 3: Fintech 2.0 - The Convergence of Intelligence and Value While the market’s attention has been captivated by Generative AI, Fintech has quietly entered a transformative phase we call **Fintech 2.0**. We believe this segment is currently undervalued. The "Fintech 1.0" era was defined by user experience - better apps, neobanks, and smoother onboarding. It was about putting a digital face on analog banking rails. Fintech 2.0 is defined by **infrastructure and intelligence**: the convergence of AI, blockchain, and deep payment orchestration. The narrative that "Fintech is dead" is misplaced. Instead, we are seeing the installation of a new financial operating system. AI is not just a feature here; it is rewriting the unit economics of financial services. From underwriting to fraud detection, AI agents can process information and make decisions at a speed and cost that human-heavy incumbents cannot match. Simultaneously, blockchain infrastructure, particularly stablecoins, is maturing into a viable rail for cross-border B2B payments, bypassing legacy correspondent banking networks (SWIFT). Our team has already been busy actively deploying capital into this area, backing companies that sit at the intersection of these technologies: The direction of travel is toward a multipolar financial system. As geopolitical fragmentation continues, we see an increasing challenge to the dollar's hegemony and a rise in alternative payment rails. Fintech 2.0 companies are building the bridges for this new reality. They are not trying to be banks; they are building the software layer that moves value as easily as the internet moves data. For us, this remains a high-conviction area for 2026. We expect to see further consolidation of stablecoin rails into B2B software, making "programmable money" a standard feature of enterprise ERPs. A core component of our house view is the potential for **AI-Enabled Services Roll-Ups**. The traditional private equity roll-up model relies on *labour arbitrage* - buying service firms (accounting, legal, HR) and reducing costs by centralising back-office functions or offshoring labour to lower-cost jurisdictions. The AI-enabled model relies on **intelligence arbitrage**. This strategy involves acquiring cash-generative professional services firms and systematically injecting AI to automate workflows. The goal is not necessarily to reduce headcount (though that is a lever), but to decouple revenue growth from headcount growth. By implementing "Universal GPTs" and agentic workflows, these firms can process 10x the volume of work with the same staff. An accountant equipped with AI agents can handle 50 clients instead of 5. This radically expands margins and valuation multiples, turning a 1x revenue services business into a 5-10x revenue technology platform. **Abingdon Software Group** is our flagship execution of this strategy. Backed by us in their first round, Abingdon is on a journey to become one of Europe's leading software acquirers. It operates with a "Fortress P&L" mentality, prioritising best-in-class software metrics over vanity growth metrics. Abingdon represents a lower-risk, high-reward way to play the AI theme. Rather than betting on a single AI startup finding product-market fit, Abingdon acquires established VMS businesses and improves them. It is a compounder, designed to generate consistent returns by applying operational excellence and AI efficiency across a diversified portfolio. We view this as "private equity returns with venture capital upside." Section 5: Vertical AI - The Application Layer Thesis There is a prevalent fear that horizontal models (GPT-5, Gemini) will swallow all vertical applications. We take a contrarian view: we believe that while horizontal models provide the reasoning engine, **Vertical AI** provides the solution. Generalist models lack the context, regulatory compliance, and workflow integration required for specific industries like law, healthcare or construction. Vertical AI companies build defensibility through four key mechanisms: We are actively investing in founders who understand the specific pain points of their vertical and are using AI to solve them, rather than just wrapping a GPT API. Venture capital is not a game of averages, it is a game of **outliers**. The **Power Law** dictates that a small number of companies drive the vast majority of returns. A single "fund returner" can outweigh all losses in a portfolio. Understanding this asymmetry is crucial for investors. It explains why we must remain aggressive in backing "A+ founders" with category-defining ambition, even in uncertain markets. Our approach focuses on the "tail curve." We construct portfolios broad enough to provide optionality, but concentrated enough to back the winners meaningfully. History suggests that the best venture vintages are often born during periods of correction and technological transition. We believe vintages during this period are shaping up to be of a similar magnitude. We have the combination of a massive platform shift (AI), a correction in valuations (from 2021 peaks), and a concentration of elite talent entering the founder pool. Our team strongly believes that the current cycle has attracted the "highest calibre of technical talent" we’ve seen in a decade. Engineers are leaving Big Tech to build, driven by the once-in-a-career opportunity AI presents. This vintage is defined by the shift from **Labour to Software**. AI allows startups to attack the largest cost base in the global economy - human labour ($40 Trillion+ globally). Companies founded today can scale revenue without linearly scaling headcount, creating business models with unprecedented operating leverage. We are not just funding software; we are funding the replacement of services with code. As we look toward 2026, the signal is clear. We are in the midst of a structural transformation of the economy. The noise of the "bubble" serves a purpose - it attracts the capital and talent necessary to build the rails for the future. The UK market specifically is positioned to lead in this new era, with its strong base of technical talent, supportive policy environment for AI infrastructure and a robust fintech ecosystem. For our team, 2026 will be defined by four strategic pillars: The defining test for the year ahead will be adoption. Can the technology move from the "wow" phase to the "ROI" phase inside large enterprises? We believe the answer is yes, and we are positioned to back the companies making it happen. We are grateful for the trust you place in us to navigate these tides. The opportunity set is vast, the talent is exceptional, and the engine is running. And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) 1. **Hyperscalers (Producers):** Entities like Microsoft, Google, Meta, and Oracle raise vast amounts of capital - often via debt or retained earnings - and deploy it into compute infrastructure (GPUs, data centres, custom silicon). 2. **Enabling Scale:** This massive injection of compute capacity enables AI foundation model companies (e.g., OpenAI, Anthropic) to scale their models and capabilities. 3. **Driving Demand:** The scaling of these models drives even greater demand for compute. This is fueled by scaling laws, where incremental improvements in intelligence require exponential increases in processing power, and the rise of inference-time compute, where models "think" longer to solve complex problems. This creates a feedback loop where the more capable a model becomes, the more hardware it consumes to both operate and improve. 4. **Capital Stack Alignment:** This loop pulls in venture capital to fund the application layer, infrastructure investors to build the physical data centres, and private credit to finance the hardware and energy needs. - **The TSMC Brake & The Competitive Moat:** The semiconductor supply chain, reliant on monopolies like TSMC and ASML, cannot ramp capacity instantaneously. With Capex increasing at a fraction of revenue growth, GPU availability will remain tight. Crucially, this scarcity creates a formidable competitive moat for incumbents; those with existing hardware allocations possess a structural advantage that new entrants simply cannot buy their way into. - **Industrial Fragmentation & The Energy Alpha:** Data centre construction relies on fragmented inputs - generators, cooling units, and grid interconnects. Delays in any single component push back entire timelines. In this environment, entities that control the "bottleneck" assets - specifically those with direct links to the grid, stable electrical supply, or the ability to deploy modular nuclear power - are in a prime position to benefit from the infrastructure squeeze.2 - **Labour Shortages:** The immense scale of construction requires skilled labour (electrical engineers, HVAC specialists) that is currently in short supply, further extending the two-year average build time for data centres.2 - **The Input:** Dirt-cheap raw AI processing power. - **The Output:** High-value, mission-critical business solutions. - **Burn Multiples:** Top-quartile companies have driven burn multiples down to <1.5x, with elite AI-native companies often operating at ~0.4x. This is due to rapid revenue scaling relative to headcount - AI companies can add millions in ARR without adding dozens of sales reps.4 - **ARR per FTE:** Revenue per employee is rising faster than OpEx per employee, signaling a decoupling of revenue growth from headcount growth. This is the holy grail of software economics - infinite leverage.4 - **Scaling Velocity:** AI-native applications like **Cursor** and **Lovable** have redefined speed, scaling from zero to over $100m ARR in approximately 12 months. This is unprecedented velocity compared to the SaaS era, where $100m ARR was a 7-10 year journey. - **Financial Health:** Abingdon has seen cash flow, equity value, and portfolio diversification continue to compound. It targets mission-critical Vertical Market Software (VMS) businesses with low churn and high pricing power. - **Capital Structure:** In 2025, the group achieved a significant milestone by closing a debt facility with **Ares**, a tier-one credit provider. This facility provides the dry powder needed for aggressive acquisitions without excessive equity dilution. - **Growth:** The group also commenced its Series C equity round, positioning it for further scale in 2026. This round will fuel the acquisition of larger targets, accelerating the flywheel. 1. **Proprietary Data:** They sit on unique datasets (e.g., patient records, legal precedents) that are not available to the public web. This data fine-tunes the model to be hyper-accurate for that specific domain. ![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABLAAAASwCAYAAADrIbPPAAAQAElEQVR4AeydB4AkRfm3f29P2HSRcOScc5AoWQwooBgQFQNBRcSsoOinAoY/JkBRBBMIKBhABMSsIKIYECRHyXDH3XF5w4Tur56a7bu5Ye9uL294Z+edqq5cT1X1VL1bXZNk/nICTsAJOAEn4AScgBNwAk7ACTgBJ+AERjoBr58TGNYEEvnLCTgBJ+AEnIATcAJOwAk4ASfgBAZBwIM4ASfgBJzA6iLgCqzVRd7zdQJOwAk4ASfgBJzAaCTgdXYCTsAJOAEn4AScwDIQcAXWMkDzKE7ACTgBJ+AEVicBz9sJOAEn4AScgBNwAk7ACYw2Aq7AGm0t7vV1Ak4AAi5OwAk4ASfgBJyAE3ACTsAJOAEnMIwIuAJrGDXW0Cqql8YJOAEn4AScgBNwAk7ACTgBJ+AEnIATGPkEhkYNXYE1NNrBS+EEnIATcAJOwAk4ASfgBJyAE3ACI5WA18sJOIHlJuAKrOVG6Ak4ASfgBJyAE3ACTsAJOAEnsLIJePpOwAk4AScwugm4Amt0t7/X3gk4ASfgBJyAExg9BLymTsAJOAEn4AScgBMYtgRcgTVsm84L7gScgBNwAquegOfoBJyAE3ACTsAJOAEn4AScwOog4Aqs1UHd83QCo5mA190JOAEn4AScgBNwAk7ACTgBJ+AEnMBSEnAF1lICGwrBvQxOwAk4ASfgBJyAE3ACTsAJOAEn4AScwMgn4DVcQMAVWAtYuM0JOAEn4AScgBNwAk7ACTgBJ+AERhYBr40TcAIjhIArsEZIQ3o1nIATcAJOwAk4ASfgBJzAyiHgqToBJ+AEnIATWP0EXIG1+tvAS+AEnIATcAJOwAmMdAJePyfgBJyAE3ACTsAJOIHlIuAKrOXC55GdgBNwAk5gVRHwfJyAE3ACTsAJOAEn4AScgBMYvQRcgTV6295rPvoIeI2dgBNwAk7ACTgBJ+AEnIATcAJOwAkMSwKuwFqqZvPATsAJOAEn4AScgBNwAk7ACTgBJ+AEnMDIJ+A1HGoEXIE11FrEy+MEnIATcAJOwAk4ASfgBJyAExgJBLwOTsAJOIEVSMAVWCsQpiflBJyAE3ACTsAJOAEn4ARWJAFPywk4ASfgBJyAE2gQcAVWg4N/OgEn4AScgBNwAiOTgNfKCTgBJ+AEnIATcAJOYAQQcAXWCGhEr4ITcAJOYOUS8NSdgBNwAk7ACTgBJ+AEnIATcAKrl4ArsFYvf899tBDwejoBJ+AEnIATcAJOwAk4ASfgBJyAE3ACy0xg2CiwlrmGHtEJOAEn4AScgBNwAk7ACTgBJ+AEnIATGDYEvKBOYCACrsAaiIq7OQEn4AScgBNwAk7ACTgBJ+AEhi8BL7kTcAJOYMQRcAXWiGtSr5ATcAJOwAk4ASfgBJzA8hPwFJyAE3ACTsAJOIGhRMAVWEOpNbwsTsAJOAEn4ARGEgGvixNwAk7ACTgBJ+AEnIATWEEEXIG1gkB6Mk7ACYxsAlmWrZYKeqajl8Bw63N5eXNzZbdcnk9uruz8PH0n4AQGJuBjcGAug3V1foMl5eGcgBNwApIrsLwXjHQCXj8nMCgC9VpdrULEnp4eMblM62k0seeC/0CCP2kN5FetVqPzovyjp3+ot7d30LyHEy76xmDKm4fDzGUw8ZY1TF9f37JGnR+PcnZ3d4uxMt+xxUK74rQi8iOdPD3sg5E5c+bEfpWm6WCCzw9D3eZf9FvyewN+S5tefxJuLAWB/J65ovoOWedpVSqV2C9oS9xbBfdmyf1pd9xzM3cfjSYMmusNl+Zrty+eQN6/CZWzhGGzO34uTsAJOIHRTmAQCqzRjsjr7wScwGggYImpVZg8dnR0xIUNDLjGXJww2TQzFYoFDfQqlUoxve6e7oG8R5VbPkkfqNLt7e0ys4G8hq0byhazBXWi/s3SWrHB9LfWOEtzjTI1X8AnyQunA5Qt98e+pLSzNFOxWJwfjPSbBQ/aFXNFSalYmp8UY29xQsAxY8bEfkVZuV6cUGfKj1mr1V4QlHuDmUWFXb1ef4G/O6xYAoVwT6UtyuVyvIeuiNTb2tpiMqQbLeGDcYcE6/y3mcV+Y9Ywcw/GDQpbTDPLnUedaWaCAdwYg5hmYWwspaJYo/RlZqrWqvGfaNxzYAkKM1vkXEL+cgIrlYAn7gSGLoEXzliHblm9ZE7ACTiBFUaACTYTRRboTLiZMLYKmRHGzOIkEn8t5kWaLLJID/uigpImC+lF+Y8W91NOOUX77LOP9txzT73oRS/SHnvsEc39998/TuThYGbzF45cD2fJlTe//OUvte++++rFL37xQnLooYfqqquuilU0a9Q7XqykD5SpLOBRrGFvzYb+jj/9GXurf+t1UkiEcgGTcUWazUJ4+j5+xcICRRfuyyJmFselWVj8VavRzvhblDAmzRqLasJoMa88LOUnGIo53FB05II7O3eoL35cu6w8AvQbM4sZmDXMeLEcH/RH2hBFqJnNv9eYWdwF+utf/1q77rprvEdxn2qW3/zmN6JM9CX6xHIUY0REPfLII8W9e+999tYBBxwQmXFfP/roo+ffz0dERQdbiaUMd8UVV2ivvffSwQcfrJ133jny22GHHbTbbrvp73//+1Km5sGdgBNwAiOXgCuwRm7bes2cgBNYDAEzE4vTL3/5y9p1t4EXKKeeempMgf+ws0BZ0iI192dB++lPfzpOQJsXPEzmWQx9/OMfj4ujmPgo/mDxCDN2srCINLO4s4LdLCwKRxoa6kudUIZgp+7NMmPGjNgnWRTDg7ArU1icozREibj33ntHBSLXubCIQsloiS1VMcwsLuxJt1kYC7vssktU2k2dNnWp0lxSYJihFFycsKj+/e9/ryRJxHheXJpmJnZd8cghbGABF+qQS1ysB26Ma5QZi0vP/ZaeQGsMlKm4MWa++tWvRmU37JdVUCAT98ADD9SMmTNIeiEhHxz4nigUCmoV/HNFLH2KsKNZaB+YMG4wGZO4oSBnd9FoZjOYuvO9h8CPPodpZuIfH/S9waThYZyAE3ACo4FAMhoq6XV0Ak7ACSyKwMte9jJ1dXXFxQmL2mb529/+ptmzZ2uwyhQWMUzambDfcsstL8gSfxQTL3/5y2N+LwgwxB1QulDEP//5z/rmN7+p73znOwvJhRdeqLlz5xJkUFIIi0KYcJYQk/Rm9oNKYJgFYlECQxZ3FJ3FSrPAA2FRjJLLzBbaEUKcpZAlBv3Rj34U+6GZiTZojYBi8d///rc416rVb0nXjBsWYM1CXceOHRsVSGa2pCSW6J9zJODMmTOjwqk5P1g3C2PzZz/7GcEHJYkluvzyy6MybqAdkzCj/7JIN1v++gyqUKsxEOMTnhTh7rvv1ve+972FhPvBt7/9bd1///2RGe3TLMRbXjELSu40E4rF5U2L9mPHIHWi37SmR//HjzamHoRpFvwG+93QmvZIvIYHwn0Otpg5L3a4wbBZRiKD5akT4wtmzBHoc/RN5iYwXZ50Pa4TcAJOYKQRcAXWSGtRr48TcAKDJsCEkR0ikyZNEovrhSMqKq/++te/RmezJS9QmZyzmCXO9OnTY7zmDybza6yxhl7xileokBSavYaFnck1SgAeZ/jpT3+6kPKKxSsLWhQXcIDtsKjUKCok7UJ1WRA988wzeuihh+JOpEJQJNK2uT9hENqQxRS7i3iMELfFSWv8xYVdEX5Lmx/1RLH8xBNPiAXiksqAcuIXv/iFiDeQAmtJ8UeaP8zoJ9Rr8uTJuuiiixaSSy65RCiwHn30UXEfJJyLE3ACTsAJOAEn4ARWJAFXYK1Imp7WwgT8ygkMAwIsglEo5QszimzWUFaxaP3Vr36F06CExT4Bf/vb34r/3mNvFnbVvOpVr4pOLI6jZRh9oPhgYUo9+Q87C/tmMbO488KswW8YVW1UFNXMRNvRD3l8EDv938yEGwqKHISZReUWit2f//znKhQLudewNVEgd3Z26sorr4x1W1JFUNzxWKeZLdMutCWlP1z9UWbOmjXrBcXn/pD3IcK8IIA7OAEn4AScgBNwAiObwCqonSuwVgFkz8IJOIGhSYBfIjOzeKA2C/nmUpo1zsD517/+pXwR2+w/kB0lGIoddiixU6k1DG4vfelLB7X7ozXuULhGAUA52JmDYqNV8C8UClFJki9kCe8yNAjQx9n5Z2ZCyUp70Za0Fe2GPyXNTfxQxD7yyCOaOnUqXsNKqFNzgc0s7rS8/vrrFxqD1DMPl9edaxR3XMNgoMco8WsW4oxkyRnkykz4Ngv3NxTcZqak4NNL+csJOAEnsAwEPIoTcAKLJ+AzjMXzcV8n4ARGMIE0S2Pttt9+e2211VbRzq4rLOxIYYdKkiRiIYub2ZJ3Fv3ud7+LChzi8jgd8VFsoSzYbLPN4q8LkdaidiiwCGQnA2EQwiHYERbMmCtKSI8zuzDJh3LnaePWXBYWq/izSOV8DjNb6Iwms8Y1fnkazWZzWigNODMLZd9NN90kFIW33Xab7rjjDt16663N0RZpR1m4SM8BPMifOg3gtZDT0pzjRXstFHkIX5iZUD5wRtGDDz4YfzFQ4ZUrIs0s7kxqZkS/pQ9zXlYIutg3CuE8AGkMJLR77p6HXVmmWWNHIGOZs2To5wiKmJ/85CdxnJI39cdEzAxD//3vf6OYLdi1Rr9HmUW/W1Qfj5EX80HdYZAHwY4b14wthD5FOXFbGsnTIQ59nbQwGdfNfvgjrXkQBsFvIGH3Gu6Uj/rTN5qFeyf1ga+ZveDeQFzKRHzsK1rMTLQ1/ZU2xVycUAfKY9Zo44HKAw/qhJgNXKc8Xs6T/oEbcZvtuA1W8rQGCk97ki5ms5Af7AeKsyQ32oT4zUIcrlvPGyNP/JZWSIv+aNbgSHzckNzeauKXC36DkTRNF4ztWl2t5aWug0lnoDD0A+qAH3YEO0I58aNPYccNfwT7ksTMRH81W2CaNVjhLn85ASfgBJxAJOAKrIjBP5yAExiNBFAsUW8Wpoccckh8/I3JJ24Ii15MFCyYSxImmYQlXRZH48aNixNSFlNMaA877LD4i0Kk07pDAX8mupSF+IRh4l0oFqLSATtlMzO8luqRJtKOkZo+cEPMGr9yZGYxH8qAKLzMGjtWgjW+WRxSr+ZyRI/+Dxa4+JNuv9NCRp4ujrAya9SFA9yZ+OOOsCjGXJLAinh5us35Ni/k8KfMcDWz+EuHA6VNGNypB3GwI6TbfI1bLpQB++IWnPgPJeEQfvokZTJr8IB5vsuqUCjgFc9+wkLYu+66C+v8hSHco8MQ/qDdaB8Uksj48eM1YcIEUR/OtqLoLM45rB17LsQb6NFhDopn8Ut/pa/Qh5sljz+QSZqMYUz8sWMS38zir5IydnLh0GvCwJm8MOmDeXzitopZYzzhTl8nLUyuSQOzWWhn8mh2w55lWRwj5IXg1iz8yEDzdW4nLGUkX8rLdS55GPxok1b33H95TNpm3rx5OvLII3X77bdHpTiK8UXJP/7xR21v6wAAEABJREFUj6ik5IcKNt544+XJOsalX2BByYkJc+zUFTtuixP6KPwIC6fWsKSDG98J5VJZSSFZSBjD3KOJT7hmIS5p0965cJ2HoU1yO6ZZoy+ZmfjhBeITD79KtaLczvVgJQn/DCqXy7Fv0T+IZ2ZR0Yk9fyzVzKIiHbelEdqf8OSTlxdWSHN5m+tN+KUR0s7HFHaE9PL64Ecd+ecV6XKvaVbs4+biBJyAE3ACy0cgWb7oHtsJOAEnMPwJmJle+cpXih0ETILjwq5ejwt4JqT/+c9/9Pjjjy+xolOmTBGHRDOhZUFAXOxMclk4s7DKEzGz3BpNMxPhFF4slFEYXHf9dWLnC4IdxcOTTz4ZQigqwpikx4tFfKBUYeJutnBeBDdruFE+wmDizuT7D3/4gzik/fvf/34077vvvnigPeUjHCacCN8sLB5ZRA20gCIcTDBzIV8UTWYmWOFO+rlwvTihHMTDhMVzzz0Xd2+xu+bHP/5xPGSeetx8882iDqRFuLTe2HnHdbNQd8pEegjKDR6fg/tPf/JTXXrppQvJX/7yF02bNi0u5sxM+SJGzYkOITt1o/5XX321UNK1Fm2dddaJj9PS//HDJDx2fnWOcQAj2ge3oS70RTMTP5zAwh4FAW2EnR1oKC46OzqFIqC5LvTfXMHV7E46LEjhYmZx4W22wGwO22o3C+GShkKYNPCnLPRLHmmkTTgAnb4b++v994kdovRvmGPSJ82MqIsU2itvH9qbw/r/+a9/ivO8Lr74YjULyvbHn3g8Ku4py0DjwmxBfvmYRyEAw9ZCkDfu8KO8XOeSlymPY2aRX369Ikz+YUC+eVrUf1FCeSibmUWFCnYkj7usJvnlcbnfwYJ0sefuizL5/kHZQXtjEq9ZzEyUG6ENzBoMzRomdScuQh7ExUTMTPQf4uXCtcKruczhMr6Jizt5IWYhj9B/6Sco5SzYY8Cl/KAPkTY/ckKf5DsGwc74JDnyyMvG9WCFOKT99NNPizF0/a+uF98DCHZ29vKdSPkJN9h0FxWO8j788MP6/e9/H3+tlHz4lVPmALkCi3tF6/1lUem5uxNwAk7ACQyOgCuwBsfJQzkBJ7AKCazqrJior7vuutphhx2iIsXM4qKGyS6LAXZiDbQjo7WcKH5wY5LOZJrHPLCzeEE5sOGGG8Z0FzV55vHDU045RZyTdfzxx+szn/mMzjnnnCjYTz/9dL361a/WW9/6VvGLfyzQyW9Rwo4AFivXXnutdttttxfI/vvvL/yIj2Ls//2//6cDDzxQn/70p/WNb3xDP/zhD3XeeeeJSToH3e+5557ae++9dcMNN4j6tdaDhQHl22+//YTsscceapZcCQgTFinvPeW9Ouigg2KYffbZJz5euddee+nQQw+N6WsJL/JnsfLd735Xhx9+eFRCvv/979dXvvIVfetb3xKPKH75y1/Wxz72Mb3zne/US17yEsHw9jtuHzBlFh0XX3Kx3vWud+nlL3+5Xvayl+ktb3lLjHPueefGNEn3ggsuEPLhD39Y7Kp71eGvim1E/ajXgIkPEUd2plDP5uLQlly/6EUv0mte85rYR1m04pb7oXS57rrrcIoKDxbL8WKIf9DXNt98c6FApsy0D26MSfo+44N+hFAVFA6/uPoXA/a/nXbaKbrDhvjEaRbiL05gyW6vP/7xjzru+OPE+DvxxBP1hS98IfYf+jH99SMf+YgY//QtrlG2cS9aXNr4US+UrZ/61Kf0+te9XnvtvZeOOOIIcU8588wz9c1vfnN+H6Yf038Z1/TzD37wg7r/gfvVrMQyM5KdL4ydfffdN94jzjrrrPnuzRb6CfWBFfeKZqG+MCc891zMFSkoC8wsKsbMghmULLYIIV8zw4jh4WvWuI6Oy/ABzwMPOlCMI4S6c//jnooyfDBJfvBDH4z3zl132zUqk+GdC2WkD/Frj7iRdrPsE+6hKIbIh36J2SzEaRbi8qMiKFjoO81hsT/40IPifozQdtQH2XnnnXXZZZcRZKnlf//7X+zb/DPnk5/8ZPwnA79gi/21r32t3vzmN+uee+6JOxJbEx+oTs1h+M46+uij4/fAJz7xCX3+85+PfZ5+j51xxXfrySefrL/97W/NUQe0D5Qf9w/mAnwHkxYm382MJ76rv/rVr+qjH/2oqAtj74orrhBtz31lwEzc0Qk4ASfgBJaagCuwlhrZsIjghXQCTmApCLCIJTiTThZBLMIQJrBM7NlVgHKJyStiZnHRQ5xcUFbxX2T8cSMuyi+UOvynFsUA7oiZYcT/prMoYZcPE3cm8TzWgifxyRc7ZWHRTNnMTOyG4b/WTKDZuYHfohaEuBOPBTdms5Au5fvrLX/V29/+9qiYYveXmYndVOyOIm2Ea1hQPybjxKWMuVBO/Fhg4UYYTOLmgkKNcJQFZQJhETOLPFEUEmdRijnSJz4CUxb3LITYufLss8/GX34kPvmRh5lFhSTtQD48ooLyIF9Ek06zwPWiiy4Su99YCJIfQl3ycDCg7pTVzKIzYa+66qqoWOS/8M3hY4Ah8kE/p7/ABh65mdtZzLIIpo9QZDiaNepoZmLHGdzpl0O1jpQ7F9qIXS3U56ijjorjjT5I36MdUcTSJ6i/WaOe9JWf/PQncYcaY5O49IHdd99du+yyS1TukT79rFVwbxb8ucZE6FdvOfYtQlHMeW/wZYxx78CfsAh8aRv6Fb+Y+IEPfCAqZZfEnDgsoP/0pz/pmWefiX2fupEPcakbJgIDduGxqwwWlOe4447TqaedKu4BlIMyNQvxmoUwzUJYruHFGOG6VSgDYeiLrX64L4/QN0mT+pBO3MWUZlqUSV0Ih9AvMJdH3va2t4l7l5nFexH3TNLDjXMUm/PDvVUmT54szgSkDpQHhrAk3Itf/GKMKIxR0jJr9FkczRq/lMmuQupvtsCP/kW6pNUslIv7Jjsr6TtmJvI2s3g/pk/Q/xHYYjIm6DsotMi3WcxM9DfErLEjlTwQhdfXvvY1nXDCCfEfIuEy7iKmbPRP0sTknyX8A4F7jVmjHGYLykXdiJsLHPguRDGHUg0FGd9ppEfalJswXBMXt3/+859iTKFo4jpPayCTuLk7yn++x1GG8Z3N2DWz6I0ddtSVdjMzEQalGnEY+/gjedgYsekDPxg0m9gR3JuCutUJOAEnMBCBUePmCqxR09ReUSfgBJZEgP+U8xgKE1AWkYRnQsrkkccDUXDkCzAWAkyICYM/j6/xn2Mmm7iZWTwviHAsRo466iic48IgWsIHE30WCSx8eJQoOM1/m1l8pJEwlIcFBmViEYEb6TI5/9znPid2SlnSmOTPT2AQFibnHFZ92mmnxf94c9YJ+VAH8kABQH4kRd6YiJkJf7PG5F3hBQPKieT24BzDkQZCurgheZg8PNe54NYclvAIixDqzWN7LHKuueaaqGhgIU54FleUk3C0DfXBHTtpkkYuuOf23KROlCEPTzoIYVmM5mkTnkUIZrMQjsUUj5GgOGz2Gwp2yswOHfoNdaWe1Ik6Uz52V9D/2ZmB4ge3ZuHXOP/6179GxYjZgrZvDjOU7JzpRd3oe+wMpH0Yi9SZfk5ZUejhjp3xwC5K4sGG/gMzM4s7HwmzNGJmUWlmZrrxxhvFOGNRS5+iHNxbsOdloU3MLD6KSr5ckx/lQen6jne8Q9xncKNemIsT0jczkT5j2ayh0CVd6tcalz6OAp3FPbtGWv3h0yzN/mYL6kqdqB9lbBbiMn6Jhx1zRQv3Z/LnXoCSbHFC2Dx/WOX2ZTVRcm699dYxOnxJH+60JY8yU65cYQKXGLDpg0fR4JIzop3om9TljW98Y1T4EJydvPRN7M1CO3M/x2y+/5AOu/iaw2LHHXnggQe4jN9XzfdJvs8oL2ViDFEn7g/sJt5ss81inMV9EIc6k8dZnzsrfk9Rl1y4D8GHOsIfXkgMf9ZZYnct6TezIj3KgztcGVPstMWNeIiZRUUcYUmP8Q5Ts4XvWfxT6vjjj9cTTzwRxylpNouZzf+hC3afspMx371KfqRLuWGGnbzIM0+D7yXKjkKYXcC//OUvoxfu0eIfQ5CAF8kJOIHhQCAZDoX0MjoBJ+AEVgUBFu38d5u8mFSbNSa8TFKZiLLDCj+EiSoLBdy5ZmcPcbBj4o7JxJaFDZNWrvHPhUUF/83lmvCYzZIvIs0sKoKYNBPOzKIijLQVXvyXF2VOa/rBa7Fv0kLZYmbxsTDiM9HHnYUAk3XqySKDxQj/2SZPs0b+rYkTh/B5GPxJk/RywQ2JuyKyLC40msNgz4VwrcJigMed+I82iyvahoUMeROWxRF1YDHBAom0cGfxhbk4odykY9bYQQFvFifUifTID39YkEdrWtSRsrAL5rHHH2v1Xu3X9FHqQDtSVgQ+1Idf4mRxSiF5rDPve1ybGUbcVfLb3/422gf6sKBEzd3NLPZRs4VN+Jk13PKwK8tkPFM3+sh6660XH32jT5g18qdNL7/88tgHKQPtzNlX9Hv6C23MuJ00aVJ8pJQwSyukwQ4XHmlC8Up5zCwmAwvKhuT3krxNCGBmIkzeLx977DHxeCB1II6W8DJr5EMfRmh76sh4Jr/W6ORFuuzi4bGuVn/iNotZI33C0Y+IT/1IGwUWfJvDE25lCnnDm3shu1MHemy62Y17Pfdm7uuUc3nLRtuxwwgTFjCBAY+vsruKx9YYeyiXzBaw45r7FjsCiUsbUBbSMDOhLKKsuCGMU+qBvVmoA22HW61ei+OP9EgHxSTuzYI71+xIwqSPwBA74z+PQzjGA3WhbAPlTZwoTR+Ukz7HPRsFEOnQN8xM9EFY0JfhZGbxnyjkz32X+yj/mKE9iYeQNCblwH722WfrpptuEuXGDT/cSQ87Sj7slJ10seOfC/cHFMoowUgjd8/NPDxM2R3NNfWnTmYWz8gkHu6khR1/mDNmqSvloJ7spuRxfBTZ1M1sQfvLX07ACTgBJ7BUBFyBtVS4PLATcAIjmQCTTc4+YrLLJJqJqVljosnElEdz8vrjRxiuicfCngkrCzdMJrmkw0SWM50IZ9ZICzvCpJj//pIW161ywAEHxPNC+O/tMccco4022ijuymJSz2TZzOJ/iMkHJRYL5EWl1Zo218TDNLP43/2111pbJ554Yny8ApPH89Zaa63432n+685CjIk69cvjEh8xs7gbisk6YRAW/s1CuFwsKDvMLC6yzEwwRMwWuGmAFzucWHSQPgxYnJAnQam7mWnLLbcUZ6Gg6OIxEc4p4fwuwixOaE/SIL211147nsXFY6WwOO3U04QSgjO22A2BkmegtGhvMxPnGQ3kvzrd2OFBu9E36c+UlTqz+OMRJRZelI/+SjjszUIcFrUsxlksN/sNRTv1oX/QXzFpN9yoG30HO/LrX/86Fp+xyGKV9s/HGIoFzola1vqS9xlnnBEfySUT+jhpw9zMYr/fbrvtxC5Mxvlhhx0mxhplpH3MLI4/s4bJY0ycq8ACtbsAABAASURBVEN8LeHFY1U8FsouE85n4tFF8jjuuOPi2Vh5dBhgZ8FPG1NmHonFzczmK/jwRxh7mPi3illjlxcMUVIQNheucSfOYMpPuKUR0oYtdUAxAuvFCX3AzKICZDD5cG9oleZ4pMd9gV80hClheUQVhSjhaDfccuUSbki1Vo3/QOAMPb4/CIPQZyk//Y9wzcJ4bb7GThwO7Wd8mxlO4h8FnLuW77KKjv0fZhbvv7kf/MiPewLfJSie6AvI+PHjY1jGwcEHHxwflexPZpEGOzZpc/oy6ZqZNtlkk9jXuS+zK5l+QJr0dZTFtB9uCN+pXNOWKH3ICK6Y/PABO6hgRPrsHqT+ZhYVS+THD7Owa+qkk07SIYccouYXYXPhH0mcX5WnTTj86EfYOfuNssGF8sCJfBGUdJwRxvfzu9/9bsGG7zzi0x+Izz2ER3VJ70tf+lIsH+4uTsAJOAEnsGwEkmWL5rGcgBNwAiOTAP/pXnPNNeNjUvmE1sxiZfkvKmeJcGFmUXnE5JTdQJy9weSWSS4TVSblxMfOIcnE4Rp/Jrf82hiPSLBgwY3wZhYf42CxwCMnnBnCo3Kcj4Uy5pprrokHkTNhZ8JP2vkkmUn+D37wg7jIIC8klqdaiY8kkYeZRX+zhkkYhEUW+Vx19VUiHxbT73nPe8RBzSwUUOphsqDgP8hc5/kSPxcWGdQLRR//GUcx0Czrr79+HjQu3OGQC2yQ/Hog86mnnhLpUW/qw8KYhTQLCTPTBhtsEBVH7KphoU49ckUWii/KTz3hR7u15sHjP/w3nl1pPLLFYfDseIHFMW86Jh6M/eY3vVkf/MAH9cUvfjEegM9ihUpRBsoPF9Ln0VDcccNEWvPDbWUK+cGJHR48hsYOENxY3GFSThantNvrXve6uMOK8qCo5DFCFpGUn36EyUIcOzu5qC9hcyG93D5UTMYU7UF/Ybzsvdfe2mqrrUQ9KCNlZpHNTg/sPE4IC/xYmBKfxSqLU9xIo1nMGuPIrGESplnyNOm3pIPgjzv9D/70rx9e8kPRx/jBAPoVu8D4wQHKiTIC5tSBdiN/lEuUm7Ra5dhjj9Ull1wSzytDqX3mmWfGQ9xxf/3rX683vOEN8UcKyPfGG2+Mh01THjiRj5mJPLDTzqRvZvFw93zHCzuWOBAbv2YxM5EWyjLitgr5sTMqj2PW4GbWMHP3ZTVRYtBnEdguazrN8cws3qtgryW86C+E454Dw2ahPJzr9Oijj8ZHOvOkGEd8B3C/oQ2Iw5g0a/xDAMUHYxOueRxMFDL0IcLiR/+gzTDhTFm45pcsb/3HrVGBSjjuB/RxwpEOihkej29+hJ1y8D1HXfI4lJNdWeTJDiwYE39xQp1pE9LgXs0/A+ibfMfQD1EMcU0+lIu0MSkbZaecd955Z/wubiu3ibFAWPLkfk4YxhT3JuqLO2H4QQ8eBSZ9dsQxtv7v//4vHhjPPyaIY2bxe5E4lJN7fv54Lm4I7hdffLG4d3KNMs7MovIO7ptuuqk4o44zGKkT3y3svuU7EAUj+cCS+sAOhigG+W4nPRcn4AScgBNYNgLJskXzWE7ACYxMAqO7VkyIIcB/UVlIYGdyjImw0OAwXuwIk1ImufmCAbdmYZLPjgoWCbgz+WaibWa6+eabo7IKd8SssXBkYszh5PxyGmGbhck5i0N+LbG5XMRHWFhSprwexC2XynEBUC6XCbKQmFlUwn3oQx+Kh7gv5LmECxYlSwiyQrzNbH46LIipH4sCM4u7FljkwwJFFot/FC/UG7fWMrKI4r/kKKloy/kJ91vYbcauABRtOcN+r6j4KxQLyoU8CMeOC8pDf8EkX+LMnDlTLFaw5+Uws5iOWcPEb2UKrCgnZUap2JoXZSYM/WnsmLGRJ2FQeLF75/nnn4+7U+i31A1+LMZIi35K2OEkcECZHJkUCrEtsLNrhfN+eMyJRSpcWEyz+ObX5DbYYIO42MWNMZjLkupOH+IXy2h/0uQau5mJa3bWoJwohH7V/Ot/9E0UT+wkRJFGWPoV7MkT5dUtt9yC9QXCLjN2dFGvVk/alfxxJz0W2McddxyXcZdXtDR9cKA24c0s9nst4UXYJQQZ1t7UbyChUrijoKCNadOB7rcwRzlJeMJiMo5wR3nKdS6MOfrfjjvuKJTkZpZ7RZN7FWdhofAhL75jzCz2aXZU0Z/YeYWww4jxa2YxLkoc8i2EMUA5yIu2xpN60C/4pwzXzUI+m2+2uSZOmNjsvEg76RCHevAIL/9UID/ErFEWfq0SZS0MWhOiLPxzpVgoyhIT32W4sUuSw+dbw1MP7sd8R1K3Vn/GMjtoKQ/jg/CEyfNG6UX74WYWlLFpJhRbpMUYZPyRP/Hgh+KKf3YRPhfqhh+/xImJEo77Zp4uds7CyvPM47npBJyAE3ACgyeQDD6ohxwUAQ/kBJzAsCXAJJXJKb8axAQTOxNWKoQdfx7hYQHLwgGlCf7sCiJMqzBp5b/Oze5mJpQGnIuTu5s1JvOE5xGLnXfeOS4oSbtZmMCzoOU/4Cxy8/i5Sbrs9qDsSO6em81pYWdxYWbxcbs8zFA0zRp8eAQuLx/1Y9HGQoQFBo87br/d9tGbupk14kSH/o9SsRQVEf2XAxowweOxxx4T/+VnFxo7uXisjgUQCrJmYecE/YLFCn2EhSJlIw0eCTILC6EsE8oD3FhQmllcaHK9MoW+YtbYacD5Oq15sdiiH+V9lPLDDoUK9WUnFm7UB8awpn7/+te/5h+w3Jymmc2/NLNYR7MXmqRpZvPDrioL9WA3FW1M3akrYxn7pz/9aaF0pCyEo66Uk11RuHFNvGbhHtAstHGzsOBlJwv5IIxv+MGSdFhMkzYCc8Jgx6Rd2GXDtVl/H6rXuYw7yDhMP160fJA2TuwaYfHNuTs8RkUb73/A/uLX43Lh0P6jjjoqPtJE2YjXLDyq23yd2/M+DJ/cDdOsUU6zVd+25L+yxcwG7NPka2ZxZxX9BMUNO4xwR8wMI8ZlJyv3ae4X9B087r///vmH83NN/8Okj9A+2OmjuTvXCO2HG+2ASdubmXjMl51XSSERih/OuKJPEYfy8WuaKEe5po/il99bsdMX7rjjDrwXkiRJdOBBB4q+Sn4LeQ5wgfKJ9PB605veNP8Rc+qOWy4o4mCWXzeb7A4jP/LGxI++z45j7M3C2OLHGnCjnpSxWXBnTBUKhbiLijTNTJgKL5R2xAvWeL/+36P/i+1CHeAEF9qEdoMhiu08PMpt3Kkb4fmuZkcv4Wk76kdYmLBbm38OkI+LE3ACI4SAV2OVEkhWaW6emRNwAk5gCBMwayw02MHAwbn5xJZJMMXmP7fsfmD3FBNTJrT8t5v/BmMnTLNwls2OO+wYlVHN7jw6yMIZN7NGntgRFp7sfmGRydkazbLrbrsKJQqPLeRlIk4uKFL4bzuT6Lw8LGSYUCN5uNzEjV9eZNcJk+vcfaianFGE0pAFCGVnUYEdk4UJZ8lQ9rzdsCNmFhePLICoJ4sJM8NrIYEZ/91/+9vfLh7bvOCCC+JjgiwwWTDBNxfyIF8WJ/Cmb5hZXAxRNtqHs6LU/6Id+q2r3EAZxw6jgTKGx3777aekkMSdejCgTuz64GB36sY1ChUWaQov+PE4ZrDGN/WNliH+Qd2oD4tc6m1m8ew32pRdWElYoNPO1JPFKDvT2CGSV4s2pa65kFaz0L+ahbEIK9KHYR6PfHDjUWEUXnn6hKGMZhbvGYxNs8YjS8Qhf/ocaaIczeM1m+z44FE/HhfE5HFaFBgotkmbeuUm6XEfIz5lwWwWWJg1ysJOx2a/gezUbyD30eYGV3bCtdab+yzfH/nZTShcYMYvg2K2hmenFGOT9Ohn+DeH4x8Z9AvSydvKzES/I46Zxfse31FcI4xjlC/s7KIPkibu+f2B9Lhv8T2EX7MQjkfsMQnX7DeQnb6V58HOKMLk9cCO0P/ZTUaf5LpZqCu8mt3MTPR9WObuZo168l3AOW8o31Hu8T3aLHx34t5cLuqBmDW4kSfpWmJC0cQ1/jCmjIwD/jGAYpr0eFSQfzjBhbaiTeJ39957iV2SxIUXY5vvfPKGAXVgLJKXS4OAfzoBJ+AEBkvAFViDJeXhnIATGFUEeLyHSSsT/uZJLAtIFhxMvJmc89gek1QWjgBiYcyElYkqk2UUF/jjRxwmrSi8zBqTbtwRs8Y1i2euMcmftBDspI0fZWBCjFuz4MdCBpNJMiZxEMrKdbNQLs4Eoqyk1+y3OLtZo6yLC7Mi/MxsfjJM/hE4m1ncNUK7UH/qwX+7aSsN8CIc0uplZnGBZ2bRi3O72BXDLjvShSGLIvI1s7jzhXYhMEzJj7bJhXIgZiZM0lB4Yc/5W1gYcY0Er5X+pr/RX6l/q1CXLbbYQigvzCyeX0RfoN7Uj0UZYVCY0Ofww52FHI/BYJI+lTBrxMeOtObVfA0vrgm3KoV6UQ/OKII/7Ue74EZdzCwq8agT1+xaQmHKuKWcxCc8Zc/bFvdFCenAjvCImc3vtyx6YYnCS+EFk+b0zRoHXuNOH+TRI8z8mp0pIdpCb3Z3HHfcceKMLMYJ9aNu5E1c2pII1B2T/Kkndcr9cM8lD8dB4Czac3f6sFljzORumJQNc3UJ9TQzcQYSZ9AtSdhJSBjCr4gykz9iZvGxP9KFO2nTttxj4cgZSDwWh5uZicdMaS/uM/Qr0oA9h5DTfthxM1uYOY/eEd7MeBRctCHhGacoWMj37rvvFkog4tMfyYPvJZSj5EnalJF+gMKGOPyDhrTMbP790cziLwei/CJPwrUKedAHEOyUAzs7rNjNiVuzEJ/+DwfcuW4W4pJGsxt2di81l4G4ubArlzB8D1KnXOCCO+nBAHfSz4X4jB+zxn2Mf0iwI5N8zCwqlOFH+viZNXa2khblhyFpkQ5CXmYm+OZC3jCnH3DeFuNP/S/iNMfPr1vdcM+lP6obTsAJOIFRRyAZdTX2CjsBJ+AEFkGASTuTS7xRYJk1Jq4sQnHjv74s9lB0sNvHzMR/081MLHSZWBKfCS0TZB4943Eb4ubCJJbJNGbuhklchAkrk2TcmPiaLbyIMFv0NZN26kDcXCgHQp65W26SXz6JJq/cfTiYlDdfNGBngZ+Xm3rl9sGa7FA544wz4mNAtA3CggWh3WFIPyBP3HLWXMMQP/Iys7hoUcvLzFpcVt0lO/bok605spjmTCjqil8rNw7chi19kvqymKOuZqYnn3xS7OxgPJhZPM8NRQfpIKQ1kJBW7k64VS2MLZS2KDwXzltReWVm8VEnzrbhF/wIU0/rYuFJ/RlHuXDdLIRtFhbEjEczi/2KerP4pS+hXDJr9Amum+M12+lf5EFasCaNZv/cDlf6Lzs7CEOb0lbEMTORBmMkLzv3K+KQN/cs8jFrlCdPMzctKF1z++JM8l2c/2jz4+B8swZT+g+MGUf33nuv7r3v3jhmUDChBKGduIfkDGknFKi0I/cb2sm2zF8QAAAQAElEQVTMokIp58h9abNNN4sHtDO+CUv/Ir38EXXyMmvEo/1pdx5T33bbbWMy9Avypg/wIw84/ve//439FXuzcC4j9wP6VbP7qrZTVli25ks9YAUDWJo16m02sEldcjFr/IOC+GYWlXVmjXiEIa+JEydGJSH5kD+CX25ib5VWv+Zr0kTyNsfu4gScgBNwAksmkCw5iIdwAk7ACYwOAiwqWQSwsOO/xjy+x4KDST4EWIwyAWUxwZlCHPrKwpLwTHyZiBLWzOKvnTHh5z/MxEV4TIuw5EE43JrFzOIuGP7DTJilFSbPpMeOEcqIHQWaWWMiTvmahTKQB2GpF+GXWVZDRFhSZ0wWbRSB+mEOVmDF4vIHP/hBPMScxRELFEzYsDBE0cOvtrHbjgP72bXBeSmcE3PyySfHeEub72DLtzzh4MJCljN3BkqHRfJ3v/tdHXHEEXr5y1+ugw8+WDyKiVILk8P9qReMYUE/oc+wgDUz8RhhrrTCv1nRYdboc2YLm6Rl1nAbqEyrwg0u73jHO16QFWOdeuCBApsFP+MaNxRflB1hrGC2CvGahXC5EBZ2mOTPfYOwMCUM7lw3C2HyOJjNfq12ft0OBQR9Fz92j9DulJ/8OMuLX1Sj/7LziF15t956q9gNRP6Eo62JuyQxW3T7kZeZLSmJYelvZlGBZLbAXFxFtth8C/FIWd628GXMcU+55JJL4uOrnKFHvzOzmBRhYcguKX4kAjv9D4kBmj4Iy7lmpEu4vI9g558smOymIhxiZuKxYJRYKGhR5Jo1vnOIizKN+x79oymb+daDw/1hoHLMD7AEi5ktxG8JwRfpTRkob2sAFFf0eZRX+C9KaAP8MHPhmrGDkC68GBfNwhghb74vGLeEg/3ihDZo9m++zuNjujgBJ+AEnMDgCbgCa/CsPKQTWKkEPPHVTwBlhpmJySuTVXZgsNhgUs9EFwUWSi78b7zxRvFrbExImeQSXuHFBJfJLedh8EtQwSk+fsAk1szif3A52wT3ViEPFgkoSFiMLo3c8tdbxH/OTzzxRKE0Q8lAnuweoYxM0Fvzw71QKMQDbc2s1XvIX9Me8IY9575Q36UpdKx/sRB33MCctiY9WKGw4LwTFisc5v6aV78mPhbE4s9sASsUBbQ3+ZJ/s+DWKih8yBdp9VvR12aNHYK08UD54cbimbPFqCeLv1xwp270I/jm/Z66wgd3fhWyu6d7frEZF/kFC8FWoRwI7ph52FVlUg+EcnJ2TWu+7GhhEUzZOCcLPrE/1BqHpze37UD21vToQ6RFnvAkX5ShZiZ2/MESf9xb43LNo8bEpV+SFm4DCeXkFxRJjzYjDHXBnfK/733vE7/Mxtl+Y7rGxB8y4F6HP/cc7m+0CfGWRojfHB4mzdej3c59mLOwGC9mjcdTuX/AnEf8eIwMpTjtD0v6Hu2A/1FHHSX6DAzhSttibxbajXOYGJvE5RrlDWlMnz5d3Gs428rMouKI9PIz3Wh//kFD/6CPMZ45K43zGbmvklaeF/ljRxmHOVBZcF8Vwn2KR54pc2t+jBN+5fFvt/xNKGf5B0MuPBaeC9+T2Lnn54KiH6UfbUF9aQ/YNAt+5Akrfs2WNIjHofmcnYjghpkLykDs5EOZyBs7CnLScnECTsAJOIGlJzCSFFhLX3uP4QScgBNoIsCCI79k4srBsywOWGSyKGARycSeyS0LEH65CT/i5AsH/HDj187y9MwaCwgmxqTBuUOY5GFmRI8LDOLxX3DCmTXco2f4YMJuZnG3DwsIJtPNkucVgkaFGSbpNIuZxXzMGiZhqB+CfbBCvnAwa6Rj1jApP/mxAKOMLDYGm+ZA4Ugrd4cviy/SZQEBZ8rNzisW6/wylVmjHGYWlXL4Ed+s4U5crnN37NSDhR0LN/xZvJlZfOSK9NkJsfHGGyvniz9tQVwWgSz6KE/uhnsuZo188+tW08xanZb7Gma5UB8UrSzsaBMSxy9vP/yxF4ISEzsLbbjmJm70e+pHGDOLZzgRBj+UMHfeeacG+yJdhLJgDjbeigpHPRAYMPbYlURZENxoQ+q5++67x50qsCHvvO3NbKHxY7bwNWk0CztcSIO8UFyYWVRgm5k4JJsfB8CfPkg+Zo30SMPMxEKXvk2fo4+aWTzriDZpVsCZmaZNmxbbhl1jZkZyURHPfYZHQWkz+it1gQEmebOgpn8wVsm3VUgIRQjulJNwZhbzUssL5RxpEhYv8msW3FCQYi6PWGKLbQczW57klzmumS1ULsYIOxk32mij6E7/oq/BiDb9xCc+EX+RNr8fcb+Bz3rrrSe+e2hLwpo1lF+tBaPdOKSc/oCd+IShD9NWF150YTy3jzTIl37I2Ve0D+2/5557RmUm8YlHmdiRR18hLa5x55ow/HIhcek/uLeKmYm8EDOLdTZruGmAF2nhjIlgX5JQLh7/JY/WONT5tn/fFpOAB/70P8qPRI/wYdbYdRas8TFOTAQ+xMFuZkLhSz60T64gxI/6888r7LmQfh4XN+JgNrvjb9Z43NpsAR+zhp28zBp2MxuQpdkCf/nLCTgBCLiMQgLJKKyzV9kJOAEnMCgCLMiY8DMJRQYTiUnorrvuquZdVmYWo7KIYELN5JozSFggMKllwYGJsIOC3RRmjThExJ3JNXbiItgRFkVM3H/0ox+J//5STsqAH2Yu5IHb8ghpE5+yMInH3iyUg9085IU/i+c8TnO4pbFTd4Q47DYgXepsZvPPfiHfH//4x0IhQDiEBRf5my3MET/KhwkbDlNGmUIauCG4Y9JeKBqw52VgAUX9qdff/v438Qt/hOOaMM1CvFbhUP88TKvf8l7n6eYmSj1Y0c9QPFBPmLC4gg8cmiV3w0SIwy407CzgWstHWldffbXo061+A/GgXM3urXFW9TW/NImCyMziYtHM4oH27L6Cm5bzxWNaLLbpH6RntqAvkjQ72DBzgSNtQ18kPPcBuMMZBS79kmsUIyjZCE9c0uexY+zNYmZR4U0b0vYoLfDP2wA744Z2RsHG9eKE+w79nzBmC5QAXCN52VFsUrakkKhZaH/yIX/8uSbeSBXuVdT1rW99a6wi9aUdkqQx9WZ3FB4oqmhf2JiZ2J3Do9/4LUlIk8cCzRbuW8S77LLLxNjN242D1PnniVkjLD8kYNa4j9KHzCye6UgZEbNGONJi9xXlNFvghvuqFMYE7NjdTL1a8+a+fOVPrlSlWhF90cxUKBZEHEQDvOD3l7/8RV/+8pdf4Asrzr3Cg7xhkudLH+cxXPwQM1O+45pr2hOTfM0azPhu/853viO+I/EbOuIlcQJOwAkMLwLJ8Cqul9YJOAEnsOoIsPjgl6CYhCJLyplJK4tP4gwUtnlR8vrXvz7+h5oJNGkzOcaO+aUvfUkoBkiDhR6mWZggpylWEY4JNbt/zjnnHHFmESbKFLPGZDmPR55mFvOKkVfAx6RJkwZMj0UQv4DGLgLYkRV1w1wRwmM1LObJh/RYTMObhQv5ffCDHxSLEewsJnIGhIUZv8Z1/vnn61vf+lZkiDsLbNJhccZ1s7AIeuSRR8RjPmY234t0cf/iF78Y3UgbZaeZRS5mDTN6rsaPa665Ju74gRftQN9CmUV9WdRS7kUJDFmAFwqFuJsNxq1VIS0ekenp7Wn1Egs94rYK7gjuL4i0ih1oM3bBfPazn9WHPvShKDwaxK6Zgeq7tMWjb/JLdLCHc2t8lM6MlzyvQlhscw+Bz8c+9rG4kxI/2o/+iaKJdGg7xjzhSROWKCewNwuPWlEGzluiPbln4E95cP/IRz4i7hmkR9r4LUmIS1prrLHGC4LSv+gz7Pr736P/e4E/ZUf5Zmai7GamEfFaTCXgxaPo7Kqi/rArhDFFFHhxP2McscMORSPX3OfgQ5glCentv//+A+6Io43hzeOE5IFChv5FORD6DG70L8KhHOXcNcpsZgulyS4+s5XbXma20P3TrHGt/hdjAeuOO+4odrVhbxbGCD9i8P73vz/uSGz2gwXX1JO+zncU5x5yhuF73vOe+L2Bf7OYmag3bnBjXBIfdpiM0Xwnlpmpuc3wV3jxHUKYM844Q9wLOIduypQpwcffTsAJOAEnsKwEkmWN6PGcgBNwAiOdABP5ffbZJ559lC/+FldnJq0silmw5BPm5vDGoy9BWCQwMd5ss82it1njkTUWksRjgvzVr341/if+zLPO1BVXXCEWu/z3lv8Uv/Od74wTaybqPPLB7gvKyuLRLKRVq8fJNOks7gysmPlSfJAHC60NNthALL5ao5I/u36OPPJIwYDzvFhooxDgsPDW8GaNBYqZibQRswVuanmtu866cREAJzjn3iziiAuHU045RRzQfe555+qSH16iK6+4Ul//+td10kknxbiXXnppfHwLziiizCz+4ta6666bJzff5L/v7NBhocIh7ii+vve97+lT/+9TMQ/+C89iiHZnETg/4mq0mNn83DmfpRAWy7BhdwfcuCbABRdcIB6DXZTc+vdbhXCGDIpSlF7EQ+hXmLBhIcgCDQaMEdoCfxZuixKY4UcayOoS+uthhx0W++rb3vY2sVPm6KOPjn2ROixvucxMR73mKDFezBa0S54urM4991xxRhXnrDGWGfeve93rxLk5KB7yfoUCggU0SinOVcoX83CnfdmFk6ebm4wH4jAmqd83vvGNOB5QdpMHZ+wRF6UJi/883qJM8oILcThgvDUcfYt2feaZZ8TjmdzjmgWFGXU2eyGL1rRG0jVtwH2Q/gY/7p0wxE77wozxxfUuu+wifvxjsPUnzg477BAVP61xyAPhXolyikewCWNmMTz3QM7Bok8RDqFf0UaUx8xE+sRhBxbm6hTGAH0QntzjW8sCS9z4gY03vOEN+vjHPx7/WYGSmLHFGPvCF76g4447Lv5oBffz++67L/7iIPEGkhNOOEF8D+AHE3hw/6INKQd9mrwYU/zD4Cc/+Yn4jvja174mvqf5JUm+P/AjHsy5D5OeixNwAk7ACSwbgWTZonksJ+AEnMDoIMBkk0Uuk1Um9ourNQsRFiosAojXGpYFApIvGD796U9rwoQJcZcMaTNBJx4LHewoB/ilw29+85txIs5Oip/97GfxsHYWJEzYC4VCnIATnwUkeVpQkjFRNmssVMxM5Gu24Nqs4dbsrkG8UFrwKB+TecqZlwE7ZUeJwUQdJR11YNcTj05gH0Tyiw3CoyEf+MAHtM0228SzXVjMUA7qzYKCunDNozk///nPhcIPRdbll18eH6+kXYjDf9Ox91X65ufHr/DBLOeISd0Q0uQX91gAoYijTWgb+gQ7UTCp+/zE+i0sdpD+y7gY5DqX3H1FmWYWk6INqH9eHxyph1nDnx10u+6ya1Tc0W6wIAz1pC7Yk8KC6QFh3v72t8d+ZtZIgzrQBwn7q1/9CkOES5Ik1pM2aRUYNUuMtJo/zCyWm2JQJ+qQM8BteQSutXpNn/nMZ+azJo/m9BkXHAL97W9/bOIBTAAAEABJREFUOz7GdOWVVyo/vJ0+Tf6Eod/SJ9kx8973vhfnuEOL8nJB/2VskjZ50N7kTxsQ7/HHHxeL669+7auiHz/55JPxnkD/pR3pM2YWFRtmC0zStnA/MTORNtekj1KOnTDYiUt+mPShvN9xD2gW7gO0P+VBeUxao0FoIxQZjA0Y5ozMwj8b6vU4ruCHO8rJwbKhX3AvQwmFSfrNPMnXrKGE4nFWdmrRNoThu4rw3MspE/2Ea/oZ/rQlbWtmUYGz8UYbx3GNG/4DCX60LYI9F64XFR73PBz2xQl8qBPlZJca37XEpcyY1Ik+b2ZxbPCILt+ZZ599dvwnBmOMx3Iffvjh+J1LWsSF/aLyRfHPLk3CskOO/ouyl7HG+IQduxh5FPfzn/+8vvKVr+jCCy8U99977703/rOEshGfcsOC70fcWvM0MxHGbIFp1hiLuMtfTsAJOAEnEAksmKHGS/9wAqORgNfZCQxMgEk8Phyoy8QT+0ATT9wRM9PBBx8cJ/pcE7ZZcGsW/tvOpJdJMhNiFhHshsAkHvk3CxNt3M0sTnSZ1CKUDffcP3dTeJEWglu4XO63WWNBw0KLBQMTehYBTObNLD52wqSesiC4YyLqf1FWhHLnQrhcolu98bhkf5RosIBB+M85uxRIkzKwKCM94hOQxQL2mE6axvbAHz8zi+zMLP76IPEVXie9+yRtuummceFDetTLrLF4MGuYpEt42oR2YvHHQooywSAks1rfLHxhQnmuvfbaF5SFMlJ+lB2FYuEF/q0OFhQXOTd2YLCAo5+aWTxMHB7kxS4tFJWt8f1akRPnVZ1xxhlxbMCL/kMfM7PFImLnDG1GX0NBwa4ndlExns0sHsBNHycRlJJvetObRNr0XeLi3iqE537DIhyhXNwbGLOtYZd0zY61PC71wk5/IQ+zxdeNtAnbLLiNVOGHIF7ykpdEZWk+jlrrSrsdcvAh0ZlxGi2L+aAf4E2bc6Yi9lzgSt8hDPcE3NmlRx7Y6U+0OfFoL+6XuCPExURoU8Y+Z/dxjeCPYF+dwq7YQw89NN7HKWde39xO/ag/YragP+KPHwIbWNB/W+sCF9w4c4u8GC+kRdsg+C1OKA8KNZiTD3Gxk85Q4Le4srufE3ACTmAoE0hWSOE8ESfgBJzACCbAoewoTMwsKkMWVVUeQ4uHvg+gfBkoDhNkfkWKRw5YSJg1DtRlcswkm0ku0hoXv1zYPYGdBRIKmDw8k2Xi8Qti5JO747asQhrsPCL+hz/8YXHYNZN03PmvMotyFkJmFhfrlIGy5ab6X2YWd3rglwthcoluhRd+PZlZTIEFOOeXsCsIO44sEKgnQhlwo1zNghsLChYu2Ck7dsKg0OHxrfyX4/DDvVnMGkoDlAMoH8877zxhp97kb2axXmYNkzxaxcxanV5wjeLoBY6DcGC3DwzZbcOvKrZGMbO424N2a/Ub6NrMxFli+KGEgQ2LZa5hDGvs5PnLX/4SaxSzJdcxBlzOD7PB58NZcMuZ3TJFN2uUkYU2OwJ5HInHcOmHg0kQtoQnPjsJUWYlSRIVY/wAAf00bwced0LZjoKEftuaPmmxawd3FtFnnXVWVNoyBhDcBxIzG8hZLOzZDWZm8Zw00qdsyED5D5jIMjiaDVyeZUhqlUahfbhXLIo1j15zH2L3Y7lUXmLZ6NNwRlCONUcws/iYN360S7PyKg9nZvHHRvjeyPtQ7odpZvF+xk4n8sJtRYqZLZScmcX8zBaY9KWFAjVd0IfZ8cRj4yjWuaa+jAkYc4/Kg8OAezTXKN4ZR9QZMTPxq55mhncU0uG7kwvCv+qVr9JFF10kHmNH2VUul/FarFAG8iQtvqfIi4PzuQeYLchrsYm4pxMYygS8bE5gNRF44QphNRXEs3UCTsAJDDUC+SQVhRKPETJxpYxMSDFbBeUVE24WIa1+A10TFncUAz/84Q/j4wfs4GJyzYScCTDC5LtZiIPsscce4vEGHivkjA2UKnmaedlX5BlYLL6YiLMINjOdeeaZ8bwPFCLbbrtt/AU3JvuEY/GAMGnPTcqMwA/BLxfC5IIb/oQdSNhpxGLltNNOE4t6FFkbbrihcCN/4iOkgTSnwUIPZQBuMMVkkcGiByUgixQO2MeduM1CeM4t4/yVb1/w7ZgfdaWNyJc4q1P47z7tT1+gjVrLgv8666wTz9iBYav/QNco02CAH+zoV+RB+tipP0otzlkijMsCAnCjH8KIvo0SgZ1xPNKEQnBByIFtxOe+ww86MNZ43Jg2zENzn0GJRdrkQz/kjB/Ccg/JwzWb3Fc4l4rDpDnfz8yiUp7ztprDDcZOWY4//nhxvhBnbPFIIUp8xgl9xMwWUkjgRrpmwT0xrKNKNt9scx1wwAFR+Qij1srz4x/ch1Aa07at/q3X+a4o2oF/srT60x8Ym9ybUNDwPZaHoW9h5x8gA8XFDzEzsQML+1CTvD/R9zgjEgUhj9hyP+e7gDEBz1xwpw7wgBnnwHFW1Y033hjPocMvF9LO2wBW2LfbbjtddfVV4kdWBsPEzOKOO8YF524x9i/89oXiO8Ss0f/z/Nx0Ak7ACTiBwRNwBdbgWXlIJ+AERikBHjE48cQTxSL9tttuiwcs8+trrXL66acvRMjMFlrALeQ5wAULSnYB/fnPfxbndbBDgoNo+ZUklCYf/ehH4+SZBSOTbsLyKB/KGybZAyQZF0v8Z7+1rFxz9g6LpoHiDeSGAo984IGJsPjhV9woE4d533LLLYIRB3+TBweJ33nnnfEX3giP5GlznhRhb7/9dhEW+e9//xv55mEGMllM5O4ondgNxg4gFHnsioIZvy71rne9Syi5WKSwy42y8cuBKP7MTCxSWMzkgkKG88lQCsKG/+5z5haC/bLLLouH6ZMuuySoC21z6623xgPRqXOzwF0tL3YyHHHEEbGOhKXOuXDN4fdEMTOMZRJ+jZHD2fN0c5Nyotwi0WaGXOdiZgv1WRiZWfSG6U033RTbioOSyYP25cBxFLBmjXAEpk/i3iyEhSvlQZFGuBUl5Ee6zUJ96Vv0MwsKEzNbqG6teZst3p8FMumTJmZeNw5Dp03NXhjfzOIYRJnAgpo8eewURSn3E87o4Sy8D33oQ6IvnXrqqULBxWOylB+F1JZbbkm0qGiiz8WL/g/akbRpJ4SxycKcX85ESUX/55cVuTcxBq6//npxX1lv3fXi44Zrr722bvnrLeLcuOY6UTfKQDZmhrEQOzMT+Sm8UBrQ5zhbizOG8jYmvWZh12QIHtMhrplFu1nDxG8wYmY644wzGEMLCfcS8jszKNYHk85gwqCcpz4IaTfLQON7cYph7hmcRUUbogA2s7hTlfsOyhGEe5GFvqpBvFCCmTUUkLQB/YV7SC6UlTF38803i76b37/JP08eRc8nPvGJeEYg4ZsFnvRt+shgysQ9OI9PvjAjjRtuuCHPbkDzNa95zSLzp+8OGKnFkfGPkoh/aPD9ybjh+7JZ6DPcCyjP7373O3G4OrvLYE4bkKTZC/uimeEVz7HDwi5Hvp/hyvfe//3f/4n+zxwBk+9Dvi/wIx/GBfx5BJg+AH+EtJqF7xWY5exoTwSmfGc1h3W7E3ACTmA0E0hGc+W97k7ACTiBoUSABQblYULNrqxXvOIVYjHKLgce1UFZxeSZnxDnP8gIYfPFIHFHipg1Fg1LUx/OAeJcqje8/g3xF6BQCBxzzDFiV9tg/mPemhc7jlAcIth5jJRdMLkiojX8oq5ZrCD4D2YhSLhVI6MnF7Ol708rmo6ZzVfYMGYZ7+zOYAHPeVL8ahn9lR1SHMyd95kllcPMBgzCji92E7KwRmlGXigOzUz0w0JSiAoUlGCUx8wGTMcdB0cA5RUs2fHDPQJpjsmjoChP2AkEb/wKhUJ81I8+wDWS+2FfnAw23KLSGGz/WlT8oeROXWBJmbhHs+PszW9+s5qFXwtk5yNKO7OG4o94xFkWYfyymwolGLvATjrppPhLpig2DznkEKFUI688bTMfXzkLN52AE3ACy0MgWZ7IHtcJOAEnMKoJrMTK8x/h1gUQ2ZmZWLjkYuaTYvW/WBjG3SiFRDy21e883zBbPlZ5e5gtezpmS45rtuQw8ys1BC1mq6b8ZoPPx2zwYVcFUvoSCg8W0Nh51AvFR563mUVlV369LCbpDxTPzOI9BGVLkvg0UCvoBU/aMP+nQn4Pwu3+++8XO0VnzpwZfyiC+xT3K7LG/tqjXot1yIqZrfCyma24NM0s9mn1v8wsjh+zBWa/lxgXjDf4M/5y96U1zRpp5/EYS2YWL0kXiRf+4QScgBNwAiuUgM9cVihOT2xpCXh4J+AEBibA4ocJMb4scFkEIdhxc3khARaOZhYXLs2+LCRgh9nsPhg7ix2EsHl7YHdxAstDwMyUFJLYV5OgRGJBTf/VCnyhUOF+QdrL0vdXYFFGTVI8Ikxlr7ziSh199NFi5ya7ZtlFy6Nh/OiDmcXHN3nck/PL2Fmbn2dFXJdlI8AZX839nL7fLHmqjAv+QZSPN+I0Sx5usCbfD3y/kFcex8ziI7+4IXn6ub+bTsAJOIHRTGB5654sbwIe3wk4ASfgBFY8AR4PzFNlgctkG8Geu68O06yhIDJb9ebS1LeZn1njMF2zRpmXJh0WO0gex6yRhtnKN/M83RyeBMyW3EfymjU/apS7tZpmjfRa3Rd3zf2CxbpZY0HNQnpx4d1v+Qhwr4DxnLlzNHnyZM2YMUOcd4USg7bgvoQ/dhSLnIvE2Ufc25c1Z7NGvzBbteaylndlxUMhaGbzk4dxs8z3aLLgn1+aWVQo59eDNWlz2q85LeJynQvXZo30zRombi5OYBkJeDQnMKoJuAJrVDe/V94JOAEn4AScgBMYTQRQoCCjqc5Dpa4otDirCeGXIjnAH8ULCq6hUsbRUY4FtTRb+QolM1uQoducgBNwAk5guQi4Amu58HlkJ+AEnIATcAJOwAmMMgJe3aUmgNKKHVg8Nsi5V/xS3i477xJ3/bBTZ6kT9AhOwAk4ASfgBEYhAVdgjcJG9yo7ASfgBJzA6iXguTsBJzC6CEycOFH8MiS/NnnVVVdpn332iQB8N1zE4B9OwAk4ASfgBAZFwBVYg8LkgZyAExhiBLw4TsAJOAEnsBQEzCzu9jFrmEsR1YMuBQEzE+da/fvf/9btt98uDm//xz/+od/85je69NJLdcopp2idddYR5yZxfpKZLUXqHtQJOAEn4AScwOgm4AqsUdv+XnEn4AScgBNwAk7ACTgBJ+AEnIATcAJOYOQTGBk1dAXWyGhHr4UTcAJOwAk4ASewTATSEAsJxpB+U0ZkSBfSC+cEnIATGLkEvGZOwAmsdgKuwFrtTeAFcAJOwAk4ASfgBFY/AZRDrdJSqixcI8FY+e8llGXlF8BzcAIrnIAn6AScgBNwAk5geQi4Amt56HlcJ+AEnIATcAJOYIQQyBVGtVAfpP8ahdXSSIjNuz+2Wk38Gj1O7aoAABAASURBVNLvs6i0RRlyIWyM5R9OwAk4ASfgBJyAExi1BFyBNWqb3ivuBJyAExiNBLzOTqCVQD4VajaxB8mCtAa3oExqldYwi7wOceertPoDkVa/dWGDvJsFX64xXZyAE3ACTsAJOAEnMPoI+Exo9LW519gJLB8Bj+0EnIATGHEEmA4FyYrSfAnX1JMficslCQqoqHAK5nxFVLDjlkuze7Bn/aJgImkwF5aQSZ4+ZriM7/nlCGUSZUGij384ASfgBJyAE3ACTmBUEvDZ0Gpods/SCTgBJ+AEnIATGGIEeJRvoCIt5M60aQAhDNIUPw+FTgppeOWuC5tBBdbwbkmj4Rg+F+UevPztBJyAE3ACTsAJDG0CXroVR4AZ1IpLzVNyAk7ACTgBJ+AEnMBqIJBlDS0PZm9v70IlqNfqStP5aiJVKhXVa5nS+oJglWpwSyvKFBzRODVJpU/KQvS0FsxaorSaKOsLAYJdKVOpIDxuWA9uzZKaEkTJ/D8jfD3ED2koxLeQLhIMKURvFcpD2agXdahW66H8NVWrVTW/qFPztdudgBNwAiOIgFfFCTgBJxAJhBlXNP3DCTgBJ+AEnIATcALDloAZ2h/JzNTe3q78hWKnUCwEBVRDwYX77Nmz9YtrfqHPf+HzOuyww7TxJutrwhrt6hzTpqRUjGl0FExJSKsQZK0u08QO0/j2kHbJ1FY2dbUnGhfsa7SZJgUZXzCNLSYLSVchUWdw60xMa4wJ8UMa44J0hXgdIY3OYI4L5oQQn7S6iibCkreZxXIkSVFtbW3adLMNdfjhh+vss8/WddddpxkzZsxXylHHcrmsnp4e8ULRheniBBYQcJsTcAJOwAk4geFPIBn+VfAaOAEn4AScgBNwAsOfAHuQUuV/CraGDK5m7FDKQ/b19QmlDteYv/nNb3Tax0/ToYceqrXXXlvrrLOejn3L23TWWV/Q737/Wz319LPqq2Zi85QKUtB3qSMUZ32Ttl9L2nNr6eX7SG85Uvr4ydKXT5cuO79DP/vBGN3wkw30p2u30n/+vLP+c+MC+Xew33bTzvp3v/zlVzvod1dtpp//cA39+LsT9I2zSjrjQ9IJR0uveYm07zbSzhtIG3ZJ4a32cig9UgxmeD/x+DOiHp/5zGd19BuO0frrb6R1111XL3vZy/TJT35Sv/rVr+KuLJRX1BkzRFuGd6h4YJ/2yzIk4FGcgBNwAk7ACTgBJ7BSCCQrJVVP1Ak4ASfgBJxACwG/dAJLQ6ChRkGF1VClYGvIwKn09TYeqUN59fDDD+v888/XSw49WOPHjtWrXvlKXfCNc/SXP/1Js6ZN0/hyTUm1W11Zr9bqkNYbJ71sP+n4Y7p0zhd20tWXH6y///Fw3f7Xw/WXG16pH39/P1107t760hm76qPv3U7veuumOvylY3TI3ol23XqWttzwWW249qPaZO3HtPGkhmwazE2CYG4c/DZd5wntsPk0Hbh7Xa86sE3HHb2R3v/OHfSFT+6ub31pX131w5fohp8epr/+5lW67abX6RdXHKrzzt5JJx7bpkNC2SaFMk5skzpVDzq2qjqtohlTp+qPf/iDvnHO1/S61xyhtdYcr8MOe7kuvPBCPf7Eo0p55nFgXC2uDcaNz8VRbonml07ACTgBJ+AEnIATWIUEklWYl2flBJzA8hHw2E7ACTiBEUOgoSxp/swVJ6kypUFNk6oW/upBsiDVtDfUPVFvb3cwG+80GNV6pnk9Vd3w29/pXSe9R1tvt5V23HFHfexjH9Of/3yTkoLUUZTaw4xnjaAA2nZD6aBdpNNPkC772gTddsOL9d/fv1g/+cYe+srHNtY7XjlHB+z0sDaadIfGjb1DXR3/1RrjH9aY9v+pq/y4OovPqC2ZqpJmq1DoUanUF6Vc6FUp6VHZFpY29ajDetWlhrSn3SrXZ6otm6L25Cl1FB5VZ/lhdbXfo3Fdd2nN8Xdp3Yn/1P7b36N3HPa8vvzxDfXzi3bSXTfupT/9dCtd/OV2felDoQ67SdusK61ZlLqo2xipXpNuuvGP+tipH9Hmm22pLbfaVKee9lFdddVV6u7uFrvUmpVaXNcDaSmRBeZwrkcTsgGuv52AE3ACTsAJOAEnMIQIJEOoLKugKJ6FE3ACTsAJOAEnMFwIWChoEhQqqLaSpBAUW9X5Spipz0/W975/oY567au1yUbr6ZjXH6nLfnCRnnj0SY0fJxUTaY2g1NlqI+mkt47X987dXX+89qW66bpX6/vn76PTP7iDXv3SCdpo7ae1VtdD6szuCkqm+zRGj2lM4Sm1F59WufxMUE49q2LhuSDTVExmqmizg3QrsYoS1eaLBXurFLKacrFgXyCVoDDqVkGzVbCZQaapkDynQuEZFYpPqS1IV2GyxocyjC8+Esx7tWb7fdpxixl67Ssm6r1v31I/+c6L9Y/fv0a3/vYwXfrt3fWaQ00o54pVaVw5U1e79Nj/ntY3zjlHb3jDGzRuTJde/eoj9J3vX6Q53TNVqfbKzFQIfwpKLJOCLVESTM3/bFxFJ/9wAk7ACTgBJzDsCHiBRxoBn5mMtBb1+jgBJ+AEnIATGMYEUKEUggKl1C8FFaNipdLdrbRe1z/+8Q8dffTrtMGG6+mkd56sP/zqek2fPj0ooKRCTVqrKO2zrfTF06Q//nwr/eO3B+vzp22l17+0Tzts+JAmFv6uNTofVKl9ppR0q1KZrnnzZondSKaSSoWCCmYyFSR+WVCr+pWFfEOewQgau4Y9XFpSV4HdXu19au+Ypc7SA+pK/6YtJt2nIw+o6vyz9tTff7W//viTDfSp90oHvUhab7zUbtL4tqCiCuldf/0NOuXD79OESWvozcceq2uvvTakzDvUlfpG1oF3miih7iEOvi5OwAmMYgJedSfgBJzAECKQDKGyeFGcgBNwAk7ACTgBJ7CAAEqUtCilZZ1/3gXabptt9dJDD9UffnddVFZNaJfagpJlm7Wld7yhS9/94o6648Y36vJvHayPnrSjtt5ossYW7lCheptUeFhmj0vJVKn4vGSzpEKPykG509lZULGYqFBIpKDEUVYM5mp+h3ops1AIi8q1Wr1b1epc1dLZwW2GVJgeJNTFQp3sIZVK92tc6W7ttVOfTj5uS112wct147Wv1be+vJuOeLm0wQRpzbEB5Twk0zVXXa3Xv+412mWH7fW1L56t556YHNLtfyfBJP9g+Hv5CXgKTsAJOAEn4AScwIohwBRlxaTkqTgBJ+AEnIATcAJOICeAAgTJr1vMRAv+Zs+ZHZQzFWXhT8G9lqWq1Pv0+z/8Ua9//dtULkzUGZ85W/975PGgqAkKmIq0w0bS+9/KLqtt9M8/vFhnn76Jjj5srjbo+LvWKt8n9f1PbaV5SoPCp4yWq9rXKIEFgyOe6kGTk3WHHHskq8mSuppfBIsS6mADSHPYFWuPuYYkMaUk5F2wVEG/pmIhUyGUVaopFFwySYUgWW+4DoqtZLaSwvNqLz6jNYp3aIs1bwtMZumiL+2of9+0t35x6db6yInSZpOksUH5VwtVfuiBB/XZT/+f1tlkKx3/1lP0+1//MSQY3swQLZjhzcH4dQIHOzvVguFvJ+AEnIATcAJOwAmscgJMT1Z5pp6hE3ACTsAJrEoCnpcTGHoEUFBRqlpW04SxE4LiJYk7jZ6Z+qy++pWvaOedd9ERh79CN1z/I3V1zFSbzdXaXdLL95O+8tlN9Zufvkynf3An7bpdUET1/k2dpXtVKj8mtT0lFaYGNVi3CkERliiNeh4+gi5IbGrClPhMpaAcQoGlEC4qhlAORbvCK/iHz9XzDuWbrzlbUALDygfCLA4Tie6UN411lz2nJHlCbcn/1FW4W231f2ivHXt01mm76c/XHaRzztxWhx8gtWd1JUHJN6E8Tz+58iId+ZpXaZttttFZZ52lp555OrZJW1ub6mk9KBmrMjP19PSQm4sTcAJOwAk4ASfgBFYpAaY+qzRDz8wJDEsCXmgn4AScgBNYoQTKhbJ6Kg1FSF+1V1MmT9GZZ56pzTfZVJ/65Cf14L0PqVDNlNUybTxJes9x0p+u2VXfPXt7vfN1HRrXfldQaj2uok3RuPGhaKUgxSDxHTQ6PAZYDw71MNWJWqvgFvxyaxYUMVnDKbiGd1Rk1SXrFwVTq+uVSZQNUf+r306Zo1CtIP2+wQgX1DkXC3W34Ea8kNzEoPxrKzyvruKz2mDc//SOI4v62YX76NdXbK4PvFNaa4zUyS60akUPPvigPvvZz2rnHXfS6aefrhkzZqhYLKpQKEQlVkdHR8hv4HdDhTawn7s6ASfgBJyAE3ACTmB5CISZzfJEH3xcD+kEnIATcAJOwAk4AQikSlXLqiqXy5o7t1unf/wT2narzfT5Mz+vSm9FxaAF6QwBD9xd+uE3dtQffvlKffID22nzdZ/UpPFPqJg8pHJxupJkjiytKuqaQpy4qYqZDSI+mkVC8ROSbbw5XwtpXIXPoOUJnwsrjvrdcG8RNke1OK3cy7womM1ioY4I9aU+CHYE5RWlwgyS9c1TvXuyirWngnLwHnXov9pz5x59/AM76E83HKJzvriVDjtACroslUK83u4ZuvD8L2nTDdfVaR/9mGbNnKNSCR8KEAJEA/DB7m8n4AScgBNwAk0E3OoEVgaBMOtZGcl6mk7ACTgBJ+AEnMCoJIBSI0it2qtapdKCIHgEl95qj+b1zdYZZ31W2265vb79jQvU013XuKK03kTphDdL//z9DrryO9vqja+Uxhf+q67SFLUVe6S0EiQkkqI4CdMYMwkhaTRUKHOCU9BsBfcQJgRRYsqUKLPCfJnvr8bLQvwoqaKXWl/BX80S/GP44IYZLhf/jmUKQZZkhiCSxTKwKUz9L6qIKPghFuppoU7zyxSUgvMjERFReIXyxTB1ySQViiYFzkiWcO7Y82ovPaWNJj2mN7060aXf3F4P/fvFOvX90sQOBYVXwN1d0dfPO0/bb7OjzvzcGZo89Vn1zJujmGDItxLaOgvcwlsxLym4NiRY/e0EnMCyEfBYTsAJOAEn0EIgabn2SyfgBJyAE3ACTsAJrBACxbaysppUDTonEqwH7cZzM6fonHO/rI03WFfnfOkL6u1+WrV6VeuOlY5/S6LrfrqvPnva9tp2o+c0YcwjQSfzoMrlaUosKExEQlFNQnL9wlQmiBXCdTDDZ3wHPQ0KFkJH4Tp6LOmDgMiSwq1s/1AGFHK5AorKROnPF/d+6wIj1jRc5mawCiZISK8pfobWzepKrE+lZJZUe0xlPaAx5Xs1oeMuffBdO+mGn++vd76tqLFBkdUR2m7qtKd0xmfO1G47bafzzvt6UGJ1hwwSlYol1bJMKLE0pF5eGCfgBJyAE3ACTmAkEUhGUmW8Lk7ACTgBJ+AEnMAKJLAcSRXL7crqqawolcrS7J5effErZ2v7XXbUp08/S72z6+oL+o+kJr35KOlX1+ymz31yd2217mRNSCar2j1iIBILAAAQAElEQVRdaaUqsdMqKEeWoyiDjGohHBKM+MaOxIvV+EEZkJVXBBDXallEnSRSe7muSWNmxrb44v/bQ7/71Z564xukdcZJPNrZN2e2Pn3GZzRhnUk6+5yvam6lVxmayjQTerGQhHJZeaX2lJ2AE3ACTsAJOIHRRoD5xWirs9fXCTgBJ7DKCHhGTmA0E6jXgnYqALjxTzdp1x2212dO+5SmT54W9wFNKEknvla67soX6etf2kfbbDZDSXqXxrZPV3tnVW3jOpS0Bc1XiB81K2hZsLuscAI8msguuaB/krgo1FWb87Q626aFNrlbW236vD53+m761U8O1tGHBQVXKtWDwqtanadPfuLj2mvXXXXbP/8uZRVlaV0ioUz+cgJOwAk4ASfgBJzACiXgCqwVitMTWwkEPEkn4AScgBMYBgSyfJcUm4WQoMDIgi7jvSe+S4ccerCmP/F4PBh8zU7pLa+Rfnfljjr749trv53mqlS5W4Xq0yoVK6rWe1RHm1KrKmhDFl1zFC2Lk/6YTHSQQgjbLGYWdDULJFxoIZFJzRLCq1lC/dQsWjkvdjQNJEudW3PZgz28F6oOPyxYCKB4alFBCZW0l1VPe1UsVFSsPqtJY5/RDhs/pa9/dkddceHmOja04fh2KQnNdP/9D+vg/Q7Se971Ds2bOTs4mhTe8JnfL+QvJ+AEnIATcAJOwAkskcBiA4SpymL93dMJOAEn4AScgBNwAoslMJCS4mc/+4U22mgDfe8H39O4oMxI66kO2FW68nt76euf3087bTVPEzsfVd+cB6TqXBWsqkJQgiUcpMQB5Eiea65tya/dXCkEIuaURwnTkH4adFBITQV1q5BOVSl5WuPHP6P990j0tc8domsuf5kOfpG0Tps0rk366Y9+oh2330LX/+I6xV1YIZWenp7w6W8n4AScgBNYdQQ8Jycwcgm4Amvktq3XzAk4ASfgBJzAKiFgZjKzmNcjjzyiIw5/tY5585s0Y850jW2XJq0lfe2stfSTi/fVXltN0RqlB5WUpkptqdo6CxozxlTIpARRqkQ1NXZfpfLXqieQpKENslpojyA0QcZ0EalL1q1CcaomdTykbda5Sz/63u76whnt6grtzBOfU6bO0FGve7WOOOJwPfK/R9TZ2alqtaolvQZSgi4pjvs7gZVGwBN2Ak7ACTiBIUmA2ciQLJgXygk4ASfgBJyAExg6BHIFQ27mJUO/kdu/9pUva+89dtaNf7hOYwoVFaqZXnmIdMUlL9Fb3rixJnQ+qK7kCVXnBuVVoRo0VvWgp0qV1jPxuGHjUblMlmV5km6uagLz0dOyQbhGKAe74jh1X/OU9T2rCW2TNaH9Xh39mvX1yyv31stfLE0oSiVJv/v1r7XXi3bSxd//rkolXEjAxQk4ASfgBJyAE3ACy04gWfaoHtMJOAEn4AScgBNYSQSGZLLNj4MF1YaqQfHEROK/d92nAw88UKee9nH1zO5WWpG2niD95JyN9IOvvURbrHufynafTM8rKRZVbm+T+mpSrR6UVUGPFXwaFbZg9AtKLET14LYUgiYMSUOcIFmwDyTxEbc0aGZyIa9m4QCnxUl/MWPRsYdSrtJ3c1mXxZ6GQg8kHILVLDmDwFFIYKoQz4Kaqq1UDp+9arentN1Gk3Xp+S/RpV/dVDtOlLoCjELao5NPerf23mtf3XX3I5o7Lw0KS6mnuy/4LnjnSlHMXBb4us0JOAEn4AScgBNwAg0CzDsbNv90Ak7ACYwoAl4ZJ+AEVjSBclBY5GlaUJqUCqbvXny5XrTnrrr55pujLqccdELvfL30yyterIP3LCmp3a7O0rNB0dGjJCpDJPQjeTq5aRYUKvmFm8OGAK1WUkVZ9XFZ5W69/MCJ+t0vX66T3hLauUeqBz3iv/91q/bZdw/96EdXyMLMs6MzKDCHTQ29oE7ACTgBJ+AEnMBQIRCmEUOlKF6OIUfAC+QEnIATcAJOoJ+AmalQLMjMVKlUVK/UdeIJJ+ndJ7xNaVpRZ7u0+3bSD7+zvs4+cw9NWudZtY97XsVyj9omdmj+y2rBirCHK1j9PcwIhKkjjxLOb0cJpVRbV1lWnKes8LQmrvmkzvzkPvre+etp9+2ltpLUPXem3nPSu3TC209SrSdotdR4+Y6rBgf/dAJOwAk4ASew2gkMgwKEWcgwKKUX0Qk4ASfgBJyAE1jlBFAuDJRpb2+v9thzV/3g4u+oo01CPfXut7frR98/WIceMEadnY8psyeCQmOmlPRJld6g+MpTyiRboMCQv4YZARSPQVBgocgKzcmThXNmBqVmOk/WNiu0/WNKdE/oC2P1o+++RO94Y6IJQcFZUo8uvuw7evGL99I9d90d600fq7NNK175hxNwAk5geBPw0jsBJ7ByCbgCa+Xy9dSdgBNwAk7ACYwIAvVaQ+l0zTXXaIcdt9F/774n1muNoMA674yxOutDO2rjNR5WMZmsav15FdvqKpYIkkn1IMFqJlmYeSBSw00r+WUhm4FkJWc7wpPPokLSaM8gVHbMGCkphlbN+pRZj7LiPJVCX9hg/IP60sf30DfOXEfrTyCk9K87/qP9D9pPN910k5IkUbFYVK1Wi79WaGYhbZO/Ri0Br7gTcAJOwAk4gUUSCNPIRfq5hxNwAk7ACTgBJzBKCVSr1VhzHheMlvDxuc99Tq997Wv11JOT1R6UU9tsLF35gx103NFbq8sejod5F222EqUh9ADvbAA3d1rBBFZ2cs2NiKLJgsLphXkmWapC6AvtyVMaYw/qmCM31GUX7aAdNpHGtkuzZ8zWIYccoi9+8YshvqlQKKhcLotXc5/j2sUJOAEn4AScgBNwAhBI+HBxAk7ACTgBJ+AE+gm4EQkkFtRQ9TQqFXhk8I1vfKNQYOHZGfQML9lXuvbKXbTjdr0qdU1TksyVLLyzRJYWldRDoDRIuFbzKwsXCIGD1d/DjUBo5Nh2mC1lTxMptLnV25VkoQ/0t72FvlEuT9EuO9RDn3mRXrq/4qOn7Lz61Kc+pWOPPVZz5sxRmqYtCfqlE3ACTsAJOAEn4AQWEAgzjQUXbnMCTsAJrAgCnoYTcALDgQDKAqS1rLilKhRMhUy66467tOfuu+nqX1ytrFrVmIL00ZM30MXfOlDrjntWY9tnqDb7SUkczK6guAhWhelFUGCEKy6kkE60WPwMH8E/fPp7OBPI2zBvXOoS3PJ2D8orHt3EVVZTre9Zjet8XpPGPqNvfnkffeQ9G6icVdURdJzX/OLHOvjAA/TU40+Lx00bO7Ea/bDReVJlXMbEsCDxwj+cgBNwAk7ACTiBUUQgzDRGUW2HT1W9pE7ACTgBJ+AEViIBFAC5tGaTBYcwPahVdec//qHDDn2F7rvvfo0Niqut1pO+/7W19LF3rqlxyUPqKMyTKvNUCH9SMegaggTlVcIjhElFKC404Iu8B/Rwx2FDYOE2NDNZkgWpRkmSejDDtQX3IMUkdI++GaHPzNRa7Y/q9JPX1bfOHq+1J0rdPdIdd96lA158gP576z+DEisoQ9N6IGFBgp3+FGwosTLVgz60Gq4Wzj84+NsJOAEn4AScwHAl4OUeJIEwnRhkSA/mBJyAE3ACTsAJjBACfP0jKJwWVKmvr0/VWkWqdevWG/+ilx16iObOejaqD7beRLrkohfrVQd3aVzbw2qzaUFlVQnqqn5FQhbSQ+Ynh3su8x3dMiIJoGjqr5gFhRMSe02/WzRSmWpB1dmrkk1Trfc2Hfv6DfWzSw/SbttJ5dB9npz8uI448jD96+ZbpKQQYlmQLEjwxIhCnw3XwdXfTsAJOIEFBNzmBJzAaCDgM4DR0MpeRyfgBJyAE3ACrQTieUXBEaVAMLq7u9XW1hYUUmX99vd/0Stf8zr1phV116WX7S5df/VLtcNWTwf/J6UkKCleoKAIiSzuTT7I4sK43zAkYE1lTpvsi7FaqnKbNGfWPdp+o0f0yx8dqN13lkpBZzWrZ6YOfeUrdcN1v5l/JtasWbMUtF+KrzTkl5aCNQni7xVKwBNzAk7ACTgBJzDECfi3/xBvIC+eE3ACTsAJOIGVQiDoAZrTTZLGlODHP75Sr37NqzSnd66qQU91+AHS9771Co0r3a/25Al1dqTKqhVlmWujmvlhdxksgSwqsNrapc7y01p3/JP66WWv0UH7SdW61N3Xo9e94Uj98IeXhQTLGj9+YjDD24L42wk4ASfgBJyAExi1BBqz1VFbfa+4E3ACTsAJDCECXpRVRiAooayq3upcZQoag5Bve3u7vvfdH+jt73i70jRTZ5v0pjdKXz93N22wzgPqsOkqBHc2XllQJFiCAosdN/1iwURCWv52AosjwOHuVpPaigq9Lwv9bYomdfxbF3xlBx15RHAL/auvmuq9732vLr4YJZZCP02VZhVV026Zz14Xh9f9nIATcAJOwAmMWAI+BRixTesVG50EvNZOwAk4gcEQSNVXmaP2toLMgrYgRPnud7+rd737RBXaUhWDYuGd70j0uf+3n8a3PyrVHgvhetAihJD+dgLLRyALXY4nAfNUEusOfexprdn5hL78uf303ndJpbKCcqtbJ5zwdl3wre+IHYKFQknlUkmVoHgVmtQ8ATedgBNwAk7ACTiBUUEgGRW1XJpKelgn4AScgBNwAiOeQKK2ckeoZUFZmug7F16id5/0bhXaURpIbz9O+n8f3Utrl+5XoXemkjRotEJoMWswCQUEly5OYFkJ1EM/qoX+FN4qZFJihdD55mn9zkf0+dP31/EnSLXgVGiTTnnfe3TBBReGrCxIQYWkvz+GK387ASfgBJyAE1guAh55WBFIhlVpvbBOwAk4ASfgBJzACiFgQglQ1vcuulQnnXy8imFGUAopv/N46ZMffomKlXuV1KZrbEdJle6ahO4giCuv5K8VRICnUHmcEDOrppowpqxCdbI66w/ooyfvrQ+e1KGxQalaCAFOOeVkXfDN8yUlSix01mDztxNwAkODgJfCCTgBJ7CqCPgMYFWR9nycgBNwAk7ACQwRAlmlLs2r6abrfqP3vfcklQtSW9BenXJiSV/88L6aWL9DY0q9KpZDgQtVlTuDaUHCmycO+62SpUGv1RDF87EyKa33C3YkhOZ5sVaRv0YrAQta0FLoJqWgF03SQCFIuVSQ1WsqKFGpNkvrZHfpM+/cVu9+mxT0VwrdUx98/wd0w88vl2V1Bdcg0gj5MYFYF/9wAk7ACTgBJ+AEFk8gWby3+zoBJ+AEnIATcAIjhUClUlFfX5+sXNID99yvt7zlmKC46ovKgZOO79QnP/xSjbPHNK48OygNKo1qWzCQoItSLsFpaL29NMOOQBamoLkEpZWyoMWKotj3utStruwRnfa+/fTRUxT6qYKyVDrhhON0zx13KgvKLoVXrRa0YMH0txNwAk7ACTgBJzDyCSQjv4peQyfgBJyAE1giAQ8w4gmgvCqXy2pra9Nzz07VQYcdoSlzZ6s9yXT0oYwdCQAAEABJREFUEQV94oN7qqw7pMrcoEHoVPgIMsC7X4llwUQGCOFOTmA5CSQqtiVKq7M1Jr1Pp528t95wlFQqS1Pm1HXka9+ge++9X9VqVSUOdQ+KWfnLCTgBJ+AEnIATGPEEkhFfQ6+gE1hFBDwbJ+AEnMBQJlAOyivKN3nyZL3h6NfquRnPqC047Lit9IUzjlSp/oA69ZzaOk3zps8OPv52AquRQJqpvWyy2vMq1B7WWae/Si/aWUHhGpRYzz2lNx1ztGbPbvTTQlJYjQX1rJ2AE3ACTsAJOIFVRWAoKbBWVZ09HyfgBJyAE3ACo5IAjw+++93v1s233MJDW9pmC+ncr+2mrvJtGpvMUVJNlVVmq3M8eHikK5hZvwRj8e8QXsjiQ7mvE1giAR4lZHtflqlUlNpLPVp33CM67/M7a/NNpd4+6bEnHtTJJ58szsAqFBsKLHZksdNwiel7ACfgBJyAExgKBLwMTmCpCbgCa6mReQQn4AScgBNwAsOTwPve9z5dd911Kpu01XrS97/1Um224UyNHzdTBfWGSgVtVfDjvPWo4Qou/nYCq41A6IvknVivinpS225W0Q++fag2CX03q6W6+uqr9d73vlc9PT0EU5oGBWxQesUL/3ACo4KAV9IJOAEnMLoIuAJrdLW319YJOAEn4ARGIQEW9ueff74uv/xymZk62qRzv7itdtniObXVn5O65wUq9SD976DHige29ysQ+l3dcAKrjkCYoWb0vyCJUs2d2616bbJ233q2vh76bjn41+t1XXLJJfr2t78df5yA8904E4tdWYMuqAd0Ak7ACTgBJ+AEhg2B8PU/bMrqBXUCTsAJOAEn4AQGSaD5Yb5b/3aLPvCBD6i3t1edSaYzT99Bu+8oJdn/1DYmTAXYuWJSVBgE5VUIMshcJA/oBFYGgdANG/0xJB56qDo7i2or9qjefb8O2nOszvjErvEMN/r0mZ/9jP7z73+FkFKSJKrWm3t/dPYPJ+AEnIATcAJOYAQQYE4wAqrhVXACTsAJDFsCXnAnsMIJsHyvZpWQbqZHHr5fr3vtqzS2XeoILh86QTrh9RO0ZtdMqR7C8PiVJTL1C/YgyhJFCe5BLaAXSnDytxNYGQRC/7PQiVGkWkzflKR1ldKa2pJetSdP6fjXj9eHjm/06b558/TKV7xMDz1wv3jVgya2nmFzcQJOwAk4ASfgBEYSgTA7HUnV8bqMTgJeayfgBJyAE2gmwJd7m5VVCQqqU045Rc9PmyurSsccKX3sg/uqo/SgCjZbQksgXsRoFdxdnMDqIoDqKhfJgkLKlAZFa00lzVTZ7tOHT9lHr3+lVAh+8+b16vjj3qnenpqyeiqUX/KXE3ACTsAJOAEnMKIIMFuVRlSVvDJOwAk4ASfgBJxAvVrVuV86Tzf+6da4h2r9NaVPffzFGjtmlorlumQ1DfjKgisSDH87gSFJIPTdQqlPa67Roy9/4XBtvZE0oUu65dZb9Z1vfVcdVgyKriFZci+UE3ACTmBoEPBSOIFhSsAVWMO04bzYTsAJOAEn4AQWSSAooJ569FGdfdan1VWuaI2x0vlf3VzrTHhahfJM9fbOkObvvpK/nMAwI5Bq5qxZStPJWnPM46Fv76qsKrWrro+e+l49cPc9w6w+XtzhSMDL7AScgBNwAquegCuwVj1zz9EJOAEn4AScwEolUO3t1juOfZNqfWFVX6npbW9s1757dKqz/LTq855RmWeulC6hDEwRFidLiO7eTmDxBBbvayYNJAqvoHydOM5k9WlS/WHtvL107BtK6gjdtTN4H3/cW5TVqkHBlQZlbW9w4U1/R7C7OAEn4AScgBNwAsORQPiqH47F9jI7ASfgBJyAExjtBF5Y/3qtHh3/7/++oH//5/b46OB2m0unfuAlKieTVVAtnhcUzwfKYlD/cALDjgDnYRXSTKWsrpJ61WaT9amPvVLbbyGZpDvvvlOfOP3j4hcJ29vbg4u/nYATcAJOwAk4gZFAwBVYI6EVvQ5OwAksGwGP5QSGM4FsQeHZV5KmqWr1mm666Sad/aUvqhoci0XpK1/cQmPb7wnKq26JOME9br7CviAJtzmB4UOAvpsGVVU9SJqoYN0a135v6OvbxTpwutvXzjlXf/rTn+I1H3R7zCjEjxb/cAJOwAk4ASfgBIYTAVdgDafWGoJl9SI5ASfgBJzAaiIQ1u7NOWdhQd/X06u3v+UYWVjBdwT/T35knHbatqS2wgwlVgkKrPC1z0reF/DN6Nw+HAnQh5FQ9kS9YofhDlub/t9HJmhCSWpLpHcff5xmzZiparUaQvEOjv1xuHJxAk7ACTgBJ+AElo7A6g4dvslXdxE8fyfgBJyAE3ACTmDpCbASR6Tu7kpYpGf68Ac+oGeemaKxIbFX7CWdfMwOak/nSmnQWsWgwbTw1R8lBIpbsYLbMpnEd3ECy0ggCx1yWYTsgnI2PgtbyGSFVElSlaV1tWfP6z1v3kYH7yq1h2793FNP6iMffH9Q3iZKs+BA3Cx8IMHwtxNwAk5gNRDwLJ2AE1gOAmEWuxyxPaoTcAJOwAk4ASew6gmwAGfx35/zmM6y/vbXG/Wjyy/VxDZpXKf0uU9ur2L6hKq9M4MCq+nrnsU/0h/XDScwPAk0d+JMZnVV+6aqmD2sMz65pdabKNWCzuoHl12um278vSwocbN8zGShxkgw/D0cCXiZnYATcAJOYLQSaJrRjlYEXm8n4AScgBNwAsOQQFyMN1bh1VqPPvXJD4rDrat90vtOWV+bbbaGyh2JOiZ0qXfenP4K+td+P4jRbQzr2oc+nBWlKKVgosgy9fRU1LVGm9rH9GmzLbr0/vdvprZQTxS6H/7wezRj5jTNV2ARJfj52wk4ASfgBJyAExheBMIsYHgV2EvrBJyAE3ACTmB1E1jt+YcFOIvxLK2FotR01c+u0G3/vlvl8K2+0w7Sm47ZXWk2TSrXpXqv2teYGBb6wTOE1vzHBeOFfziBYUqA/hwERZZQ1JalWrfU1hd6+NM68tWba/8Xh94ehsD9dz+uP/3h90GBVQt1zaQwfqLIX07ACTgBJ+AEnMBwIhC++YdTcb2sTsAJjBACXg0n4ASWi0Cq3t55qtV6VK/N0+mnfkQdIb00lT78wfXU1fmgrPicssrzyup9yrrnKqzeg4SVe1i/h6DBHgKzi2tZJSbiH05gVRMI/daCzM+2fypbqUiF4Fivqq1jmtZc4zG968T1xI8ZWHA+9cMfUaVvnpT0SVYNw6EeJJsv8pcTcAJOwAk4AScw5An0f+sP+XJ6AV9AwB2cgBNwAk5gNBPo6BqnUnm8zv7S2Xrm6VkRxasOlg7Yd31lelJJMjMs1nsVf5JQTS9rsrvVCQxLAkGBxa9q8nObCvbmOiSShT5erf5PLz14M+2/r4Ry99lnn9dXvvwVBc1tEH87ASfgBJyAExhuBLy8EAhf8xguTsAJOAEn4AScwPAhwNe36cnHn9CXv/w1tZWlQpBTP3GIsupzGtNVVMIuFQs1GmiRH5z97QSGL4FMSpC6Fihow5gITkF7q2DTmM6Sqr1P69TTXqa2dqkq6bzzvqmpz80gSLjytxNwAqOOgFfYCTiBYU+A7/hhXwmvgBNwAk7ACTiB0UAg5RnB/opW+lKdffbZqleqccF+/LHSFht1a40xNfVMnxMPdO8P2mS07FZp8nGrExieBLKFi81l6OaVWRUVs1nabquq3vxGaVxQ8M6cNUef/9wXNHdud4iTxMcHg8XfS0HAgzoBJ+AEnIATWJ0EXIG1Oul73k7ACTgBJ+AEBkmgu7tbWZrF0CiyHnnoPl12yfdU6ZXC2lzvPnZbTSz+T4Xq8+pok0xqiJmM3SrsyJK/VjMBz36FEDDFJweDokqxl0eL4tYqhkiQclFqszkq1+/U8cdupwljGiG/8c0L9NSTz8jM4ngyC2nJX07ACTgBJ+AEnMBwIOAKrOHQSl5GJ+AEnIAT6Ccweo2Ojg4VioUIIEkSnfbxjyutVdURvsnff9Ia2nL94FebJlk1LOSDY9yXlS/O+xf4Cq+sX5T7hWt/O4FhR4D+izQXPPT7rF9C/y8UUhWy57X5BnWd9M711F5qhD3t1E9ESz2tq1oN4yVe+YcTcAJOwAk4AScw1AmEb/mhXkQvnxNwAiuUgCfmBJzAsCRg1liss/vqN7/+nX79mz+rVpO22kw69g3bKKk/H+oVlFjG9quyZK1f8bkSi3QQ+csJjEwCoe/XrawsjIViUoiPEr7p9VtpvbUUz4u7/lc36KabblapVFISwprZyOTgtXICTsAJOAEnMMIItM5uR1j1Vk51PFUn4AScgBNwAquLAI8Rfv0b56qedmtMp/T+90zUhuvMlCXz+ovEYty/3vthuDFKCaRBMZWJcWAqFbq1/lrT9f8+sZYqFYDU9MUvfh6L8l2N8cI/nIATcAJOwAkMQMCdhg4BvtmHTmm8JE7ACTgBJ+AEnMAiCWRZprvuvkt//MNvVAihNpgkveKQjZXW/idZUGDFc65SZapLIaz85QRGKQGOfRMHZYUxUSj0qGfe/XrZQRtqy40bQP76lz/ozjvvbFz4pxNwAiubgKfvBJyAE1ghBFyBtUIweiJOwAk4ASfgBFY+gVqtpnPOOSc+OshxPm9+w1oaP6ZP7Z2pskJdSlIpq8qafq1w5ZfKc3ACQ4+AqSYLCqy0kKpeqKmro64xHb1625smReVvd2+qiy++OOh5swFl6NXIS+QEnIATcAJOwAm4Asv7gBNwAk7ACTiBIUggqKLC8jsULOuXYPRW+vTrX/9aHUF7tcFa0lGv3FlthRCg0KZqQWGhHgKx+0pVKSMFrl0iAf8YPQRC30/SmhKrxHHRF8aGJSWVLdMxR+2pjSc1UFx44YWaOXOmzEyWNSQ1CWmE8E8n4AScgBNwAk5gKBFwBdZQag0vixNwAk5gCBPwoq06AqieglpqQYbxItUF3zpf3XNnhoW4dMTLpA0nzVP3nKlSpSaFMMRbEMltTmCUEghjQQqjIZoSjxNW+2rqnTNF668xW0cdJhUDmrTWp+9890KlQdml+MhtIwKfIXYI4W8n4AScgBNwAk5gKBFIhlJhvCxOYIQT8Oo5ASfgBAZNoK66jNBppkrPvGCr6/zzvyar11QKHse/ZUuV9LA6OvqkeqpCakqCyIJnEiS8syiZMnuhyF9OYKQSCP1eClPcTCrVpXLQ73ZYoq62eSr0/VfHH7OlxiRS0aTv/+DbCiNMtWpv0HmFcRIUX2mQkYrG6+UEnIATcAJOYDgTSIZX4b20TsAJOAEn4ARGA4FURVlYRtekgqnc1aXf/ua3evaZ6eqtSgfsJ22+SZvKxdnBuyoOd0/SYlBgFcNiPGmIjQZOXkcnsAgCsf8nSupB0kQWlLjlQk3lZLY2Wb+gF+8poed96IEn9ec//0XF9o7gkKnOGXKNEbSIhN3ZCTgBJ+AEVh0Bz8kJLEwgWfjSr5yAE1aTcg8AABAASURBVHACTsAJOIGhQCBTqoISKasp7enTV770DXE2+/g26ZjXb6VioTcsyi0qr4ZCeb0MTmDIEzBToRgk6dFbj91UtaAMVnh96Qvnhs/wDsNN9VSlMPLClb+dwMgg4LVwAk7ACYwgAnxVj6DqeFWcgBNwAk7ACYwMAt19PaEiiWp9fbrvvvv0pxv/rHFlaavNpEMP2lhJWIRn8dyeEMzfTsAJDI5AUGKVSn16+Us203abKaqq/vKXW3TPf+4I8U3pAGMqePjbCTgBJ+AEnIATGAIEXIE1BBrBi+AEnIATcAJOoJlAokRdbV3RqdjepXPP/VpYaNdUqUjHvtE0pvSUitYdd2CZ2cJmEq4RBTOKwucLRavu5Tk5gSFFoGg9Gt8xRe99V4dKlCzt0TnnfU1K6+oodeESxIL42wk4ASfgBJyAExhKBFyBNZRaw8viBJyAExiQgDuORgIosah3vdqnv9xyo2rhYtJE6Zij9gyL7sky6w0u/nYCTmBpCSRh7GSVJ/X6w3fVuA6pkqW64dfXKU0z1fqClliuvFpaph7eCTgBJ+AEnMCqIOAKrFVB2fNY/QS8BE7ACTiBYUYg7T+f5+abb9Ujjz6lsV3SXntLkyamStJZSlBpWSq1ingFdwwXJ+AEBiBQUymdo7biTB10sFQM+qrZc2bpH//4tzJ+unOAGO7kBJyAE3ACTsAJrH4CyWCL4OGcgBNwAk7ACTiBVUegUgkarLr086uvUlIQZ7nrpQdtpN45U6TgrixdRGEW5b6I4O7sBEYdgVS1moICq6LDXr6lisUwpIIS68c/vVI1filh1PHwCjsBJ+AEXkjAXZzAUCTgCqyh2CpeJifgBJyAExj1BNq7SlJBuuqXVyvNpLXGSq9+2Q5KLFOVp5zEVzjKqn5BoRUloAvhpX73cOlvJ+AEmgkkSsPwqdUreskBm2liGFvVMGau+EVQFreXmwO63QksDwGP6wScgBNwAiuYQPj6XsEpenJOwAk4ASfgBJzAchPI6jX9987bNW36NJWDLmuX7aWu8rSgl+pVqaNjudP3BJzA0CewskoYpr9BYVUspmFMTdcO20qloLeaPu153X777arU2OK4svL2dJ2AE3ACTsAJOIFlJZAsa0SP5wScgBNwAk7ACaw8AmZF/fzKa1Tr6VMpLLZf++rxMgVlVlfIs1ANH/kOq0WZkkIofzsBJ9BKIFW5vaAsm6POjnl67ZHtcYypp1c//cnPpMynx63E/NoJOAEn4AScwFAg4N/QQ6EVvAxOwAkMWQJeMCew2giEb+jf/vo3KoYCZBVpr102UcFmqmf2tOASlFZZGhbgwepvJ+AElp5AV4fSrFuWTddLD9xJCmOMRH4Xxly5ZFhdnIATcAJOwAk4gSFGIEyPh1iJvDgjjYDXxwk4ASfgBJaBwKMPPa477vin2kLcPXeW1p9UUtl61N4WvrqrQYEV3C0LH1iRYF2qN3GbZakie2AnMLwJZHPmylRTMZujtSdKe+4itRWke+6+Q/fd//DwrpyX3gk4ASfgBJzA6iOwUnMOs+CVmr4n7gScgBNwAk7ACSwDgR9fcXlYXkthTa1XHLqpSll3WGxXwqKbxJK4+ypDAcWlixNwAktJwMLYKqiQ1eLYOuylW6uN7Y6SrvzpFeHT307ACTiB1UXA83UCTmBRBJJFebi7E3ACTsAJOAEnsPoIXHf9NUI/VQ9FOGi/bcMiuybVwwo7DZIFCe7+dgJOYFkIhOlvVlYSxlEhjKliUGIxxtK0kda1117dsPjn8CXgJXcCTsAJOIERSSB8g4/IenmlnIATcAJOwAkMKwLZQtupUt122781rk3aeWtpx23Gq8BBWPNr1L/Snn/tFiewYgmM/NQWjKFS1qsdtuzSrttK48dJd9xxR6g+Z8yhQpYWHpvBy99OwAk4ASfgBJzAaiHgCqzVgt0zdQJOwAk4gRFOYKmr17xIvu7668TSudInHbi71JY+Kiv0KGixpKSirFCTmaIofxFhaSTEV7Pk6bjpBIYjARTAg5a6ZNUgYYBZTYnNVal6n/bZReqeraCxkq7/1bVK6w0lV61WC47+dgJOwAk4ASfgBFY3AVdgre4W8PydgBNYBAF3dgKjj0CuxLrn7nuibqkcFEzbbi2VNEVmvVKSKkv6uVi/6YYTcAJLSSBoesP4Ce8Yj7FV1rPaIYy19lJwCh733ntvsPjbCTgBJ+AEnIATGEoE8mnwUCqTl2VFEfB0nIATcAJOYNgQMLP5Oz5uueXvSpKSOjqkPfbaLCitZkhJPdSlIAufIWjcJRKs/nYCTmCpCYRRFHRYyjDDVNhqYYzN0ov2Wlft7Ypj7JZbblFSCH6SEuNHE7L4KCFKZiQ4+9sJOAEn4AScwNAiMApK0/hmHgUV9So6ASfgBJyAExguBO65555Q1FTFkrTl1uuHFXS3FBbZii9z5VXk4B9OYHkIhHGk/mlwGFup9caxVipLSUFiDJrZ8mTgcZ2AExiGBLzITsAJDG0C/d/cQ7uQXjon4AScgBNwAqOBADs+nnjiCT366KNKs7q22kaaNXuqLO6+apzHo3znyCCBxE0mYR2emalZBhndgzmBEUnAeBYXibVLxbCaMXOKttlOKgYF1mOPP64nn3wy7rqqp+x+jAH9Y8kEPIQTcAJOwAk4gZVGIFlpKXvCTsAJOAEn4AScwKAJmJnMTPnZOyyot9p6LZXKZalQlEyS9Sux5K+RS8BrtsoIMJ6QoL4KQ0/lclFbbt14hjANQy0fi2YMvlVWKs/ICTgBJ+AEnIATWAQBV2AtAow7OwEn4AScwDAlMMyLffPNN8casDnkRXtup7ZyV7geK1khSFhIW5AE9Zb8FQk0s/BpTUTiH4MnYOyuMlkYX23lsWLMMfboVYxFM1OhEMae/OUEnIATcAJOwAmsbgI+01vdLeD5O4EhSMCL5AScwOojwNk75F4KH9tvNUHtbWmw5RKs/h6AAOqGAZwH5cRUqF9iMnwgg4o8iECkheRByQt7cLMgygU3BH8Eu8vKJcC4IgcOaDe1lUw7bbGGSqFJkuCVj0UzI5CLE3ACTsAJOAEnsJoJJKs5/5GavdfLCTgBJ+AEnMBSE+jr69Nvf/tbsd9jy7WkrSf1qF57Rkpma8Eh7pLYIhKMhd6ZBfcgWpQsFHoYXzRPXYKmIa8J1ixoHWCTS/8h3Tmahc2gtABVVgzcgqQhXdLI04uKpfkXy2AhsSDkgeTpUTZSC9nNbyqu8ccvpSxBsIfo0cs/Vi6B0D5ZVg9DbI523LCsDTulcsjxN7/5jbq7u2UWAoRrfzsBJ+AEnIATWAQBd15FBJg+raKsPBsn4AScgBNwAk5gUQSyLNPkyZNVr9cV1BfaasOwiLZpQZk1L6g2gmJmURFHrXvWVPMWBQOXQQiB0ioN9heKKQ0KLvyjQtDClAhpSnW5rSHf+WlEe6agJVFmDeVZzBt3RLzydg5l4dJlFRIIbVOfq3abpT12kAqhCdI01TPPBAXyKiyFZ+UERi8Br7kTcAJOYMkEwtfzkgN5CCfgBJyAE3ACTmDlEgg6Df3v4UdUq9VkJm2/o1Qo1JSmQeorN+/hlHpmaUMBxAzGKHn4CLoHATBIvZCqGvyqSaoaErxRCy2QJCquxA6noMBKQ3r1EK4ewtWTRHUrRMmC6jAL/uSw9BIKFNJbKB7XQbIkE5u9asGOVINZDw1OcbJCiJfUhJJLwT2K/LXSCQTsoQlUrVUkq2i77YMR+FerVT0axqTSEEDD4OVFdAJOwAk4AScwwgmEKd4Ir6FXzwk4ASfgBJzAMCHw7DPPiJ1YQY+ijTZpV1LsjdfZ/PVzOkxqsmqKGXcwaT6cqHiqaowqmqA+rau+bH1VWiVdX/X6ukrra0n1MVLaLgVFVZqkauzSYmqEBOeV+A46s5C3SVkhKtRo2TpVSUwNJR0uK7EAoz7pfr6NTiQ232VZRX3VGaIfoDxkLD47ebJkoZ3kLyfgBJyAE3ACTmB1E1j5M7TVXUPP3wk4ASfgBFYVAc9neQgExQWL5SRJlBSkddfrUqHcJ3ZgNdbP/QvuZc0jbvEJX/u5uazprOZ4hpInlCEqGYLZeGfq65OS0ljNq62pamE79aa7qbe+t3qC9Gb7KJfu+h7qqe2seXM3kuobBL7j1NNdV62vqlqlqkIaJGiXLGRkWlbmFhRTjZI1f9aqkpXKKlh7yKesUtqmkiyKqV2Z2oISLlFaMNWD1jINLihREPlrBROgIyEkG9orGpU45jbfoku1Og7S1KlTFZpI/nICTsAJOAEn4ARWP4Ewk139hfASOAEnkBNw0wk4gdFMYPKzz8YdVzBYe52xQZFVkSyVWf/XdbDLXwsT6NdBtHWaKvU2XX/DY3rrcX/Vie+5Qce/5+oox737Kr35HVfp7e+8Su9+/y/03g//Wl/95r91wQ/u1p//2qdpMzaVJduoo30DzZknVStBexEUSI2MyABpXA3+MyhFWqIVS0Wpt6xazxrqrmyvedXdNK+yi3qqWylLJkUFXLVmSpIQTv1tLn+tKgKG4jLp03rrTwjjsJEruyIbNv90Ak7ACTgBJ+AEVjeBkTc7Wt1EPX8n4AScgBNwAstI4JFHHg0L5ywoU6Q11x4TzL6QUqokC4a/FybQyqTcrp7ekubOG6OgftLz8yZoWvfG86VS3EqzKpvqmRkb6qEpa+rWh9fSVX8u6uzzp+kDpz2oH/xwuiZP2URWXFuFtjZlUYEUMgl6KCHBZeECLO4qTK/4dUMiEhcJSaXVkpStrWuufUZvfPcdes07b9PRJ9ymt7zzPl37xyfUUyuoUOrU3Lm9sc0txDEzYS4ut8X58YQcMj/MMN+BN78eK9iShPQKhfCRVLTu+msq2sMlYzIYC97ARBa4uM0JOAEn4ARWJwHPe1QR4Pt6VFXYK+sEnIATcAJOYEgQCMqJBTqRVDytNvmZZ2PR2H9TVEWFrBbUKBbd/KOZQINJoCZ0RAqvNCh9an1FVWsTNLenQ7VsPdWjrKMsDUqt3jkq1meqq9irCZ0lzZ1Xl7VtpKRjZ82ubqLf3DRPp57xN937SLu6K+spzTpDqiEf2inYsqBIysJlsIY3jv0SjXw6xYVis2b8lmRSFuVL64qOSVuXqn1lzent1Ox0Tc2s7aZZ1d00p1ZSVhgflFcdqlYrKgVFioWkEBKr1xrxsSt+BM/czK35dTApZxZ6jkL+lhTFI4hpcA+phOihrCix8I8O/pEToHmLWUVFq4ax13Cd8uzkaLEsjaZ/OIGRSMDr5AScgBMYLgTCLGa4FNXL6QScgBNwAk5g+BNgGRyF1XJzdYIi4tmnnlYpuI0PH2u0dyqphYV01GIExxe8SaBJcmtLOKJHCRoya5KWYMP8MlQ+zdTZ3q729jFC18AZVlnaK9XmaetNE7311WP0pkNn6fDdpunArSZr3eIMrdk5Qz21Geord2qmbaznutfUF77ypJ58ehO3D7hcAAAQAElEQVQlyQYSrRHaBd1PzRKpWFKlmqlnTvAKWeKuerAg4YKgSjJZCJcmQSml9qAwagvKsBA+kebMm6W03CZ1jFWaFIKUVEuC3cYGhUmbsqC8Un2e2kMQs9BLSsGSFWQosDjhPTFlfVIv+Yf0QqqKiYe6Y8/4KEhWLChN2pRaOUiikJL8tQgCofmiT4AXmk6FelWTxnZojQ7Repo65VnFV5IHDMijw0IffuEEnIATcAJOwAmsAgL59GcVZOVZOAEn4AScgBNwAi8gEBbO0S0oKJ6d/KyCykIbriuVCyZL6yqYBW++rnMJlyPuvTwVyvmYUNSRUoqyCUtQ3ZhVVLJpOua1W+iEt22mj5y8rT710X110bkv1wF7jlVb2xSlhW71ZCVVChupO5ukr1/4V02ZUVY9C1qMQinoqArqqY9VtzZQedyOsrbN1D13M1Uq2ytL9pDa9tXcnu2CfRdVsh00bfYaUnFt9dSK6qlkKraNi9eZbajedBP1ZuuqrrLqiVRNElU0Tt19G6mvvnPQmoS0Ktuqp2cLqW8dKQ2KzGKbqukEKdtANm7bEGYjzZ0Xwle3Dnnu3si/dytlhR1C/tto2izyX1Pddamnr66kWFJSsEAkdDZLg+nvBgGYNGySoXtUEsZcW9BkbbCuVA7ekyc/o/xlAV9ud9MJOAEn4AScgBNY9QTC1GnVZ+o5OgEn4AScwAom4MkNPwLNi+Es0dRpU4MioyacN96kpFKpEBQWXOVV86/snMQCM2gYeBQu8Fvghg1WxWBJZEnQ4iTd6kufDAqjx2Ttj6rQ9ZA6Ou7QCW/fWse8ejMVao+rs7NX0+fO1ezqeD3yTKIbb3tCczRB1XKX5mRdmpVupF/dNE8XXDpVnz3nGZ38qUf1jo/cpzec9E8d9dabdcqpj+qjn35aP/xZooee2FxT5nap10qqlwqqWqdmzd1Qn/zMo3rLCdfpp9c8pjQbF0peU7VQ0zwbrwsue1pHn/gXvfxNf9erj79fJ3zoEd34V0nJWlGRNivk/4u/9umbP5qhT537XMj/SR334QdD/v8J+f994fyf2jTk3xH6U0lpoUupyiGh8LYg4UqGEgvherRKhLFQ5c363QKfDTZUUAZK86pVTZ/83ELh/MIJOAEn4AScgBNYPQSS1ZOt5+oEhh4BL5ETcAJOYJUS6F8rxzyDnorHB8cEZUc9OExcs0tZVpPyBbXyl39tQ8ICr6RfFJVXibjGL5csbQA2CwGtpq6ukto6gtKm2BeCTNO4Sb0q2kN67as20Q5bSN3dU1Qol4Kyqay0bS1dff1MzegJCqykSz1Zm27625O6+PLndNX1U3TrXYnuf2aCHpu2nibP3UjTq5vqyRmb6b7HJ+nnNzynz579V910y2z1VCap2DFBPHZoNiEqJ6shrWq6VlBOBgVbKJesV2lS0LzKGurNtpQ6ORdrbc2uJJpbnSDV21Uorakb//a0vhvy/yn531nWg0+F/KdOCvmvp+mVDRfK/9Nn/zOEnx3S3FCltkmq1k0Z270CClmoPhIMfy+KQKpx48uqBu+OwOrJx58I7RUu/O0EnIATcAJOwAmsVgIrcia8WivimTsBJ+AEnIATGE4EWhUuzzz7lKrVuvhiXnOtLgnlhgZ4WQiBDODlTs0EUpmZksTU0REUgmlJWa1dKIRUK0m1ujpKc9WePKA3H72tJo4PmgoapVBVd1+mqXOkZ6dNVG9QIJnalPaO4zgttbeNVWZtKrUXlLRXlZZ61KNuzar2alpfTbPrXeF6DV3xsyf0+z/NVbU2UQplsEKvgresVFFSUniF8qkWvHpDGUM5OuaoUJyuvuqjGjt+rnqqqSrpDKU1ad6cRNXKRPX1SO1t64S4XY38O6pKiz3qse6F8u/NJujHP3lef/xDTdX6RBULZFiUsoIyJcosDWn4e5EEwtibtC475KQ0k557boqUJfOD2wLrfDe3OAEn4ARGIQGvshNY5QT8K3iVI/cMnYATcAJOwAm0EDAFRUNd9eAcdC4qlbG5kiHgGOQbVkHTMD90Kn55j0tTQQpKm/mSBUWOBbdan2Rz1Fmcqu03DwqhoIQqZKkKqYKyoqhKrajps4pBgVRUW5gtZT3PqRiapattjnbZrqyD9llTh+6/rl7xks11xKt20pprB01TMleVoOioaA1NnTlJV1/7P82aGeKX2tVe6NEhB0qHvmQzbbSRKQlKp6gvSxOV6vO045YlvfKgCXrVIV16xUFdeuPRXdpk00zW1qPOMQXV+55WKZRtXHmKdt0uCflPbOR/6OY64pUL51/N1mrk/8t7NWOWgmKsQ5YWQ71CRYLyis1pmclfiySQqliqKdCKY7JerwZ22SJDu4cTWHYCHtMJOAEn4ASWhgDfzUsT3sM6ASfgBJyAE3ACK4IACoRcQnqVSoXTiVQIupVSW1gsWy24Bo1FUKoIib7her4ZvEf9G04wyUE02xtuZkDGjl8Qq0hJTfVCLSibgmJCPUG5VAnKqVpQENVUzgpBiVUOCkVp2vMzVEylsckcHfQi07mfX0PfO3dfnfHRbfXxd26mj7x9C73vzVvqhKO31De+eqwOP2xrrdHVpjmzUvVpguZVyvrPbU9IlYKsOllHHrqR3vy69bTPniZLZktBRVKqtaujVtGhe5R04ms79Ml3rKUPvLlLx712vLbc7HnV9IRs3BTtv1efzvt8uy45bxd97mMb6vR3brIg/ze25D+7R9WkqHmh7Lffcb9q1VLIK7ytJpRXqWXhYoS8V1A1QILE5IKSr9yWxbGYBgfGZjDi23dfRQz+4QScgBNwAk5gtRBIVkuunqkTcAJOwAk4gVFMYKAv32oNZUoDSrFYbFhWwefwzCIoYKyp5EHhoPnXqByCBGVNEtQ/jUcxUQaG8Hm4YFZDEIWGSLNMmXqjjtCyREncqVRUVks1b/YcJfVMxaSgtdYer80331QqtevJp6frL3/5j37727/qpz+/Xpde9mP97Kqr9Mzkyeruq6hrzBrqrRVUyzr03JSgMEvbVcgqai/N0ppjp6vdnlHJ+lRQMfwlKgd7OX1Wa3VOUbF6pzr1uNo7pmpce3codF317tkh/7HafItNZcV2PfPkdN1E/r/5m376s+tD/leG/H/RyL+3pq6xa6pStZB/QZOnzg11a+5PWUjT30siUCw1lH5pCFgJYzN0DXGMWCpckODhbyfgBJyAE3ACTmCVEkhWaW6emRNwAk5g5BHwGjmBpSKw4IuXRTASopuU1tOg0JDqdalo5eCYBMF/URK8R/s7cAvkFlAIiikukqBkMFVk1qvEghIoqeAcXItKLVE9M9WCTsuCXicNqHuzPlXDdZZ1qmrlEEYql0xtlskKRWWFiZqbbqNLfvG83nrKTfrAGY/qa5dVddHVdf3495muvSnVL373nP519xx1Zx2y9nZ1dY5VqdSp2d1VVbOSMhVVLrepM+Q5vmhBUZZJaS24dwfpUamtLajbTIWusSFPqXtqNejeEpWC5iTJJoVy7aYrrq/rpFPv1vs++5S++sNUF16V6ke/TWL+1/5hhv5zT5/6CuPV1jFBbe1jVCh0xt1g9bQt5JFIlimVBbvJX4shEJi3lbtCP2mE6a72qR6QpYEcBEPDBY80iL+dgBNwAk7ACTiBVUkgzGZWZXaelxMYiIC7OQEn4ARGL4F8GcyjXXwpZ0GvobCAHr1ElqXmOUXiLrCDMg0Kq+galVsL/IoFqR6UVlYuq2YTVamVgnKnrHqSiEPO02pda0/sUKnQoWkzCzr3/Jt0za+e0ZTZm0hjXqSZ1fXVrUlBsTFWtbQY0goaDiWyoBXrrfSpp9Kj3iDd1ar66pn60lSV4F6rzFNfkFq4jpLVVMuqqgfNZb1Wj4VCudZeljL0boVxqtXX0xe+cpOuun6qHnl8PXWnO4X8N1S31lUtCfnXy6pVFfIuKQn5swusWk1V78tUrUhVtC9KJFFG+WsJBBiLWVA48uQuxLgOXUX0pyVEdW8n4AScgBNwAk5giQSWPQCzmWWP7TGdgBNwAk7ACTiB5SaQq1VYKA8+MZbTzTL4mCMrJAzyGjVIwrFm7epLOlXPgqhdCgqsRLWgxkHSoJgKTsG91rux7ryzR5WsS3WUFklQWVhFYzqlzTddMyiWinrgvjm67x6pt2c9JcV29dWmqr3reUkPq9Oe0foTZmmszdRa7dOU9j6vLKurFtKoWjXYpTTNQjlMFcvUU8g0rxgUS+2meltZWalTPBaYlEyFokmFsopBCZUkpaBuagvxx+r2+2bo3odM06dPCuXpUkEVdbTPkrIH1GnPar3x5P+81mibqlr3DJmZyuVSkHKQosqlsmCi+ErCJxIMfy+RQBpCpIF4IaivLNj97QScgBMYEgS8EE5glBLwGcwobXivthNwAk7ACQwFAo3lMSXJwuo4yxSUD/LX8hAIiirFHWyJkjQJqoeiksAVMQXeWS2m3ldV0BVtoDndm+mmm56TFSYoTdIQNg1xurXuGtLGGwalVp/p/nunae7cktJsLaVpUWn1ee2yXUmnf3A/XXzBa3X+2a/S5d99hz56ytFBMdanerVPab2qWqWg7t61NbdvE83u2zzIxppXnaDuakn1NKRXN2WhSGka1CNBw5QFU8Fdwa5qVWprV3elpD/d8qien9umqsapvbNLbeUe7bp9IeR/oC751ut0/v8drh9998SYf3upompvT0g/jZKmaShzPdZZYtoXBD5Iv6sbAxPIEdF38hCWW9wc9gS8Ak7ACTgBJzD8CIRZzPArtJfYCTgBJ+AEnMDIIpCqXC4rC5UqBKlVKuGz9c1XdrO0+vt1TiBR4FmvqT1IOevVmKJUCsqbREH9ECDXg7awN+vSs8+P0S+vf1b/uaumerFdhba6Cmmf2rO5OvwVa4U4U0OSRT31VFWF9vGqZIWgFGpT0fr05ldtoEP3mKe1SrdrzbaHtfa4Wbr/nj+rVOrTuK52dVnIsTJRd947XlvtdZ123OcfOvdbj0nZLmrLNlJXNlHFilSomdYcM0FFjVWpMF7ds6qKzT++UxweXlGbZvdKpTFtytpSVaxbSWmq3vLq9XXIi+aore8v2mDCUxpTnqL/PXSL+vqeD7XvU5rWgtRDedMooSIr+j2i0+utVmTWqGK5rRB6j6LgkvDh4gScgBNwAk7ACaxyAv4dvMqRe4ZOwAk4ASfgBCDQEL6IkVKC6qrhVuMspIbVP5eBADtmkjRTMUmUZalmzU3VW9lA3X1baXbfFprRs7Xm9u6qC79/p37yiweUFTdVTyVRX/fUoFx6Vhut1auXH7iNsnq4LtXVNc6UJqaaTJVqokpvEpRaMzRrlqnQtr6q2Rq6/Y7H9Yc/PamOUocKlqkzmFm9Q3/9++OhHFKfpIt/NE8fP/3HqlY3kNIxQWlVVlqXps+u6eHHMk2esa6sa1dVSluEsoxTqWuSusZOUKkYIge1VJpUVS3UQ1p1TZvZoywdLJnyOAAAEABJREFUr85xm6m7Mlb33f+crrvuAU0I4bvKRVmaBX9EyrKMBKKCFIvx4bJYAjVO9e8PUSyW+m1uOAEn4AScgBNwAquTAHPm1Zm/5+0EnIATWHYCHtMJjCACbe0lBR2Jgt5BfX2oO6gcX9O5cO0yGAKpElXTRGmhQ/OyTj09Y5wu+8UMXXB5VWd/e5bOOmea3vGeW/Tnv3Qq6dpB89IOydrVUa5pbNs0fex9+6ts05TUZysJ150TMqXWp6RYVnvXOHWO304/+PlMnfmNafrCRXN11jen6NNfvV1z+8aqu7usnlnzQnolWblNbW0FFYpS0FMJveQvb8j0s1/eq+mz6urNTJVyu+bUJ+qq30/XNy99St/+6XR9+8qndOnPJmvGzHFB2ZVqs43Hq5BJykqqBD3nPJuk8y9/Wp/75vP68vf79Jnzntb/+8o/NbcyTpV5bQqatqB8q6vx+KDEL1ym/VqrJKSDhNT8vRgC7MCqBVYEYXckposTcAJOwAk4ASewegkkqzd7z311E/D8nYATcAJOYHUQSEOmSDDCG1tSLMqCcqISrvvqRaUqBtvi3v0aicUFGeF+hoIhKIGoZj3MaKrhOg3KK5Q1tawqFRLVgyJrxpw2/ejn9+ia3z2nm/8t3Xl/u7JsK5XKG6pS7VGt8riK1Qe0/sRnddan9tNGG1ZULFrQA40Tu6te8opXK2nr1Lyebj3+2OP69+0P6U83TdH3r3hM1/3xed35UE21Wpt22HY7tZXKGj9+jZBupqSQar/9NldKUUIhk5IU9Fa6/Z7pevq5qSHMXLW1m0pd44Mya33dfEePrr9pmm74y1z97kbJimtIaY/23n0jdWpOkGdVzrqlrKzn566lf9xZ0d9vmxXK86yK5THaeecdFDJVVrVYjlK5HNyLSoJylF9WlNXjGV9JlspCD5O/BiaQFVWvFgNn0YVUKhQCL0VJ5C8n4AScgBNwAsOXwHAvuX8PD/cW9PI7ASfgBJzAMCGQhnLmEqwt7/U3WF/l9rJQYD0zraoMBZaFQPMlfGVbkwQvxSV1HkCj6GWyHGVQNiiw6kuknqDRygodqgW/cmdQQgTlTykpqK83k4prBoXQukpKa6lU7FI5qapQe0bjkge1duk5vfWIRBd96RBttemMwHGaZvSWNL1nE/31n2VdfOndeuyxmXr4ofv03NMPqbdnXggj8fjflMnTlfbO0P47l/TGwzdT95zJqtVNSVLW+DFJSK9HF33zAE3sCEWQNG5sKGddmjF9qp6b8oB65jyhtDZLWbEoa1tbM+Z1qrfaoVDsWO5SYZ42WmeOPvrujbR24VmNrz2tUt9spfUeVauzlcx9VmNqvdp/l6pe/aoNg8KtJ6QzRkH7JlVrMd16ISjyChUFXV7oMfUgoSD+XgyBoiY/06diCGEmbbrJpsGWv5NgQYIRlYChs0WTaxcn4ARGAQGvohNwAquRQP4NvBqL4Fk7ASfgBJyAE3ACG2ywgebMrUTFxYzZQdkg/4pebK+IO68KIUiizBJVg82SPo3tmqqJY3rUWXpQXaU71FW8W52FBzSh62GN63xYEzoe0viOB7T7tj064qCJevexu+ui896gE99yuHjOb3bPGN1y2yyd/um79Lo3/lmvecvNuvCi/+mJJ3vV29uthvanVzxOmGRS1tujU9/3En3iw4dofPkerTthlpLq39Rh/1Ft7n81sfNR7b9XQd+7aG91dUqVXikql4Ixb+Y8zZ02VWt1FdTZ/rxqfXdpfPsToew96goKr872oKTqm6qu9lnad/dOfeGTu+jFO1W16ZpPa53OxzSx7Wntt5v06Q9tr4+evL86kztDvk+oq3C7Ogt3a2x5ruohQ0vnyDIULSFT3qHcGC6LIBCUonNn1VRITLW6tM466ywioDsvGwGP5QScgBNwAk5g2Qj47HjZuHksJ+AEnIATcAIrlMAaEyeIXTeFoJN5+pm5IW2+opslOPk7KKvUkIAGxRWCaqajGJRApZk67GDTJd/eSldftquuuexF+uVlu+uXl+6kS76+lS7+xtb6wTe20aXn76L/+9hG+sBb19HBe3aomPbol9c+oo/9v39o+33/qTe/a7p+8SvpqcelcmA+J0hnW4fa29tlbeGiniqtVTTGpE+cvIYO3GWy2ur/0I5bTtGPvrW1rrtkT137o7314+/trJOOXV/rTnhUu+3yrC67bDuN7VBUTRZCMijM5k3v0/Sn7tM5Xzhcl337YF123k669gc765tf3lAluzsovVJV+2bJ7Eltsslz+uj7N9XFX99dv7x4L139nV31qQ9uogP36VOXHtbe2/Tq6u/uoF/8YCddd8VeuvSi7fXx926pCeV5KluiJDVJQQxi8tdiCEyeMlfVeqZi6Gfjxo1bTEj3cgJOwAk4ASfgBFYVgfC1vKqy8nycgBNwAk7ACQwNAkOxFPW0rvXXXzcWbcrkaChLsygcwt1w8c+cQBrUQOhj0qCMqSuTZVKbVbRGxzSt3fGYxiZB+VNgB9btGlu4S2t2PKQ12x8I/veqq3xPCP9fFYtPB7NXp576K330Y//ST6+fpzk1RamHjOKuLitqTNKu3r6q+iq9ynAMeQU1kNaYKL35dTtrXMeTah8zW6XC1JDXgxpXviMoxf6isaW7NaY0RcX6M5rQOVlbbTxHP/7uvtpqHakzpF8MMre3pv8+mOqDJ39P9e4ZGt8+XYXqfSrqKXWU5qrSPVelYqaCdatz/P9n7ywA7SbyLn4mufc+rxttaYEiZXFZXIoVKF4cFltgF1+cxd1lcVlkKQssbqVQ3N3dKkAFqT9/V5Lvf+b2Pl5L4aP67OTln5nMTCYzv+TdJCczk0pUpMYiTL+PooZ3kcp8iBDfWC7fAtGPJnj9iM4dxqJj8kOUuffRsWgUXPo7uMx0E69yVtfA0tLM0TwLgTjmQeVRBdi476dJ+YZy/fr1Ry6XtbMN3mbZSCsiIAIiIAIiIAKLlIDuYhYpbu1MBERABESgWQm0qJ3zEkzLPxgnE0n06d0HmTQwYwaQTmfAh+psLodsLppDybltU5tDkjYYRKEKcYDAjG4UZOGCnKkOCSTiJBKZEIkGq3hDDlGdWX0MZ/gSDghiC89aUhMLa6hEdeiItz+ZjmfeMN4WxWjAIUIKGUPLbCrjLKqjeqSRhe+Fx0QWx91vsGkJunQxGSquQxTXA0kAtgoTPJKJnAlPERIuRJBzKMrm0C05A+svPw1PP7A1+naD7cfS21wUAp99bWLYX97EuIkdUJfphESyzGKAVMrS2TnB8qOyBokoQknIuljeQQJBosgwJBCHWQtMw1Q2IJNDwE/omTgWZjNAzspm21lOPk9LONOVUyBA/QpBAP7PpdNpTONQaBa52GK9UFpaYb7Z58ACmpqtahYBERABERABEVioBHjlXag7UOYiIAJti4BqIwIisLAIOPSyh2XmzofpqVOm0AvqDkHgvF+LPAFn0o8zYSk0WSkwP0MD5+BMKPKrMUy0CuDoNprFx3mDTdSH6nLVWHq5JVBmIlHSRCGbUZyMkUikscTSvZDqlACb3RQVW0xgG9HMMY0LzvybbLI06mt+BHLpvDjm4yzC3KSJZqmcbc79c/T0XIwwrkFx4jv06PQ9br9xc/TrYvHOZCXbZFoWGP09sMvun2D0uM6YVtUFtekSoLSz/4qhJbGElnGT2arjWwv5CJczP3dmCaiuWb7mA8vqmfiFxbPfojdoakIgCD1hOOcwdeo08H+Q0b165VtF0i8TAREQAREQARFoXgL5q3XzlqG97V31FQEREAEREIE5EHAYMGCAD+fD8w8//GwP0yF866GEKSwWE5l5scKLEVxraj6yfSwIiBbFCCOrcmxCE0E5U4EK5hlZXONM8SZvDjFSIVBSVInuXb7F9deUYq3VgKFbAFectTbuvvXvmFH5Iyqr8q2uGhpMiWI+FIaiBELLZrnFgcHr90bUwL5m6cbDkrM7q5iqV8Z2kLUVv2mE2CWQDQJkXAYunIAVB3yLkfeviyUXgy+Lz970qh+mAfsc9DW+Ht8dUbgsUF+OZEkHIFMOsJ6WZTYJZEMgF0SAS9t5YnnCJhOt2K0yk7DkJsikzbIuBVoM28DiWTRvVPdsk/Y720EEzbCSS6o473EOP/wwETHDDE7hf9K8mkVABERABERgXghomwVIwG6DFmBuykoEREAEREAERGAeCTgs1svUDHtwZqurKVPTQFScbwmSDL0cE3DJZ+5oHnfRljYjB9bHXHLxX9lzWXjFD00m4wmaX5iIY8oEuwLm6gxv7Qzw63+DN10St920MS69dB8ssUQXnHHmTfDjkNl2gWmHzjaDCRte1XBJL2BttzlQHo6HiytBbQix3VLRCru2cnmvs4NlFpuZD3BZhK4SpWU/om+PH3H3f9bFgH5A5zIgbYfcNDP8MAXYff/38fansYloXRCnTcBCMShgmWZnLngmmNk+AXBXVi3zmd8Ftk6j30QuW6eoRfNpnCWjmaM5z8hzCO0gE1JQiilTKTj6UPTq3Tvv0VIERKAZCWjXIiACIpAnkL/zyfu1FAEREAEREAERWGgEeMltarPuKJNNY7HefbxOUmRaxdSpQBR1QFFJB0S1dYAJIBZis8kgkRlVC7TTiQIMUdI1C0yRCkzO8TRsHfycI1JwSIK6E43iD6KUJUlZWIjA0sU5IFM3Aw2105DO1OKjL77FgUc+iQmTLVlgZnpYYKLSEj0q4OwPzgLDGDljv8cOyyKV+xZlpbbiLC3jzA3t0DhnYfQkzE1aJmHW9pdF0sSrpCUN7VjGpqAFiRlYuv8MDL9nS6y8JJDIACUpIChOYXo98LdjP8Z7X0VIJ3vlO/0FMQLLznQ3hEjCmZgWxaWI4iJQO6M5thBjnPEIXA5BkEFoFti6KVt2/lgBIjMrmi3b58y606z2kYtB3Qq1tcYmCcTdMHU6/KGGTT169ELE/zcEttbUbLU1zSqrCIiACIiACLQBArwSt4FqqAoiIAIiIAIi0LoJBM6h92K9TXBwoLAy9lsgG1UALgXGgRMfupsaw9qlOZh6kzcADlRk8Mtk0WCYCUUW+Ut4wecScGGxsS4DEt3hivrgi7H12HvfV/DTVKCqGkgmgMDSr7xMiLXXWBqhiWTwVo+VVwL69SlCSbIOgYlTfh/OEnMLHh/vNY8JTo1xFm9zftWimASoQSoah07F3+HGKzfEOqsB1LyqqtOoMs2SZTn4H5/guTenocb1RpzoAoTl6NCxGM6FPovI9hm5wPv9wursYIKZ1T8wxSrw0ldsUbSZjvc6W9FMAv7scc5opZCLOmH0d0AB6WKLLQbnxAqaREAEREAERKAFEGhyx9MCSqMiiIAIiIAItFUCqtf/Q8CZqLLUUksjmUwiZwLDx18AdVE54IqAMEBgYfCTXbr5dO38ihYFAuRD8+tZIMiY5fxa48LEHY4ZhTiLqmn1JvN0RZ1bBs++ncZ+R3yCSoSzk5kAABAASURBVNskabiNMKI0sMm6wH9uOQVvvPKB5x8GOe8O3XppFCdycHZcGvOeS4+LA98VMUQaSfyAAf0n4NYb18ZaJo5x7PjQ8ks3AJMqgYOPG40nX69BVXYJxOiKhhlZ09Kssi5rqaK82ap5rM71gDOzlJjDFDuANoeo9hVECDQYENbcjmUUJFGPCnxi/3v8HwwSIZYcMMB4OZMDMYtxE5kIiIAIiIAIiMCiJcB7tEW7R+1NBERgHgloMxEQgbZMwDkHtvYIgsCEFWD0OCDtOgH2UA3XqE4g/7ytyzf+yERsBaPYQ0OMOE4hWdwbyZI/4ckXJ+Nvx36EShOsKAflTDQqTwA7bgrccPk++OqL1zHDRCTbDKEDSiJg+y2WRzK0DTiQfMH+SHka01hG9PsWXWnLdwZcdgy6VYzHDVduiC02sv1YfHECqLbyVGWAo08ejQefmoBssBSCop4mplikLRFYOSjMwc4J1tW2y58j9Mh+m4DxIrNCgiBEZGJxQ9QZo74HchYehCF6917MfJpFQAREQAREQARaAgFevVtCORZNGbQXERABERABEWgxBHgJ/sWcc3DOYbNNt0DWlJQJU4Dxkyw+LM6XuCBOwIQLtsBq+vCdT6FlIwFjZCIVCgYHFCWBRA4NJgg1ZIsQlC6NYfd9gpPO/AJTTaCqqgIMP+lily2BO6/dFL0rvsdn77+P0LKzQ4KiENh8LaBvhx8QRtMxy1QQsgpuIZLHrYnRmwtMIDGL+RXBmU3rbBcoxmT06fYtrrxkY+w0GCizQI6Jxe6E0+uAY0/+Hg8+MQYNrh8aMkVIplImxmXsfMkgjkLEuSLEVrc4lwRiKywNVvdCWeTmCRT+f+IAQWTmQ3MmDJbjm3F1GDMRqKkHhmy9DRIJMvYJtBABERABEWhtBFTeNkfAbp/aXJ1UIREQAREQARFolQRiEz/+9Kc/IWeaQ8bsi9HTUZ/lpZqyh1XJHri9HmFx3rWg9j2TTcFmJ2Hqj5ejAhN3HKK6NOJ0gKTrCKA/brnjXZxwxgRMmgqEIZAwzafMbOctgIvO2MzSf4ji4Dt071SNIsMf2VYuB+y3dwIVpT8hcLWWb9xoFv2HZ+aVCQI0hFa2wDZzZrYPhwYkw/HoUDwK11w8BFusBzSkgZRF15ubtg0PP+E73PfYN1bmpZGrr0CqrKP5LYGfmZnVOzYD/Qy0jOnIfk3AC1kzg+PI/teAz0ZNhqH2gfxftH9J0HyAFiLQDgmoyiIgAiLQkggU7m5aUplUFhEQAREQARFodwQoXvFrZxtssAGoPbCVzuvvfoXa+qw9QEuEmP2EiA1SU/PQmIioaIhszcyl4cIIpk/AFfdCEAzEXcM+xRkX1WJaGqA+2FAHlIfAroOBqy9aE907fonS8krbbjIO2GtZHHsosPWawMnHAhtv3hu5cCLy40xhridnZYtdgPowYZZCfRB6wdKq4/MKECMZ/IiOxR/husvWxgHbAsVWjRK7Y4scUG921GmTcfcdnyGq749MZQqp4lLb1hK5bN61ugdW4QA5n61tauG2oamezIPmh3+y0HY72zFg3Z2JwkEUGLEYNfUR3nj/GxQarm2wwYaIopw3pp1H02YiIAIiIAIiIAILiED+nmYBZaZsREAEREAEREAE5o0ABSxuucIKK5jMAD+Q+9ejZiCbiRFzRGl70IaXI5iqPdmv6xobh8gEiIguzVkaF9mCZo7JEQYOv4wdVozadEdk6/rj2hvewvmX5zAtC6SKgIRtEgLYZ2fgios3Q5eOPwPxBMTIIkikUVryMw4/qD/uvm0NHPm3NZHAjyYL5QC/P8zT5GJgZs9B257iibN9mtccmxE6yz+agLJgLM45aW0cvAeQsnKWWnmt2DDtC2ddXIP/3GMillsW1ZWlVuOU5Rn5bV1s25sxL+7LcvZzRFYIzc8Yc9r7HBsAMzJy2Qi5dIxRX1U3Hgv+L/L/Mpcz+JZUswiIgAiIgAiIQPMSCJp399q7CIiACIjAQiegHbQaAmEYYskll0SfPn0R5xy++BgmqHSBqRNm9qQdzbR23KcpNu2FLYgiijEUsbzxEBdEBnNjw5XNizhA0ua+SBStgwuveR9n/xuYZMkrEg5BPVAB4IS/AueeuiaKE58gk5uOXJhCbPkiZl5VSKWmoDT5LZLZ0ShJxCgOAOccXBA3mu0ReTPHz86WNHNmmxOWb0muHmXZNFImjliWlsLSxubYLv3xtnK7oA49O3yHc45fEycdFCBRC6RzQI0l/RHAaVfW4oKr30J9eiCidAc7Z/IbB1E2r69ZWp8XgwsCKLsXRinA1snSsmmfsx2Dxoobd2dCcdeyThj1uYUat379+mOJfn39cS4pSqId/8sZEM0iIAIiIAIi0DII2C1YyyiISiECLZmAyiYCIiACi4JAIpHwu1nhTyshjpJINwCjvp5oYUmzmZdsEy/y6gRVCQtub7MJLzDxitWmABPP3hKK8RYRpEITdEyocX1QWdUbl1z1Gq77TwOmZIFq2ziTjf3YUn/f1wSsI9dBaTAGKTfZcs6auGPHgflExtilwfGukm4qkm46EnEWgeXvTPSwbOZpdqaGJC3vpAlNoQkpv+TlLD8aW0nZ8XZZE8immHg2DkcdvC5Y1nJLYUVAohSoNP9Nw7K49pb3UJleHFGit5Xd6mzFh21u0fmZZXVWF1sLWK9ZIi2wvc7k4i2ByP7f+L+WMVETxmeF5Vf0VByFTO/TQgREQAREQAREoLkJNL29WZhlUd4iIAIiIAIiIAK/QyCOYjjnfIoNN9wQMHGjzgSsN98Zh6zritiZMBGYCDFTiPAJ292Cty1mjSJMBIesUYgA/8VBfrGRVoIsx7dCV1RnVsCZl72Jf91WjckWFlvqUtMDSwz1SUeV4vST10VJ8gsk41oEuQTCXIAwCkyksv1Y2uaafQswE1LAFlOoRVnRaJz9z41w1lEV6GJlZ7X5RcUZGeCq/9Th4hs+RjpYDVnXGciEgNUFUQLePK8YAUx8Q2R1a65atbD9Nv4vmYDluuP1d8f7r1QaNGy00UZGCggC18IKreKIgAiIQKsgoEKKwEIh0Lx3ZwulSspUBERABERABFo3AX79zJmglTFt5rNvTI9Ad5MeTMBq3dVacKWn8MDWSV5igBdkIhcgk83BFC2zFOKgF6ZVL4ZTzh+B6+5MoyYyTQdASQJgl71zzuyOA/b9EzK1n6DIzQBMMIRtjtgSMl/uw9I3xxzbTiMHq4OVheUI6oHUFDg3Cn/f50844/gyhCZcFZlW54qA6SZ03n5PGqdf+JTVuQ8a4m6IwUjLaObsLNO8RXB2Nln24PrM6PbrGF+KwxkTsL6w/7X6KI+C/4OxMQsJKh+kpQgsYgLanQiIgAiIwOwEgtkDtC4CIiACIiACIrDoCbgmLT022mADpJIhipLAa+8AlemuyLkU2F3OnqlBQ7ucIhNfIt+SKBFnTIgyi+xWJk7ABTkTbjJAWYxcshS1uWVx/mVv45b/RbBQZGOAiANzr7iwM/barRc6lnFMK4uNQ+ShRoBL540iFn6ZnO25qf0S8//5nCWYk1nw78xRkAUNoamYzspFgS07FeWlX+OQ/ZfEZeemwJZkGRPdAhOxptQC1/wng7MufBuTq/ohmzQBqzTG1OqZ2yO0vZkFVl+asw2dlWtezXJr8fPvFdCqbocUMLZZpFCV6YK3PwAqjGV5sgjrrbceCpPRBzEV1uWKgAiIgAiIgAg0DwG762ueHWuvIiACIiACIiACvxAIggD84hmtc5euWH311cEWWGPGAT9MDZCzh+zIHrrzZmmx8C/hv5SuJfkiuDg2w0wzFqbF1KczCBIONZVFSGcXxwlnvIC7HwLqACQTZqbdVJimc+1lXbHt5j1RFH6PMJgOsMWV72JnCYMICGYKR7bavLOVhSKaCSxguXxh6m05DUk3Brts2x+Xnl0BtsSiKEcBzjDgzgeBMy96Bw3Z/qivKUF5BZBhVjlndQ3MLIvCHBc87dg1LDkTh3+ckgT/1+w0whqrrY5uXbuAra+Irh3TUdVFQAREQAREoEURsDuZFlUeFUYEREAE2hIB1UUE5oqAc/Y0zS1MoNll6M7ImcDwUw3w3MufIOcSiFxsFpgxURs3qztFmdiQ0Bpr68MZaCER3cCEqAAlHYqRThejvnIgjjriDTz6DDB5pvpAIdCicd2lvbDDxt3QKfkTwtiEqtgULRMGYWy9HmhCUSYMkAmaj3HsCwIEM0W1XADkQiA2EQ6BA2xGXIfS+DvssfXiGHbjYii1+KIUEDBNGXD/cODYf7yH+urlEUXlSHUrh0EC2FotgrlmnB0Xs5nnO1tYm1w1sFav2Bjk7Bx49pWPwf+1bAQM3WkoyNm80CQCIiACIiACItByCOSv3i2nPCqJCMxGQKsiIAIi0L4IOGdP1FblTTfZBIUH6CdGTjIxqwNySILdCIFCtzBL2Bbn2CpFg92mmJATmUshh2IDhQWLzc8m6MFFRqMYU6eWorJ2KRx+7Ju47zlgSkM+SbFl0bsjcP1lfbDD5r3RoWQKihJ1lo0xtCSepwlXtgtYIFrKFLBlmBWG54A3Oy0MBXwZrd4uTiOqG4uN1+iAu29cGh2TQM6qVGmCZzWAEcbgiOPewYy6pVA/3c4dVwqElpOzSJo5+byAyBkkmPrlVTKLiGeaOW1zJoc0eO7k4tD+r0ox4qkfYaHmBwZttjE0iYAIiIAIiIAINAeB398n71h+P4ViRUAEREAEREAEFi0BE7GWHbgcBi67tNdV3nobmDQ5RBx1QGSCDTgKOagyLNpiLdq92S0KFZs4hcjEFbaKylgQhSyYgEPxJTYhJlecw4xcMWak18Shx3+GEW8BcZGJOYBn17uziVcX9cG263dEKvetiV31SBu6wHINQBGDlrXUJl/Y/pLm0AJL4xEXXEuxKGZn5SoYy8hDTWN5WG2w4giRKilBcUkK3YumYrPVSnD9+b3Q34S6EEDS6v+DuQ+9DvzliI/xY81qyKS6o4qfZjSdynRQMJuc7Stt51rahcg442zmqfEcQxueCNJbDnGuCJN/Bt7keWNVHrjK8lj5z382MraiWQREQARaIwGVWQTaMIGgDddNVRMBERABERCBVkuguKIDhmy7nekMjjILXn9rLDLoZJqKKRAmsqBNT7w9mWkUU8x8iyQTHQJ2gzMqVKeqTXea0dATP1f1xaHHPI3n34AJVEDawomndxfg3/9aAZuv0xklbrzpNtMtOELOtziiVGMgLW/fCsti/GyCFRtkGWi/2pwLq25eq7My0V8oS2yVj0zUI5MQ01HsJmLwut1w+1WrYvFOQEMDEBq+tNkr7wJ7HjACE2b0Rn2iL2qj0H9wkfWzaPx6slAT8n4d3sZCjKnNyOQ64o03x+S7X1oVt9x6CLJx1nya2zMB1V0EREAERKBlErC7lJZZMJVKBERABERABNotAQdkGuqw6+67wQXOtwZPT7IkAAAQAElEQVR5ePg0ZLNdgagUUa6Nk7H6wwQaX0uXNl8GyThGKgs41p0iVnEZauNemFKzFvb+6zt48Q2AulbOVAny+VNP4PYrl8cGa5SgNPkTnKtGniRsCsxa98zWZ/kaEEolKkqnYqM/l+L2q1bEQBPuSiOYsGWni/H45Btgr/1fwvTa9ZFNLo00N7Z4Z5umchGKclkT9+pNFqvPZ2nEYWszV+bFadnbGBP+U0VxmbHogQeH1yBnJS4qDrHbbvY/F0W2plkEREAEREAERKClEWj9d3AtjajKIwIiIAIiIALzTQBIFhVj9TXXRLcePdC5I/DKm0BD1BsxKhDyAdzkmAWwm5abhTMRwcxZjZ2VsmkLJMTlaMj2w3cTe2CLIQ/joy+BkIOYO3jZZYUewLAbVsAGqzuD9hXStZMAy4vInCkXbLmEVj55Hr5OPBkypnhORJz+EuuuEmHYdQPBcb86GJOMRdfUAZ+biLXltvdi9PddMK22l1EtyxOweDJBbGqWb7+W5+555VO0waUDhc5cXI76qCdefhuot+p369YNq6+6GsIw6c+jNlhxVUkEREAEREAEWjWBoFWXXoUXAREQgd8ioHARaOUEoihGECSw2957YuoMIG1azGNPmRjTUI4gSsG16W5eEcDmQTTYZCJL1gQG2F1LNnSYkemAUd/1x2FHfYxplYBFw6WBEmO0Ul/gxmv6YOCSk5FyX6MoWYWiCsvDtuX2oaUOvPoTgR8xtJg/NnMnTe2PbbXAU7HxFDNNxBHCQkshqzeKgCAx1er8FVZevhr/u31p9OoCdHDw7amqa4EJPwM77/4GvvthadSHPVBDpqaGxnFsEC0hgZC5Nx4D7qktWgB+mbI+W4GRL3wH+3eyswLYbtvtAJcEJzKJLbRgDJOJgAiIgAiIgAg0L4GgeXevvbdkAiqbCIiACIhA8xLI5HIYMmSIL0Ta9ISRz3yJIO4EL+a0aQELyI9LFZvHqm8Oew1Or3eoifvh28m9sdu+I/HdeKC2HqgIgfIE0Lcb8N9bV8HyS6dRWjQJEYUY6hEWD1oM07AiUPzhoOg0y73VzWwx5RpbS1nx3UxjHVM5E+1+RL/e03DX7atjQB+AXyikuMebvrEmYu11wCv4ZmIXxKVLojqTgispBfgFQscU5mV+lmVbne00QKq4FNm4HC++MQ4z6qymVudtt9sWiLJAlh0KLUyzCIiACIiACLQjAq2hqvk7ldZQUpVRBERABERABNoRgSAIEMcRBm+6Obr37YtMGvjg4xjVNUAqLGlCgpdyWiGI/qZWCG9hLgU4M7Yoos1eOt9IyqtOIXIuhCstRtBhGbz7RU8M3ectjP0BmFxrWoNtWGKKxDJ9gQfvWgcD+tagNFWNNCLkTLzKmuVMnIhMuop9fhGciT/O4oHYtm5dc55LZIU2oYUCndUpNj60XOjArzRGiRyKU1VYuk897rtjfSy7uIlYJvDFpssUBSHGT4YJgO/hjQ+7oC5cHNOq6owxE9h5Y0j8PsydBQ/FLZodM9CsBC17trrYMf+ljE3XA6SzMWrqEhj+VA3iZIjF+vTENkO2AYwPCi3bftlYPhEQARH4IwSURgREYCET4NV8Ie9C2YuACIiACIiACMwLgTBhwo1tuNkWg5Gs6OFbitw3/B3UoruJW2w100ov4xRAKJBY3SiGRA5eeIm94MA6mQUmqFh8jAQy6GDxy+P5V2ux/yFv4NsfLSKRRMqccrNl+gE3XrkiFu85CcngZ+TiOoS2ubN8YQJPZHlwP5bUxKvIHFoMF5u31c6sA0xjChC5AFkTPCPjR5YMLSnOIc5+j8W6/ID/3rQ2Fu8OdDYxD6ZiZWJg9DgYy/fw0dcp1GFJY9bBNiNRNysRyztyCUSWN/xxs2NTcGdN2TrWrOxRXIx0sBheePNbZK26cSaBTQZtaeW3kwYWEJrXasylbFET0P5EQAREQARE4LcJ2F3Ib0cqRgREQAREQAREoDkIUJzImvQSm0ABnHnKKcjUVaIhA9zyWA7j6pdETdoErJw9abNvXTyzjF6xsQdw2xL0/57N3GTRO3brYSJCoxhiBYhMHMmYAEOLzW9BQGjpzFyHjqiu74anng9x9DHjMX4SUFQEpKOMlxj+vDpw552rY8BSNbbJz8gEdQiKnBEIkMwFSJhCkYzgc3VBjEYucICZY5CZKYIm4JjHjwc1B9fSMv0vhuadfPEjK1WEIDaJLjKjawoWqxkFOYSpBpQkJqNv959x392rYoU/WZFjIJVHix+nALvv+wXe+bgLXLgE0LEHspGlsXhb2rkXI20kaTFFQFK07S0CcFaA+TEs4snOI1hdYP8zYao3ahKr4PzrJ6O2DkiGEc4544KZBcoBxg6OICKrat7gz7Z8GP2/+Lg2c1M5IiACIiACIiACC5VAsFBzV+YiIAIiIAIi0MoItJTiRjMfmJ0VaODSA7Dxeuv6oXk++xp444MZCIu7w4sIJlx4lw/nFIbAiY/XTV36W6rxViQwEQZwVmcaKMqZYFJdl8IPP5XilXcbcMRR72LaNKA0BOoagIRVccN1gFtvWAVdO30PtrwKXC1ilzWD5RcA5FEQXCxvtMkpauTmrK40MMQBcBkEQQ2Kkj+iR6exuO2GlbDxWkDK4nIR/FRrLPc54F08/eJUVE0qQzquQEO9Rfm8YjC/gBy9eGVMLQqe5cwM/HpLXBTKxzKbVVYCrLQJpTHKrb7jMO4nIJsBNt5wfQxYpg8QWz1MBDR85tEsAiIgAiIgAiLQ0gjYFb2lFUnlEQERaOUEVHwREIH5JhCYXMDuTKHlxKdq4Kh//AOZBlu15/L/3Po2si6FOBUgG+fg+8vZFvBmaZwl8iKD+Vva7AUCK58vI0wgCZC0KqTMkmz+Q2OV4yLExQPwysedceA/vse0KqDK0kRmHQ3NZiZeDbt+DXSvGI/yIhP0UG+6g+WL35h8nr8R15aDyTuuR2mqEt3LvsPt166OQX8GOtipVeoAtk5Lm4hz8PHfYMQbASoz3VHUoTP86ZNjfBYpE37CAlpnHhMJWyqy2BS3gvlKUHwzQTSm0GvnTWQVmzS9Hv+9/V3UzcjX4h9HHQcvXlnVECcQxylLFeQjtRQBERABERABEWgxBHR1bjGHomlB5BcBERABERABXqJppjIYjKFDd0C/fv1gT9Z4/wPgk68moSEuQ8ZkG87+ATy2hF5g4JN4wSysxc1Wtny1AAosrBSFOF8Jq3PUCdV1/fD4U1Nx+FEfoCYNcNymUqtHkdlWg4D/XLc2elb8iPLiWtRXZmbmY9taPOeIi3ZsgZ0LQdwIGdmaGCVFNehhgt9/rlsLm6wHRJYmZ2wj4zTJBMIjj/8YL76axvRpvSyyo4VyNhXLWSIeJ0tvEfDnG1r+5Kvvywy40hKguAwzMkl8/1MGb70NhA7o37c/tt1hW18t2BT7yv1yHlmQZhEQAREQARFYyASU/R8loCv0HyWldCIgAiIgAiLQzASOPvpYIE4g3QDcef93iIv6IwoqADZL8mUzKcJFiHh1t4dzFFpk+bgWsnBWjkbLlxcu57tHwjSGKEhieq4XHnwii+NOGg/2/CpxAVwSiENg6HbAZecsh07J8UhmpgP1aZSUWIbGJbb6ujjwrbrgInhD+5q8aGNVDszjYvMg4cElis2fySHMVqJDajyuvvRP2M10m1QKJoLCyzb8quM/jhuH4c8kUZXrAyQssgw2mYgFE7GQhU/oAO+i5U3O6s1SRSwjCMDOAwvIVdcgm0nBlSxp/ztfI21VydkJdczRJ1iszUwfAHaqwTmHwl9gPhpmmwJbb2q2qlkERKA5CWjfIiAC7YIAr73toqKqpAiIgAiIgAi0SgJ8BqdZ4ffaazd06tgFYQp46DHg2/FJpEo4FpYpO2whAxOvnOkVlhYm5ninRS7s9sOEpnzR8gJDdQaorgcq4yXxv0e+wz/P+RRT6vIpMukIJVbFvXYF/nXxuujbvRphMBVwtoEXqgLkswsQRAkEXKGhfU7OzhfH+hsLTyAw3jwfnK25NJJuKiqKv8eFZ62CnbYCeppwmLS4lEVXpoETTv0Ydz7yLWZES6C2LolqCzMdx2Jby+xAAYsGRGArvyCRBMKO+HlqJzw8HEiYrldW1AH77LNPa6nUQi+ndiACIiACIiACLZ1A0NILqPKJgAiIgAiIQPskYA/erLiJEXTsKRw9enbCHntuD4oJ1TXAI499Y4/nHWELC7P0zoxChTc078Ry08AFbbbiNAmKEaK0UzlmZJfGXcPrcPy5lZhUC98yKGWbFZntvzNwyanroAw/o2r6z4iCLDJhhHQIswjZIPIYYHUPTLgJKODQbNtFNLeI3VC8IgMYA8BUGgfEgbFJGCNjlTU3F6ZRmnLoXDQDV5+5IXY3ESuOgcA0Hra1+snExOPOqsWdj9ViemZpOzY9rG7F4HmH35pcBNDQQqbYWUHMnFUMkWlYDnUNxXh0+NeYNJVMgD322R6du1dYOpst6e/Wz5JoFgEREAEREAERaF4CQfPuXnsXAREQAREQgQIBub8QMDHAHrr9Oh+szZPLNdjzdYDDjzgUoQkN7FJ3931TUNvQBQ25csCZ1DMzrX9mR3NPdovB/lhWamoJs1qEyAoZW3xs5W5AF2TcSrjt7tE4/rRvUWvVLy5KwaqJhNVpz50DXHDKJujgvoNLT0FFqYkpc6qeCSgB9QrGFVz626sZj9gsMgEraxzjwCG2wxKYkBW6HIrCGpQnx+HiszbBvnsCkQlX5E3ubPx2winj8Z//jkJ9vAIa0AmAnWNIADyYlp8dWjQabGLmsB14s/VmnFkKv3uWM0ihJl2M6TNKcec9P1t9gKydH8cccySccchkrOJM5zfQQgREQAREQAREoKUSaLy+t9QCqlwiIAJzQUBJRUAE2ggBXp5pVh0+WJs5l0AmC6y4wqpYf/0tfHe7L78DHh3xGTJxH6TjCkQmBgVRBBpi27Y5Zu7XCxkUOhJWjMDK5ZA1ZalgUeiQM6vJRqiOk6iL++Hqm8bisstjPxZWyqoeZ9IotywO3hc459Q/IxWNQRjVI7R8EMF/uTCZC8wNLDwwycQCGeGycH6sJq6jnU5W9yALeBYRiCxpVBIxkIgcXM7BT7EJN0ElkuF3OP/0dXH0IQDHOi81narE2JvehcuvyOCiS99HVV03ZIMi5ExWjOLQ3NhEx8hbjtztCIDGll80+v1OFv3CxbBzIvaWc0mk0QG5oB+efeFbfG3/M7EDttxmCJYduLyvRzKZnK2QsZXezWY8x34xaBIBERABERABEVjkBIJFvscWvkMVTwREQAREQARaBoFZL9FBkEAyUYQoAg474h9WxARKyoArrvoBtek+yKAcgG0T08xrD/G2bJ7Z5XdLoQBWJgooFE7o0iITUYKwCMni3pieXhxnXfoeLrjsR9SanmKyC9JWR5gdcWhH/PPE1dGpwsSrYDLg0mYWwUirnwNMlgFCsnj1ZwAAEABJREFU8zPfwMKdGRzToJ1PZEADKOjMYpg5OaMd1gPJn9GxdCxOPGZNHH5IN7BBUoNFOQfwS4XX3TQDZ13yIabW9UJY3NOYJwE7zzxzz94Smssw2PGemXvzOb4stnuegFZO/m9ksQT+dd3PJvbCym7/Q4f/w8TSGKEJchZiMzcyxyRXLmUiIAIiIALtg4Bq2boIBK2ruCqtCIiACIiACLRvAkEQYPttt8Gmm2+Oqmrgm/HA7Xe/gzgqgotygLNLuzc0z+QoBESIKY6YmEQtyeUS4GqYdQizJhnYehiXYUZlOS69+gvcfj9Qb4KJzWAPtQrT4k46PsBxRy5tYsOHJjRMQhzWwjY2N2sWwVQUNJ2cCRW0pmHy/5oANZ2cA3JBhFxoZm4U1KIu/SNymQ9w1N/74YRjgFQI2OFCzgSpjB3Sux6GHavPMGNqiaEvRchjmAvBY+rstANbXVk6f6CDrO3418fIAhfNbPWDs4X9H1DURFSK629+Bd//CDgr42ZbboWtNx8M8yI/WVm955cQwLb3Bk0iIAK/T0CxIiACIrDICASLbE/akQiIgAiIgAiIwHwRqK+vb9z+wgvPz/vtOfuaGydhwgSHKNfFBJ+UPZg3fRDPJ1uUy9hUAo675MUME7EQUSCwMtkMpJCJuqG6oS/OuugL3PQfoNK0KYT5EnYsBk46ajEcf+g6KHFfo0vnCMkEEFmeFF0iU8RoFGLyW2g5LwR4fMiRLrsAknHXTjmk4i9w1N/WxAWnL4FEFqjLmRhpd4s1aeC2O2HH7DNU1vVFzo4h4hTsZDOzA5szFSs2FxkLMr+dl/NSrgW1Dc+P2MrH/4lcrheG3T0DdVYfalLXXXMtatK1CMIAWStv1mS6yEpNm/P+F3Zl5rxXhYqACIiACIiACMxKwG5JZg3QmgiIgAiIgAiIQMskUFxs6s7Moq26ymrYa6+9kDNxhy1lbr7lC4SJlYCww8wUzeU427GJaSY4RWZABLgcctTeeNdR1BXTsn3xt1Pfw10jgLRpHuyK5pJAmekhF/+zE049dDkUN3yNZK4GsNnn6AI45+CCHEIzx7yds7wdMCcXhcn2zzIUVtu560xkCoxHEBsXlzUfjKuxteMQNdgxCBrQMf4WR++9GK4+pzPKAoBdOtkKi63khj0GHHraR5icXgy1GTtgoR0D06tgxxhxFhSOeNxj2w/Y/5AuDYt2yuVi1NZZ4bE8zr/oOVTVAa4I2GOvv2C5ZQagKFWCIEjCIfCGmRNFLNrMVXOsfrbULAIiIAIiIAIi0PwEguYvgkogAiIgAiLQ3AS0/9ZHIJF0OO+CC1BUVIyaWuBhExY+/iyNKFMGZw/mv1kjPo/TfjPBwohwCEtMygq6YXJVHxx72lsY/qwJI3YXUlIUosR0EJcBLj1/aey989Kon/SmyQrTbYMIiG02g02ByS2BBZlja5rnlQC1vzCKEJqIRaaFfCgkUtgKYezrP8MeOyxhx2QpdCoDbEbW2E9rAB5/ATj8hHfREK6A+owJpn7UfdgUI2cHjHqWrTTrnCgpRXFRT3w3vhT/uxeoNAErlSzGpZde6uvBwgUmXdGViYAIiIAIiIAItA4CQesopkopAi2egAooAiIgAouQQGz7yqF//8Vw+smnoM4Ug2oTgK687mXEuQqg3uLjmZd485qm4FWg2Dx5gcF8zrJYADNb3NBmz4piSD7MyuGKUZ/rgp+r++HgY97C3Y8D1TWAywIJl4Npcbjl6v74yy7dkM1+i6Iy9ic0tYRlpMEmZ+txFqaQ5M1WLVTzXBMwoLFtlA3AoapCMiVbC2pEagemsqoS6fRYExS74YLTuqGLnVZdy5NIWbpMGhj5InDIca+jzv0JdekOFlpsFpgBvxx7v5pfOHNo5iyIeZZzjvVpminP/ZosXNwJp5z1BKbPrNgJxx6HHr26IOGLOTOw6Xbyi4AIiIAIiIAItGgC/hLeMkqoUoiACIiACIiACPxRAlk0gBfxv//tECzdfwlMtefx+54H3vmqDtmifohQiigbA86Za5EmXsGmCAmLSwB8yLf1+ZljK0E003IusD2YmUgRmTHfIArNKUUm6oXq9ED85cD38PKb8AOEhyx8DCsNcOVFK2HwBuUoc9+iJFELF1qEb2plm8+cZxFFLHpmsJx5IVDgZy65JiJ40Yl+uHyGHXuWIZWsQVE8Gjtt1RvXXLGuCT8Z8LjVWfoasxHPAn8/6nXUZAciHfew41/s82EOvhuh5RXb+cFzIzKXBjtPGD9/Ftj5m7D92XnMjFwMdlmkqBUFITKuFNMaOuGZNyfijU9g/ynAYj174eh/HI/6dK2tV9tWkZlmERABERCB5iOgPYvA3BOwO4C530hbiIAIiIAIiIAINCeBHFImUMGWJRVdceb5FyNnxak3+9vZX2FycmXUuo7IcgyiwIEtZgrCRByn7GG/2FLO3y1AbIIEaJZfhBRyLoVMkDALTCADwqIixFEStdmO+HFadwzd/XV8+gXAgbQbckCiCCixYgy7tT+23bwOnRM/ADVTESKNbKbWBAorImdL68x8plynsBXSE1uaOZkljptaIU1k6ZsYs5grs219IQruXG3cshI7Kw45BubGAUKrUtKQ0fVVNJEpl6lHyo5RIluLCjs2a602EddfvySKSmwbmylk1dp2T74A7L7vm5hS2RP12VKkG8Czwi8yQWDnQ8KfG7GdI7BzBbY/L2I5B8yr2VniUAIHK6DPA36aUR3b/gJMi8tQ23k9nHLdj5iUsfOsLIXzL7kKxeWdUJrqZFslrIzOm7NcaIGtNTVoEoHWQEBlFAEREIF2RiBoZ/VVdUVABERABESgDRCgSES5ymSBogA77LgzVll1ZdiTOT4ZBdx2z/tIlS+JONEB2WyAMDWzys7EHN9dzJSHmUHz4sT2sI+ZFliWQRyZDJCF7xPoFRC7vcgkkYl6YFJlb/z9qLfx+WigNg0vYDnAd0m74V/LYYM1YnQuHmvyxlQEsSUA8wHYmsaS+ZnF9h4uLGsEEWyH0DSPBHgAyJEus6CoVDB/XIGI54njsUgj6aaiIvUd1lk1g1tuWBG9e5ooZOKjHXrYkcCn3wB/+fs7+KmqDxLFfRCUdkQUMXOLtTycHVNnKXmugPlzXyaScdfzbpa35QlnrgNccRKdenVGxsSrKNkX/33wM3zwtZ1vdkoNWO5P2HWP3cApnatDDiw51wAtRUAEREAEREAEWg8B3r60ntKqpCIgAiIgAiLQ7gnYA7sxCEzyyWUjmHaEkrIQ//rXVcg1WEQGuPLy7/Dex1PREHRHGiUIUglQT8g/ttdZIjMTFswz1zOFJeYVsfNfHMC5NELXgGScQSrOIRXFpi8lUFvfEeMndcOOu7+N978A6kOAxSu2PfasAIZdvzS2WK8BHdzPCDgIFgvnLNKM+Ztvtpm3LLRCcGSepmarmhccAa8a8qDkADuu5WUO5e4HbLZWHe67bSV0LQdKeaxsj9UmEn1gAuWO+36En6YtBmQ6ITCRKhXH4DmRtHMjQD3gLKGFR3bu8MjBtse8TDx3A8svqIXPg/m4JKorgbpMZ3z/PXDx+d8gsKKzxdiFF16MZAqA1SnNAeNyoclogRk0iYAIiIAIiIAItCICQSsqq4oqAiIgAm2QgKokAnNLgJfuvJlWhGzOntIti/XW2wD77LMPYKvTpwHnXvgpajP94JLdkKEOYWk4z9yS3vmwAJE9/udb6dgOY8uKZqpEHBchE/XCt+M7Ya/938fXE4GfTLmKE0CnTkB/0zceuHM9rDEwi6LMtwhjEyJqs5ZBfmYrHTawyq9p2VwEgig0EYrK0MwS1McoDnNIpEdjpQG1ePieTdBvcaDcxEiTkVCTAb6bAOy537v4ZnQZcrneYBdSO1HgGzzFlo8JT5EdXIqgtjafs50zTYqHVAkSqa7IRf1xwonvejELOYfddtkHgwcP9vsKA4eS4jIEQdLWAzPNIiACIiACIiACrYmArt6t6WiprHMmoFAREAERaKcEkskQYRD62qdSCVx37U3o03tJxCYWvPAKcNudH2NGughp57yO4Cw8NJEpNNcxkd9y7hbMg1tQhJilpZTtI91QiilVPfDNt12x8x6f4TsTryhupFhE2283E7DuGrYeVhgwCR0T01HKz8FZuBc4AsvVBIkAof2ZwBCHiC1PNDaxwWxTYOtNzVbnOFtlQbPMG/Oif46JFejR8Cgk4eIkQMRuJhbTKssTIUriyViqx7e49fqVUFIG8BTkMZ6eBr76Fhj6l8/x2eiOqE4vjijXATBxa2YOiF2ExvOGh6UQMa+ug8+vcsYMTK1JYNgdn2LUN0BRAlhi8T/hoosuQzqdBVsq8nQKTMSyQszcW2DVy9vMADkiIAIiIAIiIAItmABvS9CCy6eiiYAIiIAIiIAI/A4BigeF6LKyEtx7z70IEymYloBLr5qCCT+VoCHdCVEcmCCBvFE0wrxPHPMKJkRQjPCaELNK9kB9vDi+n9QT+x32PsbNAGZkgU4lQIdSExP6ANdesSlWWKYOxcF4hLFJWxQwTIBozIP5RCynGf2y5iHA42LnC2gsQcCFGY+VxSXt2HUsmYSBS1XjieG7YtklAdNPUWxJKtPAD9OBPQ/+FGMmdkcmWAIo7QHEFmnb+1Z7iEw4svV5nu0Etrz85jGQQwpFpUtgwsRiXPavSaizU6s+E+Cee+5Bp46dkGLhfGItREAEREAESEAmAq2VQNBaC65yi4AIiIAIiIAI/EKgtqbet4RZZ72VcPw//2ESAVBVD5xw3HsIsao95XfKiwgR8q45nGMTAmj0z52ZOuXMbKMYScyoLMaoiRUYesC7+PInwDQEJIsC6lzo2x146O7BWGHAd8hVfYPiMAMEEaIEvHk1w4UAW/xwhc1lLF9n4oQ5mhclgUbmdmyd7TimLJVCHDrk7BB5CyLEmWokM+PQv9OHePiOjdC3t6XlbGkoXH5t58CO+7+FMT90RF1DR9Ovkow1sxPQnzfm2tovM9dpv4TM4mNZaIXAxnICUa4TqqcugX8c/iEarNh1ls0JJ/0Da661PErLUhZf2EiuCCwwAspIBERABESgGQgEzbBP7VIEREAEREAERGCeCdjTuZenfsmAek9xScoH5OI0zjjzTCy/0srgUD8ffwZccMkzSEcck8jEiMKDf8H1W8EEhpm3BLFF0CyEoXljIsYHFhqAXcAcrBxxAmmUoDbuhzc+zGHnfd7F+GmAM2Gq2MSGMBNh+aWAO27eEj07fIcOyYlIxtVAJos4zgGWh+0NkQt8vjCXYV71QmTxmpuHANkXLACPT9aOTcSmci4yidF8CWdHPosKNwHL9pmO++7cFuv8GSiy456NYIIX8GMlsMt+r+CdTxzq3RJ2DpZZdezksGXOBT7f/DG3gMbZNoZZPNMYbvumM4uZUMVkubgcWTu3L77iWXwzBr634pJL/wnnXXCenVNpf54FIeAcNImACGBUKbkAABAASURBVIiACIiACLRyArwbbeVVUPFFQAREQAREoD0R4KU7AGarsnPOP6wnwzKEYTEeeughJIuLURcDN98JvPzuNMSpAUBYbuqCbWzh9oRvHpgOMDPPJmFwQKEHmflsDix5ApkgQM4EBWcqhYtKUZ3thxc/iHHEP8d7waLINLKsaVS9TKfYcKDt+6pVsETPL1HqfkKRiVYpExMsIyCKYVqI/1Kci0yssFKALXMC8zPCl+z3FpaO2/zKZt/GKsLKzB6s9d8nwGPgLW2CVRZJO2jJ2CE09dKZIRcjkQSQboBrGI9eHT7AzVeuhTVMsOzN8BxQXw98Ph74yyFf4/m3YlTW90W2thi5+ggUxHguRbATJTazrPzMU5GHjCuxLcwiKwHN1mDFgD/kaVvLlSNILIk3P6jGTXaO22kHVxTioeHD7YjbiRin4BxPONj/hqUvzC4u+OSKgAiIgAiIgAi0IgK8TWhFxVVRRUAERGDBEVBOItBWCJie1KQqvLQHWHrpATjxhJORjoDIBIWTT5+AHyZ1BXLdzCwgtgd7KlRePAhME+B2M7Ph831BRGCQ5YE4gjODixDZDuNER2SDfnjtvRwOOHwMxk0BSkoTcCYsmHaB1VYAbr1hOyzbvxIV5T8h4arht2d+tivT22wdjQbL14+phQiaWgoBHgszHneeEwXjMcqyjHYOIYTLVqFjh2lYrOsEPPC/XfyxL7Ho4hAoK0pgUiVw8D9G4d3Pi4Ci5QDX2XJweVmK4iXztd14cQo28dxrYrGljO2cA8/VwjkbpCxhT0yauhhOOXOUnYuA6WU47qTT7dxfCs62cTPFK2gSAREQAREQARFoEwTsFrJN1EOVaB4C2qsIiIAIiECLIpC/rAcmCCSsXKeccio22GgD1JmoNHo8cPrZL2NyTRdEQWcgLjWzVCYK8EE/CrJ+jCM4Uw4sG4pQkXm9qGD5IbKQKINULofARISaaDE88vwk7HbAKEyaDqSzwPTKLJINwDZrATfevB4SZW+gPv09Mg0NCIIAsbOMaVa22Wc2iqHNHq71FkbARfkC+XODixA8Z3LpNGrrJiAsfws337YBtt3IxCs7J2oasqi3TabVAHse9DFGvDwVtegFlwmQjCxBlAbo8hxDfoqYLb12rkR2yphCBtg5BztX82bnbrIrplR3wUknP42vRgF1to/1N1gXp512KvhxS25eMOpvBb9348IO/JoWIiACIiACIiACf4xAs6fibUGzF0IFEAEREAEREAERWPAEkmGAm26+FZ07l/nMn3gWuO1/n6M+GIhMUA42wuJX4QraQYQAOZcyS+ZbyJgogNhvCvhnflvkKpDL9MP9j47Fsaf9iHrTtWBTcQqwGTttCdx63SCkEl+ic9cq5LI5hCaKZU1FYAuryLKgKCENwaC1ttmOHewcaTRnFXB2AgQOUSaHIjsBEskJKC3+Btdcthm22yJ/ToSWrMGS8Vw5+tTR/tzJZvsBmQqLsVvRgig281yLbR+5gOdhyk4/i7dUnKMggkUhcuWorO+Pa299Bw/bOc24ThWluPmW21CUzKc37YvBMhEQARFoYQRUHBEQgfkhkL/Kz08O2lYEREAEREAERKDZCTjn4FzBTC1ArZWpAX37LY5b7rjLBCug2p7/r/53Pe5++Cc0JLoiLglQk2mAC3KmCyS9ITQVwQSJwCXhYIoElYDAsmKWMYWwlfDIo1U48dR6TJ0BlBTDBCogmQH23xk4//Q10KX0a5Sl6hHV5VBRlEAcUcLIIhuYWX4c/yhyDr8vYgW2098zi56refa85mpjJS4QcOaxYwgaBSWXtYCMWQLFiSSCbIiisBbdy0fhzH+uij22Akphk517YRhiynTgpNNq8fDDM9DQsCxQ1BWwc8hONngrtLKCTRS2Zq5XVtUj6zKYlq5Huqg77n98Kq7+N5C1ZNVmPMf7L7GE+RjSYK7t0JacWVRn5W5qDJe1UgIqtgiIgAiIQLslwLu5dlt5VVwEREAEREAE2jqBkmQJNt1yCC688krUhcDkOuC407/CEy/9iAlTS+FSJYj4cG8gwiiAM/2KRj/M70UFlwBKOqE21x+33fUVjj91ItImaLHbYMLSlJjtNRS4+IwdsFjPaQiCn5FAveUVmQEuiv0+KFjFJmKxJRZ85tDUDATmb5cB7ICamVBEgYkGILBzwJkbxhGScb0/B3p3n45Lz94ee+2URLnF8aSpN62L59upZ/2I+x6biGy6LxD2ABzzBWDnIM89noM077fg0ooANZkAYcUAPP36FBx3xtewVdRY3OXXXocthmyLkqKCEmaFsXDNIiACIiACIiACbYuA3S20rQqpNiIgAiIgAiKwkAm0guwTVkY+zBcjoi+ZxFFH/gMHH3UkGmydw18decJkTJy2sq13QyaX8wIEogjBTPMbOts6iJBzpahuWAa33/8DTr5wCqZYHigCym0XRSZIHLKXw5nHrIGOpZ8A8VSLdeZGpn1F8OMX+czytxy+MRa9lgSaWg8BHi9vdkztnEBoRedxNAcIEMR27iBrvhxCxtvRT8TT0KnkY5x9wpo4ZK9ilMZAcQJAkcM08x9+9g+47vZRqKleAjlnEpezOJ5zfhcReC76czK28DBAUNQXn49ZHIcePR4NSaDexNm//eMoHHL4YShJJWZKohYR24npx8yy7TSLgAiIgAiIgAi0GQKNtx5tpkaqiAiIQCsgoCKKgAgsdAJNHuBNDzBpAbjoksuw7dChqKoFptcBex7wAkZ9X4Yo7I+ID/2OKU0tMDEC3CJOIBd3Qn20FK679SP88/ypqLaCJ0JbmBKWqAf+ujtw2nGbo2fnH4DMWCCqMsvAqwkUJCypb7FDt2CF8MK63NZHoOkx5Llm504Qx2BLLORyQNSAIKiGy31r58ZEnHzMhvjrbgmUZoF0XQw7/ZCzu9CLr6nCZde+jdp4CWTQCYApXC4N8BykOdi5WYqGbB+MHl+Bvx76IibVmHhlp9hmW22Fq6+8Cg0x/OlmThOPZaVZBERABERABESgTREI2lRt2lNlVFcREAEREAER+P8IuHwC6k25hjQ6JlK44z+3YaVVV0DaAsdOBE489UtU1ayIbNAVcWzqAnJALjLLIsoWY3rtcrjsuo9xxQ1pExjghQdnSTpa1ifuA5x0xBooL/7K1qaaiBAjjnJgV0HwDsMrChZlc2BiBIsT2rY0NtJxPiFDaZZoltnK4FtuzXRj27CpzZL2j6zMzKcxzz+yTRtOY2IT5sYiO5gFKxwKQxrbMYztuDiLduankVpsJ0mcyCFRDETRD+hY/iVOO3YN/HM/+DGxyk2nqrXtfzIl6/JbTFy98mNMq1ka6VyKG6C6yiKTlpNZTa4ClbWr4tgTPsaX44CMbbvKmqviofvvQ5ElKbbTJzbXmy1iZwtbzwunlg+PuQlsfr3gMl4mAiIgAiIgAq2FgMrpCfD20nu0EAEREAEREAERaHsE7NketLKilHc7d+iIp59+FhWdysFGVu+9D/zz1OGYUbcYGoLuyHKAog5l9sjfCdnkQFx6zVu45tYI09NAWUUKRZYZRYOzj+mMow5eC6VF3yEIfgJc2gtXpmH8ygUn2y4wXcGbaQqOCRkua4UE7GDy+NFYeopCdH/DXJA2PXM8yopG48iDV8M5hyT5eQB/PhaXADWmm14/DLjwqneRCZdDJuiI8i4pVFZHqIu7IxMug2NOfhRvvgeYDopuPXrhkUceszyBdNYE00zWf3vA2fkFv7CC/D9lshSaRUAE2hkBVVcERKD1E5CA1fqPoWogAiIgAiIgAr8mYBoDA3mhp9FfV1dHB726d8NrzzyFnr1C1OWAJ54Dzr7oVdRHK8IV9US2vhRVudVx7Glv4prbTWCwNBkTB2pr0uhWCpxzSg8cfNgaKOv6A4rL6tHQ0GDKQgKIUnmLE40ilt+hLQLbvmC2qrmVE6BO1NRmrY6dfJGddQWzY1/fEMPZuVLc7Scc+PfVcMJRZehkp0zOxKvSjkCDbXLDncAxp76DGelVkQm6IVm+GCrrl8X5l7+Ip18AEiVAmZ1/Ix99GEv06YuiZAJZE7Docv88v+jKFhoBZSwCIiACIiACzUogaNa9a+ciIAIiIAIiIAKLhEAmk0EYhjP3FWKl5VfGf2+/BxVlQL2JCP+5BzjvkpdMMFgOkyqXxrGnPo/7HgfiJBCaLmVaAZIOOPnobth5m37IZT4HEpORzlYjlQpm5ivn9wm039jiYqt7phoIfkYm9yX+uufyuPjs3r7lVPUMO89MzAqKgIdGAkef/BKm1iyHuuxKuOSqNzDszqz5gZoaYPhDw7HGSmtaZs4MSCaTlp+JY5Ff1UIEREAEREAERKANEwjacN1UNREQAREQgbZGQPWZZwKJRMI/7MdxDPiH/VJsscVQXHjxFUjbes5yvmlYFmed/zkOP+YN3DYCYOushjSQrgdKTS+4/oqBOHCvFdClfAJcPBVRrgGJIAXEpj44U8ECS0yj3/Lj3LSVTlM/42RtlUAMF0a/mN1txpGdJrRcFuWltSgvGofdt++PC8/ojnITt+pNnKqrzZ9zDz8JHPC3F3D2hZ/irntqMc3Ov4xte9lll2DQRkMQZULflTAXA0HgvDmHWScOLE+bNfSXNdsWTe2XGPlEQAREQAREQARaKAG7pWihJVOxREAEFgoBZSoCIiAC8KMP2S1A1uHvfzsMN9x4C3IoQhrAXQ9NwotvAyVBEg0ZoMLEhZ4dgVuuXRnbbdodRclxCPEznDNVoek4QwU/RQOa5aW5vRIwNYnjY1EgKiDgOUGzdWcCZ4ifUJb6HrtvtySuOL8POpUAJcVANueQDZN48R3gP/+b6L84GNm5edttt+Ooo46FCwMECcvf8tEsAiIgAiIgAiLQvgjY3Wv7qvACqK2yEAEREAEREIHWS8CEBeoK/NAgUg5hMoUDDjoQ11z9L1DAmtIAVLkAdVGE4iKgUwq44eKB2GytGB1KRiNXNwZBKmcCFswcXJC3CEDEYbWjcvOUw0UJsMWVBWtubwTYIs+fB2X5Rk7u1wASnVN27k1Gt/Kx2GGTUtx4SV9/rgVBjHQ2gzrbpDaVsnPKzr9rrsYB+++HZDJEbXXWt77itwYsyW/P3Cftt1Iwrqn9VjqFi4AIiIAItHcCqn8LIiABqwUdDBVFBERABERABBYVgTBR2JNDQ2UlHnjgPh+QqChH1sQnBAFSJcCllw7BWqv3R0k42eKnIMqZY2qV6WCgiBC5yFwLsGBQwDLxguKVX9WinRKw20s7D0CD8wziIII3W4vsdIlmpIFMA0I3DR2Sldjgz8vhwvM2hU/OTew8yzXEABK48647UF9dbX6gpDSB2gaL9GtaiIAItA4CKqUIiIAILBgCwYLJRrmIgAiIgAiIgAi0ZALOOTjnwGZRzq7+/HIgx8P6YfwEDN5mWzz38ovglK0yoSBj4kKUQWU9cNe9IzGjuhhFHXoB2QDJMtsYlCONAAAQAElEQVTY5qzllTE3F2RNwMrCsSUWQnNzeYODc/hNg6Y2TMAUKpcFaDO7DdLJhQDNNCkELgmkU0hXZ5HNFVva3nhs+Nuot3POTiMkS4sRIEJJSRJvv/MmttluO/w4cSI4hFsQRghnnls8n+nPi6mwLZw3NE52klpO+JU1JmgdHpVSBERABERABETAX82FQQREQAREQAREoB0QoGDlnPM1LSoqwrhx47D5loPx1jtv+zB+0c05h8X69vHrJkHgyRciHHLMo/hhck9UNfRBVZVtH+RFgcBUCRf7pID5GepgW7k04EzEQMuZVJJFSIDH3p8DWdjZAvYj5LkR2LlCQ2xKFlLI5DrApf6EH6YuhoMO/S8eeqba1oEgFaJjaSmibA4NdXWWLoeXX3nZi1hTpk5CUZGJX1Yd5pnLZn2XQ1vVLAIiIAIiIAIi0MYJ8Nrfxquo6omACIiACCwAAsqilRMoiFd02frqu+++w9Zbb43PP/8c6XQazjlv3bt3x6OPDMcDI54AgiKkTXR481Ngz4NGYtSEZdGQ6o1MkEASDqlciGSuCMmoCGEuZZpVAN/qhl8ihAQstMvJThge+5kCFhG4KLTTIkSYpTmEuQC5MIlscX98OGpJ7PP3N/HUu/BTMpXE/ffcj2efexZLLdEfdlr68Fwc4/3338cGG2yAyT//7M9ZRiSC0Atd9Dc1nn2/Z03Tyi8CIiACIiACItA6CASto5gqpQi0BQKqgwiIgAg0HwHnnN85xapJkyZh8803x5dffolUKuWtuLgYiy++OEaOHIk/r7EadhqyNZ577lX0XGJJ1JkS8NqHJmL9/Qk883qNCVjLIcp1AqIUwHGOaMzdt7zJms82cBQyzKu5HRLgsafl7Pywc4EEeI5wbDU7Z+K4A2py/fHAkxOw54Ej8NY3lsxOz5JOnfDCi69i2+22w8orrYwRIx5Hr169UJRMMAcEQYBvv/0W66+/PiZPnuxFLIYV27nrE9jCdC5bahYBERABERABEWiLBFqXgNUWj4DqJAIiIAIiIAILgUC9H0wIYGurKIqQy+ZQV1eHsWPHYo011sD3338PH57L+TQ9evTA008/jdVWW82XhjcI666zJh565BH0XnIJoAT49ifgb0dMxQWXf4YZDX2QC0qB8o7IxiZShDFijnkE84PihWVDp2C2OstcCC+4s0RqpfUScLMWPbADbMJmQ6YBKCsHwjLUuwG4+MovcOgxP2LcVCBIAUuvNBDvf/ge1l1jLaSQgHMhBg5cAW+++Sb69OkDthwMw9CLVmPGjMGGG26I0aNH+3WKsjk7j5uKV/Q3tVkLpTUREAEREIFWQUCFFIHZCPD+dLYgrYqACIiACIiACLR2AoVWKYkw4VuuhInQi1eDBw/GtGnT/IM/60hhYNlll8W7776L3r17e1GLwlbWdKhiS7DGyivjw/ffx5Zbb46GNFCTBa69OcIRx3+EidP7IBf1RlW6CGm28DKhAk3FK9teczsm4PJ1z7kAmUQHZHK9TLDqhb8d9TauvzWNXGjxgcPOO+2Ct159FX16dbezx048C/azxfXt1x9vv/0WeI4mk0kfzPNz/PjxviXW119/DYan7PxO2F1tYFYQrnxiLUSgnRNQ9UVABESgLRGwy3xbqo7qIgIiIAIiIAIiQAJsecVWVxSuKFK9/vrrWHfddX3XK8YH9qTPgdyXX355PPfcc+jcqTOSiSQYTqMYwHRFtuhW2gGPP/g4zjz7BMR25zDDRKzhzwM77fUBXn43h0SHgWiIihGFMxWL2DbSLAJ2HuTslEi7cuRSS+O1D4Btd/8cDz0HVBudXLIIZ55+Ie675350qeiCiqIiBHBIZ2otFqitrvRu1+49wfN34MCBKC0tBQWrTCbjhdiNNtoIn376qU/HRcCFGfVUcxbErDxEQAREQAREQARaCIHCdb6FFEfFEAEREAEREAERmFcCFKoK2/IhvyBeffDBB9hmm21QXV0Ndi10znkRgN0FX3vtNXTt2hVRHIHpM9kGy4KtYGJzbWZTrCAEcgHOOuNiPPLEI6joUo4ai/5sLLDf39/Hw499h4bs0khnF0MOZbaRqRY2mxYBOAdLipjrFqO5bRHgcc25ADTwPPHVyx/sGEXIRD1Rn1sK/7n7E+x94GcYPRGIU0DnXr1wz70P4p//PMkCbK6jaGURyMK5/PZsRZhj10NE/hxlF9e+ffuC4lVh7Lbp06f7gd1feuVVv2cuoihHx1uhNRZdH6CFCIiACIiACIhAqyUgAavVHjoVXAREoN0QUEVF4A8ScC7/4M/kcRT7cYPYumrTTTfFjBkzwBZXBZGLrbGeeuoplJeVw7e4SiR8+kSYMpf50CwnNsWiAhXmu2/tsOX2+Hb0d1hjnT8jMr1hygzgnydPxHnnvYPJU5dDNljCBIsyE8QCEy+AWtu2IZFE2rJLB4CtwvQIy9hmC0PBbFVzayLgjySydvwyQYCwrCPiRCmQLDIrMUGrA6rTfTBp2nI497wPcMEFGdRn4IXPZVdcBW++9jp22G4bZOMseA64khIA5reVpJ0vtoIgkULI/BCA41xRaH377bfBVldsYcgwnruVlZXYeacd8eyzz9q5a+d9Lgs2BqQFdrLlLbZc0GjMXyYCIiACIiACItC6CAStq7gqrQjMGwFtJQIiIAJtmUBBlCrUkQ/2bFE1YsQI7LTTTqiqqvIP9hzE3TmH9dZbD4888gg6dOgAtrqisFXY9leusxCaOTBxgdalYxewxcsBBx2KuhxMqABuvxfY84Dn8fLbJkKUroagfBk05IqQNtEiEVL8slsOah402NSYp/k1tz4CcWhltmOKBII4wIxplSYVJUyg7IDK6gpkkqv4LoPb7/Yy7n4AaIiA6fXAQX87GG+/+z76L7GEF5lSqQTyUz4v/IbExBZXbD1YUVEBntcUZbkdB2+ny3Hdtt9+ewwfPtwLsgyjUeByztErEwEREAEREAERaOUEeLfwR6qgNCIgAiIgAiIgAi2UgHOzPqDzYX/kyJHYZZddUFNTAw56TZGK4VtttRWefPJJ3/KK1clkTGGiZy6tJJHCNVdfh6uvvBa1Jk5kTc94/2tgjwO/wsnnvoOxE3ogLF4ayUQZ4oY6JE3oSuYocCQQOYoWugWZS+QtKHmA2I5hHKeQzCaQtONf5CJEuRB12V6oiVbFCWe9iT0PGoMfZgBVpmlmEw633XYbbr7p30i4ADkqmzNrNKsAy/OCNjNypsPx3OilIMXz+OmnnvbdYtlVll0NeY5ToOU5z66GbKHF9DTnHJxz9MpEQAREQAT+GAGlEoEWSeDXdwgtspgqlAiIgAiIgAiIQFMCsz7052PY8oo+CgVsecWHeKZjSyvnHHbffXc8/PDD4AN/NmeqAgAKAIXtbHWu5mTocODBB+HDTz7BSmuuAVcC1JlOcM3t9dhyl1fw+PPTTNAYgLp0DyDXAS5KwMWB2VztRolbIAEX8TgGQJzwxzZMLImGaFncO3wcNtnuKdzxQAZVMfBTFbD86ivhzXc+wH4HHIBMzgKtPhShzPEtA5u69M/J2FKQ5y2FKm7rAod77rnHtzBkyywKtNyOgixFLLbS4vnPMJkINA8B7VUEREAERGBBE7A7jwWdpfITAREQAREQARFYmAT4EJ/NZv1g1oX98MGdQtQdd9yBww8/HGypwjgKVBwjaNddd8VNN93kx8FiOEUAils0pmHYXFleh0BJaRFWXHEFPP/KCzj30ouQpZ5hNmY6sO/RE3HIiR9h9Li+qMv1QDrjEDdk4EK7/YijudqdEjczgY4dAWfHj6OhFxUDCVMq7RDGURJRuDg+/aYb9j3iNRx++jR8NQGoTANhOfCvGy/BC6+9hOVXXB7ZKEIIB+RM9+K2zAv5yTkLz3t/Wc7BFwSBD6VbXl6Om2++GXvssQeailUUtHbbbTfce++9YKssbsD/mUKa2tpaBslEQAREQAREQARaGYGglZVXxRUBERABERCBdk+AD++EEIYhHf/wTv+///1v7Lfffl7Y4gM7W6xQ2DruuOMwbNgwMA03KDzU0z9fFgOmQ/gswiCBww49CmPGjMOW22yFXAaoNxHjoaeA7fd+Dw88OQ4N4UDUxIsBiS5AWOK306KVEKisRGwClPMCkimUuQqko8UwPb0Ebr3nU+z4l7cw4gWgzs4JlCYweJvB+ODdT3DY349EMpFaoJWk6FrIkCIWRdsTTzzRB1GYpYdp+L9w6623chUUfAtCbWlpqQ/TQgREQAREQAREoHURCFpXcVVaERABEVikBLQzEWixBPgwXhCy2H3qkksuwfHHHw/nnBeqOLg1W6IcdthhuOyyy/wDPB/u2UqrxH/xDfM0UbDy5ky8MsvfSDikTJAqDorRp3NnPHz33Xjo/gfQoUsZqGeMrwQOObkOOx70Ad4d2wWTa7ojdmWwgs5TGbhR7GB50CdbFAQK4hXdqulZTM30wTtjOuMv/3gfp12Wxs/1QDoHdO7SDf++7gaMeOBB/GnpZRE2AMVBGUIkEdq5GQd23Mzmtx8phVkahanQhNyLLrrItzzk+U0eDOP/yLHHHgvG8dxnCywKu3SZRiYCIiACIiACItC6CPAWonWVWKVtZQRUXBEQAREQgYVFgAIV877gggtwyimngK1OaIWH+FNPPRWXX365H8SdD/OMC4PQp3POcdP5NypUVLR8Ts4EtCRKSsuxzdZbY9zYCTjg4L8hURIilwJefg/Y9YBPcehxn+C9T4tN8FgB2WAJpNEJGZdCzgWIEQDezPGzrccJC6dZvDMBxAyNSohPpMWvCBi3WTgWEhhDCy8IgOQdI4EoZ+GRgW1yXjCOx4THxpUsBqQGYHrNAIyZsBiOPPl9bLbTO3jyNWBSDVAfh9j7gIPw2Udf4KD9DkAiWQxksqZRJoAcTK+yvLlTZycMDfM+OefA85nGXCjk8py/5pprcNJJJzHIt0KkwEU7+eSTwf+RkpISL+QWtvMJtRABERABERABEViABBZuVry7Wbh7UO4iIAIiIAIiIALzTaDQaqS6uroxL7Y+OeGEE0ChiuIUI8IwpIOzzjoL5513nglKDnzAL8QHYf7SX1jHXE7cuqnBdAlvhXwSSfMlkEqWoEN5R9xw3TV45613sPjifZEsAmoagEefBXbcaxyO/OdHeP+bHqiM+yMddkSuKAlXVIy6elM8ciZ0eJEqYeJVChFoCWRdYP6mJaDfdtk4c72pNUa0I4/V37Mz19faWHo3MJYJ40eOmMmS6ynTmiwu4rljZscAQYiGKEI2mUBD0AE/VXbBmx93xOkXfY8tdxqFEc8AReWw4wwsvUw/vPLSi7jpuqvRvWsXE0xztjc7MZJ2wBMhYHNjCcwTxBGciVh5c+Z3ln7eZras4pZshUixiq2tzjnnHARBoe6Mhf8f4f9JaPWaPS6fQksREAERaCEEVAwREIHfJDDr1f03kylCBERABERABESgOQnwpbQeAgAAEABJREFUAZ37Ly831YAes2OOOQZXXXWVFwDCMPQuuw7yIf7MM88EB6vmdnywt+QLeI5+yW8W/YErBQOKkimsutJqeOvND3DmmRehpKyzCSjwg3w/PBLYbte3cOIZH+KTb0pM3BqA6oZeiBLdkI4SJoQU9kE3AhsIAYG5tF92P6svn3bWsPa2ZgxcFqCZZIWZk2lHM3108reAZBrHOYSJAC5wAFtJZUPUZjojFy6Jqvql8O3Ebjjj/M+wy97v4o4HM8gkEkjbcchERTj7vAvw9lvvY41VV0NZSYmFRnYeBraDgpkXMWCClTdEWBgTBdlUKuUHbT/99NP9/0VhP8mkCaPOgV1pDzv8sEKwd9mKkd0K/YoWbYaAKiICIiACItA2CfDuom3WTLUSAREQAREQgTZEIJdlq5ZfKrT77rv7gdnZCosP7xSu2LLk+uuvB1tlscVW6czBqvkA/8uWC8o3d7cQHTp08N27JkyYgEsuvcSUrRBTGoDqOuChh4E99vgOZ537Gb4e1w8NWBYZ1wVpE1MyJpVEYT0Q1Js4kkUQBXmLTQgxgcakEVgyq5T5KJIEM132W1tIYontrIXPMxl4Fvmi5hnRbwxhZgJhQKM/kUZYlEWciJC1TWsaSlGLZTBh6go445wvsMvuX+B/9wEzaoAqyyJRWoLTzzkLP036GSedeBLYNY9CaRRlkYtyloKzZURnpjk7NnlzJnA5C+X5QzPvApidY57wZWF3wiOOOALsUsisKeDyf4Quv1q49957g2kYx3LH0axlZbhMBERABERABESg5RFYcHcOLa9uKpEIiIAIiIAINBOBBb/bMBH6h24+eB966KF45JFHQMGKrU4oUNFuv/12MI7hfDDnAztLssC+OsjM5tFYTrZ2odhx7PEnYPT343DWWaehS4/emGGaR2UtcMf/gO2GvoAzL3odX3zfCbXxn1Cd64O6XBfk4lKYwoLQtIbQxCsHE7BYFjfTpZ9m8XRkRmB2FmRlRnZkSJZkmo1KgGRvNARLojK7LKY2LIczLngdg7cfjnsfhAlVMEELKOvUHWeecQo++/pL/OOYY1BRWmE7CVBcXIzYjomtIJgpJNG/KI3/F9xfHMfguUb/wQcfjFtuuQVhGHphi/8XNP7vHHDAAb61FgVg/m8xvUwEREAEREAERKBlEwhadvFUOhEQgXZLQBUXARH4FYFEIoEdd9wRN954ox+kmg/rfHBn+F133YXddtvNb1NorUVRiwEUjZxzvuWLc3/M5XYL2ih0FPLs0q0HTj/zXLz/yec44ZiTESVKkbG7kml1wM13A+tt8zX2PvxTPPpsgOkNKwHJAQgTnc1NAEEW2YYYuXSMOBfDmWgBOBO4QiBK5g3mR3udrO4FDrH5ySbKc3IJ41NsglWcMU45ONcBddnemDBtAP73WB2G/vVTrLDuK7jVjsHUSiBnmzcgieOPPw1fjf0OZ519Pjp27oLSorKZcGPvhmHC8nImqtoGKEyMK1ghbOG4BdHKOTsPbBf8H6CIy/+JYcOGgeIpWynyf4VdBh988EHssccevpsq1/m/ZJv5mf9TTdd9oBYiIAIiIAIiIALNTiBo9hKoAAuNgDIWAREQARFo3QT4EM4a0GWXQIpXr7zyCoPAB2w+aPMh/eGHH8YOO+zQ2PLEJ2jhi9AEJjba6d6jIy65/AJM/GkGTjzlbARFITj+eJgCXnoTOOG077HZVi/inAs/xjdju2D6tL5AvAzCsCcSYSdLb0JKSanVlkIJnYTFm5m3Xc+xMaB5CLEJnuaJTbzKlgO1HQC3DKZWL4lPv67A5Vd9gw03fRGHHjceb39k0VkgDSBRUoK/HnIsxn7/My66+Fx07FSCKAckg2KL/e3ZubyI9NspFn6MC/JlqKiowPbbbw+2uqKAyv8jGkvw9NNPY9ddd8WMGTO8+MYwtlqkGMb/LxrDZCIgAiIgAiLQGgi0hzIG7aGSqqMIiIAIiIAItDYCbBVS6NpUU1uDwYMH45lnnkHTrxByXKknn3wSG220EfjQzTryoZsP73S53qItAuprTBExraG0QwKnnnIGvh87Faeddg569eqLRMJhWg0w8WfgqluADbf5HAce/xXueDCNyunLmcrSB8h2RHp6LWB5wDEvyxSaPAFnLDwTmNgXAsleQK4/Kqcth2HGcN9/fIMhe4zBv+8AfpoGmG6FugywxBJL4OwzzsZHH47BJRddjp59OiFn4RxWLLBscmnjnAfud9MSF0EQNBaLItYmm2yCESNGgH7+b1DEYqusJ554AjvttBOmTJni0xdaLXJ7pqP5CC1EQATaAwHVUQREoIUT+OXq3sILquKJgAiIgAiIQFsn0PRhmQ/QrO/PP/+MIUOG4OWXX/bdnRhG6969O9iCZNCgQUglU2ArLVqUi9AqBqWOAJcA22HBT7ZOcaRLjw446eTTMWb0OIx44gXssN1OiIMUGizRJBNRRr4GnHDOt9h8x5dx1sWf4Z0PQtTkVkBNNAB10eKoQ2+kkR8zK0YKMRIzLTDXzFlGs80xP8WHZrglYqOxRrP9s+nZr8ph4Rb222XMx3Msq7zZuRCXegb1cW/Uk0luAKozK+FDY3XehR9g0+1fwvFnfoc3PgUmm/ZHDRFBErvvsgdetfPs8y+/wRlnn4HFl+iFRDEQZcwiK6iJV0QXpmZ6uOKFLO9pkQv+T0VRBH69c9NNN/UiFoVf5xycc6Bg9dJLL2G77bbDpEmTQGGLIjG34f8gt6e1yMq1yEKpUCIgAiIgAiKw8Ajwrmfh5a6cRUAEREAEREAE5poAH5jZlWny5MnYfPPN8dprr/kHbXYZZGadOnUCW16ttdZaYNowESIIg0ZzgWOylm1BvnjJMlOx6LV1Clr0pooA+jcctDHuf+h+TKmagQsvuRjLLruUCTIAB33/Yhpwy5PAZnuNw3rbfYbDTxmNB54vx6hJS6M2uQKqsh2RdWWIEhVw5V3gkuZ3ASITg2C8QBHGmMVcN+WMLg2FKTZPUzP5C3Ow2MX4PZvTNo1hjflb5Sle0aKZfpbLjGWiYWYZEVh8MgRCM4s3D+BSALv1uXLzlyMTd8OMzAB8N3V53P9EEQ49cTTW3epDDN7rW1xxJ/DxVKASwNQaYMDyA3D+pZdi3M8/4M5778L6G24IZ3nnrGy0yNIFdoiSxS5fbFv/9WxlQmCCUNhosPXft1/nsjBCnHOGjGVz4P/UOuusg+effx4UgPm/U/ifeuutt7xQzDQUuzBzCow3w2auyhEBERABERABEWhGAkEz7lu7FgEREAEREIEFTqA1ZsgHaRrLzlZUzjn8+OOPXrz68ssvGewfvunp2LEjXnjhBay++upcBb+i5j1NFs45ExJck5DW63VhgGRRCsedcCI+/exrPG3iw277/AXpohATZgCmweDLicC9jwGHHPUFNt7yGex+wNO44Y7x+Pz77phavxymTu+NhniAWX+k417IRl0BdAQobqVK4RLJJrwCi5vdLKgwE2vBCmEoBMzqunjmOl1aY3rzmEAEx4X5OdNLAYvCD92CWZxzJgyFRXDJUrDMCDqjtrYMVXWdUd3QA7WZ/qjJLIvK7J/w9mfFuO62sdjn7y9j252fwGHHj8L9I4AxPwHpZAKm+yFZnMKue+6JkU8/ic8+H4Wjjj4eFR07IBfHxiaCaWW2119mNlAr2C+hrc/HVlUs9corrwx2HezRo0djq0a2xOL/2sYbb4yxY8ei0IqR/4+plAmE3FAmAiIgAiIgAiLQrASCZt27di4CItASCahMIiACi5iAcw7OOVDEChMh+CDN7k6ff/55o3DFIrHVyEcffYRVVlmFq168Clzbu5STQ8GccwiCfB3JZrNBm+DGG2/AxAkTcN31V5nItwk6lZeY8AKYPoNp9cDTrwGnXgasN+QrbLDtG/jnhZ9j+PMhxv6wNOqiP6OydgBqqrqioboI6XqHXDZGzv7gIsSwieIREuYxiwvmbN1mJigYHJwJU87Sz8lg4d4KolRBBaJrWc0yuyZrLrCVAJa1uZGVLGdCC5BrCJCpLkHtjM6oyS6DhnAtjJk8ECNeKcZpV36DzXZ/DYN2nYDTrgBeeRsY/zOQtRy4+6KSFNbfeFPccuuNmDx1Mu64805sutmmPm8mSSWSSIYhvfDdUFlHv9Z2FokwYRzZpgygiMWWWH369PEVLHQd/PDDD8Hxsr797tvG/0efQAsREAEREAEREIFmJ8A7pGYvRNsrgGokAiIgAiIgAnNHgIINhRqKV2wFMmrUKHCdLUOcc+jbty/eeecd9O/fH845b4yjqMNWInO3t5ad2jmHQteuQklra2sLXpQWlaBb5+447NDD8eTIkRjz7Xd4+tlnsOe+B2JA/z5IJUITfwLUmnrzrYk4d9zfgL8e9S42GjISG275CPY97HVcfevXeGTkT/jy266o9GNo/QlV0UDUxMuasatiP6SjvsjEvcx6mHUz64wMOpqVmfBThJxLzLTAXBOcTCmKmxjM32iOt1wmhlEY89uVIOMqkAk6mNsJGXQx6wa2EKu3/dbES6HKylIVW5lyf0J1dgVfVpb5mlu+xoFHvouNt30Cm2zzLA46+kPccnclPhoFNNgusqkUak2AGrD00jj8iGPw37sfwKTJVRjx5FM48K9/R3FJsQl39QiCECFMFIvSJgBGyORyXrRpBN3GPPxf4Vc7+X+TzWaxwgorgF/1HDBggP9/YnVDE/HGjRvnP4wwZswYEzfbNhPWWSYCIiACIjC/BLT9oiIQLKodaT8iIAIiIAIiIAJ5AhSrCt2ZKD7R75wDW1zxi4KVlZU+IVuF8EF7ueWWwxdffIFevXr5cC6YR8GCsO1dzik0OOdYVW+lpaXezS/CvAOTi6zqHbtWYJPNNscNN9+Cj7/5Cl+OHYXLr7ka622yCdIZE3XMqhqAGeZ+/QMw8g3g3GuBQ04BNhk6Fsut+S622uMTHHnG1xj2RApvj1oSY35eFj/MWAbTMyuiLrEKpkdLYwaWRKXri/pEL6ST5cgGRUgj6S0KixElS2ax2NZpUaIYubAIsblIlSFX1BH1xT1Rm+qL6nBJVAUDUJ9cGTOiFfBD9bIYO3k5vDm6vy/LkWeNwpZ7fYQlVn8L620/CgeeHOHs64CnrA5jrC41EVCbBnLmZszdevBgXHXF5fhu7Bi8/d77uOyaK7DTTtuD3QZhaWguSqI4VYogDpCzgCAITcwKwPOI5pyDzZ5xHMNELe/1i5lZeH9rXhQX2zHJ5rww/Mknn/gWWc453+KR/48TJ07EoEGD8PkXnxsL5wd3L9R3dnG1EC5XBERgPghoUxEQARH4AwSCP5BGSURABERABERABBYgAeccCiIVs+V4O3yI3nLLLf2X0HK5nH9oZtwyyyzjx7xiq5EgCHwXKApXjGvflr+FiUyAic0yqDcxJkaYLEPXxfrh0MMPx2vPP48JP0zH/Q+PwJFHn4iNBw1B166LAyP2nckAABAASURBVGHov2pYZeIMv8BHYeutj4E7HsjhiBM/wuAdR2LtTUdgw8EjzT8C2+z6BA484g0cd5oJQtd9hn/fORojnqvFi2/H+PibThg1oQ++ntAbX49bbI72zfje+Mri3vuyAs+9kcFjz1ThxmHf4sIrv8DRp3yIfQ55G1vt8gw23f5prL/FM1hrkycwZJeROObkD3D3Qw14/1OgJgvUs7xmdTzwAdC5SydsvOEGOOIfh+KBBx9EbfV0PProcBx22BHot8SSKO1QwZRAio6pd7BM6JV5AkEYIJFIgF/xHDFiBFZccUU0ncaPH4/1118fb7/9NlKpVKOIxf9P/g82tabbNZdf+xUBERABERCBtk7Abn/aehVVPxEQAREQARFoeQQqyvPiQpgIfSsPPijzgZklLXz1jF9Me++998CWV2yRFIYh+PDcrluAmICDgqFwGxOYeJVAtcFrMCsxYaLI3LRZ544dMWTzwbj6XxfjuWdH4MdvR+OnMWPx8AP34syzT8Omm22CXr27AQ6wzZBglg7gtpNqgK/HAx98ATz3KnDPQ8DF1wDHnw3s+vc6bPeXGmyy/USss8U3WGvTr7DmJrMZw2baoO2+wVa7TsSuf63BXw5pwMlnAVdaXg8/Crz6JvDJl8DoccAUq0QaNuUAFwGsK1tXdevRAxtvsjnOPP1MPHzPPRj31RhM/PpbPPXcy/jXv67B4C2GoKSsI8IwZVJevvzMJ2sZxEYHgcleQT3gaBbqcoj8DvCryQUGwMVAU0PbnQI78BwL64UXXsBKK60EilWsbUlJCaqqqjBkyBBwbCznjItFMNwczSIgAiIgAiIgAouYAG/TFvEutTsREAEREIG2SUC1+j0CbK3RNJ7CFbsPvvzyy+Cg0XxQLsQXFxdj7bXXxsMPP4zy8nLU1Zn4YJHBzBZYBYHLgjR7EStAMRJeb8lm4dsZ1Zn+wpuckiRQWp7Ic7I4pBLo2m9xbD90N5x+6tl4/ImRGDN2HL79fgyefuYZnHfeRdjvgIOxxVbbYOU11kGnbn2RzpWiPpcyUavI5KCU5cX8AmRs3w0uQL259SY2cZSuORmP3oz6AFWZAJXZAFxnUTIIUZtJoNriatMOFZ27Y8VVV8dmW2yJvfbaH2efeQGeePxpjPpmLL77dgJGPvk0zjjzLOy42+7oseSSQEm5KVVUukIgDpDOmt9KV2zG/GkR8qILCi5XadA0O4GuXbviueee8/+PbPHI/1m6U6ZMwRprrIFXX30VDJt9O62LgAiIgAiIgAgsGgK8t1s0e9JeREAE/n8CSiECItDmCXB8HVaS7jPPPoOtt97at/JgWMEGDRqE119/HT179vRBTVt8sCUWRS3nHJz7bfMbtsWFs0oVzISjAEmTgZKIAJQbj04JoMj8JZbGvOZrMjMgtAgGmcAFbh8kfKulvn36mXCxGU488UTcfPNNePzJx/HWu29gwo/jkI5qMGrM13jvvTcxfPjDuGPY7TjrrLNw3HHH4IADDsCuu+6KbbbbDtvNZttuux1o25i7w9Ch2Gf//XH8Ccfj3HPOwbDbh2HE4yPw2WefYux3YzG9qhLjJk7AO++/hyeeGon/3PEfnHzaP7H5lpuj/1L9kShKIEg6WJEBB1ilgVQICnK2ZvEp84b0eqOIRWOVA2MElAIoMSOdELGxcpZRwWAEHWILiS1NZG4hJu9aYJuanbN6mRUqVRCm+KXPJ598Eptvvjnq6+v9mFgUsdgqa5dddsFTTz3lNymIyNyuXbeI9DS0EAEREAEREIFFQ6DNCViLBpv2IgIiIAIiIAJzR8A55zdgKyq2vHr66ae9eMWv6zV9AOY4WPfee69Pq8UfIUCuzus6vKlpavi9iZv5+PwWzoVwzjWaj2qyWGKJflh99VVNkBqCffbdG2eccRouu+wy3HLLLbjnnnvw6KOP/soeeexRFOy+B+7HLbfdiosuuRinnn469tlvXwzeegssM3AZ9OvXz7e0o1DCXVIUKRjX58XytYLnAq92hZYNzZlLM0ezJ+Cc88edK+TunMP//vc/bLrppgwCP6TADypMnz7di5X3338/wiD02zjnGrsc+sRaiIAIiIAILFIC2ln7IhC0r+qqtiIgAiIgAiLQfAQKQtX/7vkfdt55Z1+QgmjBFYpXbP3RoUMHrspaEAHn3Cylce6XdYoeUS7C7xkFELa6a5oJxUwaty8Y0xT8TdMuSr+Ds91F/49ZdBuYnWNdf6mIc/n1jh074plnngFbXfF4sAVWIpFAdXU1dtttNzzw4AOgEO2c82HQJAKtl4BKLgIiIAKthoAErFZzqFRQERABERCB1k6AD8HDhg3DPvvs41t1sD6Frkj77befH/PKOee7LTFO1jIIUMDgcaK4NKcSOecQJsLfNecc4igG84JNBTHTvP54M5zGdVnLIEBxkS3s9tprL/B4sfuuc3mBi//Dt952qy9oRUWFd7UQAREQAREQARFYuASChZu9chcBERABERABESgQuP7667H//vujaasrilp8GL799ttRGOuK8c45OOcKm7Ztt4XXzjnnjxkFjXktKo8zv3bH7SlUcZ1+Gv3OOX+8nZvVZfzCsAAO82NoJxNbYt1111049NBDwe6+PHY8DyhoHnHEEbj11lv9RxYobrJFVjvBomqKgAiIgAiIQLMQCJplr9qpCIiACIjAAiWgzFo2AXYfu+KKK8AHXpaUD79s0RGGoW+Ndc011zBYJgIi0EIJXHfddV7EYvEoVvFLoblcDgcddBD4v81wtsLj/zb9MhEQAREQAREQgQVPQALWgmeqHFsnAZVaBERABBYoAbbUKGR4wQUX4PjjjwdbbjCMwlVpaSmOPvpoPwg4W3kwXCYCItAyCTjnQKH5pJNO8gXkFwopZHHl9NNPx7nnnuu7h7L1pFpikYpMBERABERABBY8gQUoYC34wilHERABERABEWitBJxz4EPumWeeiYsuushXoyBqseXGaaedhnPOOceHayECItCyCbAVpXPOC1UUpClGU6yicWys888/3/8/U9QKQt1et+yjqdKJgAgsGALKRQQWPQFdYRc9c+1RBERABESgDRLgg2uhWuxGVFdXh+OOO84/1LK7YBAEKKS5+OKLcfLJJ4OtsArbyG37BJz7ZXyr2Wvr3C9xzv3aP3v6+V93lsX8mG3ejmaKVKwuBSv+75533nlwzvkB+J3LuxSkTzjhBD/gO38DmJ4idkG45rpMBGYhoBUREAEREIG5IiABa65wKbEIiIAIiIAIzJkABSo+rBZiOd4VB23nOoUqtrqin92QjjnmGHplIiAC80mguTaniFVoWUmxmuWgQM3xsP7617/61pcM41hZFLDpl4mACIiACIiACMwfAQlY88dPW4uACIiACIhAIwE+rHJl7733xn//+196vfHrZRUVFbjhhhv8QO5sxeEjmn+hEoiACMwjAQrRN998c+PYds7lv1Z59913+/HtOBYWRS1+ZXIed6HNREAEREAEREAEmhCQgNUEhrwiIAIiMPcEtIUI5AmwyxBtt912w2OPPea7FrFVVklJiU9w++2345BDDgG7E3E8HR+ohQiIQKskwP91FvzAAw/EsGHDvIjF/22GUci+7bbbsMuuu/jfAefYVZMxMhEQAREQAREQgfkhIAFrfuhp2wVDQLmIgAiIQCskUHhYLTzIspXVLrvsgvvvvx8FgarQ+uK+++7D0KFDfS2dcyiMp+MDtBABEWh1BAqtKJ1z+Mtf/oK77rwLnTt39uPc8TeB4vWIESOw4447oqqqqrF+/N1gV2O6Ta0xgTwiIAIiIAIi0NYJzEf9gvnYVpuKgAiIgAiIQLslkM1mfd3DMMT06dNRaHnFB1e2wPCRtqB4teuuu5pPswiIQFslsNPQnXDXXXf5FpYUpiheU8h67rnnsPPOO/vwQt2b/j4UwuSKgAiIwNwQUFoRaK8EJGC11yOveouACIiACMwXgUQi4bfnQypbVz399NN+3TkHDtheXl6O1157DYMHD/bhWoiACLRdAhznavPNN8cLL7wA/u+zlSXD+PvwzDPPYOONN8bEiRMR5aK2C6F11UylFQEREAERaIUEJGC1woOmIouACIiACDQ/AT6IsmvQoEGD8Oqrr4IPq+xWRPGqU6dO4EPr2mut7QvKh1jv0UIE2gwBVaQpAX5pkK0x11xzTTzxxBMo/BYU0rzyyivYZpttMH3GdN/NsBAuVwREQAREQARE4I8TkID1x1kppQiIgAiIQDsnwM/ls3sQMUyaPAkUr9566y3/QMoHWApVffr0wSOPPIJ11lkHYSJkUv8w6z1NF/KLgAi0GQJsccXuw6WlpVh//fUxcuRI8LeAQhaNFf3www+x3nrr+ZZYzjnwN4Phzjk6MhEQAREQAREQgf+HgASs/weQokVABFouAZVMBBYlAY5pwy8KOucwZswYbLrppvjiiy/82DZsdcWy9O3b17e8YisMrstEQATaJ4E///nPXsRafPHF/ZcISYEi19dff43NNtsM33//vRe2nZN4RTYyERABERABEfgjBCRg/RFKbTeNaiYCIiACIvAHCbB1BZOOHTsWW2yxBUaNGuW/NuicAwdl7t+/PzgO1vLLL++7EzKtTAREoH0SYJdi/hY8/vjjGDBgAMIwBD/8UBCx+Bvy1Vdf+dab7ZOQai0CIiACItAMBFr9LiVgtfpDqAqIgAiIgAgsKgKff/45NthgA4wbN863qmCrLHYp7N27N/i1sYEDBy6qomg/IiACLZgAfxdo/E146qmnsMwyy/jSNjQ0wDkHtsTaeuutMXr0aB+uhQiIQGshoHKKgAg0JwEJWM1JX/sWAREQARFosQT48MnC5bI5Ovjoo4/AB85Jkyb5rwwy0DmHVVddFc8//7wf78Y5dQciF5kItHcCzjkvVDnnfAusF198EexazJachd8WdiPcZJNNQGGcvOrr632XZI6lx/U2a6qYCIiACIiACMwjAQlY8whOm4mACIiACLRtAs45X0EOxM6B2gcNGuTHreHDJR9A2SVo5ZVXxvDhw8EWWOxG6DfQQgQWMgFl3/oI9OzZE48++ij4m0ERizXg78jEiRMxePBgvPHGG74rsnPOj43FeJkIiIAIiIAIiMCsBCRgzcpDayIgAiIgAm2fwB+qIbsHMuFLL72E7bbbDtOnT+cqysvLvbvWWmuBXYM4cDsfRH2gFiIgAiIwBwL8PaGIxa8TcoB3CuAcD4u/HRMmTMCOO+6IV155ZQ5bKkgEREAEREAERKBAQAJWgYRcERCBuSCgpCLQ9gnwy4IclH3IkCGgeMUWVhyYubq6Guuttx4ee+wx8IGUD6aJRKLtA1ENRUAE5pmAc84P2M7fDLbEWnvttf2g7oUMZ8yYgW233RYvvPBCIUiuCIiACIiACIjAbAQkYM0GZJGtakciIAIiIAItmgBbSuy2226ora31A7az6yBt8803B78s1q1bN1/A7On2AAAQAElEQVR+dgei+RUtREAERGAOBJxzKPxOUMR64okn/NdMk8mk/0IhB3evrKzE9ttv77sl87cGNhXG4DOvZhEQAREQgdZMQGVfIAQkYC0QjMpEBERABESgLRBIp9O+Gmxdtc8++4CtItjVhw+ZjGBrrIceeggV5RVclYmACIjAPBGoqKjA/fffD/6m8PfFufyYe8xsr7328uNl0Z+L8h+RoF8mAu2dgOovAiIgAoEQiIAIiIAIiIAIAOwa6JzDnXfeiR122KFRvGJXQraG4IPmAw88gLKyMgShLp86Z0RABOadQBAE/rfk3nvvxVZbbYVCN2T+DtF23XVX/1vEbstsnTXve5plS62IgAiIgAiIQKsmoDvwVn34VHgREAEREIEFRaC0tBR33HEHDj744MYs+ZDJlT322AMPPvig/0oYw6qqqhgsa3cEVGERWDAE6uvr4ZwDB3Lnb8vQoUP91wedcz6ce/n73/+OYcOG+TRcl4mACIiACIhAeycQtHcAqr8IiIAIiMAiJNBCdsUvf3Hw9abFufLKK3HQQQeBD5bsNshB251zPuy2227zD5eF9B06dCh45YqACIjAXBPg70thI4rid915F9h1kIIWf5+cc378vUMOOQSXXXYZGFZI39RfCJMrAiIgAiIgAu2BgASs9nCUVcc2RUCVEQERmH8CzjkUxruie+GFF+K4447zGXM8GnYbpJB1zDHH4Oabb0ZJSYmP00IEREAEFhaB22+/vbEFKEUq55wX1E8//XScc845/mMS3De7NNOViYAIiIAIiEB7I9AeBaz2doxVXxEQAREQgTkQSCaSPvTyyy/HKaec4v0Ur7LZrO/Cc/zxx+Oiiy6CvgLm0WghAiKwEAmkM2kvUP3rin/h5JNP9t2V+XvE1lkU08866yxceumlvgQcF8t7tBABERABEfgjBJSmDRGQgNWGDqaqIgIiIAIi8McJRHGEI488EmzdwK3YbbDQsuH8889vfFgMEyGjZSIgAiKw0AiwlScFK/7eXHDBBTj33HNB8YpdnenS2Arr6KOPXmhlUMYi8NsEFCMCIiACLYOABKyWcRxUChEQAREQgYVMgOIUuwtyN/QfdthhuPXWW7nqjd0G6bniiit8Cwh24WlqjJOJgAiIwDwRmMuNCi1AKVxxU+ccKGZdddVVs3QzZJxMBERABERABNoLAQlY7eVIq54iIAIi0M4JsHVDoesNxas777wTdXV1/qGQD4m0m266CUceceQsAya3c2wtpvoqiAi0JwIU2Q899FBcffXV/jeKAjsFLP6G3XLLLdhvv/387xRF9vbERXUVAREQARFo3wQkYLXv46/ai4AItB8C7b6mfNCrrKzEvvvu61te8QHROecfAvlgePfdd+Nvf/sbXOD8GFjtHpgAiIAINBsBCu7OORTE9o4dO/qyUMhi3L333ou999678WMUPlILERABERABEWjjBCRgtfEDrOotSALKSwREoDUTYGurA/Y/AP/973+9QEXRqlCfRx55BFtttZVfZTdDpvUrWoiACIhAMxDg7xBFd+ecF6rY6qq8vBwUsFichoYG3HPPPdh9991BP8NkIiACIiACItDWCSxaAaut01T9REAEREAEWgwBPtRRpOJDYHV1NYYOHYqHH3nYl4/h7DLIlcceewxbbrklOnTo4FtjFRUV+S+AMU4mAiIgAs1BgF0FaYV977TjTmCrq0JY4ffr0UcfxeDBg31LLP7W6aupBWJyRUAEWgQBFUIEFjABCVgLGKiyEwEREAERaBkEKESxJDU1Ndh+++3x4osveoGKYbTS0lI8+eST2GabbXyLLIbJREAERKAlEshFOS+0P/744+BvF8vIL6eyO+HLL7+MLbbYAhTq+RVDxlHMamoMk7VOAiq1CIiACIjALwQkYP3CQj4REAEREIE2RoBjXm288cZ47bXXfDcbPvCxil27dvXiFVtesSVDQexinEwERKBNEWgTlSm0vKJQxVZX/A1jxdialO6rr76KjTbaCFVVVVyViYAIiIAIiECbJCABq00eVlVKBERABETg559/xqabbor333/fd69hSwUKWD179gRbMay//vqor68XqP+XgBKIgAg0NwG2puLv1YwZM7DhhhviqaeeQpcuXXyrUv62Ucj68MMPMWjQIEyYMKG5i6v9i4AIiIAIiMBCISABa6FgVaYiIAIi0ISAvIuEAB/wuCM+yI0dOxYbbLABvvzyS1RUVPgugolEAr169QK7Eq6xxhpMOstYV87lvz7o3Jxdv4EWIiACItAMBJxz/veKXyNkq9HVVlsNL7zwgv9NYwtShtEo2A8yEeuHH37wv3tRLgKtGYqsXYqACIiACIjAAicgAWuBI1WGC4OA8hQBERCB/4+Ac84nYeuDIUOG4JtvvvFf7GKXGopb3bt3x8iRIzFw4EAETpc/D0sLERCBVktg+eWX9y2x2KqUlaB4z1am33//vR/Y/bvvvgPHxKLxN5BpZCIgAiIgAiLQGgj8Vhl1B/9bZBQuAiIgAiLQ6gh88skn+POf/+zFK3arSafTvg59+vTxD3p84GNAEOryRw4yERCB1ksgCAIsP3B5PP3006BAz5rkcjk6+Oyzz8Dx/0aNGuXXtRABEWh3BFRhEWiTBHQH3yYPqyolAiIgAu2PwAcffIBtt90WP/30k295lc1mwa41Sy+9NF5//XUMGDAAmUzGjxmjLjXt7/xQjUWgrRHg7xm/TrjUUkuBXyLs378/ONg7hXuKW2yBRRGLrVGdc/63r60xWLj1Ue4iIAIiIAItjYAErJZ2RFQeERABERCBP0wgl823NmDLK36Ba9KkSX5bPsSxy0xBvOrbty/YIovmnINaYEGTCCx8AtrDQiPA7oIc14+/afytW3LJJcFB3JdbbrlZ9snfxHXXXRdvvfUWGhoaZonTigiIgAiIgAi0NgISsFrbEVN5RUAEREAEGglwbBcOWrzVVlv5Vld8kKN4xRYI/Mrgc88957vWsDVC40bmcS4/XpZ5W/SswomACIjAnAg4N+tvGH/7OnXqhMcffxyrrLKKH/A9DEPf6nTKlCnYeuutoe6EcyKpMBEQAREQgdZEQAJWazpaKqsIiMDcElD6NkyAD2xsVbDOOuuArQzq6urAVgkUq9ji4OGHH0aXLl1AMYtxbRiFqiYCItDOCVC4J4J+/fqBX1pdeeWV/e8hRSza9OnTwa+vsqsh08lEQAREQAREoDUSkIDVGo/aIi2zdiYCIiACLZPAo48+ivXWW8+3MGBXGj7AUaxabbXV8OSTT6K8vByFcLotsxYqlQiIgAgsOAL8DSwrK/O/gYMGDWoc94pdDRnH1qpPPfXUgtuhchIBERABEWhjBFp2dSRgtezjo9KJgAiIgAjMJMDWVTO9eOihhzB06FDfwqC4uBhsYcWHsy233BJsfdCxY0eUlJTAuXw3Gz68FbaVKwIiIAKtnYBzzv++OZd32SKVxt86CvYdOnTwItbgwYN992r+PjKOv5XbbLMNHnzwwUYE3K5xRR4REIH5J6AcREAEFhoBCVgLDa0yFgEREAERWJAE2DWQ+d15553YY489GlsWOOcYDD6ojRw50n+FywdoIQIiIALtlAB/L/kV1ieeeAJsdcVuhBT7iYMvA3bddVfc8797uOqFMO9pQQsVRQREQAREQATmREAC1pyoKEwEREAERKBFEqB4tc8++/hug4UCskXB3nvvjeHDh/ug+vp672ohAu2YgKrezgnksjlUVVV5ceqRRx7BXnvt5dcLWNjqaq+998Jjjz1WCJIrAiIgAiIgAi2eQNDiS6gCioAIiIAIiIAR+Pe//w2KV2xZwPGu6NKOOOIIDLt9WGPLq0IrA9tkPmZtKgIiIAKtl0CYCFFaUuorwK6DV111FQ4++GC/7pzzLkWsHXbYAdddd51f10IEREAEREAEWjoBCVgt/QipfCLQWgmo3CIwnwTYgqCQxUUXXYQjjzzSr7L7SyaT8eNfnXDCCbjyX1fCBfkHMp9ACxEQARFoZwScc761lXN5l9WniEWXQn/nzp1x7bXX4uijj/a/nQynsWvhcccdhwsvvJCraPq76wO0EAEREAEREIEWREACVgs6GLMXResiIAIi0J4J8OGrurraP1idfPLJjWNesfUVWw6ceOKJuOCCC8B07ZmT6i4CIiACf4QAfzv5m0kRi+nZMosDvmezWZxyyin+95QvA/j7yniZCIiACIjAoiWgvf3/BCRg/f+MlEIEREAERKCZCLBVwFlnneX3zlZX9PBrWueccw4uOP8CsGUBWwzQZZxMBERABERgzgT4G8qvs1588cW49NJL/ViCbNGay+V8F+xTTz0Vp59+um/JNeccFCoCLZ6ACigCItDGCUjAauMHWNUTAREQgdZK4KijjvItAihYOecaq3H11VfnH7IC57vCqAVWIxp5REAEROBXBAotqtjiipFsiXXIIYc0ilgM4+8sv1p4wQUXgL+9DJOJgAiIgAiIQEsjIAGrpR0RlUcEREAE2jmB2tpaHHbYYbjmmmsaWwKwm0t5ebkfbLgwFhZbXdHaOS5Vv6URUHlEoIURcO6XFwCFopUUl+D444/HTTfdVAhCQ0MDwjD0v71//etfMWPGDN91m620GhPJIwIiIAIiIALNSEACVjPC165FQAREQARmJcAuLmwZMGzYMBQXF4PCFR+o+ADFr2hR2GJrAnYbnHVLrYmACIiACPxRAlEc+QHbDzroIPD3lr+zfCHA31f677rrLvC3mL/JDP+j+SqdCIiACIiACCxMAhKwFiZd5S0CzUNAexWBVkmAb/uHDh2K//73v6ivr/fGBymO2XLbbbeBLQJYMecc0pk0vTIREAEREIF5IMDuhGEiRBzF2HfffXHnf+9EaWmpz4ljYtHuuece7LLLLuDHNChs+UgtREAEREAERKAZCUjAmiN8BYqACIiACCwMAr/3ELTjjjviqaeemmW3TH/rrbf6B6y6ujofxzCO1eJXtBABERABEZhrAnxJ4LsMmojFFq577LkHbv73zY3dttnqiiLXs88+C75YiHLRHPfB3+M5RihQBERABFoVARW2tRCQgNVajpTKKQIiIAKtnAAflub0sMOWV9tvvz1efPFF/1UsPjTxgYrVHTlyJHbbbTff1YVdCgvbO/frMV2YXiYCIiACIvD/E+BLAA7mzt9U55xv8UoR6/nnn/dfJMxms/73mELXq6++isFbDsZPP/00x4z52z7HCAW2LwKqrQiIgAgsAgISsBYBZO1CBERABNo7AT4kUZhyblbhqaqqCkOGDAHf8hcY8cGJA7a/8cYb2GijjXwwu7p4jxYiIAIi0EYJNGe1KGZx//zNfeWVV9CxY0eugl242fqVYWyJVVlZ6cObLrgtf+ObhskvAiIgAiIgAguDgASshUFVeYqACIiACMxCwDkHdklxzoEPOmxhNXnyZKyzzjp4/fXXwfFWnMuLW2VlZXj48/QSXAAAEABJREFU4Yd9XDqdH+uKXyaEJhH4fQKKFQERmEcChd9aumuttRYef/xxVFRUoPDb65zzv9UUuPjbzd3wt9w557sdOucYJBMBERABERCBhUpAAtZCxavMRUAERKA1EVg0ZeVDD79ste666+Kbb74BB2rnQxO7CPbu3RvsrrLxxhv7wiQTSS948WuE3M4HaiECIiACIrDACDjn/FdfCxnyBcP666/vu3XzN5kvH/j7y26HX331FRhXELYK2xRcpiv45YqACIiACIjAgiYgAWtBE1V+7ZuAai8CItBIoPAgQ5fjqDCC/okTJ2LVVVfFqFGj/BgrDKfx4ei5557DKqus4kUrhhW6DrKLinOu8U2/c47RMhEQAREQgXkg4Jxr/D3l5vxtpjXt6r3KyqvgiSeeQNeuXf1vNYUt/paPHj0aa6yxBr7//ntuilw25+PpcrB3pmNePlILERABERABEViABFqcgLUA66asREAEREAEmpGAc87v3bn8230+1PDBh62rvvzySx9XWPTo0QMc82rgwIE+iIKV99jCuV/ysVXNIiACIiACi4CAC5x/ocBWsd26dfMiFXfLLt9jxozB2muvDf6m80UDhS+6QRggjmImk4mACIjAHyKgRCIwNwQkYM0NLaUVAREQARH4wwSavoHnV6o++eQTbLrppuCDD7sN0thtcJlllgEHCC6IV394B0ooAiIgAiKw0AgEQf4xYdlll8Wbb74J/lZTqKKx2ze/SsjuhGxNWyiEc3rhUGCxCF3tSgREQATaDYH8landVFcVFQEREAERWFQEKFpxX3T5gLP99ttj3LhxDALf4PMhaIkllgC7DfIBiQ9EPlILERABEVikBLSz3yNQXV2NAQMG+PEJ+ZvNtHz5wN/wn3/+GRzPkB/jYDgtiiM6MhEQAREQARFY4AQkYC1wpMpQBERABNo3AXYVZOsrtrDiYO1seTVo0CA/XgofekjHOYcVVlgBL774oh9fhWOn8GGI2xWM6WSthICKKQIi0KoJOOcax8Ryzs1Sl/LycvA3umuXrr6r9+qrrw7+znPcQv5eT5kyBZtssomP44b8LedvP7dhPMPoNjWGyURABERABERgbglIwJpbYkovAiIgAguBQFvKkuOfOOfAhxWOa7XhhhuCrbAKDzWs61prreVbXvXs2RMc74pjpzBcJgIiIAIi0PII8DeaxgHdn3/+eT+IO1tmsaT8rWcL2s022wxvvfVW4+890xfi6cpEQAREQAREYH4JSMCaX4LavqUQUDlEQASakQAfYGh8K+8H8Y1j391ku+22A79axQcddhukcRD3l156CR07dvQlrqmp8a4WIiACIiACLZdAbW2tL1xpaSkeffRRDBo0yLfa4ksIRtTV1fmWWOxOyBZYDHPOgV8mpF8mAiIgAiIgAvNLoImANb9ZaXsREAEREIH2RICCVaG+zuW7nBQG/X3wwQex0047obKy0idxzvkWWZtvvjkeeeQRsOtJoXsJH4aa5uU30EIEREAERKBFEODvM19OFLqA87ebXyV86qmnwFZXbH3FgjKeabfeemswriBiaUws0pGJQEskoDKJQOsjIAGr9R0zlVgEREAEmp0AH2ay2SwKDygsEN+y88GG4tUBBxzQKF4xjjZkyBA88cQT6NSpE1fB7iXOOVD0cs75N/nO/eJCkwiIgAiIQLMTcM7532n+VsOmwm93GIR47LHHwA90WLBvbctrAruM77777rjvvvsauxOyJa5zzrfGosg1u3H7VmkqtAiIgAiIwCIlECzSvWlnIiACIiACbYJA44NMGPr6ULjiQ83d/7sb++yzD9hl0EfMXOy888546KGHwHGwKH7NDJYjAiLQzgmo+q2TAH/HXeBQUlKCe++9F0N3GjpLRdjd8KCDDsLdd9/tW98yHRNwG46TSL9MBERABERABOaWgASsuSWm9CIgAiIgAp4AxahGISsR4uabbwZbXvFNO79aFZq4Rfevf/0rbr/9dj9YOx96qqqq/PZaLBACykQEREAEFjkBtsDl+IVsSZVMJPHgQw9iv/32818npFjFMQ7ZEuvggw/Gdddd58vHFxu8ZvBlhw/QQgREQAREQATmkoAErLkEpuQiIAJtjYDqMz8E2F2E2//rX//C3/72N3CQdq5TqKJ/jz32wPXXXw+Oc8VwPrzwwYZ+mQiIgAiIQOskwIHbOZYhBayCIMWXGBSsOJj7jBkzfLdwXgeOPPJI3HDDDeALDdaWLznoykRABERABERgbglIwJpbYkr/awIKEQERaBcE2E2QFeVbdbr+wSUMccUVV+DYY4/1DysMp/EB5cQTT/TiFUUrhslEQAREQATaDgGKWE1/3xOJBG688UacfPLJjd3FGc/WuEcccQQuvvhiP24iB3t3znm/c/lxD9sOFdVEBERABNoBgWasogSsZoSvXYuACIhAayLAt+xsWcWug3TZheSkk07CP//5T/ABhW/XnXO+Sueeey7OO+883yKL6Sl2+QgtREAEREAE2hwBvuBwzoHXhfPPPx9nnXWWHx+L1wpeA+ieccYZYBwrz2sCw7gd/QyTiUB7IqC6ioAIzBsBCVjzxk1biYAIiEC7I1BoecWKO+fAh5HLLrvMP7CwiyDHQ2Ec37KfcMIJ9IJv2ulxLi9s0S8TAREQARFoWwT4goM1olhF95RTTgFfcNDPFrmF1lrnnHOOf+nBcHZBLGzH9bk0JRcBERABEWiHBCRgtcODriqLgAiIwLwQ4MMGt3POgWOaXHTRRb7bIN+eFwZmv+mmm3D88cf77iN8kGEct2kqfnFdJgIi0NwEtH8RWHAECr/xbFHlnPODuVPE4hiIzuVbZlHI4jWBLzkOPPBAFLZxTi84FtyRUE4iIAIi0LYJSMBq28dXtRMBERCBBUKAXT1ofODgYO2Fr0rxYYRClXMOt9xyC/hQwjFPGM4dO5d/MCmIXwxrM6aKiIAIiIAIeAKF3/hCi6p0Ou1fZBxyyCF+XCxeE/h1Qp/YFvfccw/2339/82kWAREQAREQgT9OQALWH2ellCIgAguYgLJr+QT4xpyl9KJUFGO//fbDf/7zHz/mVSGcwtadd97p45iO4c7lhSv6ZSIgAiIgAu2LALuPU7TiSw9+mfCOO+7w3c0LQhcFrgceeAA7D90ZtbW1Hg6vJZWVld6vhQiIgAiIgAjMiYAErDlRaT1hKqkIiIAILFQChYeQKVOmYIcdd8D999/vB2bP5XJ+v8453HXXXRg6dCgK4hUjCsIX/TIREAEREIH2RYAClXMOFKycc9hll11wx7A7fNdC51zjdeShhx/y14+6ujp/DeHHQNoXKdVWBERABOaKQLtPHLR7AgIgAiIgAiIwRwJ8G86IqVOnYq+99sKIESPAiaJWodvgfffdh913390P1s637YyneMU09MtEQAREQATaHwEO2p7JZPw4iWyFxWvCHnvugf/9738+rECEX7B96qmn/HWkIGIV4uSKwMIhoFxFQARaMwEJWK356KnsIiACIrAACVCAomhF40C82WwW7M6x884744UXXmjcEwUqjmXyyiuvYJtttvFv1BnpXL7bIB9UuC4TAREQARFogwT+QJV4PUkkEqBbELO4GVvrPvLIIygtLeWqb4lFz/DhwzFkyBDfnZDXGG7HcJkIiIAIiIAINCUgAaspDflFQAREoB0TiHIR+ODAroAciHfatGkYPHgwKFRR1Cqg6dmzJ5588kmsueaafpBeCl2FOLkiIAL/PwGlEIH2RoAtrVhn5xy23XZbPPPMM6ioqGCQN4pcL774IjbccEP/4sS5/AsRdkWkmDW7+Y20EAEREAERaHcEJGC1u0OuCouACIjAnAm4wDW+FZ84cSIGDRqEjz76yLew4phXzjl06tTJdyVcd911wQcOildhEM45w4UXqpxFQAREQARaAQHnnO8yyBcjheI657DOOuv4lyOdO3f2HwWhUMX4Tz75BJtvvjl++uknrjZeZ/yKFiIgAiIgAu2egASsdn8KCED7JKBai8CvCcRR7AN//PFHbL/99vjyyy99iyznnG9p1a1bN//Asfrqq/uvSTnn/MMFW2uxyyHfkPsMtBABERABERABIzD7dYHr/nph15tVVlkFzz77LLp27Wop8zNb+3711VfYaKONwBcpXOcYWvlYLUVABERABNo7gaC9A5jn+mtDERABEWgDBPgwUagGhajx48dj/fXXx3vvveffmjPOOYclllgCL730ElZccUUfzkHcGVcwblvwyxUBERABEWjfBJzLt7xyzs0CwjkHXi9oFLL4QoTXlt69e/trC1v7sjXW119/7bsTjh49GiXFJY0vTZxzPh00iYAIiMCiJqD9tQgCErBaxGFQIURABERg0ROgeEXjl6K492+++QabbbYZvv32W9/iinHs9rHUUkvhoYcewvLLL89kYHrG+ZUmC+dckzV5RUAEREAEROC3CURx5LuoDxw4EK+++io4viJTO+d8t8KxY8f68bK++PILf036rWsPNLUaAiqoCIiACMwvAQlY80tQ24uACIhAKyXgnPNfgGJrqs8++8x32Rg1apR/oOCDgnMOfLDgFwhXWGEFX0uGh2GoN+CehhYiIAIisEgJtKmd8SuFbHHFboL9+/fHxx9/7K85rCTD+aKEL1a23HJLPx4jr1Ucd5HxMhEQAREQgfZJQAJW+zzuqrUIiIAIeAJ8IKB4xQF1OfZVWVkZSkpKfNyqq66Kp59+Gn379vWfQmcgHzjYKot+mQi0PgIqsQiIQEsh4JzzLat4TaEw1b17dzzxxBNexOKLEn4ohNckjoXFrxNygHdes9j1sKXUQeUQAREQARFYtAQkYC1a3tqbCIiACDQrAb7pblqA999/H2uttRZqa2t9cFVVFerq6rD22mvj3XffxWKLLebFK+fy3QPdTNcn1kIEREAEREAEFgABilVscdVv8X54++23scYaa4DCFq9HdHmN2njjjfHaa6817q2+vr7RL48IiIAIiED7ICABq30cZ9WyBRFQUUSguQhQvOKDQGH/fBAYNGiQF68Yx3C+3aagNXz4cK7KREAEREAERGChE6B45ZwDB3dnq6uRI0f6j4awKyGvT3QLItYLL74ADvQehqHv8g5NIiACIiAC7YZAaxSw2s3BUUVFQAREYEESaCpeUaAaMmQIqqurUVxc7I372mSTTfDWW2+hS+cuXJWJgAiIgAiIwEIlQPGKRqGKrnMOnTt3xiuvvAK2uirsnHHsxr799tvjueeea+x+yLEZC2nkioAItEkCqpQINBKQgNWIQh4REAERaB8EKF7tvffeqKys9IOxsxsGHww4UO6dd97pIWRzWe9qIQIiIAIiIAKLikCUy3+ZkNcnvlx5/PHHseOOO/rdsxUWW17RdtppJ/91XIpeFLV8Ai1+h4CiREAERKBtEJCA1TaOo2ohAiIgAr9JoPB2mu5dd92FPfbYAxzrqjBYOzfkAwK7bATibW0AABAASURBVHAQXa4XFRV5ccu5/NhXDJOJgAiIQLsloIovNALOOX+94Q6CMPD+iooKP/4iuxM+9NBD2HXXXUEBiy9b6DY0NGCfffbBfffeB4pevL4xji7zkYmACIiACLRNAkHbrJZqJQIiIAIiwJt5Gse1Io3//ve/OPDAA/2YVxw7hA8BfHt98MEH4/bbb2cSmQgsNALKWAREQAR+j4Bz7jej+fLlr3/9q48PgvzjC1sPH/DXA3DzLTf77oTO5b9qKBHLY9JCBERABNokgfwVoE1WTZUSAREQgTZFYK4r45xD4Ub+uuuuwyGHHAK+tXbO+YFv2Q1jr732wg3X39A4BtZc70QbiIAIiIAIiMBCJsAXMddffz123313f/1i90K+iKGIdeihh+Laa6/1A7uzGOpSSAoyERABEWibBCRgtc3jqlrNkYACRaBtE2Brq6Y15HoqlcJVV12FI444olHMcs75LhrHH388br31VvCrT023k18EREAEREAEWhKBXDYHdm2/++67cfTRR/uXMWEY+pZXFLMY9u9//9sXOZvVGI4ehBYiIAIi0AYJzJ2A1QYBqEoiIAIi0FYIULCqq6trrA7XzzzzTH+z75xrDGe3wZNPPhmXXHKJfyBgOlpjgpke55wXupzLuzOD5YiACIiACIjAAiXgXP4649ycXb5o4XXKOYd//etf4DWMra8oVvGaxm6Fxx57LE455RQvahUKx8HgC365IiAC80BAm4hACyMgAauFHRAVRwREQATmhwAHZudNPrsKnn766Tj33HN9dgxzznn/FVdcgTPOOMP7tRABERABERCB1kDAOedfqvB6ds7Z5+Dyyy8H/TR2l6ddfPHFOPzww30LLdapQ4cOjV0Lud4cpn2KgAiIgAgsOAISsBYcS+UkAiIgAs1KgG+geSPvnPNvp3kjX1hnFwv6zzvvPBxzzDFg18JmLax2LgIiIAJ/jIBSicAsBJxzYIssdhs855xzGrvHh2EIjn/FsbLYRR6aREAEREAE2hwBCVht7pCqQiIgAu2ZgHMOhx12mO9iwa8MUqjiDT27WPCm/sQTT2zPeNpp3VVtERABEWh7BPjS5tRTTwU/UsLa8ZrH651zzg/qfvDBBzNYL2w8BS1EQAREoG0QkIDVNo6jaiECIrAwCbTgvNllorq62peQItW+++6LwkC2vLnnlwbpUrzil5r4JSef2BbOOd8dw7m8a0GaRUAEREAERKDVEOD1jS9t7rjjDj+mY21trb+usQK33HIL9thjD3BsSF4fGUbjgPB0ZSIgAiIgAq2PgASs1nfMWmWJVWgREIEFS4DdAXkTTpeiFMe82n333cEvNPFGnV0G6XKv/NLggQceSK9MBERABERABNocAV7/hg0b5uvF6yI97FJ47733Yq+99mrsZsiXOg3pBkbLREAEREAEFiKBhZW1BKyFRVb5ioAIiMBCJOCcQ5gIG7tG7LzzznjggQfALhS8eefXmcIwxKOPPoq9994bmkRABERABESgrRJgd/ldd90VTz75pG+JxcHbeT1kfR955BEwrqqqyl8z+dKH4TIRaOEEVDwREIE5EJCANQcoChIBERCB1kKAN+SbbLIJnn76aZSWlqJwY86b+SeeeALbbrutrwrfOnuPFiIgAiIgAiLQxgjwxQ27E2666aa47777wJc4RUVFvpbOOQwfPhxbb701KisrwbQ+QgsREAEREIFWR0ACVqs7ZCqwCIhAeybAMa8KN9/Tp0/HlltuiTfeeKOxewTje/TogREjRmDw4MHgDT15UdCiKxMBERCBP0xACUWglRBwzvmS8lq33Xbb4dlnn0WnTp38NbBwHeS1crPNNgNf/LCLPc1vpIUIiIAIiECrISABq9UcKhVUBERABPIEnHOYMmUK2PLq3XffzQfakoPX8oadb5r5FtqCNDczAe1eBERABERg0RPYYIMNfBf6srIy322QJeAXCnnN3GqrrfDDDz94cYvhMhEQAREQgdZDQAJW6zlWKqkItEcCqvNsBNhFcNy4cRg0aBA++uijxi6DHO+qa9eueO2117DWWms1foVpts21KgIiIAIiIAJtngBbKq+99tqgYMXxsFhhdqXnNfT999/33Ql5LWW4WmKRgkwEREAEWgcBCVit4zjNRym1qQiIQFsiMGHCBLB11aeffurH8WCrK9avZ8+eePXVV7H00kuj8HVChstEQAREQAREoL0RqKmp8VVeZpllfHdCXiMZwG72FKw++eQTbLPNNuA11bl890PGy0RABESg9RNo2zWQgNW2j69qJwIi0IoJ8Cab1tDQ4GsxevRo8I3yqFGjfNcHvkmmDRw4ECNHjsSyyy4LdpFwQf5mnG+gm5rPRAsREAEREAERaOMEKioqfA2dc1hxxRXx4osv+hc8DGSLZbp8EbTRRhuB11S2zuLA77zmMk7Wzgmo+iIgAi2WgASsFntoVDAREAERADj4bFFRkb/B5uCzHLeDohVvsvkmmW+Xn3nmGVDEEi8REAEREAERaAkEWloZllpqKd9KmS96crmcLx5f8IwdOxYcE+urr74Cr7W85jLcJ9BCBERABESgxRGQgNXiDokKJAIiIAJ5AryRpo9jXa277rqYOHEi+OaYN9/80hLfKj/11FPo27evHwvLOefHvnIu73JbmQiIQKskoEKLgAgsQAK8ZrIb4SuvvILll1/e51xcXOy74lPE2nbbbf24knwxJAHL49FCBERABFokAQlYLfKwqFAiIAIikCfw9ttvY/PNN/ef/aZwRVHLOYcBAwbgueee8+IVb7g57lV+Cy3zBLQUAREQAREQgTwBXidp3bt39x87WXXVVcEug4ylYMXWzYMGDcJ7773nWz4zXCYCIiACItDyCEjAannHRCUSgZZBQKVY5AQKIlRhzCt2Ddx4440xefJkMIw32XQ32GAD8C1y1y5dfRnZpTBMhN7fdOFcviWWc3m3aZz8IiACIiACItBeCPA6SXPOoXPnzuCYWGuuuaZvtUwG2WwWdXV1YEusF154gUFgV33v0UIEREAERKDFEJCAtRAPhbIWAREQgbkhUBChOA4Hb6C33357sNUVuz4wHwpYgwcPxqOPPopOHTuhkJ5xMhEQAREQAREQgT9GwDmHN994ExzE3TnnuxKyhda0adOw66674vnnn1dLrD+GUqlEQASaEJB34ROQgLXwGWsPIiACIvCHCPArSLyBfvLJJ0Hxit0bnHNgOEWsLbfcEg8++CAKX1eaPVPn8i2tnMu7s8drXQREQAREQAREACgrLUMQBuD1lh9IYessfsWXL4qqqqqwww47YMSIEV7YYpiYLTIC2pEIiIAI/C4BCVi/i0eRIiACIrDoCLALA2+Yt9lmG9TW1vodF8SrbbfZFo888gjKy8sRBAFqamt8vBYiIAIiIAIi8AsB+f4IgVyUQ5SLUFJSguHDh2Prrbf2m1Gs4oukQnfChx9+2L9E8pFaiIAIiIAINDsBCVjNfghUABEQARHIE+CN8t577+3H5CiMvcGvJLE7w1133wX68ymBDh06FLxyRUAEFiQB5SUCItDmCbBVM1tgcexJ+u+55x7f6orXWbbGYvd9urvssgvuvvvuxgHf+VKJAheFrqbW5oGpgiIgAiLQQghIwGohB0LFEAERaH8EePPLG2HW/PLLL8c+++zjW17xZto5x2Dsv//+uPPOO8FxsXxAK1ioiCIgAiIgAiLQ0gk45/xYks453xLr/vvvx5577tnY4oqtndmt8MADD8RNN90ETmEQ+m6F9MtEQAREQAQWPQEJWIueufYoAv8fAcW3EwLOOfAN7zXXXIPjjz/e3xSHYdj4pvfwww8HhS0KXbR2gkXVFAEREAEREIFFRsC5/AsjfuX3lltuAa+93DnXeU2miHX00Ufj4osvRjaX9a2kGS8TAREQARFY9ATaqIC16EFqjyIgAiIwtwR4c3zuuefiqKOO8kJWaWmp/+og8znmmGNw4YUX+rfCzjk/7hU0iYAIiIAIiIAILHACvB6zpTNbXV199dX+pRJ3wo+pFFpK//Of/wRfOPHFE+NkIiACLYmAytJeCEjAai9HWvUUARFoEQQKLak4jsb555+PM844A3zDyxtk3kDTf+KJJ/qWV/zaoHP5N8MtovAqhAiIgAiIgAi0QQIUrwrVoojF1lbHHnvsLC+PeH0+4YQTcPbZZ/tWWBwEnuZcG7lOFwDIFQEREIEWTEACVgs+OCqaCIhA2yPgXP5Gl10G2fqKNeRXkApvdC+99FLfTYHhMhEQAREQgdZDQCVtOwQ4iPtll12GSy65pLFSDOPKWWedBQpZQRjABQ58+cRwmQiIgAiIwMInECz8XWgPIiACIiACJMAvC1ZVVeGggw7CrbfeyiBv1dXVCIIAbJHFroMMLLTUol8mAu2EgKopAiIgAi2CAF8qOedw3HHH4brrrvMtrpzLv4Biay2OT3nYYYchm83qIyst4oipECIgAu2FgASs9nKkVU8REIEWQeDggw/24lVtbW3jDXHHjh1xww034KSTTvIDuM+7eNUiqqhCiIAIiIAIiECrJsBu/qwAXzxRqBo2bJgXqtiNkC2ueJ2+8cYbwS8Ucp1pZSIgAiIgAgufgASshc9Ye2hNBFRWEViABHjjy5tcZpnL5rDbbrvh/vvv56o3trpiPL96dMABB/iw4uLiRmHLB2ghAiIgAiIgAiKwSAmkUim/P16n6dlnn31AEYvdCJ3Lt8Ri+IMPPohddtkFBcGL41kynNf2psYwmQiIgAiIwPwTWOAC1vwXSTmIgAiIQNsgwBtf5xzq6uqw09CdwBtdilrO5W9+eXP7wAMPYOjQoW2jwqqFCIiACIiACLRBArxe77jjjv46zlbTbInFavL6/sQTT3gR6+eff/ZfFGa4TATaEwHVVQQWJQEJWIuStvYlAiLQ7ghUVlZi2223xdNPP+3rzrEzOGh7hw4d8Nhjj2GnnXby41/5SC1EQAREQAREQARaHAHnHNgqiy+c+DKKglahkIlEAo8//jj23HNPcEzLQvhcuEoqAiIgAiLwBwkEfzCdkomACIiACMwlAYpX2223HZ5//vnGrxRxwFd2MRg5ciS22WYbxFHsc9UYGh6DFiIgAiIwDwS0iQgsXAJsPV3Yw6abbornnnsOpaWlPojdBylo8Vo/ePBgsCWWj9BCBERABERggROQgLXAkSpDERCB9k6AN7KTJk3CJptsgpdffrkRB9/edurUCa+++irWWWcdHx4mQu+yZZb3aCECzUFA+xQBERABEfhNAs7lu/4XEmy88cZ45plnwGs6r+3O5ePfeOMNbLnllo0ilnPOf6mwsJ1cERABERCB+SMgAWv++GlrERABEfAECgu+iaV4xbew77//vh8Pg2NlOOfQvXt3jBgxAquttpofqL2wjVwREAEREAEREIGWS8C5vEDVtITrrbdeo4jFMS9pFLM+/PBDbL311uC9AF9oJZNJ0G0jdJeiAAAQAElEQVS6rfwiIAIiIALzRkAC1rxx01YLnoByFIFWT6C+vt7fsK6//vrgDSwrxG4HvHldfPHF8eSTT2L11Vf3ohbjZCIgAiIgAiIgAq2PgHN5QWvgwIF44YUX0KdPH/BlFYcJYG0++OADrLvuupg4cSJXZSIgAiIgAr8mME8hErDmCZs2EgEREIFfE/jpp5+w+eabY9SoUX6wV6aggNWjRw9wzKsVV1zRv4XNZXOMkomACIiACIiACLRCAoUWVRwHa5lllsGzzz6LxRZbzLeuppDFKo0ZMwYbbrghxo4d68ML2zBOJgILhoByEYH2R0ACVvs75qqxCIjAAiJQuBnloOxffvmlH9eKLrNnV0KOazVgwAA/DtZyyy3nb2DZvYDjXhW2ZVqZCIiACIiACIhAMxCYj13yOu6cQyKRAEUsjm+55JJLIpf75SUVxasNNtgAX3/9tb8H4O74YouuTAREQAREYO4JSMCae2baQgREQAQ8AefyXQi+++47DBkyBD/++KMPLy4uBo3dBp9++mn0799/lhtaJnIuvy39MhEQARForQRUbhEQAYAvrXjNL7S2JhOOiUWX3QjZOvvzzz/nKgrhfkULERABERCBuSIgAWuucCmxCIiACMxK4N1338Wf//xnjB8/3kdQuGKLLHYXZJcCvo1lROD0c0sOsl8RUIAIiIAIiEArJ1BodcVW10899RRWXXVVsKUVW2KzauPGjQNbYvGegesyERABERCBeSOgJ6p546atREAEWgyB5ivIm2++iW233RbTp08HRatCSfiVQX5tkG9j+Va2MOYVuxsU0sgVAREQAREQARFoGwScc36MS4pWHAvrxRdf9MMKFO4NOC7WtGnTsN122+Gll15qG5VWLURABESgGQhIwGoG6C1ulyqQCIjAXBNgN4FBgwaBA7c75/zYFrxBXXvttfHcc8+BA7ezm0BhzKswEfo0c70jbSACIiACIiACItCiCDiXv+47l3cLLa2cc76cHTt2xDPPPONFLOfy4hbvCaZOnQreOzz//PM+HRcFkYt+mQiIgAgsEgKteCcSsFrxwVPRRUAEmocAW1cNHToUDQ0N6Nq1qy8EW1dxjAvesHbo0MGHaSECIiACIiACItA+CZSXl+PJJ5/EVltt5QGwdRY9fLG1zTbb4IUXXuAqksmkb73lV7RoNQRUUBEQgeYhIAGrebhrryIgAq2QALsDPvroo77bIMUr5xz4NpXiFW9QH3roIX8jWldX5wd0bYVVVJFFQAREQAREYFEQaNP74D0Chw/gC6377rvPf+iFrbR4H5HNZlFfX49NN93Ui1i8h2jTMFQ5ERABEViABCRgLUCYykoERKBtExg+fDh22mknX8nCm1TeeFK8uvfee714xciSkhLws9r0y0RABERg4RBQriIgAi2VQCJMIEyEvnglxSV44IEHsMUWWyAMQz+cAF1GbrnllqDA5Vy+myHDZCIgAiIgAr9NQALWb7NRjAiIgAh4AhSp/v3vf2PXXXf161ywCwDDDz30UDz88MMoiFYMozmXHweDaWUtlICKJQIiIAIiIAILgIBzzgtTzuXdgnjFrOln66v7778f+++/P/jFQhrjOP7VHnvsgZtvvtlvz7DCCzL6ZSIgAiIgArMSkIA1Kw+tiYAIzAWBtp6UTf1ZxxtuuAF///vfwRtQ5xyDwC4AFK+uu+46cGBWjmHhI7QQAREQAREQAREQgdkIsNUV7xkOPPBAcHwsvggrJPnb3/6Gq666yq86l7/P8CtaiIAIiIAIzEJAAtYsOBb5inYoAiLQggnw5vL666/H4Ycf7pv9c8yKwpvRww47DFdccQX49pTpCuEtuDoqmgiIgAiIgAiIQDMR4IsuvvC69tprQRHLubxQ5Zzz9xhHH300brzxRkS5SIO6Q5MItFkCqth8EpCANZ8AtbkIiEDbJXDaaad58Yo1LDT3p1h1/PHH49JLL/U3nFyXeEVCMhEQAREQAREQgd8jQBGruLjY30OcdNJJPilFLd5LcIUtu0897VQJWITxm6YIERCB9kxAAlZ7PvqquwiIwCwE+MWgQsCxxx6L888/3w/MzptLhrPJ/9lnn+1vPNkVgDeiDGc8jX7nnB/HwjnHVZkIiIAIiIAItCwCKk2zE+BYmbyfOOuss/yYWHV1df6lGMWtyy67DIwrFJItvQt+uSIgAiLQ3glIwGrvZ4DqLwIi8CsC++yzD9jEnxG8cWQLK4pVp59+Ok44/gQU1hnf1JyTaNWUh/wi0FYJqF4iIAIiMD8E2OKKL81OPvlknHfeeT4rilo0tvj+P/bOA8BqYm3D7yQ5bStVQVQUrFgQsYGiiBUQFEFpVlDE3hVFEXtDsOvvFRGxKyqIV6+99+u1XHvvorRl22lJ/u+ds2dZELmolC3f2XzJZDKZzDyZJDPvTLKXXnop+KkC1jcc4+iILEtIZ0pACSgBQAUsLQVKQAkogToE+F2KO++804pUeW9WNClo8fsU/G9C9M9/4J1uNSWgBJSAEqhXBDQxSqBeE6BQxfoE6xf8LMF1110Hz/PsdzWZcGOM/R4WR4Nn/az9Lhb91ZSAElACTZ2AClhNvQRo/pWAEqglMGD/Abjttttq1+koLi62/9565IiRYEUzlUrR21Y0rUNnSqBREtBMKQEloASUwMoiYIyxUbMzjHWL4447DvwPhdZTZhyFRZGL/5lwxIgRCEL9sLtg0UkJKAEloCOwtAwoASXQtAmwgjh//nwccMABeOyxx+w3KFiZzH/TioLWIYccAsfNDeHnNhIzJlf5pHuppp5KQAkoASWgBJSAElgGAdYpjMnVJ4444gjcd999td/edJzcOIO7774bQ4cORTKZtDHx0wbWoTMloASUQBMkkLszNsGMa5brPwFNoRJYFQQCP8DgwYPx8MMPg79EIgH2iHIo/6OPPopBgwbRe7HvTxiTq2zaDTpTAkpACSgBJaAElMDfIMDONO7OOsdDDz1kR3nn/ej/+OOP2462qqoqK3DV3cbtakpACSiBxkBgefKgAtbyUNIwSkAJNEoCCxcuRI+de+CZZ56x+ePHUvmKID/YPn36dPTp08eKWez1zPeE2oA6UwJKQAkoASWgBJTACiTA+gc/7L7PPvuAIhZFKo7Q4iFYD+Eo8V69emHBggWLdapxu5oSqCGgCyXQ6AmogNXoT7FmUAkogT8isOeee+Kdd96xrw0WFhbaYM2bN8eLL76I3r17Iy9axeNxu01nSkAJKAEloASUQGMmsHryRoEqFovVHny33XbDq6++itLSUuvHDjY63nrrLfTt2xf5b2TRT00JKAEl0JQIqIDVlM625lUJNEECrPTV/V4E1/nNq6222gr/+c9/7H/8oVDF0VhrrLEGnn76aXTt2rW2dzPf+8meUGMMjFlkTRCnZlkJKAElsGwCulUJKIE/TYCfL+BOrudyYesgO+ywA5566im0bt3a1j3YmcY6zL///W90794dP/74ow3LOg4/fcDRW6yr0JPLukY/NSWgBJRAYyCgAlZjOIuaByWgBJZKgBU99lK6bq5CyEC//vordtxxR3z66af29UCG4bD9kpISvPzyy9hiiy0YzFYWraNmZoypcelCCaxcAhq7ElACSkAJNG0C7DwzxqBz585WxGrVqlXtR9xZZ3nvvfew1157WRGLnz1geIpfxhgrfjVtepp7JaAEGjMBFbAa89nVvCmBpkmgNtd58YrLiooKULzi9yM++eQTWxHkcH2Ovmrfvr0dqr/BBhvYffkBd/ZkUtyyHjpTAkpACSgBJaAElMAqIkCRivUQHm7LLbe0IlbHjh3tpw3YKcdRVx999BH4KYSvv/6awWqNI69qV9ShBJSAEmhkBFTAamQndMVkR2NRAo2DAHslKVCxIjh79mywEvjZZ5/VZo4VwHXWWcd+82qzzTYDRS5uNMbAOAbcF/pTAkpACSgBJaAElMAqJMAOtiAM7BGz2awdicV/OMMON3bK8XVC1nEoYvXs2RPvvvuuDcsZt3OppgSUgBJYfgINJ6QKWA3nXGlKlYAS+B8E+BFUBqFglR89RT++LsgPolLEYsWOI6wYrlOnTva1QX5fgt+PKCoqqh16b4xhEDUloASUgBJQAkpACaxSAhxF5RjH1klYZ+ForDZt2tj/msxPHbAuk6/n/Pbbb9hvv/2siMW6DIUtdtDRGA8TzmVdo5/aCiag0SkBJbBKCKiAtUow60GUgBJYFQTYI8njcOQUjRU+9k7uvffe+Pbbb7nJGiuDrAA+99xzaNeuHaKRKKLRqN3GGSt5XKopASWgBJSAElACq4aAHmVxAo67qJnG71txVNb666+PJ598Euuttx7yAlZ1dTV+/vln7LLLLvjiiy9sJKzT0LiidRpSUFMCSqCxEFh0Z2wsOdJ8KAEl0GQJcOQVexzZ+0gIb771pv3I6Zw5c+A4jjX6b7TRRva1wZYtW9rezepkNb3VlIASUAINmYCmXQkogUZMoLy83NZZOBLr+eefR5cuXWo731j3oZDVrVs3vPnmm7UUWPfhaK1aD3UoASWgBBo4ARWwGvgJ1OQrASWwiACFKxp7G9944w3wg+0Ur9hrSX/2Vm6zzTb2Y6jNmjUDK3zGGCTiCfsfCbnfotjU1fQIaI6VgBJQAkpACdQ/AvwcAkdUBX5gR16ttdZaeOWVV7D55pvbxPITCMYYUOTiN7E4wtxuWGKm9ZwlgOiqElACDY6AClgN7pRpgpVAPSawmpPGnkaKUv/85z/Rt29fcEQWk8QlrUePHnj66afRqlUretueS2MMODSfFUNjDIxZZNCfElACSkAJKAEloARWMQFjFtVFjDHgJxLYGcf6Cus6TE7Ei4BC1e67726Fq/z3rzgSa/DgwZg1a5atB7EDzxhjR29xNBbFMO6vpgSUgBJoiARUwKpnZ02TowSUwF8jwIobK2UzZ87EoEGDakdUGWNshByN9eijj6KkpATswbSeS8yMyYVdwltXlYASUAJKQAkoASVQbwhwJBW/kcU6zUMPPYQ99tjDpo11ITrmzZtnP+xOEYujz+lH4Ysfhnddl6tqSkAJ1BMCmow/R0AFrD/HS0MrASVQTwlwBNVjjz0G9jpyFBbFrNLSUtvjSL9HHnmkVrwqryi3/vU0K5osJaAElIASUAJKQAn8IQHWcyorK+32gkQB/vWvf6Ffv37gaKtEIgGOtKKx/sOOPY7KYmCO4OI/sqG7EZlmRQkogSZEQAWsJnSyNatKoKETyPci1s1HvrfxH//4B4YNG2Y/1M5wrNyVlZXhwAMPxLRp0+zwe2MMWHmjsAX9KQEloASUgBJQAgAUQkMjwE47GkdisV5jjMF9992HgQMHgmIVR1sxTxSxBgwYgIcfftj60y+/jW41JaAElEBDI6ACVkM7Y5peJdCECWSzWfvh9boIKFbdfPPNGD16tP1+FYUrVugY5pBDDsGdd95pP3jKXkn60YzRVwXJH3YkGAAAEABJREFUQU0JKIEVRECjUQJKQAmsYgIUsIzJ1WdYF+J3su666y4MHz7c1nvqJuewww7DlClT7OcV8v75uhK/EZr306USUAJKoL4TUAGrvp8hTZ8SUAK1BIwxcGu+3ZCvcN100004+uijkf8Zk6vMnXbaabj11lvtcHp++DRfUVsyXH5dl6uXgB5dCSgBJaAElIAS+GsE8qOquLzjjjvAOlA+Jvqxc+/444/HpEmTrDdHr+frRawjWU+dKQEloAQaAAEVsBrASdIkKoHlINAkgnAUFStizCwrXJdddhnGjh0LuilsUdRihey4447DlVdeWdsDmffnfmpKQAkoASWgBJSAEmhsBCoqKuz3PY0xtg5EwYp55OgsjtZiXWnMmDG49NJLbbjy8nJbT2K9ieHUlIASUAINgYAKWLVnSR1KQAk0BAL8ODvTecEFF2D8+PF2ODwFKvYuUsS66KKLMHHiRAaxwhYrbnWFL7tBZ0pACSgBJaAElIASaEQEiouL7acU8lm66qqrwDoR60asI/HbWMYYnH322TjrrLPst0H5aQZjciPX8/upoJUnocvGT0Bz2BAJqIDVEM+aplkJNEECfta3uWZFjL2Kl1xyCShc8QOl7FnkxgsvvNCOyKI7bxyxRcuv61IJKAEloASUgBJQAo2VgDHGjrBi/jhKnSIWRSl25nFJf75KeOaZZ9K52LdF89vzSxtgWTPdpgSUgBJYxQRUwFrFwPVwSkAJ/DkCFKm4B//LDpd8PfDGG2+0lTNjjO1B5Lccrr32WtujyBFanuctViHjfmpKQAkoASWgBOobAU2PElgZBAI/AOtCrBPxtUHWkTgKi68R8ngFBQXgP8Bhh2BerOKI9YULF3LzYiO5rIfOlIASUAL1hIAKWPXkRGgylIASWDoBVrZYuWIl7OCDD8Ytt9xiv9lA0Yr+HIHFD5Yec/Qx9nVChjfG2I+3Lz1G9VUCSqAREdCsKAEloASUwBIEXM+1IhTrRBSuRo8eDdaVKFIxaFVVle3oY52KdSvWpzhafcnXEBlWTQkoASVQnwiogFWfzoamRQkogcUI5F8b5Cisgw46CHfeeafdztcI6WAPIv24jZU1vkrIihq35felW21ZBHSbElACSkAJKAEl0JgIsJOP+aEwxVcHacOHD7f1KNaduC0vZs2YMQODBw+2I9spYnGbmhJQAkqgvhJQAau+nhlNV8MhoCldaQQc1wFHXvXt2xcPP/wwEomEPRZHXTmOg8m3TsaBBx5oexkpWLEyRhGLFTbuawPrTAkoASWgBJSAElACTYgA60LMLutKXLKORHf//v0xdepU5EdaMRzrTA888AD22msvOyqL6zTup6YElIASqG8E6oWAVd+gaHqUgBJYPQRYYaqoqKg9+IIFCzBgwAA8++yztmeQ/0GHo68oZD311FMYMnRIbViOwDLG2HD0NGbx/6pDPzUloASUgBJQAkpACTQ1AsbJ1Yni8Tj22WcfcNRVSUmJ/fQCR2sZY8B6FbexHmZMLjy3NTVWmt9VQ0CPogT+KgEVsP4qOd1PCSiBFU6Ar/8VFhbaeMvKysCRV0888QTYa0hxixu4/emnn8YuO+/C1VrjSK38ijG5ild+XZdKQAkoASWgBJSAEmhEBP5UVoxZVC+iiNWtWzf885//RGlpqY0nX8d68skn0bt3b+Q/5s4RWjaAzpSAElAC9YSAClj15ERoMpSAEgD4aiA5zJ07F7vtthveeOMN+9og/5MOK1HNmjWzrxJ27doV1clqcEg8K10cmcUKGfc1ZlEljetqSkAJKAEloAR+T0B9lEDTIWCMsSPU+akF1p1Yp+revTvYScjXCdlRSOP3sV555RX06tULs2fPBr9BynpW0yGlOVUCSqC+E1ABq76fIU2fEmikBFghylvdLM6ZM8eKV++//779b4McWUVhq1WrVpg1a5atVPG/6rCSxe9cMQ6KV1wyHi7zxnU1JaAEVhIBjVYJKAEloAQaDAFjjB3Rzk8ucMQ7Xw/cbrvtwFHta6yxRu57or4Pfqrh3Xffxd57721HYjEcR8VDf0pACSiBekBABax6cBI0CUqgKRIwxiCbzaK8vLw2+z///LMVqD7++GMrXnEDxajWrVvj0UcfxY477kgv24vIfbliTMMdccX0qykBJaAElIASUAJKYFUSYEcgR2Fx1NU222yDxx9/HKxrccQVR2nRPvzwQ9uh+NNPP9nR8EwfhS8u1ZSAElACq4uACliri7wed0UQ0DgaOAHHOCgsKLSvAn777bfo2bMnWGFibx9HXbFite666+KZZ57B1ltvbXPLSpUxxvYUWg+dKQEloASUgBJQAkpACfwlAuwQ7Ny5M5577jmwzmVM7nVDilUffPCBrZuxg5H1r0gk8peOoTspASWgBFYQAaiAtaJIajxKQAn8aQJBGMA4Bt98+w26dOmC77//HhStaIysY8eOtkLVqVMnOyKLlSdWtFip4n/JYRg1JaAElIASUAJKQAkogeUnsGQdiiOvNtlkE7z88stg3YsjtBibMQbfffcdOErrs88+A785ym9ocZtaQyWg6VYCDZuAClgN+/xp6pVAgyTAihITzp48jrjadtttMX/+fHqBI6/4/YXNNtsMTz31FDp06ACOyKKoReOQd+7XvHlzOwrLmNxoLGN+v7QR6kwJKAEloASUgBJQAiuKQCOIp7Cw0H6OgZ9pYJ2K3xJlttq1awd+xH2DDTYA/elnjAG/T9qjRw9888039LKditzXrsiM7romXjopASWgBFYKARWwVgpWjVQJKIGlEeDIKfqzkkNR6s0337T/rpniFXv7jDHcDIpXjzzyCNq3b2/X+V8IrUNnSkAJKAEl0OAJaAaUgBKoPwQCPwDrZ6ybsaOwWbNm+Ne//mXrYvSjMbUUsbbffnu8+dabteHpv+RoLvqpKQEloARWFgEVsFYWWY1XCSiB3xHgN6/oyVFUb7/9NvbYYw/8+OOPdiQV/VlJ4jD1559/3g5h50gtvjbIChW3qykBJWAJ6EwJKAEloASUwAoh4LiOHVHFjkVGyJFXHIn1wgsvoHv37vQC6210UOjq3bs3+F8KuU7jaC4u1ZSAElACq4KAClirgrIeQwkogVoCFKQoUO26666gQMXXBSlcGWPAf+f87LPPorS01IpaHJXlOCvjNlWbHHUoASWgBJSAElACSqBJE2B9iwDyIhbrZSUlJXj44Yex55572s875EWssrIy7LzzzvYzD6zHGZMbPc/91ZSAElACK5uAtgxXNuHGGr/mSwksJ4H8xz5ZGTKOwaxZs7DPPvvY71qx4kN/RrXTTjvh9ddfR1FREVfVlIASUAJKQAkoASWgBFYCAWOM7Sg0JrfkIShi5UUqYwy9sMYaa+CJJ56wn3vg6KtkMgl2LFLoGjRoEB5//HH7LS1jjI2P/sYYu6/OlIASaGQE6kl2VMCqJydCk6EEGiMBileu59qh6cYYW9EZMmSI/S82+fxyRNbAgQPx4IMP5r10qQSUgBJQAkpACSgBJVAPCBhjcN9992GvvfayqWG9jQ5++2rYsGG45557uGqNIph16GypBNRTCSiBv09ABay/z1BjUAJK4A8I5MWrbDaLf/zjH+jfv78Vr/I9fHx9kD14FK/42uAfRKPeSkAJKAEloASUgBJQAquJQEFBAWbMmAF2ODIJHIXFOlx1dTUOPvhg3HnnnfS2xlFa1qEzJaAElMBKIKAC1kqAqlEqASWQI8DXA1nJmTp1KkaNGmWHmXOLMbnh5YMHDwa30Y+jtbhUUwJKQAkogZVFQONVAkpACfx5AhSl2Pk4ZcoUW5+jeJVIJMAlR2RRxGJHJWOOx+NcqCkBJaAEVgoBFbBWClaNVAk0TQL8PkLdnBtjMHHiRFvZob8xOeGKwtbo0aNx1113gb163MbRWsYY+w0FrqspgXpJQBOlBJSAElACSqCJEaAoRaGqIFGAG2+4EUcddZT9Rzy+79fW29hRefPNN6O8vNzS4fewlqwX2g06UwJKQAn8DQIqYP0NeLqrElACixPgv17O+7DictVVV+HUU0+trdyw8sPtrPhcf931dKopASWgBJSAElACSkAJ1HMCHFFvOxudXOfkMcccY1PMTkkKXKwDHn300bj11lutP0dscYSWilgWh86UgBJYQQRUwFpBIFdhNHooJdAgCJx33nk47bTTrHjFyg0TzcrPmDFjQGGLlSD6qSkBJaAElIASUAJKQAk0DAKsy1GsuvLKK3H22Wfbeh5fMeRoLPqznsc6IHPDsPk6INfVlIAS+EsEdKc6BFTAqgNDnUpACfx9Ahx5ddZZZ+Gyyy6zkdWtuLBCc/7554MVHLtRZ0pACSgBJaAElIASUAINigD/AyHrcueee66t71GoMsaAo61YD7zgggvAOh8zxZFYXK5e06MrASXQWAiogNVYzqTmQwmsBgKsqNQ9LD/Efvzxx9vKDIeNc0h5fvukSZMwbtw4aEUmT0SXSkAJKAEloAQaCAFNphKoQ6CoqMiusZ53xhlngKOxOAKLnrFYjAtQxDrllFNAQYsjtOjJT0lwnW41JaAElMBfIaAC1l+hpvsoASVgCbD3jSOsWCGhmDVi5Aj77QP60/IVlsmTJ9sPftqddKYElIASaIIENMtKQAkogcZKgJ2X+W9fpVKp2myy85L/tId1RXpym+d5dKopASWgBP4SARWw/hI23UkJKIE8AWMM2Ot20EEH4Y477rD/UjmbzYLiFXvm6DdixAjw3y3n99GlEvgLBHQXJaAElIASUAJKoB4SYKflyJEjce+999rUGWPs5yI46n7KlCkYNmyY9WddkK8b2hWdKQEloAT+AgEVsP4CNN1FCTRMAis+1XxlkKOvDjjgAEyfPt2KVxyJxQoLjRWZgw8+eMUfWGNUAkpACSgBJaAElIASqBcEWBdkQvbdd1/cf//94Igr1gfzrws+88wzGDBgAKqrq20HJ8OqKQEloAT+CgEVsP4MNQ2rBJSAJcBKCR2ZbAZ9+/bFjBkzuGpHYtFB8YqCVr9+/cBKDSsyNG5TUwJKQAkoASWgBJSAEmg8BPKjqjjynp2aDz/8MJo1a2YzyDpheXk5Hn30URx44IHWjzOtF5KCWr0noAmsdwRUwKp3p0QTpATqPwEOFS8rK8Nee+2FJ554wiaYrxHSweHhDz74oN3GdTUloASUgBJQAkpACSiBpkOgd+/eeOCBB8CPvXMUFv+xD+uJjz32GHbffXf8+uuvtTBUyKpFoQ4loASWg4AKWMsBSYMoASWQI1BRUWGHhbPiQfHq5ZdfthsoaLGSUlxcjOeeew577rmn/faB3VhnxkoKrY6XOpWAElACSkAJKIE/JqBblECDI8BRVxSqnnrqKZSUlNgR+hylxTrg66+/bkfvs07JjBljuFBTAkpACSwXARWwlguTBlICSoAE2ING8apPnz5444037OuBHC7Oj7YbY8Ceta233ppB1XwxnfUAABAASURBVJSAElAC9YSAJkMJKAEloARWJQFjjK0jbrnllqCIxdcJ2dFJEYsjsd5++210794dc+fOteFWZdr0WEpACTRsAipgNezzp6lXAiuVAD/STuN/FOS3rFjR6NmzJ95//32wElJQUAB+D2vttdfG888/j5122gn898jsYaMZY2CMqU2jMWax9doN6qjfBDR1SkAJKAEloASUgBL4EwTy9cSuW3fFSy+9BH5ignVJdoZy23//+1/ssMMO+PHHH62IxQ+8s875Jw6hQZWAEmiCBFTAaoInXbO86gk01COm0im4nguOsvrll1/sd60+/fRTW9GgQFVVVYW8eLXRRhs11GxqupWAElACSkAJKAEloARWAgHWIzt27IhXXnkF7dq1s68TUsiioPXFF1+gV69e+OGHH+x/smbYlZAEjVIJKIFGRKChCFiNCLlmRQk0HAIcYcVKxocffmiHen/00Uf221bsOaOAtf766+PZZ5/FeuutZz/U2XBypilVAkpACSgBJaAElIASWBUEKFZRxHr11Vex7rrr2kPy8xP0p4jVo0cPcMkPvrN+aQPorKkT0PwrgaUSUAFrqVjUUwkogTwBilf8EOd3331nxSu+Mkhr3749XnjhBdubxrBa4SAFNSWgBJSAElACSkAJ1AcC9ScN+VcD11lnHfvJiQ033NB+goKvDbquC9Yxe/bsia+++qr+JFpTogSUQL0koAJWvTwtmiglsHoI5CsYFKiYgjfffBO77LIL+PogBSr68z8ObrLJJuA2vj7I/zRjjGFwNSWgBJSAElACjYeA5kQJKIEVQoCvBrIeycjyo/e7du1qv6fKj7obYzBv3jz7LVXWLzn6n99fZXjWPblUUwJKQAmQgApYpKCmBJSAJcAKBh0UqTjMe9dddwX/zTGHeNOP2zbffHO89tprWGONNbiqpgSUgBL4QwK6QQkoASWgBJQACRhj7D/yoZDFOuSsWbPQuXNnsCOUfjSKWH379rUffef3V7lfvv5Jt5oSUAJKQAUsLQNKQAnUEsiPwOJ3rfr06QN+pN0YAw7xNsbY/xbD1wZLS0uRSqVq91PHSiOgESsBJaAElIASUAJKoNEQMMbYfwbUpk0bPPnkk9h2223tB9wpZDGTCxYswD777GO/scp1NSWgBJRAXQIqYNWloe5GSECz9GcIBGGAxx9/HHvvvTfKysoQi8XsNwoYB0djPfXUU/Zj7cYYeqkpASWgBJSAElACSkAJKIE/RcAYA36wvVWrVuBILH5rla8KchQWje499tgDTzzxBLj+pyLXwEpACTRqAv9bwGrU2dfMKQElkCfAygJHXu2///5WtOJ/GuR/iOHQ7X79+uHee++14lU+PMUtY4wdDm7M8i3z++pSCSgBJaAElIASUAJKoGkSYB0yP+KqWbNmePDBB9G7d287Eovfv+Iofy779++P6dOn2xFbJJX3p1ttJRLQqJVAPSagAlY9PjmaNCWwKgk88MADoFDFni5WKlhx4Ic199tvP8ycORPNpIKxKtOjx1ICSkAJKAEloASUQEMkoGn+cwQoaLEeOmDAADv6P7+353kYNmwYHnroIevFOio7WO2KzpSAEmiSBFTAapKnXTOtBHIEysvL7WirO+64A8OHD7c9XOzdym2FrTTcd999dpVDva1DZ0pACSgBJaAEVi4BjV0JKIEmRICj/dl5eu8994KjrlzXtbnnN1j5hsABBxyAqVOn2hFarLvajTpTAn+aQCB7iIWyoMlCp4ZHQAWshnfO/neKeUHS/igkt9H+YLtc1liZ9geHtd7Lc1wbUGcrhEBxcTFuuOEGHHroobX/ypi9YBSrRo4cibvuusuKWhyNxV6wFXJQjUQJKIFVQEAPoQSUgBJQAkqgYRCoqKiw9VDXc3H//fdj8ODBVqxi6o3JfabiqKOOwuTJk1GQKKC32t8hwHZg3gI6loiMXnmr2VS3jVbjtfgiH/7PLhePZbnW6qaF7txOdNFya7Xzuump9VRHQyagAlaDO3u8MAMRmBY3iE8Y+gj9LEATN/1yxis3l1E/kwEMQLNu5H6MNefK7ZH2M6hOJfH5V1/gxVdewvSZD+GBRx7AgzMexL0P3Yc77p2GKXfdjqn33LGYPfDQ/XhIwr74yguy72dYWFmGylQl0n5KUijpkzmwKD1B/qCyXNwdSkiGC5lU2RrKXoG1QLYsMsjaIpOAOv0JArfccgtOPfVUW0mgSGWMsSOyTjzxRNx00021MRljbMUCTemneVUCSkAJKAEloASUgBJY6QSKiooWOwaFKgpWxhj7EXe+OsjO1aOPPhoTrpqA/NsC9Gf9lcu6tlhkurKIQCjOpZifSSGTFQvS8P00kE7ljG3KwEdG/NNhGknkLOP7CLI5q21Psn3pA34qi2+//AZvvPwmHpvxT8yc/igevGc67pl2L6bdNg233TIZt950C26/dQruvuMu3Hf3/Xh4+nTMfGQGXn35FXz9xZeorqxCJpmSdm0AafzlTJJed6KIQeNhcwGYsUDKi4+Qu9GkWQxf9vJlm0y1jUa6xVunhkmA571hprzJppqnbHFzkFs3xoVxPITGQSAXbSYjNxyxbB1l3Y1E5M4S4sdvvsNLz72EO6ZMwxVXTMCxxx6PgQcMxo49dsYWW2yJNm3aoaioEFts0gm77rQzDtx3IIYNOhBDBx6Agw4YgsOHHoIjDjocI4YdupgNHzwEB0jY3Xbpic6dNkfzomZo26YNNt98c3Tr3g1DDxqKE04+EVddfRXuunsann7ySfz000/2bGbT6ZqcAJITGPmTbMh9h3cZrjni4yCUUHmzO+rsTxHgUGw+5C+++GKMHj0aHKbNb10xEvqPGzcOl19+OTicm5UCY4S9GLerKQEloASUgBJQAkpACSiBlUkgHo/jyiuvxNlnn20Pwzop66hcGTNmDC644AJUVVXBmFzHK/3VloOAWSIM110DNxJDxIvCcegRwP6ErV3KjOxjJoo5c+bjhWdfwD333oOrr70GJ51yMoYddAh6dO+BLTbtjNZrtEEsUYBNpQ244847o/+AARh04BAMP+RQHHrYSBx+xJEYOfooHHns0Th81CgcPGIEhh92CPYfNAj7DthP2qE7ocOGG6GgqAhrtF0LnTbbAt133AkHSBuVbdUrJkzE7dPusP8x/YcffkBWGrxVyUpJISdHZtJODI20g0MRvyDlAwCzhDo/rtPqeKlzxRFYFTHxTK+K4+gxVjABnri85aOm2uzLSug6MJ4L3uxpn335FSZPuR2nnno6duu5G9qv0x7rrN8eu+61G4488iiMOfNs3HzjjXjowfvx9hv/xmeffI6yefMgdwWYTAYlIhg1E0mpQCKnFct9jeu0EjleUY0VyjKRDVEqd4oiCRumMuIDVJZV4KsvvsB//v0OHrjrflx39XU4/ZTTcfghh6P3XnuhXbt2WLNFK/TefU/rf8v/3Yp333sf6aoUPInLCwyQkRuRxB2KliVrNt66M0dWaLLQ6X8QYJlgheC8886TB5VjR1zFYjG7F/3OPfdcW3byFQNjlkbcBteZElACSkAJKAEloASUgBJYoQSSySQoYrFTlXVWdr66Nd/FMsbgkksukQ74K+wx83VYu9LwZys9B2xW+dJosiZV/KwcMS2NyGyYkVZXaDu2U4GPDz/6GFNuux1nnTEG/fbog7XWaIv2rdtgH3EfdujhOPW003Hdddfh/vvvxRvvvouPv/oKc8rL4TsOqjNVdhl4HjLwkQ6yyDghfA6kEHESInIhGkXgGPh8a0jCcV0aIJIaaewhxIIF8/HJZ5/htTfexIPT78eNN96AM88cg5Eieu3Xpw/WWWcdrNuyBfrv1Rtjx5yDKVPuxEcffoUwcOA6AYybFhGrWiyF0EjDVPyk4QMYybzkWzIL/TVMAnIGG2bCNdWLEwhkNZSz+cbbb+G2qVOtwr1tt+6IJuLosvlmOPaII3DTxAl484VnMfvn7xGX8C3Fiv1qtJRbSysEaCXrrTJprC83ly5yg9q5fUf03XQrHNJzd5w0aDDGDBmOMwYPw5hhh+Ccww7D+COPxNkHHYZzauxcWY4dfihOHzIMI3bfC/236Iwd1mqLzVo0w9pys2ie9uVYsNZClKgS30cLOSYtM38u3nnpZVw9aQKOHn0ktt2qM4oLE+i58y448qijMOX2KXjl1VcgnQSyB+w9h/ceLOePI4mWM2ijD3aknLcrrrhCeicC5EdecSg2R2SNHz8ejjx4aIlEotGz0AwqASWgBJSAElACjYmA5qUxEKB4xbooP+zO+ulVV11l66xc52gg5vHCCy/EMcccg/w6/dSWTSCos5luGuWiV155EZNvvxWjRo9Ej113RmnzVuiyzY448ugTcfmk6/HUC6/il7nzAScmolMUoSctyVgRkGhmLRN68AubId5uPTTfeHNsvkd/7C7twgNPOBXDTj8b+x53EgadeCqGnnoGDj5tDA4542wMPe1MDDzpNOx3/CnYT5b9jj0R3YYchA122wttttoBpRtuAXfNdYCi5kBcjsPjReLSYo0hC9fm5OcFZXj2xVdxyeVXYcSI0dhsyy6Ixouxc89dpf04CpOn3o6XX3tVBCxoObHEGsdMJI/GkZHGmgv2ODBvSwowvOHQ//tffsLkO+/APgP2hRtzsON22+HIww7D1Cm34u03XoOfTCHgq3mipEdlh1Kx7RItMLzTNjixZ19c3P8A3DbqODwx/mI8fdHleOP6G/H6dTfgxYlXYdbFF+HOs07HZYcfgtP6740Te++JU3rvhRP23A2je+6MI3bshuN233UxO36PXjhp7z1x4cHDMOW0U/D4ZZfh5UnX4L3bpuCzaVPxqoho/xx3DqaMHoUJQ4bi+N36YN/NtsFGiVLERaEvlfQVicXEPDfEy2++iFun3YIjjh2Jnrv1QFFpEYYceCBuv+02fP/ttwizPoyIYb4s84zquiUa8D+YhHVeo6RfU7H8Qz2/5IP+1ltvteIVR2LlOfC/EJ511ln5Vbs0xsAYY906UwJKQAkogSZCQLOpBJSAEqhnBE455RRcf/314Hew8kljvZ//mfAo6eg2xiCbzdp6qzFad/2j9iMb/rQvv/gKt/1jMvbbtz9KSguxx567YvTRx2LylDvx8kuvI5UKkfGj8IOoCD8xhIjCbbsuNt51D+x80Aj0OeksHHLFDRgzbTrOuvMRXPHY87jm0Wcw6aHHcfEd0zH60muw7/FjsNOwI7DdoEPR85CjsePQI7DdwEOw9X7D0bnfEGyz/8HoPmQkehw0yobb5eCjMPDksTj28utxzi134pI7H8K1M57CDU+9irPvnoFjb56GQedPwN6nnIOdhh+NjXv2h7vWxgBigBsVk5w5BoHx8dJLr2Ly5GkYdfQJ2HWP3kgkCtGnzz64TdrHX339hewDsL1YtzyxrUSzG2tm7OCvceqiHhGQM12PUqNJsRdTHgMvrLzI4Di5U8WljlUxAAAQAElEQVQL6fXXX8cpp56CTTbbBOuv1w5HHHwonnp0JiLpEAnZmSJQiShcpSKp79BuDQzZvgsuOGQ4bh8zBi/dehvuuXoCLjr2aBw9oB8O77M3+m3TFV3XXQed12qLtRNxtJLbVFFVFYqrq1GQrkZhKmdF6SQKl9MYltYslQStOZcSX8eCBLrKcfp26YLhvXrh5GGDMeG0k/HITdfj9TvuwFXHHYtTBw1Avy6bYas1WyCRAuJihRkgkQWyCyvx5IzpOGrkSHTaeH1steXmGDv2LLzy2ktISTol+3A9144iIj+ucyQR/ehuamaMsWIVb9AHHXQQ+NF2MuBwa/qxJ4uC1sEHH0xvNSWgBFYAAY1CCSgBJaAElIASWHEEKCyMlLr/7bffDtZh8zHzcxd33XUXDj30ULiuC9Zt89ua0jLf5mGe6f7D9qMIgZ06dcLGG3bE6FFH4J//nIWktM/8atkzLSZtR7gxtNl8G3TZvQ8GHXcKjr50Am566nlMnHYPRo+7APsddQx6HXAwtth5D7TacHO03GBTOK3aIl1UinITxUIvgQqXFkO5E0OlF0eVu8gq3QJU08S/WozrVU5BbRiGLxf/8kgceWu2/gZov9W22H7vfth7yCEYcsJpOPGiq3DdfQ/j5hfewOEXXYneo0/ERr32QunGnYFYM8ArQigCnJ8JkIaDJ55+EiNHHImOHTbEZptthrHnjAXb1OQlOa8VP/kfMbnOssSyxrJHo59a/SDg1I9kaCryBCi08ILhOt3sXfjtt99wf82/lG3fvj122mknXDNxEj796FPERNRpJmexyAfWdoFDum+LsYP2x/Sx5+CdG2/CU5ddiVuOPg7H7NITe3ZcH22DDFq7AVonDFoURxGNGMDl3Uoi4DvIoUQIcYuIBVoo24ykhiYLcLk8xrC0fFi6xRzXwEh6Q8hxwjTiQRIlYi3DDNaS4++/RSectNceuPX4E/AvuWH++7pr8MjZY3HhkAMwsueO6CACezwdQLKKrPQOfPzxJ7jmmuuwy867Yp112mPo0KGYMmUKysrKQH75Hgg5dJOdyIAP9nvvvRcsTwSR76W68847wQoBb97GGG6qD6ZpUAJKQAkoASWgBJSAElACloAxBo7jWKFq2rRpoEBDcQHyo4j14IMPYtiwYaDQwDqteDfwKZD0B8jNxfk/JrZ5lqf9OGnSJHz88ccQmEAsDniFQMt26Hrgoeh7xvk46baHccWTb+Gcf0zDiPMvwY6DD0aHnXZDpvmayDZbE5miVsjGS+F7UfjGkdacyZkk1A8NfGko8hyE/NBW6MBZihnxMyFgAseaDQNJkvjTLS4EEjfjz5sjabXG43qepCGObFExUNIaQbM22GzX3tjjkNE45pJrcNHUh3DZrBdx0k13ou9JY7DN/sMQab2mHGHR9NFHH+Haa6/FLrvsglatW2H48OG2/Th37lwUFgoTCcpOfrahyNUYIz5/PEn2QYOd51x/HFq3/F0Czt+NQPdfTgJyoSJvsotfY0sWcV70vFBkM2bOfAQ9d94J7duthYMHD8ZjD07H/NmzkfB9FEsA2hatinHMvrvjtrEn46W7puKSY4/H0f32xY4dNsC6bhQFVdVIpDMoCIACx4WbTCKSSsLJpuGImIVAUkLzRVAKJBAFK5rEn7sIrSM3y1+7coPB8prcnFBjxhikq9IIRAl3TQQRx0NEjuVl0ohkM4hIOovlhlUiSSpKZVEqae8QLcIuorof2XsfnHfEKLx437246/LzcPp+u6Pb2i2xhtwoM1VVduRZdl4ZKNKMGDEC67ZdC3vvuRceffRRLFy4MJf+pcwlx/ZWU7spf464rPVsuA4KeQceeCDuu+8+8HtXLF+sANDuvutuDBo0yP4XF+aQo/u4VFMCSkAJKAEloASUgBJQAvWFAEUpCgpMz/4D9gc7YPOdspAfRSzWdVnnzUibQrwaycSWSq5FRlfe8pnLr/vSyFzUfpyJnXfuibXbrYfBQw7C/Y88htmz58A3UcAT0QoRtOrUGX0OHYVTrroetzz0OE447xL0HT4K7TbbDplEC1REClGdKEBOJGqOlFeAjJNAxohwhCiy0raT5qi0LZCz0MCXNl0+Pfn0LW3pLNHGMrJuJL66htBBXauqrEayOi3HDRFI+pOBQZW0FyuDEBVwEMRLkI4VgiO5KkwUaRHZ2nXaGn2HjcAxY8/HtFlPY/wtd2LQcSdinS5dgUQpqqsltW4cCxZU4u677wfbj+3arYOePXti+vTpdjQfBSw3EpFjwlo+P7KnXc8vc/5cy7lWz7zpHFVKR9PJ7GrLqVyYtpTLhSYytU1GlVzklWI8Ab5s97Myky1ffPY5Lr30UrRo3QL7DhiAN19/TQQfEXNcByUiNG0sN5QBm22L6448BS9PvAmPX3EDzuo/DHt13AKtKn0UVWdRkPIRzwbw5GYG4wKhGK8pOVAkmhAvuYHJjULuZHJEbqixUJaLmWyumUK5OYA3Ey5FZELeuF7XGGYZFosVwHNjsKKWL4oY08HxVHSTTyBplZTDREBjHmJyc2KeipM+iudVoVvr9jhz32F4+KJr8PjEm3HLqNNxwJbd0V7YtATQTEStVHUV/vXUkxhy4CB0WG9dnHPmWfju8y8BYYN0CA40I3FJAVKQ5MhKtkocTANN1olPtohnINYwJopQfKDTKNztt99+VsRj6mOxGIwxYAXgnnvuwZChQ+x6QUEBXM8Ft0N/SkAJKAEloASUgBJQAkqgHhFgPTWfHLopVD322GO27sp6bX7bzJkz0atXL9s5S0GHdWHWidmBW9fy4Rdb1osVtjloTAyXOctK+4xtlrSoRmk/w43w5S8Tpm0r7IuvPscll12MVq1aYN9998Ubr7yFdCYj4WJA2gHW2hAdd+uHYedPwPmPPoMLbp+OPqNOwfo79EJFrBnmJIEKaR/50mZ0PGknOibXdJW2qp/NIpA2qJH2nWc8abW5/9OME2JZ9r9jWBSCo7Kibgw8NttvvrRxbZtU2ri+CGeSNEmfcJL2oiOpNsYgmogjjEZRBQ/zgyh+8QvQYose2OXQU3DWzQ/iwgeewiGX3YCN9z4A7rqbAKYAfOUwlQ7w4osvYfABg9Cm7RoYf+F4fPvjt0j7KWuZIA3+eC7kiJY91xe1F+lLHy5pdKutaALOio5Q4/sDAqH40yKylMmRG1GBXGC8DFLpJB544D7ssdtu2HSTjXHJJZeget58eFLuoz7QqbgQR+7TH1PGX4wnJt+OCSefiv5dt0WHeBFKqjIoSgUokAsulgkQlYvaCQIYiR88ntxsYC8vOdXWLQfPT3a7rOSXctHXXoAmAGhY9JN7hKxIPDL/S5M9Pvf/EyZpY16YJ+aNeWRemedmqSw2LizB/tt3w6TTzsCTU+/A/51xLg7bfU9sWliEVpJI1xdlfn4ZLr7iMnTYaAP02HEH/HPWTGSFuZHtEj0MZ1nAZleyneMmnnLTRgP7UYQK5QbO97f79++P559/HnxgMxvsRSgtLcWTTz6JgQMH5m723KCmBJSAElACSkAJKIG/SUB3VwKrigBFqT322AP//Oc/wY5Yx3Fsp6zrunjttdewm7Sp+BZCSUkJuG1VpWvFHYcNEtgWHNtmUeNI8ySQ9SzibkSkKx/stJ5+/wPoucdu2KTjxrj04sswtyIpSYgiKyHjIlrtfeiROPPm2zBlxhM47eKrsM3e+6KgXUdUOIWo9ApQ5caRdqLImCh848kxHNl/KZNtwy3FfzGvpe0bSAiaLJY5cd+lmxGhKkdi6duXFm1oIPlxkHE8m79qE0Olk0CF5LvMK0Z0jfXRudc+OH785fi/6TNx4rU3YedBQxBZsx3gJhAUlmL+gkpcdc312GDdDnZE2xP/fByZjDQY5YDGmi9zTlnh5gtxumnLk1+GU/urBFgS/uq+ut8yCLDo0mqD5Eo6pIQDGR+FjosP3nsXY045Ce3Xboehw4bi6WefhSfh+F/4WsjOB26+Je466WQ8fe2NOE5EmV4dO6JVqhqtgwyai7pVFAVcR05hWHuUpuOQPFPYiocZJNLlKKxYgIL5c7HHhhtg/NCD8PjEa3D3mLMxottOKBYqzcUKDfD2u2+j/8D90LFDO5x71hh89vFXiIu/dBTAJXhxo8Z484PcjgIx2b1BTBSrFpQtsO908wFet1cqHo/jueees99Q44M/mUw2iDxpIpWAElACTYSAZlMJKAEloASWg0BelOJoq1mzZqF58+agHz+Xwd35ce699toLCxYs4GoDNrZCspL+NBy/AlHXwQfvvo7TTz0R7ddph+FDDsILTz8r2zlCogSIr4FO+xyIwybcgCseeAi7HjoCHbrvgt98oEzalmlEEDgRhNIODRtQ+0YyuEKmwACWqIiA1Yii3Hfwa8ag/bY7YNDJp+PK+6fjuOtvwcY77w14zRFUh3AjLfDeW//FAfsNxEYbdMDYc07Hpx+9AxcZSVNSKHriFsASs3jUmZw6bnWuSAJKdkXS/KO45GKR0g0p3cgmU3jrnTcxcMC+6L7N1ph87TXIzJmHQtm3tdjWbdfEGUOHYsZNN+OCY49Dn67booUoKm2LiuBWlCEaZmHCtIhg1UA6CfsNKyM7NrXJ5jkAwhQiJoOY56M4ApR4BpHy+WgTcbHLhhvj8pNPwbM334pTDjgA6xXEUCz3F09YzZ89DxMuuxybduqI/n0H4I233kK2OgPwihA1Kyde4Xe3Itm1Xk+zZ8+2vU7vvvsuOHSaxgSvtdZaePnll9G5c2eugqO02GNlV3SmBBoNAc2IElACSkAJKAEl0BQIsDOWbxzsuOOOePHFF9GsWTMrYhljbPb/85//YPfdd8evv/5q1xvyLJuqxtv//jcO2H8fbLNdN1x74/9hTlkV4MaBeEu4a22EvUedgAn3PILRYy/GZj16IVXQQvSsdVApQo1X1BzRghJEonFhFLEojJ03rZk08WyGQ1GyjBOFiSTgJkqAwuaYK0JW2Kw1Omy/I86+6iZMnPEUBp5yHiJt10Xai9vvb/3406+45JIJ2GSzrth/3354999vSXwpsfwkbdO8U5crjYCz0mJu4hH7mYzVQrJBTUGWu8Rb772NfsMGYrudu+OhR2YCYYhm4r8GgMO32xr/OOF4zLj4CjvaaoN4AmtGIzDVVUAqCWRScER1hxEFxpE4vRDwZEe6eTXmjTftuiZBFpscOWBdW2zjH68YORztj0Ms55a6afsr7nw+uXQlUcIgJAsjTCBshFNBQQLIZhARsc+rKEeHeAQn9e2PF266FQ+cdTZGbd0Za0pym9HiBo8+8Qh26LmdnJsBeOuDtxEIH7mvgeZIGJ5LWcjpkuPRUQ/Nz/r2Ac0h0//973/B/87CZEajUay//vp46qmnrHhljIExBq7nYqk/9VQCSkAJKAEloASUgBJQAvWcgOM4KCoqsqncdNNN8cILL6BVq1a1dWBu+LeIPt26dcOXX35p4qopawAAEABJREFU67/G5OrB3FYfLSPtF6YrtO1HT5xRvPOf97H/gUOx/U674cGHn0TaROEXtZBe+1bYbP9BOOyqKzFh5gzsPmo00Lodkl4hQq8EfhBDddJIkyhEkBJL+wgzWRhpMzgh2000WC6QnzHGuo0xsrbsyRhTG9aYOm5pQxlarZ8r4Wh1wnAbw9Q1+q0ScyGta/CVzKi0w93AgeO7yKZDFBY0R8qPIIsCzK4SVq3bovvwQ3DZw9Nx5DXXomO/QUBEypuJAPEYHp75NLpsszP69dsPb7/9bg6YxEkHxdV0Jkmn2kog4KyEOJtslHx9i0YArmuQyabgyc31g0/eR+8BfdCt2/Z44pHH4KblniMX6abNWuC4A/bDjOsmYNyRo7DPttujNJ1EUSaNRDaNmJ+FY28wjFHMiNWduC7x1PVqau78SCkuabBMhIIs+YphLEijIJu1TEvTaey48Ya46owz8cSNV+OMIQOwXmERYgHgZIEnZj6G7XfYDvsO2hfvvPsfuDYy2G9F8bwaYyTi+jcxbT/9/BO6dOmCTz/9FIWFhTbNTOmaa65pv3nVqVMnOyKLfmpKQAkoASWgBJSAElACSqAxEdhoo43wzDPPoG3btuBnM9iJy/x99dVX2G+//ayIxfX6ZqzH05gu13Gl/ZiBcaL45KP30b//PtiuWw88OvNxqdvHRDgpRcHaG6HfYcfg4jvvxyGnjEHnnr1hv2flRZF0o8jIvlnjSUe8kzPIUjr5g1rL2E55HjNvaDK/IJdTk0VogloLDBnRPJBdRviRZZUwJduO23THKRdfhUtmPoF+p4xFUbuNgEghEC3ArCefx449e2HQoANBwTQMpP3ueDDGWM65A+p8RRJwVmRkTT0uY4wtrPyoniM3oM+//AwHHjIYnbfuLMLV4/CTAUoFUufSVrho+Cg8dtWNOF7U3HXicZS4siFMwn4jT9wOAhixUC6o0HHEX0zckJuQrOAPTaJp1BMB1TETODBcJxcxXxhlhVfadZAVjiaEcORNKovAZCVsBpkFc9GxpARDd9oFMy+/GlccdAg2TcSskGWkh4If6duuS1f0GzQA7//3I0S8GLIiguEPfrz5/8GmVeJN0YqvBv70009wJO+VlZVwXRcdO3a037xq3769TQcf5tahMyWgBJSAElACSkAJKAElUD8I/O1UGGPAtw823nhjPPvss/btA35GIxqN2rg/+ugj7LLLLvjkk0/sen2aGWNgjEGu/ejhq8+/wCHDB2LrrTrj0Ucfg59KA7EWiKyzCQYdPxZX3PYgeg8/Bm6L9jCRVgiycbh+VMyTdg5zFsgsb1n4bhYZa2lkvKRYGlknkHaRBGtiU2Agec/meHhppCJinjBy2E7MM8tBYRvSlXYm2UbcUpQnPRSv0wnd9xmGCVMfwuBTL4BZowOQiSBdWY2HZ87ENtvuiOFDB+OzTz6CJ2IivzfMcpiLUecrioCzoiLSeAAWe3L4+uuvcdjhh2Kn7bthxn33w0kCzeT+uV6hh7MOPRQPXXs9jtizD5onM4hXphDLhIjKFRWkMiLBMJbA3oCckLEBNQtxyOnKizVc1m7IhWty83z+hYWRGwxkCSH4Ow4Szohn6GflIZBETFZMMo02hUVokfZx6K57YMaNN+PSI0dig2YFcKozKIwDz8x6FF222AwjRo7AZ599gXTWl1jq1/Tuu++C/4Vl/vz59sGdyWTAD1ius846eP7558ElH+hMNR+MXKopASWgBJSAElACjYmA5kUJNG0CFAkoFrDDuUOHDnjiiSfA1wrZsUsyxhj8+OOP9jux7733Hr1Wr0nbxDbwuKxJyVfffItDDz8M23fbEffe/xiqsx5Q2AIQkWT/407F1bfdg14Dh4MjghaGLtKIIXBiSKcDaTc6yLUbA4ltkYVOzh3IMjABpLlpLZS2kARsglMA5j3Hgu4cH0CWwicHJOeWVrcwJVcH0oSEGytGOoyhaM21USbsd9xnIK667W4MPOMcOO02tkIi4kW45+EnsPGmm+FQafN/8813iHgiAuQiXjSvc94XeapreQnw3CxvWA1XQ4AiAYLfl7wFC8txzIknYqutu2Lq7dOwsKwSIuxikwJgzNBBePL//g+H774bWmfTiFeXIR6KICLxRNyYXDcGntyMXBFirMGIFGPkhhSIK5DtEpbh8wZZB9OwpNF/GcZ3cxczA/BKXtLydzhJH/PKUUY0BBJ3XcunJ7+06ZIwK225RH5tXuR4Ncd3JG2u78MTc7MhmHYwL77wFIEr4kTh8t1lQQq54Re6LkqCLNoIhoN77oyHJl2J8w7qj3Ugv5QPVxZTp07B5ptvgTFnn4O5ZRWwu6ZkzugzMpO4Jdgqm1j++M0r/pfBXaQ3iSOv6h58++23xzvvvIN27dqB4hXPGy3fC1U3rLqVgBJQAkoAgEJQAkpACSiBBkuAdVy+aZBIJGwe+BrhG2+8gS233NKuB4HU28XFOnPPnj3x0ksvoaqqSnxW3cT6e8j2CqTtIBOk+SKNPJQtqMRxx5+Mzl264o7bp6JM2hqZrOSj1ebYf+SZuOmuWeg1YBjSBUWojjgICqKgAONFXLs00lgJRXwJ3RBGVCwaZB0mC35OxSCAI+1LJ/RkKe0gPyr+jrhFBpC2UW4AwLI5MN3LZdJuDK0ZhNL+YvvDGt2LWSjb65hwWa74lzOcNAAlQzzni5vgkbwDtq0tTDzfsW4jHHKMAIbJfcInty9Z03w/jUwmiapUFZzCAmQLCuC1XBO7DzoEl01+AL1PPF/Exk5yXBEdnTimTZuGTp02wamnjkFyYVr8ZeIilKXkQ+Z2ovhqHTpbbgJScpc7rAYUArz5UBTIpNPw07zziKdMDz86C1tsuRluvv5apKqr0AxAe8fBWQf2w4PXXI1D99gLLTJZFPP7VnIBmCANhFmxQELCXkxGCnTuosmto+ZH/5wx7JJWE6jJLhbxMGEgHGly8wkgbiz2k1uU+EmRl5sUrMlmuYEYP4NEJoPCVErOkY/R/ffD/ddeiTP22wsdonGUipRYIEGvnThRhKzN8dCMWYhGHWSSIZyIkS1AdVXKLlfFjOXvjTffwL777gv+9xVjDFwR4owx2G677fDQQw+hpKQEfGBAf0pgFRHQwygBJaAElIASUAJKoD4QYL2YgtasWbNs3Zjr+XQtWLAA++yzD1bl64T59iPFCl/ag9K0AP8Z12OPzMLmW26BG266CZnqCiAqwlXztjjgpHPxf3c9jH5DD4NT3AJBtAAZL4K01PUX9ZsHkqUAFFdCJ9ceAXJ+uaVsppDFBS10cu0gObgj4o14Nckp39Zecvl7GHVZ5tyBtBv9MEQGIdKiPiaNgyrjwU80w74Hj8KVk+9D72PPgLPmerAffHcKMenqSdhg443x+PTHwHOOlOgHjiuHC5BMJmFM/tyJl07LRcBZrlAaqJaA53n2HeVIPAY36uKXH+Zg4ICh2H+//TD7u+/RQoi2l9Bn7NsPz9/yfxi5ex+sEURRmjaIp0N4InqZUAKYGpOFXAOc54yFmJZbW4557oLK3ajoXo5dGnQQ5rGu/Y3M8BzU7O5IlDEfaFvcHF5ZEu1jpTh+30GYOfEqnNxbzqF0kxSK8PjLD9/igP3648ADDkOWI7y4vxsiFo+AvTuh3NRo9P6TttzBX331VbD3aM6cOWB5pKDlui623nprPPXUU1hrrbVsXI4jhdG6dKYElIASUAJKQAkoASWgBJoGAWMMWD9u1qwZnn76aWyzzTZgvZj1ZS7Ly8ux7bbb2m2sv69sKqyv81MesVgCbiSCX378BYP2H4h++/fHDz9+BxTEgJLW2G3kiZj0wGPYc8D+MPEoAv5TMBGlsjUjyJhO246kQ61eEAikPVncohmqs2kUtWqB/Q89FJfdeg96HjwaKGomaXTw4y/fos+gfTBs0FCks9LoFF+eUlfabyynsqrTnyDQiFq4fyLXfyOoMcbeAClSTLl1CrYS1XzGI/ehWEphCxGmuq23Hu68/EKcMHgg1olGUJoO0MLEkIgVojASR8S4qBWspMBDf/WDgJw7ilgoq0KhdG3EytOIlleifSKG4w4cgFk334y9t9gCLSS1rpzAWdMfQNs11sRDDzxklXM+DDlk1hhj1yXYSplmzpxp399nTw57ltiTwwfirrvuasWr4uJiK6StlINrpEpACSgBJaAElIASUAJKoJ4TMMbYNxEoEBQkCuyH3fnNWH4nloIV6+1c9u3bF4899thKz40xprb9+I/bJqNTl86Y/vBDCKMxQESttpttjbNvmoz9RhwFp3lrLMhkkZLO8yDiImuk6Vg7wgr6W4zA6l2hFMURWRWpJDIuUBGkUSGCo9OyFfY9bBQm3Hk/OuzUE/ASNqH3yDlvvmZrPPjgQ2BZVPHKYvnTM+dP79HEdqBQlc8y3RQMvv32W/Tu3RsjjhyBOfN/QUwEjXZilx5yOO449wJ0bb0mIskKhKkKJCJRyP0HKK8C0r7cgeQuJDcxUTmQMwDihXr+o9pPq+fJ/PPJq8teRCzIyXBDFzE3imJ5qLh+CoXZJNYThfzGk0/DxMNHY3OnAEXIIJNciIMOGoa99toL33//PVxP7lzI/Sgw+Svoo+8sc4z1vvvuw3777Yf8Ooed0p/Hf/zxx1FYWAhjjH1AouZnjLF+xuSWNd66UAJKQAkoASWgBJSAEmjqBBpx/o0xtk7M+jm/jTVjxgz069cP/FE8cKVuzzr1wIED8cADD9DbGuvw1vE3Zmwz5nenm8fJtx9HjTwC8+f9CngeUNoaA8+8EGdfNxktN+1sv3GVNj68kgT8mIeKjMhYDuCLcaQP4xQnF4uZE8J+u2kxz7oroexV1+puW5nu/DFX5jFWYdx5zlzmD8tRcrSMZ5CWpmC1CRDGIwiLihBptz5On3gLDjjrEqBVe/CcV1VVYNhBB9myyH8swHhYRrisW/bolzduU1tEwFnkVNfSCORFAm5LpVK48sor0aVLF7z44osokBtjkWwYsvXWeOS6G3HATj3QLJVGIhMgEgTICT6BhNCpQREwklprBq6c4xgMCoMQzUWQ2r97Nzxy003Yf/vtEUcayXQKzzzzDNZbbz1cccUV4G/hwoVyf/Lo/NvGG1c0GsWdd96JYcOG1fYmMWJjjP0O1iOPPAJjjDX6qykBJaAElIASUAKrhoAeRQkogfpPwBiDWCyGvIjFkS+sXzPlHIk1dOhQsKOY69zG5d+xZbUfIfV6eHFs0mc/XDLtXuywd19URqJIuh5SjoO0NCFSYmkRQzKOiFcGyItXfydNuu+KJ8Dzwv+DRoGRlpFzlpVzlhYRIOkYVDsuKrwIduzTDxPvmY7N9+4PGAeZVLV9fXXdddfFhAkTbBuOr7Wy7HEABNt/0N8fEhDEf7itSWygvET7o8xSsadw9fnnn6Nbt24477zz7Iez6demuBg3HTsa1596AjoWxFAiNxsjwhX4Cz0EchMKXUHsyt0iiuMAABAASURBVBFojixpRpZ5E8UcNO6jtuoIkHne8keVB0QopyuQmw8tK+fOl5tMCPGUsI6c22LPxVoiu18x+ghce9wx6NiiOXiToZ155pm2jJSVldkbkSth81HXLiWenDtA7g+yzPksbW6MseLVMcccY18NdKW3KK/OH3744bbHiA9k+vEBvLQ41E8JKAElUI8JaNKUgBJQAkpACaxUAqwj878OGmNs3fnggw9GdXW1PSZHY9GGDx+OyZMnW7/lnQUSkCaLxaZltR8TLdbA4Zdcg+MvmIB46zbwCuPgh9h9aSNSAMk4DrJivjQ/8kaRhJY/iDRF7Iir/DLvr8uVS0BOCVuF1uoeieeJYiMtJe1HGoUsnlP+h0gTjwPFzTH63Mvk3F+HZut0qN399NNPt+1HDoCg59LajyxjNG5Xw+/4K5OlEOC/Wu2+Qze8++67ML6PmIQZvOsuuP+6a7D/Tj3gziuDJ/5+2UIgDMQAQyWEBlk1OYMsZVWn+khAzg0fDDSq6bRcMp3cubQrcm7T1YjGPcQqKzBwxx544NprcXif3oiGISIS5vXXX8e2W3fFc08/D58feadgRZNtyC9B6Yoe/9uuv/568CGbV+X5AOZexx57LG699VZQqacfl4487LhNrakR0PwqASWgBJSAElACSkAJ/BEB1pH57VhuZ8fvddddB3YOGyMNAPGMRqOgiMX69aRJk8Tnz03SQrC1e9bw6ebeL730Crrt0APvvvuBxC2949JS6NZvAK6ccje2270/5iQB30lgQYU4pElubDvBkUajI3FxG8D2iDVGqFZvCVBI5PnjkpZLqJxLcfD8Jf0AnghY8zLAdnv1x8Sp92LPYYcgCKOAieP1N/6Drbtsh2eefMb+Z0Lu45sANLqhv8UI5Mgu5tU0VnhzodXNrdWeskAolqrKIpBCdsG4i9B3730wd95cue0Am7YsxKNXXYYrDzsIG4po4ZRXIeqJquqHcGMJwBCpWODAEZOyB2uMHAF+9+N9k/a7DeqxUgmQed64lIPxxkNz5TTVNfrVio8MKz02sWgMXnUF1qoow5WHH4wHLzkPnddqYcXN2XN+w5577IkrLpUHoISXYBK7TOKWec0kB7HlgcsaL1lQjJKFnS688EIcf/zx1s0ZR1lxpNeJJ54IClv0o/GhzKWaElACSkAJKAEloASUgBJQAr8nULe+TDHr2muuxRlnnGED8htVdHB52mmn4dJLL+WqNXYiW8dSZ4H0T/vIyl9GrDJThXSYxvkXXoTeffaV9mOZ7BVFpN1GOPGmO3HAuCuwoEU7lGUNYl4B/KyHRLRE2oxRuEEUsYyHiO/AgyuSlgs4BtbcEKEoIzkzyDUupQ3BRib4EzcCSJDFTHaShq3DAGorgECOMoT0oshMCDl3QMwH4qIh0GJZB56cR8PBLKEn8kAUyVQG8YJClMPFr8Wtsf+ZF2HMLfegtP1mQCh+v81F/74DcOkllwPS8FwYVMORsHSH9ohBzRxN/rdCSnRjoMgCSe0pQAjjAXwNbNjQYbjowvNEAk+hGYA+W2yGuydci23WXgsF5ZUoqK4Cv3UFKV7WGEHeLeElKs5zFsqCJgud6i8BI+doSatNral1WYcXBGgmt5JEeRl2aL8epl46AT06dAC/i1biRnDheeOwf79hqK6qggSzg/PkfiROljYs9ceHKx+e55xzDsaNG2fD0I+vDnLlkksuwcSJE+ms/Zi7XdGZElACSkAJKAEloASUgBJQAv+TgDEGrueC9Wp+AgTy49sMNHYWn3/++Rg7dqz4AvwP39axlBkb0kYq90baBDFEUb6gHMOHHoTx485DNpMBokXYYJc9cdmUqVh3226YE0ZRFU3AZ2Mz32YUgcMJPBE8RLYKHBFDnKUcCQhN3nuJdkStiJXfvmqWepRFBOoOfMi7rZgo5xMiYgVyrnMGZEUvSEYLMdd3seaWW+P8m29Bp533lMgSqM4GuODCC9FnQH9UlVdB9DBQm5CNCDlTswSWfoXYTY17xoznjTlloRDhFKkwiU8+/wS7770Lpk+/B0WuQUsJcMI+++O6k85CR68QBRVZeFL4vIK4bOEUcLacxrB1bTl302D1k0DEQ5DJojjpY6NIESafdT7GHXgIEn4SbliNR2c9iB17dcN7H34IX+5kfu1tCHIryxvLw6Ls8UFad/iyMcZuvPrqqzFmzBhwiDM9+IDlUk0JKAEloASUgBJQAkqgQRHQxK5GAsYY8K0HdhJffNHFYL07/6YD69epVMqKW3ylkB/V/n1SWXenOXBEoDApgy8/+QL77NobM+6bKcFjQKwQux55GI676lIE7VoiUxgFghAtE8WyjwT5E5ORhirtT+yiQVcBAWna/elzafdJp8EyVh134K3fFidfOwF9jx8tIpULIIInH3kCu+2wKz7+4ENZM3Cl1WjEdCQW7M+x8yY+WwQhwMwZ09Ft28749P0PRU8H1nRdXHvWOTisb18080NEKlNwqtKIOS4yyYzch3jzauIAm2r25YEFKRNR48JNZVH1y69Yw/Fw6N59cPnJp6OFcClCBp999D567tIdDz90n/jkyosjrqVNfB+fQlX+Q5MMQ8HqqquuwgknnABjDNg7RH9jcsIW3WpKQAkoASWgBJoWAc2tElACSuCvE6B4RbHKOAajRo2qFbEYI7+TxeXNN9+MESNH0Ll0E2GJG2Y88hi277oj/vvh5/BFhkC0EEddfCn2HDIEfnERygMf/Dg7t/FNC1GyuNtftD9qRfzF6HS3VU4gVZ20bTr+t8LfqiowT8rH3sOH4/grJwCxUsApxGeffI6du/fCAw9SEAVLlU1nTZGz7qY6a7JXAG9YPOlZER4yGbmp+CmcdNIxGHrAwSgvS6NANu68RnM8e9vt2GOjTbBGNIaYSN8OsiIguIgGDiJiTuhJiWqyGNFkf9KDYsUrO+TXgSeCZlFBAn6yEtFUFfpsvjmevOEWbLNGG8htCBXzF+LAgUNxxpknIZXlfz2RcgMa5OdYFZ4C1U033STruYlltKCgALfddhv43avcAy+3jfNoVHpy6FBTAkpACfwVArqPElACSkAJKIEmTsAYA8/zpB14Ev7xj39YGsYYu+QorTvuuANHHHEE2LlsPWUWZLMI/QBBAJx88pkYNGwo5lZVSrd1DGttuj0mv/AKNu3VC/xwdyrlS40/Cj+TQaQgLmEChCKaOU4IR45Dq/2mlcS92BRKG5MGWdaahKBfHctvlS061WMC/CC7LyeroKQYbjSCSOgi5iRES/CQcePYoEcPTHx4JtpsvAWAYiysqMSBBwzB8aeOQaWIXq6UAUdMNtbM6Wp65jS9LEsZCUOrejLvXsxDNpXB/vvthyn/uAUR8WwrNnSbTph6ySVolkqiOJMWwSotBSULe4NBzS+sWeqiCROQB1y+HJgA0YhBQkTORHU12sjVxTI0bNuuYJmKCaWJV9yA/vv0RXXVfATZNMLQgEOWBw8eXPth9vwIKwmOybdOxuGHHy4PyKC2zNJfrX4Q0FQoASWgBJSAElACSkAJNGwC7DRmR/GIESMwbdq0331n9u6778bIkSNtnZ05dTwXCxcuxN5798HV198sXlLLL2yBbn364/zrbkS5dDJXiSCRMVFpeHpwOeiBVqfNAARYrF0J/TUFAobnXTJqpCywXHgsFyaOrBND0iuAadXKlqFt9ukHlLQAvAiunzgR/fr3w4LKMqSzVaJJyM4SR1OdnKaWcd6gjDEiHIRyc8ri15/nYs8998Djs56A54doLkDOPnwIxh9+JNqJTJoQkcEJsnDDrBSWLAIRKbJOAClrEA/AANagv79AoOHukj/vsgzlKrJlwgRSFLKISI9K3DUokZ6ZtaQMnXfYSIwdeQhYtjjm6vnnXsI+fffBnDlz7YNw0KBB+Ne//mXLpOM4td+4uuuuuzBk6BArXtFfR1w13OKiKVcCSkAJKAEloASUgBKonwT4yiDr2dlsFgcddBBuv20KigoK4LquTTDFrXvvvRf9+vXDwgXzsXDeXAwcMABPv/AyvOISoLAQw086AcNOPgmp4mIk3SiyxkMIqfmHHlxpOFKosP9h0Mfi302S9oM9iM4aLwGeYzEHgT33kQDwpEywXLh+rozAxOB7caS8GFIlxbYsDTnpJEDKIaR9+OLzz6GftB/n/jZHOIViDXb62wl3/nYM9TkCnlspIEwiF3K/gDGGqyIc+Cibv0DEq93w3r/fRKH4lmaAKRecjcE9d8MaMfERQUvUA9mShZECZ0LGIqt1p1x0dX3U3YQIhEucf0fKCA2QMiNCFoIQreOFGLTrrrj1knOxdgyIp4FXXnhVem32xm49d8Vjjz2BZDIJjryiwNq8eXM88cQToLDFD/xRvOIoLVoTQqtZVQJKQAkoASWgBJSAElACK51AdXW1rYtTxGJ9++BDD8G999yLoqIie2x+j9ZIq/np555Gn3590aPHznjptdcRBllkpa5/2vXXo3v/ATDNW4oAEYEvwpUR4coEHhyauHOCBcDmAc1GjKW0LXMbljHXTQ2VAM87jennCKy8W0qFeEkBC0XiciJShmJwm7XETvv0w2nX3QC0bClBInj5pVex1169bVmFyKNg+QllVzG2IVmaaOLTqCch1YjzJydTlCfw/PJkUsDikvbdtz9gm65d8d//vod4kMaWonTee/7F2K7F2miRFixyMwJLFu9WNInLCCpPFAtXInXEQDGMYVj68ibqKqxJYO4Qyo7WZEX2RSDLuibBdGqABOy5l3OJQBIfwJVCRjPGIHRDgObItiCDbKoasepKbLtWW0w+5xxsFPdsmfzgvffx5mtvwvfTSEQKRVTNIJEoxB133o2evXYFH6JeTHpwggCOlEEKXHIwnZSAElACSkAJKAEloAT+KgHdTwnUEDDGSHPOSP07gXg8buvnES9it/bu0wf33DUNsVhu3fEM/MDHq6+/hk+/+BxpcaNdWxx/07VYo/PWWBiJo0rq676099zAAUdbOSJI0CBLyM+pMVnUmYJFbtuGlHWGp+W30F3HlmxKSktBWiSMPb9DbilyCKyFqBXO2GTNbdX5KiNQc+6C3Nmw5ypkWXEc+GJSZMSv5hxJ2QkDF5kgCr6G2nbzzjj7psnAOh0kQCE++ugbbNmlM77+5gsgm4WoqAgzKYShj6y0R6l3+LKkoJW3VZbPVXSg35f0VXTgVXOYEEjLafTlRiAH5O0nLWLS99//iF167Ihff/wO1NVbyuabz78IW6zRFq0iCSkMEljCQQoUjLjzk0RHp6lZ0q2mBBYjwAePeNgbkZQd3wnA104jQYCYlMN112iDC849H80cDxEnhjSyiLoxBBKutLQ5nnvhBfTZe0+4rodK6Q0KRUjlzcf1XIlVJyWgBJSAElACq5+ApkAJKAEl0JgJJKuq4bguevfthxeffx7FxYXwjHRAUy8IgVRaGo8RB2ddNB7tO3ZARtqMGcdDRsIExhFxLua0AAAQAElEQVSZArWCUS0nihi1K3mHxJN3/sVlYP7ijrrbaiXAM1/X8onJCZ4eAnhIS3swKVa63no496qrgZatEXgxfP7lN9h+h+74+YefWBhhIjE4Uv5cES5CEa/ycTXWZaMWsALHIBVzUS2KExXzdCaNjz96H1t33RLz5v6MYrngt2rVAvdddQ3WKyhFoRQUKS2iZMqdSdwhiEeMN5y8NdaSoPlaMQTy5YRLEwAma40PFz7U5koBu+imG+CbGKqDFPhufdpPwYmEuPkfN2K7bbZG7uegMJGAEQErIg/QnJ/OlYASaCQENBtKQAkoASWgBJRAfSMgbUPRABAvSCAIpQ4v6dtOhIJ77rgXmVQWUWkfwgc8CedIPX/ihReg/JefEc9mEQkgopUn8oEnbUlH9tRJCfw1ArWj5KQ96RsHKWNQuvY6uGDyZMQ3XB/IBPht9hxs0WUbfPXlt1LecsdxZREJA9t+FGejnRr11RXKaYuJGREAUlVV+P7bb7DLLt0x77d5iGZDbNSqFLdfciU2Km2BRMaHSaaAwABSUKieh3kBC/pTAn+OQMgRfLKLaKcyB9KiildGohh9xhh8+dPPqPIziMuf4/t2e3VFEicfdzQ+/PCD3Hp1FTK+lEC3UV+iNq9/baZ7KQEloASUgBJQAkpACSiBFUsgsNGFqE5Lu1DcH33yKY469gS4ppDvTcCT+rs0IxFU+Uj9+AMuOeNMFGbT4D/+4hsXRkQHyC+oaQuIcxnTsuv50iqVfZcdRgLo1JgIiDAqgkSdHDmoSvtIeh5K2rfHuROuRjMRriBK69wF87HrHr3x7qtv1u5isj5MiEb9a9RXBC/6ahEImMnPv/ocXbbfCuVzq+S2A2zRuhh3XHI52jou4ukMIo6E5jvPssgLWIHJK+iMoZGVA83OCiFgpNwsZsXFoHgVyiPOiSTgpEJEE83w6dyFOPi0M/BZWRUWBCHSyEiIJNoWGnRZuwQxSU35rwvQZ/deeOedt1FcWADPNQgNC6Rs1EkJKAEloASUgBJQAkpACSiBlUYgqIk5DR+xeAHe++QT7N1/AH78bS4yYQbrbrIVitZqD8RciH4A/jJffYEzRx6GeZ99jGiqCgkE8DMZ2x7Ii1hB6MOatAECMdQOkmAbk8aYxCh+iXEEDg3iNlaMYJhFxtfM6prsqVMjIhBK+xJixrgwiKCwsBlCJ46qwEV8zXY464qrUdR5OylGBfjul69x4EGH4uP/vA/7i0RhjLHO380aiQevhEaSld9nw2YuC/zwzbcYOngwqhdU20Cd25Xg+vHjURoGiPkSIAjEX8wRk/MdGtkzzIlXoazLRp2UwHIRCBYuRBD4cuOQMuQ4SMcK8d8fZuOMCVfjg9lzRLQCClxHRNQQG7cswa2XXIzJF12Cnh3aWBHr+1/mYM9eu+H7X36xYZer82a5UqaBlIASUAJKQAkoASWgBJSAElg2gQAOQnz2zefYe99++P6nH4FMEs023Qpjr56EcydOQsHa6wNFCUT54XcJW/bRB7jsjJNR/ct3cJPlKIxFEIl4cERIyItYyz6mblUCOQKiRiCvP5gQsEJlIGUpiAJhHBkTR3SNtjj/hhuB9flh9yJ8/u2n6LF7L8z+7juJRGKw6qc4G+kkrexGmrOabFEB369vP3z+yReIyfncuW1z3HXpBKxVmEBpIioFRAQslyZlQmiENHBGAUuM8XAonxEHTRZ1p1D86lrdbUt1S3jUtaUGUs+GSCCUHpVQZCfHNQj8EHMXluPdBWUYJmLpW7/9gpQXlz4ZOfl+gK1Ki3D7mWeh+5prYcNYAa489Qxss1YrtJCMzytbiL799sX88krIcw+is4pvfpI7GWj5dV0qASWgBJSAElACSqBBENBEKoH6RYBValpNqqQFaF2V1ZVSF++HXz77AkinUNh1G5w58UpkW7dC0Sab4KwJ18Fbc12k55Uhwnp5WIm0iFdnjhiO+d9/gYhU92OxGByX0QUIa3qkHceABv0pgaUQCKTc0Jv/AAyiP3iBY/+bZTTrgRaRJUTIqnQj8Fs0x1VTp6Boi80AN465C+aiz8D9sLB8AQCntszJiogcMq9TzmWtQU/567RBZ4L3jcWsJjeiV+HAIUPw8UcfgVLUhsWFuPnci9AyG6Igk0WQrIQRSUFmCKWQ5Iw7B3Lac8Y1ClRcqimB3xGg4lnjaUTtdmOFcOKFKJMy9oU81EaMOxdfZipRJYXM8VwphyE2LC3ENWPPQuc2ayCY/RtiFSlsUNoKl59+DjoWN0OhxPfB229iyLDhyPiy8ruJJZsbaHT/LoB6KAEloASUQKMkoJlSAkpACSiBv0UglL3zJs5FE+vUNGDAwAPwzaciXkndHRtugDMuvhTN19sAyUgC85IhYm3Ww5jLr0HLTl2RyTrSbowCQTVQWYZzRx2Or99/C166HJ60DbKhtDndECHf9JGObgm46JDqUgJLEKgVsWr8jZRVCjaOtDnzlvUdpEXIcopbYNzEq2HarwsYF++8/R8cPGIEfPlzuBN1DtT5SVyg1fFqiE6btYaYcAufJ2BJM0A2lUZFVRWOOuZoPP7YDLlV+NikqATXn3MB2iWKUSQlo8A4oo5LYMhP4rCFwy4DkRqyYkmxNKh+Qn4UsWjiXObEMMuyZe6sGxscgXS1lBERrDJJeWj5AaorypEWmeqD2fNxxHkX4cN0JYJ4HBS3fBFMt25RjFvPPw/tS4sQCTP2W1cRKYvxah8bNlsTV555LtpFSiyH555+GkcedRSqUimEEjcyciw7HCsr25Nisr7kjUl8dVICSmAZBHSTElACSkAJKAEl0DQJSFtvsTYk69EmEBYhUtkkKioX4qjRo/Dc488Avgt03ARnXHIl4q3XwvxKH5mkC8cpQrawJUo6bIbTr7oJ7bbbRWJxJA4fCMSq5uOKk0bi8zeeRsRNwsR8DppBGA0RehlpE4hJw9MYA2MWN1fWaUbECJqLmj8J79YxOZAcj+le0sS77iSiB2h1/dRdbwk4Uj5pIlXYNHIkFoVPX8TPvHFDQToKLxlF0o8AzVtjzKSrgbXW5ibMfHCmtB9H2fLM/bO+tBdtGZeyIlNt+behG+bMaZjJrpNqOdF11qzTi0Vxx1134tabbpYbh4s1HQ/nH38yOjZvgYJsAE/EACkHMNyXxr24FHHAyC0IPMkmC9C4Dv0pgaUTiDYvAXwfxnVEqPKQKSrErLfexDEXXYDZcocokJ6abDqJQrlh7L5RR9w1YSI2aNYMRa6HbHUyF2kIW+TiUja3Wmd9XHjy6WiJGNxkGtNuvx2Tp9yGUOJHJCoBfSz+0JLVVTzp4ZSAElACSkAJKAEloASUQIMkYOqkuo475hVg2rS7cOv/TQZMDEiU4nBpP5au2Q4Zx4NvPDiBAxN6SMuyWjqs+UHtMy+bICJWT8BpAZnBNQ4w7xdMPO0EvP/8kyiED08anr4s+bYPbDtTGgYSWicl8EcEakUsCcDSQjGKJqtwpfx5YoGUQZbN4jbtMOLscUBRayBSiCmTp2LyrVPgIoKIF5OmYwgYwBoa/s9psFngSaibeFmX84iM+N078yEce+Ix4gJaiLhw0ajj0HvrbdE6ErfilegKdhtCZl/MLnNeoIhlDTA81zWGml8ox6lrNd7LvQgN8Hf2X+4DacCVT0AeQKmFc5GuLoNXXIgKx8GTn32CE6+7Ft8ga18bTGWrEZe7To9WbXD9cadjvVgJYikfMS8CryABQMqfzFnuXBFWS1wXA7vtiEuOOBbFUppdP4MTTzsRd02/V6TUQIyBuY8nDhrd4tRJCSgBJaAElIASUAJKQAkogT8kQFHAmiN1ajFbD2c7UDwfeuAhHH/cKYCJi3cMw085Ez123R3xeBHEw9bYJZi4A2QrpH4vndFzF5YhKIjh9IsvwnrdugHRAvjZcgkjHc4L5+H/Tj0dnz33HIIFZYiIsGUCTzSECMBjSiidmgyBP5VRjsKi/dFO1BIWbXPguQlbVkeMOVfKlgcEEZwgZZllGvbH9qKD/CiuXDm2GxrkjLlpkAlfMtE8EXKrwH8/+RBDhwyFaAuQ2wOO7jMAfTtvhWDuHBGvsnJCA0BEqSX3X2z9f21fLLCuNFkCBnCiEYSFCcwLQ/zrP+/huEsm4FcBkoWLaMxDXMpSz4064qZx49HGyA2lvBIRJ4ogmQJSNWVRwoA/EU6z8xYgmD8fB+7YA8fvtb88LEMJH+KII0fg7Q/fllAOfFuAeekaWddJCSgBJaAElIASUAJKQAk0ZgIrLm+sdvsiI/kSpdTEZQ7894NPMWToYTBeIWAi6H3EUejVpz+qUyEcN2ZHXoE/NjBl2ayoAEHWR0yWXnExvNJmOPXCi9FxexGxnOZImIQcQY6UnIcbzzgd7z37FCAilsQEsNEqceikBP4SAVsGRYCVZiBbg04gbUMpUxWVWWy3Sy/sMmQ4IAoXy/Khhx2F/773KeAY235kmc9AyuVfOnD92Yn5rj+p+cspCcGM/DrvN+y9515AdRrRlI8+nbbCCUMORBvPoNDIycqm5QTKqbOSpitHEzMG4LqcWNQ1+tcxYwyM+b1JJDo1IQLZTBqBL0JoxEU648MrLMbcbID73ngdx028XpRtyA0C4G2iKlWBvTptiJvGjkW7goQ85BJAmAGkHDqZEMgEgNx0IOIXAlkPfHieAy9ZjaJkFU4eNhR9NtsMWbkhpedXY99+/fHz/NkSdxS+H8q+Un61Bwf6UwJKQAkoASWgBP4HAd2sBJQA2F4kBkdq04GYIys/ff8reu/dT6rlLrKIYpOee2PgIaNQ7cSQDFxkpOpuRNQy0jkNthXdMPdtWgCOF0WFtAfCgkI4pc1x6sWXYYMePVEtdftQtoPDKbJJ3H/+eHz23DPwqisRl3apFb+iCWSzEop1+SXMNk1l0x8tbdR/auZI6Lomqzo1OAI8g0x0yHIoZqRMsmx6XgJpKaPpSCGGjz4Jnfboj2zGoKIqib332gdzZ5cxJFLIIBABS4oWGvIvz6Fh5sFIsiUHgZzAskwSffr2wa/f/8hbBXqstzmuOv1sFIrgYAJ+a0jEK7kt2aFZsptOSuCvEHAcB040Cki5cmNx/LiwCjNefRNnX38rylygQiItqLHhO+2Iq884A9GKMtFIU8gumCtbAsh9A9KdAyteUbgKpRAb8afJjQUmDU+sIFONS088GXtu2AEx2fOXr2djn377otJPyc0nAhg5oIH+lIASUAJKYBUQ0EMoASWgBJRAwydgpBYtNWhI7RtV5VXo16c/fvjlGyDMovWmm+H4c8ajyosj6cSlUzoqoT1pPjrgWAiprcu6BJU6uzG5SnggMc1esBBVxsN8eDj54kuxde/+AsqFU1CASEzq7JlK3Hbe2XjzqVlA5UIkPBdV1dUolO1Z35ewOimB5ScQ5oqe3cGRdmQo5S4wMWS8AvA/ZR571jisy9GAiOPH2d/ZMp5JZiSUlEmEIt2y72I9NAAAEABJREFUJNvdG+TMaZCprpNovk6VzKQw9txz8P6bb4u6CGy7RgfcMOZ8rB0phCs3I7hZWHPkZNHkplMnCnE2eAySB51WBQEnLlKSn5HyFBGl28Ujr72Os/8xGWVy8FToSk+NOGTaf6vOuGL0KLSSx1yLRBzG8eEkDMDRWyHLoZQ5TwIaWcoCsgksm04WoJmMlN00Nm7WEhNOHIPNmpVAZDO8+8q/ce555yMbGKTZa8N91ZRAwyCgqVQCSkAJKAEloASUwGolkKt5hwil/XjB2HH4z4fvSnoiKO24OcZeMQFB8+aocqPgx7F9EaUQssLuSJjcxP8Kl5VVqYqD4oGRqns8Voy0tEKDkmJUlJZi+HnjsXH/AxAEATJJdm+ngaAKd1x4Dt55+nFkqqtQVVWJqupKFBbGcxHrXAn8DwLSgpSWpRQl0TL4QXeWP4iAxTLKssoym4zEEGnTBsefOw7F668P4zbHG++8CZZ1N5OFG/giuf6PA9XzzXL51fMU/o/k+dkAr77yOm6YdDXixkVbOSVnHXo41knEEZMbk0uxwJ5qiYgCgZGlhOEctcvcms6VwGIEwlBKTojQ1PjKzSKTTsH3oqh0PdzyyEyMm3o7KmVzKBaVhxwfcQfv2QvnHXs03AXzkZBwmcpK2H9hKmHgyCXH+Ghcr2v0kzKa+w8lcoORspuZOxcbNGuGi44/CS0ARCXMNZddjtdff73unupWAkpACSgBJaAElIASUAJKYLkI+Hjj1ddw9fU3wDEJuMVtccKYsShpuy7CSAF8qa8HkDq7iAO17QCJt65bVkXAAlzHQSjtUdGqUF6dRhBLoDJWiFMuuQzd9h0IiAAWl3X7yRBpR9x24bmYdf8dKI74iEvDISlClpEWB6SdEbo+AmkLMG41JbC8BCimsrz6xkFWbHaZCKNrtcex545DWFiIeKQEV02chDdfeQ0OP0OzvBHX03ByZdbTlC0jWaEIC/nNZXPKMHL4YUDaR8T3ceEhI7BDuzURzcxBkJ4r9wpfzIiFCO1+kmU5saAxEvqFvrhqzK6HcrNZwviq11LMSLC/Y3JgneopAd4MMn6AdFbKhiMn2nWwMFWNXxHiikdm4OIZ06WvJYoCmcckD3E/hXEDB+Ccg4ajXSKKwoiLoDqJRDQhDzhHHoPylJKHHGgS3k5GtPS6Jp5GDBLayMMstP/FMI0d1+2ICw4diagkA5KckYePwPwFC2xI9u74kkaa9dCZElACSkAJKAEloASUgBJQApZAhh+ysi428UJw9NPwQw9BStqAfliNA48+Gs3brY+FlQGqq3xERKlypYFnpP5vZOnI0nEMjBGTer+sSt2eEUq7UurssVhMfA2axeIIqjL0wbyqAKPOHI+9Dz0GyVRUAtNcwM/guf+bgJl33ABUzYPJVEn4LCqT5ch6aSAe4n+JWIZp+TPGdNcxSUzTmRpxTjkKiwZpMzpiRozZjSRKEBSUokWnzdD7yCNRZRxUSwPykGGHoaKMIwIltCiubDvSuE9DMl51DSm9Nq2BiArWIbPx547DTz99g7i4d+6wAfbYdju0KojA+EmRGZKgmg25LcD+mF0xY1eA/BL6UwK/J2BMroAYedYgFkVFkIazZitcMmUyrnvkIcyRXZJyo8jKDaGVuMcNGYZTDhiCYhGt/IoKKXVB7uEmvTeu9L5IkD+ecof63faoJ+U1lUKJJGLv7btj+/brgWLZ919+gXHnnG3DO46DrJ+F6zGh1ktnSkAJKAEloASUgBJQAkrgbxNoDBFEIhE7mIF5MVKnPuPMs/D99z/JahbtduqJrr16wWvWHGEQgSdmQth6PIUBCfS7aZGAtWiTJ/VxT/ZzAyCblZkXx+yqNIadcDIGjj4GcAsksNTr3QiQrMRLd92GO6+eiJZRT9qtaURcI9sDZKS9kWtAyKpOSmC5CQRSbKTcSfisiFNzF5YjGU1g90EHYM1NNxffBL77+WeMHTtO3EBDbj/KVWTz0KBmjuuAo7DuufMu3HjrDSiU1HdABJeccApaFBYiGwbg6JnQeDYcw8ppklB1JlPj5pJWs6oLJZAnwIdXLOIgmogjiBikW5Ti/GlTccdLr6IMBolIITLIohmAM/c5EKN22QuReeUoCGSfkhI4nmfLoWz+48nIJposljY5kRj8bBbpdBItCxK46LgTsS48FJgAt9xyMx566CH7fr0xZmm7q58SUAJKQAkoASWwegno0ZWAEqgHBDgAgm3C+++/H7f843bRpkKgeWsMH300vJbNkHUcsN84JkKSW1OvZkOZhpof3TSIvJWzmg11F0GIuHQqR6NROIVx/JStwO6jD0Pvk44FIiJipcqQKCiCl0zh3zNm4K4JV6FA2q58lTCd9FFdkZa0mboxqlsJLDcBR8oSwhSy6SoRRl2UNF8LR40db8u6k0jgBmk/znxkRoNuPzrLTaOeBEyn0zDG4Ndff8XJJ50AuQ2IhACccsghaF9cKicqi0D+QrnuactMtoRZ5nbd2LQI5F8fzedaRCI4BuXJCsyPOBgz6WpMmfUMquSqCWAQZKqRkLAnDxmGw/r2RbH06ETloeXEC1A9dx58XzaGElgWf3mSss6HbRBk7cirTVu1xakHHQpf0spjjzpiBCorK8GH5F8+hu6oBJSAEqjXBDRxSkAJKAEloAT+OgHWpfmmws8//4wTTz4VmVQAuEUYftqZWL9zZ6Skvp31DIz7N+vtTKK0HSqqqpDKZpD0M5CecCwUcWz3Aw7EwJNOBtyWqJa6uytt2ph0UD9z7924cuzZaFtYiLhxUCLtCEbDNHNpJD5jDJ1qSuB/E5D2K4XYRCyCiBvBwqoMStZtjyEnn4ZMdUr2Nxh55BENuv24Aq5S4bAKJzbUeUGPHDkSs0Uk4Oir/p02wgG77opEJi16g6gGrkFYc7EbY+CI2GBCmYshBBY3R9brmGzWqekS4Kt4WXngwBUGrodQek/mSRkac8ONuP3lf6NKvDkquIUbR7EIpVcedRSG9doVxVEpQ9lqICoBRPCKy76eH8AJZX1Zky2Tsu+Sy/w+Ioh5Un5jkSiMPOhKpTQP7tUL/TttgoSEqVq4EIMHDxaXTkpgGQR0kxJQAkpACSgBJaAEmigBY3IC0AknnIBffvpB6usJbLjrntip9z5YmM4iKw19fgA7HQbIhlnwTZ6/gypWVABfqvdxNwY3cJDJhHAKS7BD/wE4bNw4xIpawJf6fTKUloWXxRcvPYcbx41FsQhebpCBJ+3YTDZl3yQyRiL6O4nRfZscAQcBPCk3bIdKcxSRZs3RvU9fbLjbXoAXx5wFCzB8+PAGy8VpaCn3sz6mTJmCxx57DBSv2kSAc489CiUxF9FYVASDAPmfkxcF8h66VALLIlDzcPNEfEIkgqp0Bl/MW4Bzr70J9zz3OjKyry8WFyvkB9sPGYm+22yNtsX0SQOOlD0/bUdHGdeV9b95eckDzw4vNC6MCGFOIPHLw6yZ5+CCE4/DegUuPD/EE088gZtvvhmpVEpSppMSUAJKQAkoASWgBJSAElACeQKsI0+dOhXTp08HG/BosQaOOv1MuAUlslqIUBr7gQGyUuHOIkQoHcj5ff/KksKBw3o826LS+eyGUWkfuEi0XhNbSEf0UWPPRZb/mVDq+MhUAMlf8eFLz2PSuWcjVlVp/zFZVtq8iYIE/KykKJSGwF9JiO7T9AhImQukzMFaLvtZGCCRwFFnnA237TqACKuPPvqo1VSqqkREzQVrMHNnFaV0hR3m519+xoknnmjjc2U+7rijsVYsgaoFcyGtecDwlAXwpK0v9yCeLqDOCZQVnZTAHxLwYhG5wKMAL/54AmffcDOmf/AhfLnQo24CUSlRa5k4Jhx7PEbs3gtrMHyyCiHS8tBjT4kP1zVIuY41Pgz/8GDL2iDHt5tDmVuTAi1qenXZXGSqFmKdwiKcc8xx4DXAEYnjx4/H999/L4F1UgJKQAkoASWgBJSAElACTZiArTtL/muW/PTMcccdB8dxAC+C0WeNgdeiFeYuqBA/qd1TbJLgvnRGZ9wAHD0VLKP9mKuVQ2rmS1hNOzQiAWgSpUwOIlJjNxkHVWnpCm/WEhv02hOHjRsPJKQTXNoNUek4R3oevnjhKUw650xUzp8Pz4tg3rz5yGQzYF0fDe+nKV7FBALjwBo85MqvFESTRWXZPCTTGXit1sThJ50OpNKIxWI49dRTMXv2bEllWGOyaACTU9/TKNjlBNSkUtiefOIJyFRW2O8B7de9G3putQ0imTSinotsdaXcRSSQqOZGFjV76aIpE6hTDkID0CwO+tOMK351LgO58Cul56M8yOLYC87HK599gsBEkfTTiMkzp61JYMKY09F/p25AxXxAylyQScEPMoDrwhhjo+eMx/rLAhYj+J0FiBZEEZGyHkmn0aNzF/TZYQf7KmHZnDk4//zzf7eHeigBJaAElIASUAJKQAk0RAKa5hVF4MzTT7Xf/AkCF936DMDm3XZGpXQWB04Eyep07WGscLWoKl/r/2cdbIfSICJYKOaIgBVKo0A0BPAb7VWxAnTZozeOG38p3OLmSNu3LHxpV8zDV8/+C1eccyqcqrloXuiiMBGVGMyfTYKGb9IEHGm/0gJwcE88HocbiSHtRNFpux7o3GcgUqkAVclqjDtnLPI/CQ0pheAy71cfl3Va7vUveXl4+US+8/obmPnQw0iI8LChqNXnjRyJaDoFT0QHE2bB4ZoiR/AWIZkJYIhfbk6giY+d6K5r1lNnjZKAlBObL1lSTMqb9eOM5YBjqqLFkKsaiLjIuMA8scMuvRCzvv4aZRKO/82Br6uuWxzDneLfvf068LKVMI4vmpUHx0SkzHlisqMbActbVB5SNBcGEmCRGReoa1jy54hHjUm5hvQEWTMBeANyPdkm4prJBoiLnXboCKwbjSP0fdx555147ZVXwV9a8pylQ00JKAEloASUQFMloPlWAkqgaRIwkm2aH+C1F57Hffc9gJANgWZr48CjT0fKTcBEcxY6LozUzY0xcBDCmBBgG1JMat8yz68tWkqApU/StggYixybh5PmgIRzkIVBIPV6OZK0Wz1UpUJkYiXo1HNPnHDhBKCgJcIgKm2JBFjfn//mU7j6rNEo/+ULZKulw9zPIllVDT8tMdVJH5BPIfSnBMA2K61uubAlxAcyGV9KiwckSnHwKecBrddHqjqJ6Q/eg/+8+7aU0QDzystkWf9BSmu4fieSCRTmNpEXX3yhgAc8WTtu2HCsXVwMDs+kcGXkpmDokG2c5L7BhZoSqCWQe4gAYZ3CEciDDQUJJFPVKBMx9JvKchxx7jl47PNvII8L2ddBRi7l9l4Ck84Yg41aNEeJiElBdbU8RDJ2O+RBZeSRY4yB/TkGRhwsjlyK869PjMAabz+LoqFXVNLe2vFw2IABiNdsGj9+nNygMohKAF4nNd66UAJKQAn8JQK6kxJQAkpACSiBBkUgrEktG5BhiIvqOpwAABAASURBVAsvuRjWS+rMBx59AmKt2sE3UfFzaq1mjxW2CKQeToMVtADW4mlGEmJfB4xEUS3th7CwGTberjvGXXMDUFgCX/wQZqWxm8Xst1/CZWecDGf+fBRKShNOBK1atIAnghvbGCsssRpR0yAgZRFivvEQJEqw19ARQCQODkDkf+aElL1WxaW2DRtKeWM5zVt9A+TUtwTVTQ8Tl0mLj+gEs2bMsh9uL5DVjdZshr167AwnmRLUAYwIBuJtJyNzmix0UgKLEeDNng+TkAWEJgXMiYvMU7UQoYhYP2aTOOzCc/HmbwsQK5CNsrcjj5wNvSJMPvt87NRmPRRLD01EHoBRN4KigiLI9S2hVsHE9NLqHIr5KYlGMWzfAWhbIj02su2Fl5/HzEcfWXXpkmPqtEwCulEJKAEloASUgBJQAkpgVRLIBkDgY+bMGXj8qadtdT2xVnv0GTAQ88vKpXb/9xLD9sSybFmxG2MQuAZpqcgvkLZHOh7BGhtuiAtu/T+gpBRg+wI+3JJCVH7+JSacdCqqfv4RkUwKC+bMk45qKnPLOoJua+oEpGiBtjQObAd70n4cNHQwCtda1wZ56fmXMOuxWdbtZ7J2WZ9nuVZ6fU2hqNT8z2v8p3CnnXYKPBciWAGHHzBYGuzNUPbrb3Dl/mSMA2NMfc2FputvEfgbO/9BkeADJytlKesA2XQSlfJA+HjObIw8+yx8OLsCC6RMBVKmYnLo9eRBcvW4cei8TnskJL6448BlWeODkRZIIZVwq2PijalEenD4Gu3JRx6JYklE1AQ4Z+zZyKaq8befzhKfTkpACSgBJaAElIASUAJKoEERCKV+HnFxyumnS7Klwu8mcPAxJ4po5CFSEBe/1TeF0p7gW0M+fKSlsr4gnUIyFkVB23Y455ZbEO/QEZBAfjKDoLocP3/+CS46+WSU//wd3Gy1CBPSUFl9ydcjNwICTsRB4Hk48oTTAMMWr8Hpp48BpStX/Fn+sFp/yz64XNHLDrC6tnLIGuQC9/0Mbph4Lb7+4nNkfaB7h3Wwe9ftEclm0LK4WAQtY83IfYqGJX/iD1ogWaX90XaGoS25XdcbNgEpQyxHLBs013UBeaClXQfZiIekqKNfzJuPw84bh/cWppD1gGK5jsPKLDZpXoIbzzgb27RrizCoFA5pBNJTYnwpiBSu5OEinvKQkYLDByXNevyZmSOB65qsLs8UOswWKhfMRdzPotdWXbDLZhsgVR3imy+/wN133o4gxTQvT2QaRgkoASWgBJSAElACSkAJNGwC+fYjPINJV03Al19/BUiDvPmW22C7PfqiUtqCbiwOOAbGLDJH3HXNOLJtGeYsEX7JdWNcGJqTi8eRJS1/XHZCu3ClieogjMSR9qLwC4tR0r4jLrj6JsTabwJkHIDfuQ2rMf/rTzFpzOkIK+fC8asQi3ooLy9HEARIJpO/P2kijKHWZLN0cPPbWrUmXjo1VQIBfD+NjDSMO+3QA+223xmmuBW++Phj3HzjrfYzNI40beszHbky6l/yePMxxtiElVWU4/IrLpZLHGglPicccjhaOHLBp6pAT6de5kASqlO9JVAtN/qsATIFMbz74w84/Myx+KwqjWpJcSoDJFPAxi1LcN25Y7FNh/ZoLkJXVK7kjPR6iIIlzwO5qmV/eQYCssRq+wVw5eZTJIJccTbEiH0HolTSEpNr4oILxqO8aqGkVcQ28dNJCSgBJaAElIASUAJKYPkIaKiGR6Bu+3HB/Dm47MpLc5koKsXI409HtVeIpIhKyayPwEhlObd1lc+l6m7fIOJbRI40JAxcBE4EGTeOVLQApqQFzrn8WhSsJyJWWsQpL5T6/BzM/fFTnDJ0X8z76UtkpJO6uLgY/O9yBQWFWPZPR2wtm0/T25oV4dNNJJCUMrf/8MMRSgPYi5Vg0pWTMHdOeb0H4tS3FOZvPlymUilMvHYifvz1V7m0gV27dkGXdddDXASIMF2NioVzgRqhC/pTAkIgFEGJJk47LXKzqDuiOPtwo/KQQAYvv/8uRp53Hj5FCs2ary3hjR06uUXLFpg8fjy2bNkcJl0G6e6AZzJws2k4gQhCJkBVxEHSc+QBKLutjknSwMOGIqx5cg20NBHs3nkb7LFNZ3moAV9+/yuuuuEaJNMpBlNTAkpACSgBJbAqCeixlIASUAKrjADbjcYYcJlKVWPChCvw6+x5YAOyc7cdsf7mnbEwHcArKEBBKT+6scqStviBpP4urQfwn5BFpEkR8R04obRRQg8UsUI3hoxbgGbrbYZzrr4JBRttKu0Qqct7IkJFKoDKn3Hh0Yfh608/RjqdxoIFC+BIvvMHMcbknbpUAkslwE/pGFfaxBwQJILp1jvugo277oCsiFhfffMNbrr+JmT5ttFS964fnk79SMaiVBiTu/B4Uf7222+47vrrIZcsmkuQ44YejEI/hMmkYMS3aHXegCQ9Oq1mAqEcv67JKif2bKDG3/ChIBcoZOlLb4sfSSCbKMIbX36DUy+9HD+IZJVGBBXzy9AcCWxVugb+ceFF2HyNNeFWVCJTXo4wmwFEqc7KgwKMiwcR4w1AFss/SRqWP/D/DslrIAKDbHUVPOlNys5dgDOPGI2WsmtRBLjwvMvx5Vef24e5eOmkBJRAgyKgiVUCSkAJKAEloASWh4Axi7cfJ0y6GpBWrmnWCkOPOArz+XpFNIFMxsf8OXMXi1L6ghdbX54VszyBlhHGSDvFFZMkgm5IYh22E6yQFYMfL0bxWu1x1uVXoWD9DQBPKvYSHiLC4ZcfcP2Jx+Drd99EM88DsiEcvhYi+7PjPgxCrfsvg71uyhGoTvHtIwezy6txxCmnAl4UnhfHhdIO/uKLL2wgY4xd1reZU98SlE9PNBrF5ZdfjsqF5YiJ5+Cd98CmrdoibhxEojG4jiRdxCzwYpaLHnnjel0zAVDXsMTPyHpdk1WdGhCBrKSVJovFJpYBuZmHGTn/IlAhXgiKV/ONh+c/+RLHXXk1fhAFKiU7hcjAQzl2XK8d/nnN1dgwIg+O8oWIRaIojBaKYMpABtEC6bExrqy4SPgGBWK5h4545Sd5eOCPzIZxZF7XmL66JpvtlPezK/hdnPSWPHoirHnMfyaDYtfDBgXNcPgeu8MTzY3FetKkSUhnUwxdY7KTvWjyyxrvxrjQPCkBJaAElIASUAJKQAk0egK+dOTmM3n55VcilfSBeBG23bMfitfdAF5xMQK2BwMfBdEIIEuI0EML+A3bGjfXaVYEEr/80oi7rtGf4f7IuL2u1dbq820EtifEDFz750iHNM2TOjqXlSIuJKV10nL9zTDp9ulos9mOQLJAfIoRlQ53/PotbjvtaHzx+uvwF1TCTztw3AIE0h724VsBq256nVC21DHor0kTkBKCtJQH/idMv6QABeuth+5DhyCLFALPx03/93/weV0IpYyflXIll4y4a8uxuFfn5KzOgy/t2PkbEEdg3X3nHTZIa5kfMmAg3FQWViVny7yeKoKS1EYzNbSMsNfBpjmUOU0WRtTkwEgxT0ThlxTh+Q8/xLHnj8cv0hNTLhemJ2Fcsa4t2+D6sWNRmkqhIJsrZ6GUM1ve8g8bCZef+Ax0fMjjBqv5J4lkCiS/VsxKZXDwPvujtWRMco0ZDz+C2b/+ikyQZig1JaAElIASUAJKQAkoASXQqAg4Lmu9gCeduVOmTgOMVIRNFAceMgoLMyH4Fgab4I40xa1JvRn16Mf2Rt5ssqTtkRFpqzIwyEhn+hnnX452W2wjAkNEut0pI0hPdXI+bhh3Or794G2UegZxJxT5KoATcWFMTfvARqYzJVCHgJQtSElhafEN7LVR7UTQd/AwoLgU2UwWd959F3755WdQ6Ip6kTo71w+nUz+SsSgVrufalQkTJmDBgoUokbU+PXZBy6IiGASQ61h8JNkUJazJqk5Nl4A8n6Q7AlI4sLRfVjb48QR+SiVx9/NP4pTLL8LC0JcLErA3e9mpb8eNcd+Ea7COm0AsCMRHHnFyQbOs0axHfZ1JOm3SZMm0OiHQXHqZ+uy8C1qJ34K5Zbj33nsR+HLtIJc3G15nSkAJKAEloASUgBJQAkqgERAwRiq9ko8rJ1yJyvKFQFExttujDwpKmiHiJWSLtB1lzlFYrA2zziyrK2P623GyLm+kPs8lhbeUYxBv0xpnXXUl2nbZGmGiGE5BRI6TBqpm44azjsZbj9+DcMGPKBABzzPcJpt1UgJ/QIDXADeZGjHLuDEUNWuJ7XffAygswvx583Hf/feDowgZrr5Z7mquR6niCKyKigpMnjwZUUlXXGzYPvuilTTKfVEEQ1EMeTHDULlg8mkSSKemR8BIlsV47XG0lKzlJvGTYoJQemPK/AzKpIg8+vpLOO/a61At26okVKvCCNxsiH233AqTxpyFVtEYnIw8CETkCZwAfGjwXXSaBK+/U42IG0ge+TD2Mxm0LCzB0D77IhYCkl1cc8018EWYc+wa9KcElIASUAJKQAkogXpKQJOlBP48Af7jr2Qyieuuuw4u/ytf1mD/gw6FiRRKzd5DvqHOmFnP57L+WgAvDGzyWLfPOA7mSv0+XVyI0668Apv22g2BF5W8uUBaWjWVv+K2K8bh3eefgJcqh19VZdsxNgKZGcPWgDh0UgJCgGWK7eaAbUhpMLOtGwYuipuvgb4DhwHiduMFuPmmm5DJZpAWk93q1eTUq9RIYjgC65VXXsEPP/wAaX9j1403xcZrtoGTqkZxaQkI3ZcLOYQHhDTJAlvvDEyTOHRq/ARCuRfnrW5uTTyOrAmRcUPMRxph81JMe/wxjL/xRpTLPmVSRiiKJisz2HeLzTHp1NPQRi7gsGIBZC9kpUgFUr5ceW7wv4OAos+ybvyhlL+6hr/7kwODthzxSH7gyEwsEKM7ViC9TNUpbLXehthxo82sCPzTDz/h8cf/iUyQWY5INYgSUAJKQAk0aAKaeCWgBJRAYycg9XmpuNfmMhaL4YUXXsDs2bNFwKlGh+12Qqu1N4QXL0YiVmTbjI7sY9sOtXvVT4e0LERwgxWhQjjIGA9OQRGSkTj8ohKMHjMWXXvvJ9mP5jLAjJWLiHXOyXhp1kMoNBm4YRb8b4wLF0r7JvTB/85Y12ACLGbQX1MiYIyBMQYuZMlvRTsRhG4CbTfYFOtsuwP86iS+/vob/Otf/7KDIEIpbahHP14j9Sg5QBAEuPDCC22aEjLfd/fdUCIXGdXklFyEFLACuZhpEOFBgujURAmYELCWvwfLeqa6El6zElSJEFUZc3H747Nw8bTbsABAtWyPyZLlani37XDpKaegMJtGlN+HMlmETla2SmQy57NAFvV/MgAfxva6EDevkzCZRvq3BRi+z/5ypUgWJN8c0Rhxah504qWTElACf0xAtygBJaAElIASUAINi8All1wC13UBN4a99huECqkczyurRiobihjEJi+tYeWJqQ2lveuLiBU60gUfLYYfK8XIk8+mLgGNAAAQAElEQVTGxr16S16lwRMaRBIFYKPo7kvH49mH74MjndYcFNKiZUsrQPBNDOhPCfyOAK8JB9mMwZwFVdJWdtF7/wNsuQrDALfeeisSUbaef7fjavVgqldrAoBgseO/++674AisTCaDtVuvgT27d0cklbIXYhCIyCBillynqB2Bxb3Fj4tlmpGtNFno1PAJGBFlpBDkig+LEI1+joOyyoUol2vttsdn4LJpU1Em2WWZYWEvEffQ7ttj3BGj0dyH7aHwRbjKuFlknQAREVBj/F6UPCwCMRjZYYVOTGhd+/uRh5JGXzLHJb91hUwaXtLH7jvujA3XWtce4PFZT+DTLz627tyMaaCLSxrdK8w0IiWgBJSAElACSkAJKAElsHIIsO1Hk3Ykv/L63nvv4cUXXwT/CViztdthu112RXXgIg0XmaxUlAHqO1jyxw5r2pL+S66zplzXlty+wteZN5p0RZvAgQk8mNCDK0uYAiw0hTjlomvQ9YDD5NAFyFRXI1ZUJL31C/DwxIsx88H7xB9IJqvheS5cx7HrS86c0AENRnK3NFtyB11v0AQCuRRse1GWzAjLPtvUQegilQ7keomge8/dsNZGGyHI+nhs5qP44KMPpckt5QM5c+ySe68+W3ppXn3pwbXXXmuP3iziYVjf3ih0DJJlZYi4LhKJGFxRA42Ao0GWNnCjm2mGlkWAFx4tJy5JEebVCAeh9E6UByEWivA0ecajmHDfLCx0gaxE5ou4tYYEHbHnHhh39HEoSGcQlQhcEaxy5SiQGzisSfAGM4U1KXV4XYhFIi6MI9dKxCBbPh/9dt4J0idjQ10z6SpZ8uYjCzvVdVsPnSkBJaAElIASUAJKQAkogXpMgPXXnFG8grQHb7jhBkmvQay4BfbsPxDVUvFPiU9RaQlC6aC2TQUJJ165iWJNzlXv5syZbedIyoxU9B1ZWhOxKYADX9o7GacA87Muho06Cd2HHAqIqJVKpQGEkIYznrvpRjw67XaYZCXybZ1A9g3gwRexggaJT3awE4UMOsiJRrfaqiaw6o7H801D/pqQ64HXSjqU4iMFYNc+/WESxTZBV15xhSwDKVmBtJx9ca/+idfDak7FoiT8OnsOpk6dikIDrC2C1eAePWCqKlFcwiZ4IEpEFlE/QDybhRumASNmwcs21Px4MdLkIkVdox+tJpguGgaB0NSkM5QljQvxy7hA2pWyE43Cl4cUInGkvBiC4paYPPMJXCPiVYWEzbgeHC+KNaQH5qh9BuH04YejiOJVxCAMUnIhAl7gIOI78MQg4WiObKHJ1Yo/93MkOE0WdSe5Mdjejbp+f8fNskyTMm6ES0QuARqMAVwfkhl42SoctPvOWEuOI30yuO+ee1BVUS5rBplUlSwdMU75Jd1qSkAJKAEloASUgBJQAkqg/hIIpC3I1AXSTf3L7F9w97Q7ASeBVKQQu+47BCmpI8cSUSQzlQhMVoKKSV2cdWYja3aSdbuUGWvCNHEuNklbXvZfzGuVrEi1HrR8B7WRTmqKDaGk2RdBzvEi0kSJwilojkOOPRG7jzga8AqBwuZArBSoLsdrN12NR269ybYHHGkfVCZTqM4AmTAGGGkzIQoIJyPtCBrkx7dRaMy3rOrUyAhQtMqfa2bNSClz5BoyxkfarwZHciSlXb3dHv0QlrQGooW4845pKFtYBl/CQcIjlHYml4xgNZmzmo672GF5gdJj2rRpKIjFEcqFtPcOO6DA90Wo4tY6xguYloe4mgEy3Worj0Ddiyx/FPrxAqRBbuDVBqhyHJSJWHXhzTfjloemI0NxiztkQ0SyaRw3+GCMkB6ZwnRgRVA+ECAPAQaBCFhGTJ4EdtXOpAwutm496+9MnmUw9rqouVbkYe0ijZauweA9e1hZrnJhFa67hiMcQziWT7b+ZkhTpgSUgBJQAkpACaxSAnowJdBQCDheXJLqwZMa7vXXX4d0NpC2dRrd99gHbmlz8B9+UYQJjPhLnRhcQtyyV0Ob2N6hSQbB/DBfYAe2ccH/RpiOJDDg0MPR5wgRsahQRaLSn51r4r/x8L2Yet0EOMkFKIqGslcWkZiHQCDkBgk4olnkDTDQX2MnwLLE85xrT7MkiPEakVLhSHvaNw7izVqhx569gXQaonFiwqSJos8EYtJANtx79VJyVu/hhUsmiawY0zFt6lRkUkkUyMo+u++FmOPKRSUrnHjjoQlcXsBWXBCGkEsxZwz0x8aLlGavTCPh8iZOnRoAgTrni8XAyzjgiKnkwkpkYhHMcwNMvG8Kbn3xGSwEUOkHdiTfmoGPK0ceh5H77ItC6a3hN66MLTeALQ8SdpVOhjeJOvY3D8680GqjqcOJfoHcePbYuae9puS5hQceeADZdDUymSyymRSDqCkBJaAElMCKIaCxKAEloASUwCohkEUQJuVIAe6+915kslKnNXHs1b8fvGjcthZlo52MMdKeDMSQM+m0dmoMy/mjaFTXlnO3lRCMYhOQ67QGmKas6yKTSGCfQw/CPueeA4Qy+TLLpIHKMvx72s24+5qLUGLKEXeT8LPlEgE7saU9AhrszxVnLOtIR3/uGNZTZ42TAFWp2pwFMMbUrtFRlU5hp912AwqKYKIFmD59uoRxpP3oy+bFw4rHKp+cVX7EJQ4YiNAQjcTx1Tff4r3/vocSJ46t19sInTpuCG+1KAxLJFBX6ycBuS8zYZWhj/lhgHOvm4gpjz+BqFxTvLRKZGOBhLnsmJPQf9vtES0vR8L34fCbV+JP0cfIwwuLXcCyUyOaqLC3bN7CXksbtV0DCcfg3+/9F198/RXi0Rg8N9KIcqtZaRwENBdKQAkoASWgBJSAElgWAWm+inKTqsrgo48/xbfffAfEC7Hu9ttivY07YUFlpewsYWTeWKdc7gKwqZx1HKQdDxWhi25798HAc8YDxoP9+Rm7ePuBO3H9hWfBr5gtIlYKkTCNRZ36gQ0DOHClbUSzH3ZvxG2kmgzrYikEAikHXmExNurcBWtuvoU0lQ0+/+AzfC/XmTGu7EHLlUBZWS3T6j26ZDkeL4DvpzH1rruJCwgy2G2HneCmfLghRGGG/JjMPzLZ/KemJeP5Uztr4NVNIBZDKpVESv78wjjSJcU4/4Yb8K9/vwM+rhayzEgaC8XOO+ww9N9+O7RxDUrkWovy1Ne8empkO00WQK0Df/xjmKWZlFosZn8cxSrZAj6EaMhdO6ksIpkQA/foDT8rcAA8ICo6qLQ7AkXWdVICSkAJKAEloASUgBJQAg2GgNRh47FizHhoFuBLBT/ro8tOPVDFqm40AdG3arNijKl1NxYHP4XCjupA2iABPAROBFm+VpkoxQ677Y1Bp58NxKU7X4QtCQIIgg8fmYF/TDgfTvlcuOULkRC/ZMUCGCMO8CccJbBD4YpGL7VGSYBlh7a0zFEUrZbraW5VNbrvsSeQzEgwg/vvmY5ohK/uyupqnlhSV28SAh+uG8XDM2eAI0I4JmTbzbaEX52CFyDXCMeq++mR6g8BXkDSEWB7FxBKumipDLziIqQKI/gxrMIZk67APz94B2Wy2ZHCwwLNS+uqU0/CgJ12QmE2iWiYlNtxGjBZMSlUWOLHeJfwagyrhvlKpmGSSXTddDNQrhJEeGjGdMCJyQNfeDSGjGoelIASUAJKoJZAyA+J1q6pQwkoASXQ+AiEUoU1HvDoI4/CeAkgEsMmXbqiMpMRMceVZoPT+DK9lBzlRAjJaygwwqi0m4WFV4Due/fB6IsuhsAB2PQRXjDA1y8+iwljTkVzcQcLFiJuuK8vQRz49AODi5+0nGBNPOpORiKj1fVrBG7NwiICFH9ZXJJyqjfeqgsQk5a1aDVWLF4UbLW6WEJXawICEbC++OIzfPDmm3AdBxutuT62ksZ2VNSLqMvm9mpNnh58VRGg2EJb4nhZKaHsWAF7AqhmRSKoFL8fTRqjLj4Hj33wLiheVcl+FIj5H/duFPFq905bYq14AVx5woUiXAVOVqKgydXoiDE+a7JjI578ZDVikk++ktuhpCUcA7z75gf46utPkPWFQyPOu2ZNCSgBJaAEVj0BFdBWPXM9ohJYzQRW+eGDIMQ3n32Pt95+S9qPHgo7boANttgcGWlLuvEo2AhnoowxXDQiY909qM0fM8ZvV7mBh1g2Z04QhdO8OTbs1g2jL78OKG6LSHEruIkCYGE1fnrtFVx66mkoCQI0l7ZSxPFyg9hEzCI/fsQ7gDS2xDgaiy4YOS4NsqTRTWMC1BoXAWk3+saFF0+gw6abomCjjQAnYq+17779BfWh+WjL5GqjHgoPuTiefvJJSUIIN0ih1/bbyAWYQlFMkmb4NSPZpFOTIyD6JQLX1PQGSFmQcgLpaklHY/gpk8Toc8/Bc5/+grJAylDEg/Q7YN2IwcQxZ2L3LbqgpVx4qKySMiUBTM4YJ0GGnDUFY0blAR8XPmF5BfbYaUfYnhoD/OupJ0XQE0dT4KB5VAJKQAk0IQIqIDXEk61pVgJK4M8QYBvh8aefQAhpK0gzYduddkYmdBEVQcZ1XTSFX16kY15t/V4cRsQHqeBjfnkVgkQRNt9xFxx/yZXIuDH4qQAuR9Nkk/jynTcw7rQTUTb7e6B6ISJBFpD2EttKZFs3bsgvFz+Fs5yBIpb469Q4CTiOg0RhMZIpH7v03B0Imc8QT4pmIzonV1arySW/Wo+PMJvFvXdOhSNtacfPYr9e3eBUzUUYVohVCzARsXg1/ZGBWahjEo/cy36XKSPgaQgkvrr2u5DqsSoI5E/n0o7FbRl59mTktHrROFzpGUBRMfxoFD+GaZx46WV449sF9loKpWfFyWSxvhPDpBPPxh4bb4FmGR+G/2HPyM1YDmACR+7JYryp15YX2bCsKV+O8ss/DCviGJZmS+zAYy/Nlgi2olddYYZkEoVS5vffbdfcpSHXwkMPPwzP8+Qak5UVfVCNTwkogZVCIJDe0nzEFCn8rA8a/Wn0o9UNk3fnlwyfd6/qZSqVsod89dVXceGFF2LAgAHo2bMnttxyS3Tp0gXbbrstunbtiilTpshtK2nDLvesEQRMp9Po378/dtxxR2y//faWxQ477IB//OMfNnc8tzSuzJw50/Iis7wxLLf9HRs/frw9djfpud9ll13AOI844ggbZf7YXPnxxx+xzTbb/M7+/e9/L/ZcyWQyYJxM49Zbb23TzOWoUaMYzVKNZZn75Y/H9aUGVE8loASaJAHWulNBBg88+hDCiI8w5mK33n2Rtq9sOKiqqLQdtsawEp9DREGmruV8F80ZJ22RT87lhLBxLbnMbV2dc6aWYpI0lQ3gO4G1rJtFIEJUUaxQNkRRLYJVx+7dcOTFFwOt2sBHAjCFQFCB7997EZeOOR7BwtkocbglK+wWQjYikFZWKJ3gsOZL+0GOZwJkpX1GI0sJqFMjJRCRM+4ns9IGL0Sv3foAYUbKhI9pd0+zLenVnW1ndSfg119/xZuvvY2o3CDWK41gUPPV0gAAEABJREFU3ZbNEPVTCIMUAlooF8zqTqQef4UToJhIsxHLubdLzsRNf09Ou+MbJMsqsWBhFbIidH5TWYZRY8/CS199ByMl15fwbhiiOVzccuEl6LbhxihKB/CysrNcZrAmgeylJjvQ2dTMyFNNYLnZFNZt1RJtEx4K5Nn17FPP4/uffmxqNDS/yyCgm+o/AfaIMZVvvPGGFRZ26LYDaBQblmb9+vXDiBEjcP755+Pmm2/G999/D9eT2qdEQrFEFqt08n0fY8eOxTHHHIN//vOf+O2338B0FBQUIB6Pg4IFhfX8+ipNXD04WFQ6HCjcVFXlnnn5JPH592eER9voyO/8J5Y8Bs8ByxlFo4qKCvCcuW6uzPyJqGqDOnz+yP6RSKTWb1mOF1980ZZVipiTJ0/Grbfeiscff3xZu+g2JaAEmiCBsvIFeO6l52DiUTiFBWjVbl0RcCLws6G0H9kOQJP5UUwKRFzKW2iYdWn3SMd52nVQJR3W63fdBqdfcy0Ql0aAcWFE9EMkizmfvouxx41EZs73iGcrpQ2VRGD/c2EAxguJt654Z7RdTriN2qTkgG1xFoAg64juuQ7QrAXgGLz59tv4bc6C1Z5/pnG1JuKZZ58F+1mLXKDvHnvB8UOEUsnlxZJPWKAXSx5F41qKWCUC/+/zJM8dJ+MgmnYQSxu0aN4Kn5XNw6gLzsV/vvsR1bIHPyxnZLlBrBB3XXwFNl+zLVq48hDjCAXGK9uWNvGCpNVuYyR1rXbDn3bUvx3y+ZKLyTiOva7279sXJi1JFfXvsVmzxKGTElACDYkABQaKARQX6KZRbKDRXde+++47/Oc//8Gjjz5qRzXtu+++OOigg/D000/bLDOsdayi2SuvvILnn38eFKs4GmvhwoXgMp8O5otJoYhDMYXupmTJJGtDAIUs5ru6utoKfMYY5IVHrMSfIw2d/LF5bnio/DqFRq4vj9UV0PzAB/PB+IwxcORZZIyBMQZL/ph/lo/bbrsNt99+O7jk6LMZM2bYcrJkeF1XAkqg6RL45+OPQdQq+FUZ7NF3XwROBBlpQ2b8LIzjIZTGdtOgI40m0BbPrVT9cx6hA984VuRr3aEDTv+/m4G12gofDxBm8HxU/voNxh57KJI/f4n2LYvgZaphkIX951fI/Yy0rfitrZjvICptiNr4c5t13ogIsDSFUmbklMOXkpAWx577DgJCD5kgi1mPPbrac+usjhTkK6s89oxHHkGJpGKeD3TbootcK4JKQPFCoTGMWiMkIOd4qbly3UXeBoi2bIk3v/wcR55zBj6eMwcc2FoUhVxOwLpFEdx64cXYqs1aKMr6SJXNl4tLLjsjBv6kYIFGdxM1YUhYxhi4cjPascs28oAHHAM8NlMe/hBhK/yjkwH9KQElUM8IGCMXr6SpuLjY9jJTuMqbL50/eeNzliOZYrEYXLmvMgz9PvroI5xxxhk4+eSTkc1KBVXiWlXTgw8+iLxIxXTxuBRIWrRogbXXXhubbrop2rdvj+bNm8OtGSnGMI3VeD7q5i3iRbDBBhvYVyo7SENju+22s0xatWplgzE8jStcLmn0p/3VTj9jDNZcc01sttlm4KucnTp1wsYbb2zPDc8T4/6zxv3WWWcdG+cmm2yCjTbayBrjZfrrxkdh0xhjyyUFM4qbXFIAy5eXuuHVrQSUQFMlEGD6A/eJgOWLGWy5XQ+kfSMyTgij/wAMYDuIhvzPwYKKaqQiEbTecGOM4UiswlLw8yzSS4IwVYX5n3+Cs44Zia/eeQvFIl7FgjTcMIAj5jm5eIyIYZ4IWBExR9w537871/3rK4FA2o1SAqQ0uOi6465AvEgE4yo89OD9qz3JNUVy1aWDFRZjjIjmPpLSu/ivp55ClegNW5UUocvGneBJg9oJIXMDR1rZjnHgGA/0WbrJJp0aHgEjSc6bOGsn1wVYKgs8zE5X4q25P+GoKy7GmxWVKK8J5GaArs2Lcde4S7FV69Yold6WuDy2CgriAFVPKV/ikMnAmBqDLMUg64uZlDXUNSz9FxqAtvSt9ds3nz1PMrBBm7WxYXEJCoTxCy+8CI7iqN+p19QpASWQJ0ARim4KTzRjjNzODL2slZSUgCJBx44d0aZNG7DRX15eDsdxrCgQj8ft6CdX7rP8VhG/bcRRL3bnpcw4CorPbC6XsnkxL4bJp6/uhvw9hqOq5s+fb0fS8BU5poniBl99fPzxx/HAAw/gH7f8A/fffz/69Oljo6BwQUfdeJnevH9+G49Ndz6tXHJ9acZ01A1fd53pWto+y/Lj/nWPl3fXTTP96q4zPvpxmTeuU7S77rrrwFFH5MDlHVPvwID9BthgHNlE4wrDL2k839yWFwnpXvK49KPlGdCdN4pFLBN8be/OO+8EX+GjnXvuuTYIj2cdMqOb5WhJ43l1XHnASJj8NHr0aNx919246667MG3aNNxzzz046aST8puR58405eOj+MrXSbmeSCRsuandYQkH000vCl6Mg2nLG/2XtHx4+vPYZMQyld+X/mpKoMEQaCIJzV/TvE6rk9V4/dXXAOPCWW8TtN+oM0I3KvX0COBy9JW0JZD7OcZgaYZG/pOmtfBgJh1pwHgoLGwGuAXIenG0Xn8jnH3zFJjmbQAvBkTFJGjylx8w8YKzUf7D14hWVaNVNIqIE8AT4Us2y+SIoOVIU8uxbqiIJRwa5xTAQUgzDnxE0aFTV7hrrgdE43jm2afAuk8+53Xdeb+VvWQJXNnHWCz+fCZZwfn8yy+QzKQFD7DJ+usjng2s2ms9qByHi+2qK42QgGgqgMGiX+ijWrTehW4Gnyfn4eAzTsF3ySo4EiYtViLPpg4tCvF/4y/CRtJrX5BNw0gvAWQfmCxkBbU/lp+81Xo2LYfNvnBjrikMF7sxdN9ya1T4QLKqCp999hk3qSkBJdAICBxwwAGg8HDvvffi4Ycftq/rUYDo3r07KAJQzOKrXBQG2Bj44osvcNZZZy1WEamLwfVcGGOQH9HDffLb2eDPu7lkWEeEsnyY/LKoqIibwWNSzKJYwHAcKRaLxbDhhhtKB3DahnHleKwjGGPs97C4nRso1tGfbtd1kfenYEFBKyudGJAf3YwjWMb/eKa4k8+PMcaOCOM+sjsomnCZNx6TxjTn/eouuY3xURChm9u4ZAPLmJobr3gaY3Icg8DmS7zsujGGzt8Z2TEPZMa85dNn5EFI4w7GmNo4jMm5KcbUTUs+HOOju67l4+S2vBljas8Fw1JgNMbQ+ZeMHFhOeP74KmFdjiwDxuTiprBKbo7r2E4Vpof7ka0xxp4X7ruk5RPF8DwWywXzZYyxgq0xufjz4fJLYwwYF9d5zh0pt7w+8vtyG8sWt6spASVQPwjwHmGMAe+BX33+Re5j45kAHTbbCpGSFvCNB9fxpL3gIiesOOI29SPxqzgVgRwvrMm6CWFFJycQNkFU2MSRMXE0W6s9xl99PaIbbAaYGPK/qu+/xdnHH41fP/kYqd9+Q3ZhhTStfCtm8FVEXziH8PLBddkoCVAechAYMTjIyhKxEmy5zQ5AugqZZAoffvhhbc4jtQJnrddKdzCFK/0gdQ/gOq5dNcbYynUqk5WLAth+iy7wfCASGtkuRlg0WQN4Kf6R2QA6q3cEHEnRkiZenChOioVivgQJxMAZTU6907wIb//2DY6+bDy+z/iYL/v4cs9l0dm0VUvcMOZctC0uQkL2MxDRysmblBGTN9koF53s2mQnXko0C0C42KHAqTQ2WHddFIqn6MV46/U3bCNIVnVSAkqggROg4MAsUChio9wYY/+j3BWXX4HzzjsPpaWloFjABjoFJApazz//PPhtKgoA3LeuscFAcYDf0Zo4cSIOP/xw9O7dGxTEdtttN/s9rXHjxuGFF14Aw3FfY4x1G5Nb3nTTTfY/z/G/0C1YsAA8LtPGJcU0fueI/5WOI7Fo/M93TB/FKIZjGpgvVpBeffVVcITSsGHDsOuuu4Jp6NWrFw499FBcfvnltYI8xRKmZUljXIcddphlwv/yx3x07doVF154oRVumJ6pU6di6NCh2HPPPdGzZ0/sv//+9pj8ntiSogYFJvpROGH6Pv/8czvKaNRRozBo4CD7Gh7/oyDj4vfHTjjhBJDjU089BYqHS0vffvvtZ/+zX9dtutol03jLLbeA54ejr2jcj7yXNApFZOVI3emll17CKaecAn7In2ngeeNro/Svuz/deWMeJk2aZI/L89WlSxfrPvLII+05zYtjTAvdyzKeQ8ZLYWj8+PHgeeX5JW8uDzvsMCsiMa53333XsmZen3nmmZy/71sxi/u/9tpr9j8z8pXKusYPvt9xxx3Yaaed7D8z4GuJTPfA/QeC54bHX5q988479twwLP+T4hZbbGHLKM8l08Nyx3O6tH3VTwkogdVDIN9+5PX5gjxzMilRZsIQnbbqinmVKQRy3wukDcHUOSL2O/IMorupWZ4BP+guyhM8aVtFpLEVzXqgRWTpSqMq7RaguO16mHDr3TBtNgQKWoBNqkgihmDub7jotNMx78tv0bKgAEE2K3yBjOPUWtDE21iNvVzx/NKk6MAX0bLKD9G2/QaASYDtx1dffgWr8+es6oO70sPKShd7115//VV7eEpam6zfERHpnTQIrB9Cqru03KrOGwOBXHELJSvW5EFjb7QcgioPHsiNsSIaxaNvv4VDz7gYXy4IeS9Fs7iBmwK2bt8Wt116BTqWtESLSMx+8J8355wBkPhqDfqrS4A9MLy2YiJkbdGxAyKyMSq8Pvv8U3HptHoJ6NGVwIohQAGCMXFUCRvifNYaY8DnLkWU008/3X5Q2xgDY4wdlUUhia92YSm/+fPng0ID/2sgX/t67733MG/ePCtmcL8vv/zSjvTiKC6KPh9//LGNxRhjwxhj7AgnhqW4whFCTBMbIBQ4KKhRoKDowu00ilyMhGITBTYKETzuQQcdZP+DIf873bfffouysjIrcHAfpoOjzkaNGgWKLfzvhjwO46lrFHY4Iiy/jSIZX7tkHHylcr/99gMFN45MZd4Z7qeffgJFksGDB4MCGkWOfJzGGHlsOTavHOlGge/GG2+0PZPzF8y3YmE6ncYvv/yCz0XcohDIVwN5HihoMf68QX6u68J1XJAX+fB8ckkGfyTKyW6LTRThxp4z1opXFHjIgmnmf6CkOHTmmWfa/0pZWVm52H5MBz3IhDwo4BQWFoLHNiZXXujHNLlSj6N7WcZz7LgOo4TrurYccIX54ZLnnflkXI7jIF82eGyKrMYYO9KO/FgWGAf3q2tMH183ZTqYH5Yj5vWHH38Az2fdsHTzmmDdk4KtMcZyZhpYJiiqMR6mhyzyxv3UlIASWP0EeG3y/sFr+I033kIsEgHipVhn7fURicbBdoUVbWw7km1J2upP9+pIgW1byYHzBNgGcGSd362ihaGBcTz4XgJJN44Jt9yG+HobASaGTEU1kF4AVC3A+WeejP++8Soi2Y1HVhgAABAASURBVIzIVbnYOAqLLkc40wInAI1tMXsMQMLKTKcGTcCRC4plhZnggJMg4qLjJhvLyXUQl2f6xx99xE2rzVjWVunBWYEwxoCVF/a6udKKLpQUdNpoIxGwAF5kQgdAFAjFjAupaS8y6K8hEQh5G6NAJReCfbpI4uW+iYwbICulLxpPSAPAAxJxzHENHvnv+zj+muvwQxbISNg4T38yxF7rt8Otp56DNr6HUlGCw6QoWrI9CFyEoSsNCAPYO7ZEymPKtuWaZDcszZbYmeWStoR3A1hdxMMLsygwPjZcpw18SbnjAk888YSwC3M93ln6ygadlIASaBAEjDEwZpGxoc+EOyIIuCIy0F23Ic4RS/yINhv5FCLYeKdA8d///hdz5s5hcHs/oIOjVDh6h9tcqaxQYGD8FBgoFnCdYgc/Jk9/jlA65JBDwPDc3xhjX03kvlznh9l5vLrpYTrYGKFwwHQwHoZnOMZbkCjAk08+iWOPPRb8+DzDUtygyMU80p3PB+Plfu+//z6OO+44zJmzeH4gPzJhA4j7yao8exwrgv33g//itNNOA0UrxsG4mU+KJ8YYOzqLYhpHEjHP3Leu/fOf/wRHLjF9zIcxBkwjj5WPj3UeMmMeGYaiSd04mH4et6q6yoo9FCGZBobNp8M4cq7FuJ8x4l6KUUzkfZ37MVw+TWScZ8vtF110kS07PAfGGAa1xnQwrfSvm1fmhdtsIJnRvSyTIDZ+LnmOyI9xUGQiA6aF/oyDaeQyn2ZyIgvuy3RwG/fh+pLGD9wPHDjQil3cn/HzOI888oj9bhb3Zb0zvx+PO2vWLJs2HoPGdAwZMiQfpHZpzCIutZ7qUAJKYLUQ4HXM65X3p/f/8z7ClAckPWyy4Wa59JhAljTUtCXRJH854aGmSSQEKOqFIjL5dQwSyJG2mZ+Wer8Xh1tYgouumoQ2W28rOwZyf5SWeXYhsvO+woTTj8Nnb7+CuJ9EccyBQVbEQxcp6QSJSLuNzfSMtC8cF4hHI0jxGeY6cKXRZOQ4i8wg/wzjUpKmUz0lIKcNbiDnMMglkGXIN0l02HAdQM51GAZ4+pmnbduRIXhtcrkqzeHBVqXxew48HiszP/70IxCEaL9OW7h+CH5kmttAAUIurJBLazlfnTc8AnL/+l2i6ccbJy8QJDNYIDe7heL52Ntv4IyrrsQvqdwurKdHfGCPTdbFtWeMxTpuAoWZADE/kBtoLkxuzmLsIDRc5nx0XkNAriPQIMzkhuPJMiYPnI4tS+D4wC+//GxHMvC1lPx3YWr21IUSUAKNjABFoR49eoACDhv5YRjCFXGKIkH+ewb0+/XXX3HqqafaESoUDtjApzBgjAFHvfCVK/7XQG4zxtg4jDFgmLPPPhsc9QP5cT8KV/xvdmuttRYo2hhjwGMbY+x+FGratWsH/vfBzTffHPwIPfczxuDjTz6uHS3EuCno0LhP69atwTQwLI0CDcUi5odi2uijRlvhyRgDVq4oAjFv3J/GsMYYUPTgcbhON+Ol0c100nhs5psC12OPPYa8sMN4eWyO/mJ4ciVLcmE6mHf+N8GOHTqiZcuWMMZYg/wYL9OTN/H62xO5cOQR08KRZeRDgYdpykfO4zLNfAWHH89nmpkGbue2vNFvMZO6Gp8TDEfjtnzYukv60xiGRnddY9j8OrcbYywb/ufDtm3bgulmA5VpJkfmpbS0FCxz/F5aXTPGMApQwGI+HMexQhYFMeZt7ty54LfEUulcpSKTzVghlPVPMmDcjKB1q9b2FUK6mTYujTFcqCkBJVBPCCzWfvzxF+mIjWCNdTZExIvKfTWUVAZinPJLupu2BTW3MRKxJiJfYA1W5IP8AmlnZ+XemWjVCmMvvQIduu2cazawkSYNBa/AwcQzjsM7z/8L0aoFSJfNtSJVaVEBUskqGBG2CpyMCFxpZCvmIxZ1pGmXRv7YcgidGiABB4GUDFtqwBF2oZQHV85tS6nPZGDw8+zZtv3IetDqyJ6zqg/KCgYrCKxklS0oRzQLdN5wU8AXHAIHVC1qlsbwyhN4Zhm2qjOgx/tzBGrPnezG08lFCHhy3r2sA7hRuKUlmP7aCxj3fzfj14wEkCleAMQDoNemHTHhtHPRWsSrIuPCCcRTtuv01wi4ck0VRmPYZvMtRTAGFpaVg6+1GLnuWKH/a7HqXkpACdRHAsYYGLPIKAhsLiJROp22yTXGgNc9BZ1PPvnECj18Rl9xxRXgq2gUAigmcElRh/+djt9v4n+So0DAV+soLlDQ4XOd8c6WSg1fSaRQwYP026ef/c9z9GvWrBkYf14s4kibIUOG2P9Kd88999j/vsdw3I/xcVQTw3AfYwy97Uff+d0sHv/BBx8EX4vj968oMDEA80gxi6+RzZw5k15wXAcUoYwxoLCUNwo+juOASwonjJejc2h0U/BjWKaF4TzPw+uvv14rALqeCx6PrxmSE0d9MRzFFP4HQY7MYhofePABkBtHk/EbWPyuFkfCYQX/mE7y4og18uEoJC4pRhpjbFng6DmeT56fqVOn2hQYY8B0Q370pzEuWt7NDg4a/SSYHalH91JNxK4lw+TjqRueYciPLPjfFvl65Q477EBvkHWePb/FxVc0WUbqGr+dxsDrrruu/Q4WzzHzz/NPN8+/K+eI54PHNcbg0UcftQIq1/PlsNduvaA/JfAXCOguq5AA71G8j7D9OHfBXBGwgE5dOsNLxGCkDsuksNFt6GDbg8v6YEwLbRWnxTalpb215GFrBxDUpIlvxVDA8qVt4LRuiZOvuBxr77ST7OZCbpYiSv0KJOdh8qXn4D9PPILWCQdRJyv8Q0Tl/lqQqcY3b76Kf02bjF8+/QAmyMKLx2R/ZwmTVZ0aDAEKkBQ7pRBImgO4jgsnFsemXbZCYFwRr8rx7rvvgvUrPmcl0CqdnFV6NDkYK8vGGLzxxhswXBfbsN268ALA8GqDOKC/hk9gaeexxo8jggIPofEwJ5PCQ6+8iPE334L5kumIWJFYogo4YOcdMOnMc7FWtBiFjoekiC2yCQgBFhVjV3T2RwSMcCIjWj6MMQYx18PG665v/4eIJxtYGXAcR1w6KQEl0JgJuK6LFi1agA38vOhkjLHiDoWEisoKqZSU4fnnn7ciTVHNfxA0xuDSSy/FNl23sftSqCInCgv8phLFHwpeFASMMaBwwG9UMU4jDQtjjBU8GB/vNXWNQkK+XkARiMID4/7xxx9tPYHiEuNlw4XbKGp17tzZCkf5fXv27InRo0fb0WEMS4GGy7wY9v/sXQegHUXV/s7s3vZK3ktCQugdFARREBWQ3hTpRRFBQFGKdOlIE/BHQJGuFMGCgIBYQFFAepcqRXqvaS+v3bLl/765b19uQoK0BBJ23547szNnzpw5Ozs759vZfVrNo6eE4pcchcrXShzlyS577bWXX+WjVUYirfjRajXpqvaKzAz//W/zu4FKl57SffLkyb59Al3MDOPGjcPyn1pe2Z7Eq/JaDbXGGmvg4IMOhgAb1SPyTDP4MTOorCdzMDNP4GZm/J121znYZptt/Mf2VUb217neYYcdsOmmm/qVY+Vy2f+HPumjtrz00kvDQswMsoXIzHxdkmNmfLboPJkZtJmZzzebQchzPj1PJsdsKr94ZD+dj4COkPTVsULpoHydJ4FSOvc6biXxZcf6BpvkiN/MoHMrAE9ls7ol41//+pfvJyorfuXpO1qO9tWx5JmZgpxyC+QW+AhZQGODmfn7QlOtFPMvtQisFCAdGnOa6UO+RvMg/53OAgImmkmyk0hulcOkgRriUjuCMWNx4IknYZF11gcCAVHkdqTeCTjnxGNw+7V/Rdw7CWmjimIa46n778WZ++yOq087BT/Zbx+89vyzEJCI3J+n0ebkXX2DRKDT+9wW+G/NLbDEUoCuN9I999zj5wEfRivVJT+Mev0HNuU8t8PwuWWXpzNNb1uftadBmESdaDR1fg5WeDsi55y9t5wCdpI5uy3Taz90DnUePYET5wY7Pm82hQD9bSVcet+d2P8Xv8SrLBoU4T8uPorxHT63Co7+2k4YEwcIBmssmKDc2QnfF9hHAhhE4Maew9/ZtKuyVppN1b7Xaoy6ilQ+NSAoFP3ruivxmispkSQwWZN5RvM9t8CMLJCnzSUWkLMu4EJkZhB4oxU5Ajnk6CvUB9HNDAJ61GwBAnLstSprl2/vAv3Hv+9973s+1EfLTz75ZP9heMkWSaaAFH3QPQN0VF6yVK/kiU/1Ka2VBKr19PT4JI1L0kfygiCAykmOVhfttNNO0Mfa9WH37bffHqI//elPvj1mhqxetUUfLxdoExAgMTNIluo3a8ZVhwC4jTbaCNrEJ1JcAJ3sIB6FKqdVVsprJf1HQ+mmVwYlX/XqPxHqvwdqBdSzzz4L6aQyamNAXTIy3s8kV6vglC85GSndzGBGIp8ZQ5L4zMyDZhmvQq1C03fLZGeRdBGv8rbeemsIIDQzSK5I6VqBqxDczAzFYnEaktOotExfsvldaTMjyfZM/DFryszktJZRvbJrFipPOutY9lCYEUW9ZZfMLFGrsQRsKk0ydM50ru6++27Pon50yy23+L6qvice1af/irjYYovBaF8xmpmCnHIL5Bb4CFpA1/HddzWvaSDCUissh2rcgAvlUTYV1lyXU9/mQf47Qwt4EItjnuN4F9CbClBAW6UTg3TRJpOqbV044IST8emttgPKI4AY8CsHBnvwu58ch7uv+RNK9X7YQC/+ffP1zK8DEX21SW/g0l+dh7AxCH0Di6Xe8+5YUsRgxrt85laaMde7T81kvvuSc02JhDZIXQSR43UGHg/UqpjcN4jFll2O7eSZSeLhb54yYbbv1GD21ilHWaRJRRmGTl40S45bEAGxjoiD0DTafGxGoNl+GqYx8yw5YGf3/7XAJVDokXiez7CtE5EL0V8Icf5fr8IRZ5+LiVSA4yUijn9jAmD7ddbFYbvshtHsG0UNmsz3u/GXpJuTUZYQYaawF+n3o0wfom60U7N29TGHpNpA1IiwxHwLoguhz3rggQegSb8/yH9yC+QWmGstoFVIfX19HqAQoCLgRte+wA69LiegR2CLAAiRDCFH38zw1FNP+cmKPtKekf4boP4rofgkLyOVEVCj9OlJgEQme/o81S+QRXpm39HKeFROwNgLL7zg9dB/JtQKolYSb6tsxQXQKX16Up4AjN7eXiy00ELDgN30fAJYpk/LjrM26jVIrfoSMCKZaoc+Jq/X3o455hh84xvfwOqrrw595F6vYQo0UhslW3pInsopbLWhQJxWUhmR+AToTU86j0svvbQ/v5KXre6S7dRGlWslnXuBPGY2vKJNMlpJ8zUdq15RVl5pMyO1K+NT3eLL5CiekfIyvg8i1Eoq2V7nQnYViKVVWJItewhMlD1lY4Vyhtdff31l55RbILfAHGABXd/3P3A//MS/ow3zLLwA6lHkH17Ab5zngkRfwR9+2D9wxkbkAAAQAElEQVT0hbz/Azq5Pv5hK0RtaBsBWAn1EcmfssQRowjhkiIZyohRRq3Yhp322h+rf2VLoKMbTAScA50IXHHmabjpj5ejy8VYapEFgZTtC5lXMLx0+41wBLYCpX34zc01eI8WUN8AeF6Hyse8zhq88MbxgQ+0oCQIoRVYrff7IdbZErC3zZZ6pqlEk1tNfAMOMovOS0e63I6AjnbIC2N4QsPj4UJ5ZOYWkJ2GvjcxcyZAoM9wvspkNJz4XiOOBacnJg3tEQGsWNmqjwNkGsXoswRnXHUlTr70D5iM5lYogsMlsPUX18IB2+2MeUcQXmF/iI1jZeAQhQqBOkPJU3uMMplNAbrAMuIh5XMkhifkW6sF0jiGixN0Vzqw1IKLECIE5LDKMfywBqFW/fJ4boHcArPOAvqGkSYcjmOr7sMCMBTXfXeJJZbwFU+ePBly7lvHA/EqU2kZaKIyAsPEqzzJUVgsFj0YJGBIx++WVN4FDgKDpi8rkE31CgAxa47+0/O0HktvreiS3iKVlf6KKzQzr6s+Hh5yMtZaVnEzg9lUUlorSb6OBU4dcsghHjgSYCZgRPJlG5H0FdillVkXXXQRdtllF+yz7z5etoAdyZBOCiVTJJBlegqGVm618ok3I8nQK5fKF5kzBb4etd0ftPxIvuyjJJVNeG+Q3iJ/nCR+5ZviMZ+2ihSXLIUzI5VvlSk+pSlsJfF8kLTZZpv5j8BLP9nVzHDTTTdBq/Bk/9tuu82vwJMuZuZfp9V/5sx0MGvaKzvOw9wCuQU+WhbQP9J47rnnAN4jupdYHO1dnZCfoGtePkH2YPujoLWj8y99MppeJ7lGIo3T0n84P/NhhhNmEsn4snAmbE2wamqm88CSFhcAylOOfPBS5FD0FCKIi6g1QoTd82Kr7/8An/7y1kBcJms70KgCgz247Oyf4y+/vRCfW+mzgD43EDWA+iDzenHH3/6CAu8nLPD+9ndTOrNDFv6Psgn904y8v8hyDgmy86VzI5qZmMTITQKxjPdGM5M8s3Rp00oz4/sA0mkL9g7IPgolMXUhUoKUbSNHY+RSSwG8Bp944gk4zieVP7tJlpitdWrClDU2RYxPLLIwapPGI9REixPf2arMR6GylEqIGPjdxwOwlzTJXxg+p/ljBGoy4oWGhAOGQk8sYiJHwEqkeJNUOGUevHwdkRSfnpisXbwixd81SSbBKpWL2bFj38v4w/j4OMJpl16Mk6/6IwYKQFsF4JwcHRGw0yZfxYG77oHuQhHxQJXpoURAKHDkgChIIJ10bEjgiRNsbw7WqWMwHYwPk469lPzHdNOisUKGjSmT/bXHngZdk3rdR45WbqXcArkF5l4L6Fq/4YYboGtdTrycejn6Sl+KExJNorUCSoCLSDyZNcQjEugl0n1cYIRkqZyZQaHAFJURkKPw3VDMBxziNzNkcjDdpvqUp9Vjql+kelspK2JmHgjTSiRPaep1zMoo1BN9rdQJdCPKCr7DUHYQiCdb6BU9fV/p6KOPhv4r3mKLLgbJlc2Ub9bURaKlqz4Gf8opp0D50kM8ypPdM9Lx25GZwWwqSUYrcKhjlVd9ZqboNCRbKiFbsSTgULYVqawoiwcugEhpZuYnrYrPiIJAdxY0eQLnQ6U514xnoZlNo7/0xPvYZEd9A0x1iSSvyHmlXi8VkCXb6Fh9XudG3zjTd9lUpZkpyCm3wFxlgbmtMZqravyAC7DIJz6JXvoOxocPhaFXCDXPdZz3O/kB76PxJp90qHxAf0bkUscUjmH8fevezHtrOqCRxahTIYlQSOsoJnUfSldwy3QVmCQSIKeQWd4DlGTF3y/JF8uo6UsBCgXeZDoozCgMCuipNpC2j8J39z8M6+z8faBOg8c0rphq/bj0nFNxwz+uxdKfXAa8QVDFmDy9uPP6f7Dd5GW7MUQshankkJhaRnvSrrKtiAKYzhJG0sEQyR6iTH8fkqfVVmL1PEPpvl1MbNYCb0se+r0JzPjo8I+aJBB0eirSzyzTd82oyPOo1WVNIHC4uI9Ixjshz/wB/bS2T/EPSKw/D01ZTalhEPAUl9BXT7HYMp8C1A+aDB/Kr5vdtZqZr9LM2LmBpcaNxAgXIUgj1Hp7fZ4mHRju5kxi58bMiNlz7K4rOaH2IgbDu9paGAGUuxEnKZ8Qxz6rQdRbr+OlpkGBZHWaqUaqI65XgZBRDuIpB3NRwgE+Dg2NgOmmSkhZyAsSBDKIIbITUjyz+Ov31MQ/LfmMGf6oIEmyMhrmcxgkEJUGBKTCAvqKIc748xU4+R//BLVFP5sQswltbN7uX9kU+279TTYhRV1Peh38xaNBokDxDvwhpS6G4+hgxkJeeRmRRMcEIvKwJDVo8jPCXXEGM9inb+sMWOaqpIDngd0EbVEVC3V3+mtQDXzuueegib3iOeUWyC0wZ1pATnnz/vlW/QUO/f73v8eECRM8qCOASSuFBGIsu+yyWHzxxf1rZIsuuqgfC+Tka0wQmGJmuPnmm3HnHXfi9ttv98vG7733Xv8tS/0TCMW1skvfrRKfVrroo9pv1eLtU2zIaVDd0kcAmplxaOd9oV6H/uPhww8/7P9zqj40r3pVp8Ag1X/HHXd43W699VYf6lMFa6+9tq/UBQ6tIJbs1Eqe6X/8ZPwZm2wjAER2DHi/Ffinb1AdfvjhuOLKK7ytrrvuOpxzzjlYZ511EAS8GbNwyPs0A786SKFZs42KZ3UoFCCj0BPnAj709zlAcTOD2VTS+dcTUcnR+VYocs5Br14q3krSd4EFFvDfxnLmvCzxiqSrwmEKHBwpK+8oUzrMkKhrxmdmvt0z4sd0m1aAyZbqd2qL4tJDofqESIChisk2CqcnfRdNacpXOcnRf4MUiCUdtMLQzKD+r2+4iVdkZgqmp/w4t0BugY+QBV54/gXoOgaRi1HzL45aUEESBKgTYJhGTUugK3oaSjnGtRLvNzYTkqygWEIhKKKYBggjg7FsgIBASMDfAHDTUlAoYaBWR50PYgKO8WGhwPIhkkaEIIpQSWvoSPrRmfYyHMRgz0SAY6WZqTp6L7zP0b+piywF1Ab6VQK6HHOnJ8xkc0wXMRje5evELqE/OJVSyqcC5EmgPFEjjJC4Om1XR5H+o7EtSEPEKGOH734fm3x3H6Bt6HXCuAYO7rjivHORTJkCSGe2m09l8Mz992DCm68q6imij1+l3zEY1TFIWwzSJgP1BmRDR2sWLGRxB4FYqTnEJGYCtDm4SX8tYmgECWphgiodw2oBbA9ZmN/cE6hN4hElxj4wZD/ZUORoRzBd/LQwRIq3kmOi9Ci4Iqweo0z/um2gF6Oo/7gwRUd9EJWkwX6Q+GKJ+YC6A8ay74R8HQBltBDbqnqzFJ3DaYiyfbmhUHzityGANWCouNKUJ71ErGbGu+wwM8pKUCcMUcQ5WGq81lDCyHkXpuEDBLz2MtbZHbrZXWFrfap8dHcHXFJjB3coVSrD2eqswwcfhwg7JHgRe2J8II4xhRPV8YUixpcKeJ0XbWNEBxoupDVkOQbq+kPH1tmJPj5BnlQMML4sKmBKqYhqNjCa+N+GhvJld1HCY5Hib1OqmUV9fSS7ENC8qJXW0T4CNQ7QPVT70NNPxs+u+bs+B4cBZtZYLoyBH+60I/bYfGuMcSEKRLZBgM5x0PEDDUVp0AkIuGUXro5ZfNpddU+bMvWIbZl68PGMGW3tW87+INuGvJksMm6sH7zlwL7xxhs+O//JLZBbYM61gBx8M4OAFbVCIIaceK2wuenmm6DvL8mxDznJ1Ot4jiCESN9mUqgyepXQzPzqIa3QEin9V7/6FYyTfZXVcUYZgKFj1Sf+J598EmYaeJX67kmTIukhcEjyzQzS++WXX8Zf/vIXL1Dtks4FOQmkLC4QpFQqQf9dbxjM4UMRs/euj69wBj+qW8myb8D7r+Ii6SySPdQGfQz+oIMOUtY0pO9PaVVQdt6UqXao/QpFZuZtKdubNePiMzMov5UEylxxxRXQptf9VL/ist3VV1+t6DSk75d9+tOf9sCl9JfO4hUJPFQ4THEC2TYTMJzOe3NrXOVUt2SJV6HSWnkUV5ryWskFDupfIp1f9VH1J92jZGtR6yuSkoOWzbE/mxm+9rWvQSvrlCXA69VXX4XATH3kXraVvBVWWMF/+0w8OeUWyC0wZ1jg9Tde9yuIieCjc/RY+hfU2xU8CM/YB7Yb/RbUBlEgaNGR1tGVVEkDUyntmxofyqtUJ2O+kqEj6kOp1ofQCMhoTIoSXHTuL3DUwfvhRwftg+MO2hPHHLyXX7ghv2Z4fp5pL8CA/l1CSikj88N03EoQXytl5WcSJgZkJBZLASahuSWIHMd4+VIWAQwHCNpozI0bdbRXSoijBnb5zs74zp67M58lAwcjgSDXU48+AkpvoTruvO5qtDemoK3Rh1GokmoYjRpGimwQ87CeYv8UjCIQ1U5DyP/zOqWAo6QZ7dJf9qBrCE/2Vi7xZKnibSXliVhFxjLDkDMOlCtFJLUB/ObMM/GTww7GCQfugwN2/RYO2vt7eOOVFyCeTLZkirQyLEtT2Cpcxxm1ps8s7tvHzCxk1O+qR6QDhZKZ0GKilP0lISkPTGuG7+83MZV36GzvQOBC1BspOkeOZSK9dN7/GflQ9pn1kdmmzIILLghdIODEOCVoAQ0aQ7Wn3mhDB3NroDaK1D61nQBOn4vx94fuwq4nHYNdCPrsfM7p+MbPTsRhF/4KVVfmGDFEcRlJneh+2In7n38J3z7mWGx/3LHY9sfHYhvS9scdjToHFwEWHBtUw1TSmVe9AZNEPNY4qItPnVXEnLfuHNQ0sFEJ5mWX1XQhB0GIyOH4lCRxAQ4/+zRccv9DfsCpMr1EWoD1H/+Nr2OntdbHKMpt9E6EltdqEAtpB/MXBmUzDFKAgLungCgzUkcJ3CkDihp/HEnhNJTxUI4j8fBjtcs+Qw0ejtJOZob55p8fOvVyJJ599tkhrjz4SFkgVya3wLuwgIAQsReLRQUICKo88sgj0GttAlD0rTsBAHLgxat7rz5ivdZaazX5XYB5Rs+Dr371q5AM8Vb4YKlWq0HfbrrwwgshQEHMKq8w5YOWZ555xgNLhxx6iP9Y+ZVXXgmlK/+9kOMY9YlPfALLLLOMlyPgQaCU6MQTT8Rvf/tbaNzKdFEdigvguvKPV2K//fbzIIZWPylPgIi+9SRgRaDHjEh806erDa2U5StNcbPmqHrsscdC/5nxr3/9K/Sxe9lGNo6GVgUorlVAqmNWkuz0j3/8A7/5zW/8+dM3z1SfQK2LL75Y0WlolVVWwRKLLzFN2od5YGYYO3YsBMDKxjpvOucCoLSCTOdY+sm+6iMiHbeS+vTXCGBl/VdAluJmBoGF6s863mKLLVqL5fHcArkF5gAL6G0BjQ3g9ax/TGHWHINbVTf6C6LWtHcbdxajqxDjlj9fguP32wU/2vPr+PFepD23wf+RTtzjazh5N9F2nJVFcgAAEABJREFUQ+HXcMZ+38JPvrctzt7/27jzj79DO/3a6mAdbeUyKtSzlNRRTgbQToCrLR4ggJWwGQatfpXvG9C3KdAJKzAMSSl9mQbvhVq4IEp4PHPC8JYwJmIwzR4wMSSxWVBcfpVLyUL/K3HMYNj07YCUZg0JWtVRQyGoYsr4Z/C3v/wGV//1Uqz8+c9i1wP2A8iT1huwIhEotGxMB324a35xOn62964448Dd8fN9voPT9vkWzth7B5y19/Y4Z68dcP6+38VZ++6GI763I55+8G4UCHIFiCD9RJlukqzzKZ2lv8JCAu8Pik/ViUckPtnQ0UdM4SD7RbRbRgnTlA6GU0klp6WUh9VqL0Z0FtEesC+EhpCA5qi2AhyPy+0hbZSQq0kx7adVXyKtEBMpLlKeSCvCpqHh0vC+cZano2acMcpll4CoEQCihLq3ktpYD5z39xVv5oWQ/WQHVvOe9mZZx7IiBtwF2jHAAvMvAPBBqO7Rmgv5a1IZs5HcbKxruCo11Mz88YjOEXCFEBEvgsG+fp/2sfmRCXQGFAq8UxcO+PScvW48B43XrYHxfLI8vlDGqy5EbUQnYhSJH4U0EQuagwsrqLkikhHdmBIWMIkDyaRCiWEJ/UEBCXl0seuiVjUacIYpAHiNe+JYyYuRYod2quA7v6VDCVmgAsNxRqbJl06UqYuL9eqCGuAAfuSpP8Xld92PyQAi1clwDJU5atdvY/fNtsJoKlQJQrSXQhQM0GuDbCSmEiQUFqeekPJYO+uAiPVhJtRMF/PHmZJpG89z4rzdpibnK7Cm2iKP5RaYUy1w+eWXY/vtt8e3vvUtyEHXa2t77rkn/vnPf8LMPBik+68ceDn6AomOPPLI4f/gpBUwDT5lVZkgCCDASwCCQADZRP9Vb6WVVoL+29tOO+2E7bbbDuutt54Hi4477jhfj/gEMAiEUPy9knMOe+21F1S3PugufZSmydKpp56KNdZYA1/+8pex9dZbe1Jc35760Y9+BH2LSmWyus0MAi7U5pCTrixUPCPxSn4riS8j8Smu0MwgvgxQUahXG1X3Ntts418X3HbbbfH9738fm2++OTbaaCOcccYZmH6bZ555oFVGkqvzony1T+BcFiqekdJErXxZnkIBjQIdzzrrLF/nN77xDW8nfWtL9lO5VtLrdgFBTtWv1Vpm5tultolf4TAFDo6Eoc3x/MyIVC5wge9vYjUzBEGA6XlnlCYbyCnVSjLppNVTAv+0wk1t0X97/O53v4s99tgDhx56KFo3lc2O9fqpXotVWfVFhapP5072GzVqFFo/3p6Vy8PcArkFPtoWaJ2rtrd3IKTvEPGe1d8/QMXdEDF4n7t8oKhehYsH0U5gpdMG0Z32oxsENdCPERhEJxrTULnej3krBXSkDRQbVfRMeBOlQtED8tVGHdVGhMFGMkwY2uRnqT75aqIwBhQqfYjlfwaBk184YzbJlqwgBTwAxFAAkNJFU0slw3MEvW6f8OHUCD7Ainon4ZB9dscVp52C8+jP7cY5xm233IIll/kEFTWkelBD/4yFMUwJG9E/Benk8ai9+hLaagTuSG21PsaHqNGP+uTXUKKva+D5szo9uQjyAaWrIfGqOf5KT6VJ/2IMZKQ05ZHF74orTXzGFLWbwTS70oZpqA4xJCyQkgQWKZ4EDoNRDCMAOaG3x4NIg3GCckcHakxXGfjy0nPG5D95I6UEDrZSs/AMf1W3/N+EIKCTosN1ROTnOXIMKcvRl2MCd1mIwVv2maW/hfEdJeh+rHmG7qNt7W1Ao+H7ttJ0j31HQj5Apv/VuvdfFS+UYcCB0jSpbZ1ojB09D1MdOy07RaUEy/540ozEzI/VrotHX/nvi+uICOwFaRlR1SEM29Eg+uMEIMmmaG5pUEJMoGpStQZU2oGwhJBpZZTQlpaIZDvIjOYRKgc4UjEEyqUmFQIkgSHlhaDBipXAeGGGPCPOBc2zoZVhXjEbqpQyLABEYChSnFTl4GzlNsRhERM5gO176sm4/P6HMAHNLY4B4rb46V5742tfXBNB7wCM4GUcUf/AwSjDONmt88IdaNQwwPR60kCsAdKLcPx1PE4wpb8fEXUVxY0YcZ3CixWA9gBHAB0nGlNSlsmIpf1u/BUx0G60qUjxuYtkgKEWyQYcfP2RGRaYf35kJtDTbZ+e/dAerddtlpyHuQVyC3z4FpBzXxxaZdWqjb5v9fjjj0OrrvSf1wRANTjJcBz3dd81Mz/hCAnibLjhhrjwwguhV9wyWeIphAXoW1Mnn3wyBK5IfhRFfuWV7t8qq9fztGpTrwpqVYvSVIdCgTlmBsk0M5hNJckSX8wbgUigkviUrrrNTNFhWnHFFSGATXJF4jXj/YoTazPD5MmTIT2ef/55/10vtVWrkESlUgkipUlgVjZLC3ifMTPPI+BHPNOTyqp9IvHLDgrVRgE+kqUyOtbrgGbm2y15sr++zaXXGFVe+quNKi8yM+ywww4qzvtY5O2kcrKJ6pGdxCfS+RalvBcrXSCMCiqvlVReH+NXnhw9rQYTGKR6VUY2UJvMDDr/AjjFKwoIZKlN0lPtEQAo2apPdZuZ11Gy1A9EirdSliZZikuuSACUdJNchdJD8pXXSmq3dBo5cqS3ieoVr3RQf5FNH3jgATxAUry17lY5qmOnnXYa7utqs9qv+kUrr7wyuru7W4vk8dwCuQU+qhZomY8+99xzdGMcONBi5MhujkkBMZMUQcA0r7/CjHzCe/qhC4E6/aagVG6OIxTpEEHjiL7PVE0C9MaGKXEwDdXCCuqFNj6sL2DEiA6OYzU43m+XXfFz+MJ6G2Pl9TfDihtsw3ALBOV2GBLQoUHIWDkMkAwOokJ/rKNQQHe5ggKdmJCT8cbAAEJHuIRgndG3KpG3Uiwgpp8kClnG3oZC2tCihD4h0B4UMaLS5oGijrYy9JAo4jxBbcuMZQCCWow22uC1Z19A7enngIhCBuir1ap49K678dRjj2fsoMvYjPPeDN6nmpSgr2cKRrR3IaGtXNCGUttIVJMCBkjoYN1jOtCXsG0dRWiVEhz9uCBGEAJmhmwLWHVZvl1/DW201oighCL9P6vVUOScxTkHrXjWvacSht5url5HQbYbHIBLYnTS75WNjf5kg2k6LrKKkDYu0BemdaHXKEVxyPlFbwMojcD8K6yIT2/4FXxy7fXwqTXWxmdXXRftXfNAq6ToMEMUpBHtGaHAUFSiD2sEMQtpTG1Tgj11uDQZPl8OCQJLabZkmGAJZQ0dpwDSOox85UKKAHV00UYFFyGN6DenNQQ831oB18b28ikkvX5AcfUNY3tT1j2zeySlv+td9+OE59bMMHbsvL685MfsF8qjqamzT54tP7wcZks9w5WYGczMDzjtNHqhWAQ4ORaDYwdU+PEhml+gQkuD1RmcC3yKY56RAg4gIvZ1GDszPEXwnZ3xBADHBjRYLEOOxSsUW4MfWcjBnR0voeOggSrioFcnSDYYpKjyCq4VDFEpQFIqgI8MkArU4sXGE8WCrTt15uUGje4WAKUKwEE4LpQw4EIEY8eij2j1GwbseewxuPrB/6BWBtp4mttDYDRFnfSDfbHR51fl4JNSb4dq6FDnaDUYA1GDFzgbExfLSDvb0DZ2NBIOOjH7Riq7cJCpc4CoEtEOOzvRKBVR5yDeIEXUoV6POMZSLsE/VFix72tUhvXmOy2Q3VwCh7b2doygbZkKfQtFYU65BXILfHQt4DgOChgwMwgUCQjCZJRprXtIwgmZHH6R4mbmX9UXsKNv/2i11FFHHpUV8aHKCSAJODEWaCDw6JJLLsFyyy2HUqkEpWVhGIacc8dQ3SosgECggeoS/2qrrQazt467ZgaVlay2tjaonEh1KzSbtozStXpJK7/G8t6itovMzOuj+iWvwMm+QskQWKK4VvLo+07KkxzpKdJTRDPzgJdAFOmd5StsJQF5IjPz7VWezkGZ97iAdjJr6iu7jiToIt2iofmMdBMAKJvJLqpHepkZBFIdsP8B2HbbbXmLTYdJ+otPOmdxnUPVKd1Vp2TpWKR4K0muPhivb27JxtJTAKWZcZoV+Xqk68Ybb4xjjjlGIqchyVd9ql96CwCVPaVLxmhmvi8pX3ytJPtk7Vf9WRnJ1H+N1DmXTrKD7JPlZ6FkyWb77LOP71viU55kyi5qn+oQKa68jMya50LHWpWx4oorQp+okO6yleqTTgL0NttsM7HllFtgFlogFz0rLJDNVYsjulHiA2uNf2Y2dL9xH3iVRiBBvpTRH4roP6FQhKt0YpV1N8LK6xCQaqEVVl8fn/zCWvgUAY75l14O+lB5wjm3mWGttdbChht8GetvSNroy1h3w41gvIdIYfHQpYEWEIysdPChfowS/bV0cAo66ZuFBEL06lo5baCr6FCxCPW+SRjom+LHdI13ZiZRMyTJDsyhjT6SQKCQgEPUX0WQALXBKrGPmrefxtVhYv0aq6v1BhZebBkg7ADKXaDTxjoMAW2P6Te2FZSZEavEa6+8RB0TVAmedYwZh+W/uDa+uN7m+NKmW2HRz30Oy666KtbacAMUwiLagiIc759ho46G/6duEgboHKgNsk93WweBtYj2MQRsR4Xl+vv6/P1N96RGtcay/QgaEUZ1tMFq/eigj1sgGBTTnkFUQzvBqe5KEbX+PmJPrINtrRIgjHiOs7UaDaQo0j/qJ7C3wmdXwnq8Z26wyVex6TbbYJMtt4AFDgkBp4SAUmAxCqR2lu+kDbopRGGnM4TsM2HcQBEJXL2KDvq6nWEBAdP9yjWmYwabo6wK53uuNoh0YBBtZuh/czyCqE47GSzmOUuraCsXUKhV0R0EKBGwc+InwJVajXaP8UFuZsb7suNcKIFs7UaNgu7ZZdoSH8LmZmedCStz7NFmRsOmGDVqpDeCQBVmAewQPpzRj80ocS5JS9mOofbpItWgUo4AUYFG0+ApIKpARDc1Zrg6eCUAVgWnpQj4VABMV17Mi0mUMlSaLnxeh/BEuzvZmBdVRGS2P2lgQtDAG2GT3mQ4sZhggmtgotXRR5kNxCzLbkIgDa2EEI00wAQi2a+R5w1eRJO72/FiYHicg+1up5yIf7z4Ct4AUKeIAsM2qn7mfvtizSWWRb1/ED3UQR+dn1gsYUpYQtWVKamMWlLEFBdiAsu8MKUPjUIZQfsIxASlBji4pZWyB7cGCLj18LGCaBIR6p4iMJnhRBpwPHWfghgNtjkbkClump1jDETTJP6vAyNDK/Fwjts5wIIDtqNtRs+jFZCAvh0jR2WOa0uucG6Bj5kFzMw/Ee7o6ICZeXLOociHQZpwCiRQnoAA/Yc5OfL6ppVeKxS4oW9Z6bW/YGjynJnPzNCaFhKkEgikD7/rFTS9LrjEEktg/vnnR6VSgeoUKPHJT34SW265pX9d7rLLLsOvf/1rbLDBBv4ej+k2jTECeeR0qLwmPyIz8xOh6dh925QmUEz/RU76b7rpprWkZG0AABAASURBVBAIp3ZqbC8RXNMrYWrr5ptv7ldsXXzxxfjDH/4AfeNJ5VWXABDVn9UnW6kdspuZie0tJOBEZcQnEEZyVKfaoDArcOrPTvXfndp9990h/fTtLumnMrKjVvuMGzfOfx9MPPqG15ZbbZkV9+fOzPxquCAIIJJ8M4NsJd21OkoFpINC6SXZrSRe5Z1+2un44Q9/CAFZaqdAHIE5+o+MWlkn8Ep2EO+MSHmqX7bNdNGxSHqYNc+X7NNK6nOt8mQnHUsHgWGZLOkj8FB505PaIGDvvPPOg1aJLbLwIt4e0knlsvZmsqcvr2P1Y+m+9dZbQ/yq18x8n9WrhV/4whdm2D+Rb7kFcgt8ZCxA92caXbR6UnNVjUMa83WNKy4msxmP4cp7LyRfLKRvFfCBucghQUdnF6I0ROfYxbDuFt/EGlt9E6tvPS2tssk2+PzmX8Nin1sdg0kBYVBAEjUwMHkC/LeUXAPdbhBdQR2lQgBY4Mciox8Y0iFJq3W00aurT+4hCDOIuH8CuumXBbUpBG6mIO0fz7CHD58DdLRV0NnR6e8fGg8tSZFtU2PNFOVptY4ngjtqXwBDzDjixPviGieb3IDWKPRU+zFgbPmoebH3ORdi0TU2BDpHAaVOFmmAxfF2m5qXRDEmTZmEiP7bGAJhX/jyFvjCJl/HKpt+A6tvuwNW3WxbrLvx1lh0gSURTehD+0AdndUGujincUPtoVl8NbJPQvuULUS1pxclUDcCbCNoAzE0GK8US+ikXSqB8/YbN7JMe1ZRqE9BO/3aSjqIMOojeDfI8glcnCJkXZVKGwqc80iOVoLpvxnGBIECUjlI0EmDucF+BPUBVAcmoVAxxAEfChHE4l0a8tHLjRht1Qhd/Q2MGIxRaSQIqoNwBAnLBPDKtHPa2w9RSAArsNTbOaEMEZBAdpcOYNsdz007/e4KdYx7+tBdKCKs1SmzhjYDzV+HJb2oxAMYUe9HF3UrV3uZNoAgjOECcJv+KmLS+9jNDAFtmxJg0zWoezJmsH2wtc6gAiY50mzdEzY6q7CrrQMpAQkdO3YgnTA4nhUlzIjeJmtG7HNyGvs1O6e6QOSXHQrE4qUKob2pY7qRfAOZz0FWeTKPY2dXWWXpoteKLAoCjBwuxKsDVdz51DO48Jq/47hzz8PhP/85Djnt5zicdCjpxN9ciF9f/0/c/uwzeGGgDwnLYGiLLEQ9KGIwLGNKsYxJdGLO//s1OOXS3+Pg00/Fd4/9Efb5yYnYaOdv4e8PP4Z+llMHczFQqQNnH3kU1v7kZzC23EmQKsZv/vJH7P1/x+H7Jx6HfX98AvYnvcHB7jWiyH+54w6cdvHvcSDT9vvR0fjD3/6GmhU4mIbopU53Pv8CzrjqCq//EaedhsNOP4M6/BxHnHMWfnbJpbjspptxw4MPYMJAL9tghLJSf5OgStPsma2mSfw4HBDESkjd7Z2+tZMnT/ZPYWKk/jj/yS2QW+CjZYGU16uceznyAmbu4BipV9REit9+++247bbbcOutt+Lmm2+G6IorroBAH30v6Nvf/jaWXHLJmTZK8rNM1SPwJZucfI5PSvfdd1/86le/wuWXX46bOb6qrmuvvRa/uuBX0Afi9T0lyXe6l1OQme5IjLTs4peu99xzDxTecMMN+M53vtPCMW1UeihFekg/AVcCZrQiSx8r//e//+3bqo+nCzzTx9Q323QzjB07dni8F9CjsiIBUb/4xS98mTvvuNPb65ZbboHKZXWIT6R6tfrrvvvu8//BTna+9957vd5FgoVm07Zv6aWXhmysVx5/+9vf+u9w3XXXXf586GPy11xzDY4//nj/2qDAJAErWT3SUfWJ/vznP+O2W2+D2nb//ff7+nbbbTcEBBylo3hE2/BJ8K233IpWkq7qH/pYvT7Of+aZZ0LypPffeA/98Y9/jNVWW03FZ0rSX/qqfsnTef7lL3/p+aWvDc3R5DzededdyEj/5U99UOCQZ+ZPdv50ztQW2VDn/vbbbsfvf/97crx1z/qPgNfDDzscV1x5BSRX/Vkkm0qOgNi3ln5ripxeyewg4Cv9BYopNJv2/L21ZJ6SWyC3wEfJAgLytfI45cS9vXuEH+PNDGb2gauZUKS8LPlREs4q0c8H7zH9oMKIUYiKbYhKFdRbyHUzvUK/tqMLEwnEgP6SxuO0UcPlF1+EY36wP370g33xowP2xdEH7g/JjPgTcd6dsr7JE97ADw/cGwfv/R2ceOQP8H+H7otfn3ESosmvIO55Ff/6y6U49+TjcPKRB+LsHx+F355+Eh6+43rY4ASEySDdZzpbVDamLOnPKASsVKI62qMqbrrqMvzxgl/gtOOPxFEHfB9H7b83zjrhaFx/5SV46aEHUK5XUSTIQqxGRaEHL1qJ1EPQZOwSS+GIk36GX/ztBnz70KOwGkEnBB2AGyJrY5kyKQAMfktkQMZee+VVnivDJNrEdY5GrdiOKSigXuxCzZVx4/U34fD99sWJRxyCow/YBz897oe4785bgJiW4f2mKSbBlPFv4Eja77C9dsVJP/wBjj/kAPz+vF+iRB6tLA7DIvp7JuOf9A0P23NX/GDXHXH493fFsfvugSfuuh1p7wQ88cBduOKCX+KkQw7CKYcdiJ/+8GD89TcX4s0n/4tCo+7t5dgAoxGC0BDV+vF78h+y1/dwInmPO+wgHLz/PnjzpZcRRgZHYxuNHdB3PYrpP9p3Txy13x44et/v46Izfo5SVEOx0Ydb/n4lzjvleJx+3BE47Uc/xJXnn42eF59CW2OQNgf9fIfmptYmCC1GyH4T1nrx9IN34bJzz8IpRx+JEw8+GL879ad44Lp/oIOgFY2CEw7cC0fs+R1vkx8dvD9++4tzkAwOAkncFPkB/5oZAhegvasb4PWAD2nLLDbbqy+yxqUWXIQGTuHYWUCDMMkf+zDlr8gYihj4XfFW8olz+I/ao7YONUMDWcQxICJQlbo6EpE1kdmUoQCsFCG5HfwqKwJYhdjxQglRjIocyGhdPiWIzCEJSbwQ0V7C8wRzTr3qKpx+7XW4/qXxuGdyDU8MRHi2v44nObA8RXpwYi+uuu8hnHzlVfjDLXegHrAONOuOgwCN9i68yLpPJgC26eGH4m+PP4rbn38WL/DC12qqG//zH0yop6AaIBtLAu1piF8deRzWWHgZdPFpRMQnGlE5wOtxDa8S2X4lTPDSEN3X8wbO/OuVuPreO/Hgq89jYtkwgc2ZnEToo2EmNhxO+s2lOPJ3F+MvTz6DF3nxPDplAC/xYnqC6PtDfGpx2wsv4Y933ovfXnMtfk2QrF/vCpcKMAJuaNkshb+BKES2MY33kuxoOGTVEA0nzAURR1R/dLkdnQhQov30n55Sov7IN1kgp9wCHykLmBmcc3g3m0AGgS2iQqEAUWt5M+OtdypleapHvBnIYmacgKaeV+kucD5uZlBcfEoHtyxkdIa7dMkyBChlcTPLosOhG2qvZJrZsP5m5usfZmyJBGHg+czMp6oOM/NPmAVcCFTRiiBzBsU9E3+CIODvtLv4sxTpIH6lKRQpLnKB8/Zx1NesWa/KKS9rr+I6H2bmec2afGYG6aN8lTEzqA0Y2rLyOpQOCkVm5vnEm5FkiMQnyuLgpnhGPHzbXfqIwcyQ1W9m3uZmpixo9V1Wr0K13We0/EiO6jQzf06UZWZeb7yDTXIzNtlOlB0rNLNpdNI5UbpWd/2HcxEBnTqW46sVYNJnGwJ/Ssspt0BugTnLAk8//TRAn4ZTVrTNMxKRA4wHZgFAT5I/0+58oI9Wmjb3fx7RrUJs8HN/eaqlShuIWWAgrqO3NoBqYwD1FkrTOqq1Po7vdT4QHkRMBGewvx96xSyp9qLY34NSbw/Cvn6kAzVMfHM8EhegznGsQcAirU1Bpw1gFCagbeAljHE1jEEDrz56H84/+Vg8cOPVGHjxCXT0stxLT2L8g7fgpovPwp1//y060kkoJHW2KUGD5pDujeogKkkDd9OnOu2A3fHwX36PyQ/fgkrfCxgZT8AYlolfehzP/+sa/P2cn+LvF5yLZMJ4NGoR5GPW+gagxROFkoMrhxhfrWGg0I7PbbAVdj7wePzyxvtxwNmXYNVtdkd5kc8AxdFAaQQNBr8Vy3TeGLNaA2Weo64RozHYSBCFxlYZqoMJuoqdCKNBBNFEFNKJcMkE9PW+gkLYYMmEsniSGTN6k45gklavjXYT0TH4Msq9LyHoH49ooA/1wTpc6jCiVEaZdhyDQYwL6ihNfAOLlwoYxfP1rysuw1UXnI83Hn8M8xDQG9n/Bsb0v45Xbv8X/nr26Zj838fg+nsh0A/0hYzUznlTwLKdiFCmPYPeKZgnKKIzKaBU45yqXmK9JfS8MREdcRUjkl76vL0oGeXE/Xjh8Qfw8x8diP/c+mfUXvsPgilPYUQ8Hm/+53b85thDcdfll6CzYUhpi+Z3myN0dBZRKqSw2mScc/LxuOY3v0TtladR6BmP7voA0hefxt1/+B1+d8LxsJdeQLH3NYwtVxEOvIk2gmVdEdCVCAto2g6zYEuCAF3zzQ+40EtPYh+0/PDcsRfBU0vyBxidda1rVdLArtdMcNasssjDEZV2ZqQAL17kG1rPs049QV34ZYXG3jhkH5+mOC9UQLZMePEkCFggSBxDB0vUoRy5HIqVsh/MBijjTzf/Cw+/8TpeM+ANnodascyJcyfaiYaLKqV2JLxgIxLCAtpHdrF++M3BEDuHN2pVnHfVlbjtiSfQtuDCSPlUEx1teLO/D/958gn01WsQcAXHSsgfIMBXN/gKll14cYzk4K/BUAJ1E6gHQDV0GAhDDBQc+ooOv7ziEtz1xCPo50BhvHNoWWzgQjofFaTk+xefgD85YSL6CkXUSyX0czAsUf+kQdCsFqGNTz8C6h5wECu0t6Oaxhjk0wdNaJOBAVX9VkrfmvRxSRk3egxKPGExR58333wTcjZ823n6fJj/5BbILZBbYC6wgJnBzOB4X3onZNbkN5saTl/ObGqemeH9bhp/3w9NX7+Z+TZn6WbTHmfpc0u48847Y8cdd/TfFtMH8rViTaBVHMdQfKuttsKYMWOQxAkf7r9lxj23mCFvR26BucYCdG0Ag980RwWvXdBvGDV2jE+btT8OCefHnsyhVqshoo9TdkCbJegiqNGFOsM6OlBDodFLP8dgUS9Gj6ygrVSkj1UhFdFeCtFVEBXRWSz6PHBL6MdFlKXFCQ4RwrSKUjqActqH2sQ3Mfm1l/D7Cy/AYN9klEODIyAVDfahTBBtdJig22q49W9X4fEH7kKQJpi6JRjVVsT1V12Km/9yBUaFMUYVEtjgJNR7JiCt9QED/WhHim4Xoz2p4eVH7sdlF5yDitVRCUB5QEFP7ulvptQzIdjWoH9VDUsYLFTQ5ypYZIWV8Y09D8BPzvk1jjrzV9jkW9/FqE98CjpnA/11hM5hzOh5+JA8ROAKsCAkOcZDhFZCYCGKLkXMi8e+AAAQAElEQVTJRQwbnoIggguM5EgBjOc7CKiLS1ChvdtQQ5sNkqqoyGYOcJQtUn0VxGxXA520x2j6jfGkSfjX367Gw/ffRz6HyfQha4MDSHonIxiYRCCqDwltcvUlF6OD+vFmgTJ9zJR9LeW9w6Ia3BAVGhHCeoSAvifVZHrAcxJC4Fkpifx5KfAcFghmvvH807j01xdg/JuvImQbEgKMRpArqE5Gd9BAZ1LFQ7fejBf++wRGtnWiEDhUCLb190xEvW8CfnPemXjz+f+iRICvPvkNpNUBxPUGonodZdptwnMv4E+/+zVGlQKE0QDPFfsO6yhRb55uWIpZuhWpMwjmqRqzoaoYJhiKz+LAzWL5bxEfhOyFbK1j7+7q6mrmO7ZYMQEnCmdA/hoaYmvNztKzsDVvbo6rvVn7BGpl8enDJEmQ8sLp5YV81xP/wWA5wBQOFD1ErEcRUFp9iaWwzmJLYS3SmosvhcXL7VioWMJoXQC9fbwoE0DnJ3Ve9FXX/R1PvPI8GrxQ6/0DSAYaiHur6H1tIqo9A3D1FAHPbcDfIA2g/4j05HPP4oH/PorJgz28GXgxyoVR8YCgm1N/IClnoDGIcjHEEgRW1l12Bay/3GewTNcYdEYpB/YEtz58L14dnIACnwhUCLp0N2J8YYGFsf6Sn8DXVv4iVp1/YSw3ch50EbjSEw+O9+js7ISZSfwwyX6i4YR3GFGZVnqHxT6ybHqKnvIGJuvoCfVHVtFcsdwCuQVyC+QWyC3wNhbQqiv9Z8xJdFi08q6vr4++SMN/s62trQ277LILBBAmnA/5uejbyMqzcgvkFvhoWcDPUTVZTVPO6zvomhhM/smsUJM+jyVFOFKCkLNkh872NgIchr4XnsedV1yGe/5wCe79w8W464qLcccff4+bLv8tbvnLJbj+j79FbdJLBMqr0DcC9Q0sUUTQqUkRojiaudZDOWEhQG//IKpxikLHaHxqpVWx4hfXwMixCyFKQxIQNRrorrTj3jvv8qUyf6pIH+3Jf9+K+66/Gl2lBD0EQBzBHBQrGL3A4lh5tfWw7EpfRD99sEn04wYJzDmL8dpzj+P6Ky9G0DcRxMeAtMjQwWgPwMEvPgiBwSCGX0lFgKpOn82NHIXRS38CX97xOzjmjHOx9g67YJFPfBKLLboYFlhgATS3pBm8i9+UvCpFd5Gxme2umSEdRTwSeDPQMwX6ZlZoBbw+YTKq1L9roQWxwtrrYORiiyNta0ctSQmmAaVigJ6JE/D0448B9Jtrg1UUXIACAa2QdvPEeBAE0L1DxGqG92Q4lkWYQh81ihJ0z784Flru81js06siKo1ALWqgOtiLYrmAOI1ww/XXoF7t8/emAoG7kgEP3HEb/eoXMW9XmWBagirB05SAUWGe+fHJ1dbH2E+uiGDkaLw2eQr7R8ODq75mY73GvuVDxn3irPkZ2T0SoD1iijfHn9m8fwhVsoXskY4dqZ0TCmfGhI/rzs6lTjYLm6/3xeEM43snoxYAVYtRixvoHjUKm2+2Gb65+Zb4FsOdSbtsuhmO3n1PHPmd3bD92utjya55UCRawx3gadLAdcPdt8N1tqFQoDCCR20Eu/b7/t6IqjWxoMTOLOS66AIstcQS6OrqRoOw1T/vvBVVDnpa1gpuGmQRUyjjzYGREfKFHHQ3XmtNHPq93bDdehti569sin2/uSO+vNoaSDlQT+KgmhYSdJRCIt91bLfVFvjet3bALltsiW9vtgX22HIbHPnd3XHUHnthly23xWLzL4goiqGlvK5ABVRNTsMWSDgRaPAMFYmiDyfmkdwCuQVyC+QWyC0wh1mgUCjwfh95ElBVKpUg0oOaU089lU5vJ7SqW3wx5wVzWPNydd+hBXK2ucwC9BnVIjP6DFoEwQflOp7V5AjuGIGidMg7F4Dm6If0vvYq7vzHP3HvP/+O+/4xlR68+Xrc+fe/4t83/hNabRUQCMEMfTz6flTezGD0z8wczBgnOX/cjMesKyYIssCiS2P/w4/BBltuj2/sug/W3XRroFRBoxZBH2Vv9A7gpaefgxuyU0inrUSA7PorL0On1RE0+qDXGCOCJZtutRUOOPAQbLb51/CtXXbDUUedgHELLkTvKyUY1o9y0MBDt1+HwQkvo0hdIICHcgtsS4H+WYEyDJTpGvT3Yg/EGH2rfj4USDq6MJHYSThyfnSMXRidI8ego7PLt03jcUqeNI09UMNfxPQ/UhFl6/Mlqc9PfH7q0/l43acxpB4+TemeWvjecqy8BKMJsGhFVrVBfUtlfG6NNbHr/gdi82/tjO122wOfWuXzCJge0Sd2SQP1vh68+OwzKLkiOvQ2D89HAIPIrHlOzBQ6utUO028p25F4XVLfBqP9xsy/APb4wRFYf+sdseVO38f2u+6FoFBBSDBMvBYkmPjmy4hqvajXBjHYNwBXHcRt7FsgyBXXBlCtDqDY3o5PfnYVHHDsCVhjy69hc/rpW+60C6bU6xioN1AoV6ip+tUQOcFK02v4wR7rIZEksnsoaCHp0HI4i6JvPQOzqCI1UJSJVzwxsBMYoANRlpmHH5gFAiLHzjnoYunnhRHwoqlU2lDnBd3Pp5MRB1d1NV6OKKcBuuMQS1RGYd3FPoX1l10JQS1Cjby8mnH7/f9GVHB4o2ciGhwcg9CwyVc3w5h55oVWWoFbFMfQZHHbbbdFW0c7BnhBhu0VPPXGy3h+wutE75snmmcdKXndEFquVyVDDozLL7IINv/S6hgTOIwgSq1wlAvQTlS6gBidHWU4RLzIJyNk732zdyLqbIMGw75JPeh2JVT6IiziOrDGUstj4/U3hAaRwDmkM5iwcpwHr3q8082ofiu903IfVb7uri5/42rwydCb418HTU1V2UimzvjGy+x8zy2QW+BjYQEzg9k7p4+FUd5FI83eue3MZj3vO1R9pmxmTR1nyjCDDLNmGTObQe4HmyRwKntdsMYn1qNHj8Z2222HX//611hhhRXgOA8olUq+0umfoPvE/Ce3QG6Bj5QFOM0f9hF1bXt/kRpqZYxZwDxyyI+YEZHv3e3yhjJ6a0mNHSFB8mKh6MGiCuvstALaRa6AYKCBQpSiu1iB8QE/NUPr5lfx0CfzYRDCOB6ZOZgZjGCHGcMhcgwLYQElylr/q1ugVhiBaqEL46sOS3/6Cxg1bhE4RxlRgjLt4Or0i/oHAAI9Aafwrz37HAbodwXVXrikBiOgsdiSi2KllVb2q3UKQYCEZeebfz6suuoXUGkroEoQJbSaf2Xtpf8+ipCCjIBThf6X/gvfCMoYYQ10BjV0kEoExkYWDdX+SSiUCxiUT9fWhQbKaCRFRNQlYVoSp9C5iwmAaTFBJKDHUwy9JaQ0hWayhWjIDk7h0DHjSZxAvF4W42bKz4h8RPBMNCRn0uSJ1CVFSptXukZhPdpxwEJMoa8bU88VV1uD/iOg70o7+pUdlSJefOopAlYB6nX2A57f1vM3fbyp71D91G/afIdKewfW//Km6CCYh455UCt2YP4lP4XOUfOiRn80soi+9CDqAz2oTpmA7s4OVAoB3nzxedSoe5H9I6RTVidvacQIrLL2OpgMh75iGwbKlLX0J7HS6l9CUG6H7Axu5WIB9aQKNpNHbAN/Z9VeKhdovBjGCoizMq4I7Q1RzIN0iBjMgt3NApnvTSRRy/dWcG4ppVOR0QfXJscL3PEiLCHEp5f6JJL+Kgam9BIAGsBVV/8FJ559Js655Pf487/+hVvvvx9PvvQKeglalTu7URZ6TbCrRKS/SjDp+Tdfg1ZQqUsKcFL8D1f9ET8++WQ0mLjQQgthgYUXxLj558f9Dz8Ex0EjYUeOXMKBN8HTr78MLboSiu7ILxKI6UEkACEHtLU//RnMx0G5MNiPdiLTRQFlHPSIPqFAOcstugg6OTiN4CRUA9Wfrv8njvjZyfjxL8/B5ddfh+vuvQfPvP46+njz6B+s8elAHbrptPHiN+dYS76/nQWMQ5HOmefhOeLp89H8J7dAboF3aoGcL7dAboHZbQHNK/TfFu+5+x7oPxUqvPrqq7Hnnnv6/0oZRdHsVimvL7dAboEP0AL6/g8RDyAEBO58gKLfKooPxhP6HClBBksTn68H9DGBn37Ok6O2NkwJS5hIf2UyaQqVahBU6GkYalZCfyNBTOcmpZOjsUmUCNChr5uleaHT/9BfAxzBABJ9IgsKmG/hpVDonAdVPpivujbUXBkR60joCwXUpUD19M2jhCiCmcHFKWpT+lBk+eaKKTKwHc8//yyOOeowHH3owTjqoAPxwx8cgP2/vweuvPwS9PRMgrG9Lk0QkF554RmCOAOg94ZXn/svrr3897j+D7/B9ZdfhOtIit/+l8tx7SUX4qZr/oQpE1/D1IfeIaMh5HviLRt18WkKRf7gPf2Y2UzLpcwaMXY0amqBJVh6+eVRC0I0rAjZr+GKtGGImDZ0NLWlEbSIImBoKcXyPOicpYihlVI+rnPnKWFaQqZp91a+mAoM1FKMW3Rp9gWgmrCSYjus1DFMNfaHmL41okGk0QDSpAEjqFjr7UGRwOHAwCCqBESDUjtGzbcAOsYQ+CJY2SgWUSfQ1cfql/jUClAfCQolJFGdQGEDDQKWUVoHVSDHrNtlE7DPuVlXxdtK/nDq5UlLwT92hLfV7mOQ6TsYL7RZ1VQ9cUzqEfSUYP3PrYryYISRroRRI7qQlEp4mRfPXW+8gsvuuR2ncxA68jfn48Dzz8LZN16LZ2r9HICpGQfnAQ4Ar/f18CDhcJlAeguMGuQF99qUSUiIxHaMHomR48aip1FFgz2rpzaAxBmSwBAVgBcmvIqYfxQCxzSFGic0gCTmoEF4iUonyr0DcLygC2VDyosYIjSYn2CT1ddEhU85ikSkff2VEl7koPtAvRe/e+Qe/OSGv+IHF5+Hw39zHs79+18xUR/qi1PEfBqLApXgYIYhSixBvk1rAcezO23Kh3CUV5lbILdAboHcArkF3oUFzAxmJM45giBAENK147HmQAXe+8vlMucTmnG8C6E5a26B3AIfGQtohaV3Sog4FIqaz89K1RKkro6E5BDB6DeYC1G1AAsQDNn3pz/DXr84B3v88pfY65xfYh/SHj8/A0dc8Gvse/LpiLvnxQDBCOlcpw8majBs1CICQ3VPjXozFE9Uq8MfN+rMa0BvyWilVltHFwodI1CNC/SrKqgHFcSuQr2a7TcOaSGBqpBhzIf9xnEPfPDfM2kykIbUOvT+GhiL6gN+tc+IACjW+9DhIrhaL4GmGsqV0BszRgpjG194+SWo/W3twMRXn8F9N1+LB2+6Fo/+62+kq/H4DVfjyZv+gcdvuQ6P33ED4slvQh+WL8YJymy3/DkjCASBcV4yf2xan8uY5AiWMXhPu+P4biYp4Ng+rWzihphCXxSdRTQKIcYusjDka6ZgO2mXNGU6+1HkADOD0c8MCF452knAmwheX8kVAf7Yp4FbAudYTmSOMlI4NOfVRAAAEABJREFUyRkiuACubSTKXWNRozIpbSpSeoPnsBGUkNAPNhcjcPRvWa/AK7022j9hAoosH6UFNKyMtNCGju7R0BtTTGK5FBH93oj3tdHzzYcq/WGBSZ4QU5I87RjmUupFHa1JVPoD3VP2u0wgq8iisy10s62mt6voYwpkpcaLjnZRCMZ1cXhQxRIEiIiCR3DqjMzTf6jweeQHUxUkxvJGDp7FWEQ7CvAxIqLGQcGJ2JU5KqKdlay0+NI4bo+9scGyn0Y3kV19AB39fYgbNXEhIqI70F7C041eXP2f+3HG5RfjtYE+6D/5oRhA9aleIGGQQMtLy7z4RgQJKo0BdCJGpV7FuEoRY4shxnCc6CIirFcB26lzkSQZaZKC15WGkWazKU27SxxK5IGelJIHRMtlE08pEPIiXWrUWBy3175YfYllsGChjBENXqw9vUTOEw7qgHWUkYzswKtJFXc+9yROuuAXeLlnIgeQFHF/P0A5yLchCySQbQ1TzZLkBqI18j23QG6B3AK5BeY0C5gZnHOe0LKZmU8z090O+ZZbILfAHGgBrYDyavM6DkM6GP5gVv4k9Eia82TVQlyGM+QQgwn9IYJKk1wBE13JU48ro1rsxKQowEDQhgGtkNKrhtTTEVQSGX2sgPEgLKAQFBCQigTbC55CFF2IkpFc4MPqYB2Vtk4M1GP00y+KObal5qBNgJpCzeFTRuQfJgKwLEWcNNDX18dU7gSR6K0hIvIRsb6I+vZIbtco1Nig0oguNIoV9KUB+lOHWlhBNQgJljmE9PvSpIbB6gC0uidpREgaCUGvBCnjDfqRJWeMNxAMfUfK0fdK0aCdGgASUnOnC+r9PufTEiT0VwO2U7nyB6k2fV7Q9w1IRSY7EndjfSzj6M+qrWasj76go66OXqTKYrpNspTuKCmOyG9AWCpSp5CSQoAAlookTNdCCFXs7ce6QI7EIkDk44B09/kAFKaej3EeK65XEKVbtmIvcbQTeUaPHYP+gSq5gIDnOGIbqrR5ndSg7+rPNUGsokvZH1KkcQTpPtA3CGM/6OjshAUOqRSglAIChEPxlD0zKIbo5TkYGCAwSeDTOQcLyBgCLI5ZvQkwo3LTVZPwWMRgFu/ufctPKeHtiNmte7NZKRKkbLcKtuZ+/OK6gFqtUCciH9A2S4wbjUJdgEsDjiBRWowwfvJ4lMttMBRQjWO4MgcddfhSGS+++TrqaR26uJA2YASS5h3ZBcdBplhpI/hTR3ejgVVGj8MPNtwEv9h9bxy/zddx6KabYacvroZ1llkSXUHCYaeGetnQGzbw8KvP4b4Xn0LSRlCIF1tXewVFXjApgSpnKYr1Qay08Bhs9YUV8LUvroQtP70ctv/cZ7H9Z1fElst+ApsssSR2YPzrK34WX13+s1hq9Lx+AIuJHBsv5ALbWaYByhxBChw8U8eBhgAaSgEHW3bNRgojqMXqfMdwRHsrg4NYxArYf6NNcMGe++Hn39wZP9n2a/jmCqx/+RUwltZJentRJwA4PhrAC9Egrnv4fgSlEgIi3mB9HDmhNhgRd6DZI30F+jH+iBi07mwuRK1pc0Pc30TYkIikc8pg2p2DcNNGspNo2uz8KLdAboE5xwKacIgyjXW/mVE8S8vD3AKzwwLVatVXo74p0kGWpnhOuQVyC8x9FtCM8u1o+haHQdBMSlM+59astXn4jn81n20lX7BVA/iU7Ceg/2GpowsSIjZH/8UBDUM5LAORoUAwqEgQSxQSMXAImFbklNkQEIyywCEpOKRh4Ckh+JDSBzH6PBSI0AIE9HtCF6BIQKI0RPq2VgkhvMxA5Q0Uj0JSRzmueioQrIoRo07HpO5oD6SotLchjusEPQJ0jxkJ58Ez6hqMwGDahnkWWQGfWXtTfGKNDTD/Z1bFEmtsiKXW+DKWXeOrWG7Nr2KlL2+NpVdbB5/Z6Mv49JprylVCQj8sLHUi7J4X/ZTTG3Sj343y1GMdmJQUMEAbtXePQBrESOg7JuEgwxpBIyIpztE3TZBQ36g6iM5yCUhSaAt0PhnXK4uFBPRTgRItEcRFhCj7c1xnmWr/ZLSXHfp7J4CF4c8B80OWCcyQ0peTLQQmKZ/mQCF2aKuHnoqRQ8BzCQFXJMfqjZLaaS+eEp1KUopGkJAitqOKJCBoNwREyWelOETM96FLoDQEKVJnMKNAR4H01ZvtrwFBDXSX0VkuQP/YTB+sb9AWKAQY2dlB/zlCWwTQtQeMDSE5tsV4oju76cm6MpMbKLoGHAHJSS+/jgJtMbJYQkCQ1NiOkBQNVjGio8PbSm1h94JCzGAzZ5iGLKDu75VsmhpMhyLVAfN/0zDMggOZfBaIfeciU3bed84993OWCLQUA8Oi847hZRzzWozhOyQ7RW+jiv88/yJ6zcFKHeit1VEPQrw6ZQoeeOJJ1DjQ6eIK2JMqjC+z8KIIibiDIJarVBBzMIuEXNfraCOKvtTosfjsAktg/c9+Ht/ZdnsctPcBvq6IF5kutDrDFyeMx8T+XiSDNSw6dn5MmvAmIg5EFhoavKiWXHJxbM7BbsMvro6t1l4fm6+6JrZeYz18fYMvY/tNN8UWG22IzTZYD1tt9FWs8qnPwlLHwaZ5Hh31DAhKBSma6WxX7MCBgc1mHOSFNl7YCsC0hG0ot7UjqaVwAxGW6J4Hqyy5NDZfay3svOU22H+33dFWLmKQ4FrCgSJl/JmXX0at2gD4FMPL4Y+xTgYf+z1mf8iMENC2WTwPcwvkFpj7LGBmvlEJx90GH2gELvDH+lFc44HydJxTboHZZYFAjgwrMzOYGecIvL87TgaYlu9zkgVyXXMLzDoLhIUCEBgdhIRADf2j911VMlMJAjmIV0CEIR8k4NhkBEvksyi96UdonHor+TyWM7AOhpL3lsqYrjSXJmCr4OjzyEcSKV2UEtRqAhIJeSKSwoSppBS+jPhE+i+JtYi+TjHAvAsugCm1AQSlAvw/4mKJUrEd62ywMTbddgds9s2dsM5XN8MGm22JTbbZHlt+fSdssuV22Hyr7bDRxlvg0yutgoEqwZy0jOU/txr2P+I4HHf6eTjutAtw3OkX4PjTf4XjzjwfJ5x5Lo7/2eloHz0OFhbgCiHovDJMUavV0N7eTvOlePKxx3HDNdfisQceQpUPLIw+qnQ2Z/4ffznnkNAfKZsjUBfhpSf/izbOU0YEKUYWHBpTJuD2225AHA0iCIyATQPmDNrMmqHireSSkOeP+rDtoG2RDsWHmIyglmzt6x5Ko7K0cUS7JkOUZUwNXTo1rph8dCBBsyxYJ6M8ZouQbUlCX55661wayztmuDhBGKcsliJGipTtaRATGbXAInh9Sh8kl82nPIcaj9stgE3pJ+gVo00gaE8PHrvnHpSDAI1qDRFViNimmI60iAJZyyzaU7aOQDJ4PfgazP/O1h/ZcLZWyFPk61OYPWnzCR/Tn+kvBDNDwIttns5uLLPoEuD1y44dIiHK3xOluPimf+HNYhH6Lwpp2AG0d+PRF1/BYy+/in5eGWmhjCAI0RmUsNJyKyBWOV4QL9VrOPcf1+BvjzyEFyix1t2NSUmAYsdYFAqjOHAUURs0uKQI40Ue8MJ3DHt6pyB0QDefOHxmiaUxuqsLxjFg0GqoVQJc8o9/4r6nX0QtKaNcGoUwYD4qqMYFTKpFePiN1/G7667D8af+DPUohvGKtJQdPwiQuACpOWiTHSxtxnVsTGdziIrH5EsBXig1C3Du367FHx98GP/tjzDQORb6iOIUMk5hGydFEQS8kVsieNGDF7pDKQoZp2zJFzHXyOSJ8Y/zrhUYCQ0QkIrFIn/zPbdAboG52QJmBk3YCnQGAj4ZxtCWxeM49hNPTTKHsvJgdlngY1jPfffdh1VXXdXT8ssvj5VWWgmrrLIK3njjjY+hNfIm5xbILTAzC/g5quNcPoa/R82M74NIZy0I0gjZh70dIhhJaSLF5bfMrC56OSjQgSvwgb9IZUQqJ5K8gBIlw8xAl4T+Gjw1WHnkiVwMszrMGRx5EwEhzvwqoyIZRYGACz6UcuaQ0h8aM998mH/JJVANYgSuhkpYx8tPPow7rv870noD1b4q2ooFlGhPR9/J8SH/6089j1uuvg4nHXYs6hOqKJdHoR9l9Kcl1Esj0JsWMcWK6CFCNTktYKDQjjeqKRrlLsSM161AnzVg/U0KnMOzTz2Lpx55DNHgAPpfeA7/d8yxKND/07lsENSJqW/3PGPg+AA9jesoOlJ9Ml597B6k419CV2MApdoUvPLUo3jisYdopxrSQsL6EjR4FBmgV/P08C2mPMUb9HHrBFbqDGukiOdB6Z4Y9w/phPbEgDUARxuikcDoY5v8VKZZxDxPZPLpCStSWkK+JiX0S2PKN8pEAgRUplgPUGwECEmqt05wMuGcKiZPEieQDg3qpjx2L6SsOyNHADAKA3QtND+65puffjUA+uEBbT3YM4Cbr70WIwKHEZagjeDkwHPP4Jl77oIb7MPIrhGI6QvH9HEtKlHHEGYBjP0kI0r7QPcPG8NpuTQ+0Hblwt6FBQzs+UP8QlGNF5BrxPjCpz4NAUeFKIXj4BTxor//uWdx5Bln4EICOb+/6Sb87OLf4hdX/gETGlWgVERoDhV24G7CYMsttCgGpwwgKLYh6ejAf155ARdc/UccdvqpOPT0n+LsKy7HL/90Fc657A84/dcX4/TzzkdsITQQFojg6mN8YwlYhbz4Ghx85unsxOeWWgbdroC4OohCpYy40o6zLrkUJ134K1x09TX43TV/wy//8Eeccv4F+NEZZ+Kn556La266GdUEKFc6/cWYJhzcEAIEsIaazXQHlzKJBOqfpTtGHMsqLTaHp8a/iUtvvhE/uuACtuN0nHHZlfjllX/Bb/58DS6/5h/42dnnorceoViqIOYgjlqCJeZfBOViBQgCwMCNAzwoWfWImPJx3eM44i0ZsgZC3kA+rnbI2z13WCBvxdtb4IEHHsCll16KAw44AJtssgk22GADrLbaap4UP+zww3DRRRfhiSeegJkNC/uwJyrDiuSRudICAe/N+o6Hmfn7kBwMs6n9b65sdN6o3AK5Bd6VBUKOE74AfYKIoIuPf4R/LAUCAhgi5/28BKnBg1QJQ6kucMPMECOFFtWIogCInPMkv0e8RiDC87OceCQHfuYuX4b+FH2qUrGdbk4BDYIxIf2+FT6/FvRfEcNyxQNVyUAPbvvHNTjz/07AZeefg6t/+ytcfu7puOBnJ+K044/GBaefhjtuuA79kyYQZDIMDkawsISgrQMN+ob1Ygn1gqiCfhfizWodaB+BgTTAIOvEkD9FjWBs7+TJUzDhzTcxJerjEU9aWAZefwMj2jvgWD6mfRIXoNg1ErFkG5AGKRzqaPSOx8VnnY5rf/9bXH7eufjVGaejRACoQH6tHi/R/6wTyBFQlYFXAogE3tVp8xprbKUGQaOE6ZrLJASeRAKQkgRIaEyBSMS/PKCUJGszPHsAABAASURBVDwXMRBTQaXJSVIc9MV17MuoHH1jOprceRBRTuxYRhQiiUMII4tYb8R6VS4lv+TUqVudOtRTR9yMPYMnNCGBYJUrVGAdnViWD3Ea9Pt9Gu2kPnT79dfhxKMOxp9+cy4u+cXP8Wuer5C+eK2/D/V6Fb5tAsRYjlbFLN1o+5RtY6WztJq3E65+9nb57z+PHZKndlhOrEHHX6ygwdn5h3PePmI8gaLpuZTWStPnf5SPvd7syAqbejoUikUipwk62JHX+vTnsNbSy2MUBwZr1OAIMFhbCa9FVfz9iYfxu3/fin+9+CTeCBMMFnkhNCL/jmw3Ufj9t/u6LzeKg1jAzmzm8Nrkyegj34RCgv8OTMQdb76APz/5H1z/6nO4+/XnMSFI0FMbRJ1gVSftrQ+kb7r6Gui0AEWWE5C1+2bbYvmOebBQuRP9EycTLKpjvIvx7wmv4rKH7sIfHr0XN7/xPK6453bc9Mh/8MKbkxASPEoQNpejWgG1eqq3GtHXX4cRaAO3FDESjgpm5peXgkOYUW+ni1rEAcacISmFeL3ej9fTKp4e7MXtz7+I255+ATc9+hRueOARTKjGqAclVMnfVu5ABwffzyy7HDjCsJYEiUsRkWLdLEhkY/q72GkXFsMwvYuiH0XWSqXNN8VxJCgUCl5FRn2Y/+QWyC0wZ1nAr6jkOCqt44gzMEYU3nvvvfjWt76Fb3/72/jpT3+Km/jw45VXXsGECRP8fVjlFL/xxhtx1llnYffdd8cOO+yA2267jRI43HGy5SP5T26BD9ACuueLHG9AfkUgHVTFRQHjH2BVuajcArkF5jAL+Lmo5txDemvVjhFcQKUAfVdoKPl9BKqhlaaKShht8L5HdwU1+iDVeoJ6g8oQhAlKBGIIwAhYItvw7ujPZGT0m4wMxUKbLxdRRhoUEdOPS4YopU8j0AEMyUqQKEUNCfqjBvqTCFHBoUHwo71zxHAdMXXqGegjxGNIC/QXqY8VynBBGQHBjzQJUCq1o68KrLzmZlhprS3Rn46AuTaMbOvESEsQvf4s3nzwDrx81w1489+3IXrpvwj73oA1JqHRmIxCOUa10QtiVtAmwIjYDOrUqZomGKDTWmfdUbkEfbqmTmDJgzRRDEfdrb8f99x0C17+7+PUkzaj/wfaBkVgzW9uS28vQv/gINIwAJVF17wLYNFlV0TaMZK6Bgg72lGv1zH5lZdxH+cqL/znUbTRH2ynzcPI0BG2U1oRgzWCNoFDkWBWHDfYRoPsGFKvtBjAtZeh1WyK16m38Z7ieK8JHBDwJ2JfCsIKIL+U/rO5InRcaetCkTY0V0KJNiswXqI/2T1qHiRsS0CbF2VzNQ3cUofEHOsvI+V5SGnrmDwpQblE9RD3KIYhHPkKhQJ5QlRGjURx5Cgk5bLvX6qjEQU83wX0s63rb7o5FlhkccoF0qSBIGZb+yegOv45PHr7tXj9mQcRVXuxyCKLoKO9nT4122/m/ehAdTkH9S0BehlhVmys0yi3Vmvwt7m7ZjDLf2dXPcMNkWF1oIp7enoUnYvo3TfFsgugpagR9S3S92gncPXtL2+Mb661LsZFgP5rYIV5DgkHuhh1FtZH5axg6OaFMq5UwCdGz4Njv78Hlhw9AhVUOZjUEfMib2dnHlkqNxHsJEExKFBKgqr+w0S95pfjJgODGM2LaywHie5aHQd+ayd0ctAuE0YW+hty8OqsNnDIjrtg1YWWwgIooZMXZNkCFMMCLAzgKiXc+fD9eHlyLyZWI7z45gTc9Z9HcPO/78MvL7sU9z3/LGrtFfSSN2VYI4Kri8xRv0IxRBBwhMPQxoEalO8RFg66oMZF8neyve0E4dJkEPoOV4M2iYhsI47QXgA6yFuJ6ijWBrDtxl/BuO5uJBxUUaDlmJd96E/ymjRU38cwGD9+vG+1TD2Wfcf5o6EfGwrzILdAboE5wgJhGEJjqZQNOMZq4nnW2Wdht912w4MPPugnhfouhZmhVCr5CQ6GNo3DmjSaGXRvfvrpp/Emn54qXROgIbY8yC2QWyC3QG6B3AKz3QKj55mnec/iPSqbu84qJQRI1ISGFNsQthEAKnUgJRjVW0vQW4uRuAKrdqSZ7PRdIqI+1VqKoNRJUMpQp39Td0VUFdIHS40+CSff5gwCphKGUWgYJGBhBOn64wbCjgpA/yiOUjiE9HlilDvbMWgxeggFiXrpF/Un1IkcKQEslzi6TSEGrIj1ttyRtD3GxwXyh6hyjhBUAupfR50AyKCnAQzUBplGAIT58yyyKDrGzAu/0a8CfS+R/kmYPl7eCAB98JzNQ2rMsYSsCQGVfrQHKa778+V47YF7mQaUS9SfvidQR2XxBbHpN7ZFlTJL5QLLJuitsm4X4ktf2QKFeebHxKiAyQSpQoJZYWcHBtMIMf3LeRZYANt8Yyf00/5p2IFJ/XVwEgMQqKo16ihq8Qf7hfRJQ4cCbTSZsksjOpAEhiSks+1SmBmMdjYzpJSbsr01+pBWasNgI6W92xEb7UR7RzpHhTImDw4gDUoY39uPAh/61xJDnectYNmCCxAydGER/THQR9tP4bnvS8AWGzq6u6AtFrhHEK0QFthuYArt/Xp/L9DeQT+cvAQ4YxgtbUh5HusuxDf22BuVeRdGnbr10GauUgS7AEGqQdTjQSy8zNLYYMstEbF/jOjshuZ+5mJ0dJSROIIGqngW0uTJEwBLoS0MQgWzldxsrY2VBTxBDPhreO211xT9eJPOvchoBpHiJEuAEgGscm8vNvrEsjht1+/j2yt/CSuNGYelR4zCgryoRsUxRicJVphnLLZc8bPYff2NcNSOO2Cprgo6whqS2iTADRCdZceaPAk/3OU72HPjzbDJsiti2bYRWL5zFBZDEUsGJCtjKVfEl8YtgJ1X/xJO3X03fJZoc5moNK8WAmEJQqLsjSlT0MHBe++Nt8TJ39kLO666FtZcYHEsnYRYxkromjyAtv5BtDmA4zAhNKAXwIschE7721XY7tgDsdlBe+L4356HB195HkFbGcViCHMcBNmekE6XWYAABt6pwOsYCBwQJozW8f2tt8CeG22ALVZcDiuP6cRCJcN8ZcMC5RQLl2KMbvTgc/N1Y+d1VsXR3/4W1vnM8hjb3oYCB1Vw8ICGB4aOOomM4bvaVaCV3lXhD585pe6iTJOX+YQj4AEfRGCBBRdkLN9zC+QWmFMt4DiRadX94IMPxh/+8AdEfAIYcpJV5CRPoXj0jasRI0ZgiSWW8KR4zDFYPO18opfw3pKBXQHHZZXJKbdAboHcArkFcgt84BZ4BwIX1BxVk1Xe51588UWWoKMkZ2lmRI73uqf0OIrtowlKFDG5mqLuyhign5MU21GzNvQMxB5omJn8lE5N72BK4KSdAEWIKGxjuQqqAY9dO2qUl5pm34CRFwRVJFHfHU5LBWiBAh0XxHRU9HF23dsH6zWEvIc3WHNMgGuwrYi+9jIGCWw0ykVEFJdwjg84GL2oBu00kQ/vP7n2BtjtuJOw3CZboGPFz6B39EhE88+DKQRX4nHzo22pT2LM8ivh85tsgz2P/Al2PehHGEjboC2k70btKS8CLIKAkZSh4hkFqKOQ1tERxrjs/F/gD2f9HECDlKBa60dadsAyi2HZtVZBeb6RULsG+plO4M0VS6hZASMWWgK7Hng0Vt/sGyiMWxKvWxFV6jmWPtzaO3wNuxx+OCqLLY4a/dZJ9DUHwzJceyfBQfJVqyhRTkR/NSyE3mbj+3qglVd9UQ1huQQLHBJLAJKjDyg71c0wvo/gVLmCquxPuzc413mzvw9RkX5puYyJ1LPGso1CgKRURB/9YEefEoUiXEpxAMFHQ92AiOehRp92gOekKgpSTOqbgqAYoNJWQkLQS3OqgcYgUvGyjokRgbi2ChzrpSgIDzICYA0rY3KhG1vvfwSW23BzlBZZGv3tXRgsd2DMMp/AOlt/HdvsvTfeiAGBZn0DVRRDB/m6naPLtH612V7Muu3111+HjEAzIJDDP+uqmqFkN8PUDzhRlRhlihgAPIkpDBOmTEY6nOhzpv15u7xpOefOI15kIZHlkURsFyNo9RWCVPtssx0O//Z3cPL+P8AvjjwaZx1+NARMfXOtdbDeJz+JUURpC0Sdk2o/wAsVHHzQqKGTtpyvWMbayy6HHddbH8fu9j0cuet3cNoPDsLpBx2M0+jonH7IYThkh29h0899HvPxAg1ZP3i9IwXPWZM6KgScWEeRSPTiRKK3/PwXsOfmW+BnBx2CE/fbH+f88ChsvfpavuoayxVYr0QQVMcARRCvxePjX8fl112LWx58EI889QRCDsjrr7Mu9t13X2i5Z4ODcMxK9eQfHIi1UxR7TILRYYjVFl8SO2+0IX6w/fY46cD9cPJBJIaK/+zgH2C/r2+LLy+/PJbuHoEODmhxXy/AAQhxXdcatYAPNfj4g4/Jj661jBJelLoxvjZxvD/FHAOhp1s6Vx8Tc+TNzC0w11lAT/myRp1xxhnQK4H6tpBzDmVOxppjKrDGGmvgnHPO8fkXXXQRROK97rrrcMghh2DJJZeEwCyt4MrktcrO0vJw1lsgO2ezvqb3VsNHXb/31qo5r1SucW6BudICxlYN0egx8/CAOx2CSRMmQs4+j2bZ3qBkvcp12I9PwhEnnYbjTv8ljv3ZGdhlj+8jKFeQCHgiz8z2ts4KIk6qk6CC7+1zIA79v1Nw8I9/hoP/72c44oSTEA+VT+lrCVBZcInFccq55+OYn56Bo356No465Qx8faddgUIBIMASEmAZrA2iSv6d99gbh//kpzj0J6fg0JNOZfxk6DtV0kXyFBbKBSQEXqYQ9KtVOvH5L2+BTXb+LvY97gQCVcfhYMrf69iT8M19DsLmO+2GLxIoaRu7EAaNbXMlBHQUQj7ICkjylzIyClecAc9BglISoS2u4rJfno3rL/gF0DuZWWy4lYCR82GNr+2AM353KbbZ6dvoq8cEcgyhC9gkQ1dXFxCWCRQaXNdYrLL+V7HTfodi/+NOxF5HHYvt99oXy6yyGibTYSnMMw4HEog76tQz8aMzz8W+RxyH7Xb5Lop84BYnMTTPccUSPr/WejjulLNw9Cmn4eiTf44jTzwZy674OQCORL34yy6EBRdfHKecdz5tTT7a/Ejyf32n71GdCkqlEqZMmeLj395jP/KcjmN/fjaO+vkZOPLkn6I4oqt5/gg2yd4NK5DnVBz+s9PwwyFZ395zL6QGLyuRjQhiNRjuud9BOPz4n+D4M8/BcWecg2NPPQ3t84yFdJJdHWWCuhbbOlHsHImVv7QW9jn0h9jviB/i6FN+hj0OPASrrL022kZ14annnqItxZ0gMDAeoKOjEzHbOKv3vsmTgKY5m1VZ64Frps3C31lfQzqt9lUipQlPk5btPfvKS7BiAeCF6bmMv6RU+SICXUwBozMnzzAH/7C9RGamNqD1mPGQgBHUFTlotdNOIzmQjK7VMHqkgh9WAAAQAElEQVSgH6OJHM87UMeYgQjdgzVUalX/imBaT2jSClzYDhoYiICiC1Egclzmk/hOXuglouIjGgPorg+gi2DXCB631/rQNjiICp/CI2oA6h1CVYMAUBimPs0YD0rGJNZLgG0sB9NyrRcd1HEcR+tvrrseRgAISDGLxAxTijOGDGBhCI5hXvz4iZPwr1tvxY9/ciJ2IqD215tvRLVchCMynUgPnXyOAMYBOIxSFBopOhAimFJFV2QYWR1k2/vRzXAkbdA1GKOL7e9iRZ2xIaw1EEiOUG5eXI6IO0sDFgBeQwZMR0Ypj0UMWneqAFFr2pwUb9VdN8ooMKTlEBN57gUsjhkzGuVy2wya5JjWSjzM99wCuQU+khZwgePzoRRPPfUUfv/730OrqLT6yjkH3XsLnAgfeuihOOGEE/x/elMjNFETKT5y5Ehsttlm+OUvf+lpoYUW8vKUF4QaMwEBWXqK+J///Ac//vGPscsuu+ArX/kKvvjFL2L11Vf3ca38+t3vfuf/k5x0EA3y3iI5rXTXXXfhc5/7nKeVV14Zn//85/1/oXvmmWd8PX/961+xxx57+I/Nr7POOv67XNJNbcnkpJwnTJo0Caeeeiq250ONtTmxkx477rgjLr74Yv/aZKPR8LbIymShQLwvfOELWHnllX3d+m94aovyVeZPf/oTvve97/n6JXejjTbCMcccg4cfftjLU7vEKx0UZpS1VTL0Gubll1+OvfbaC5tuuinWX399/9H8tdZaC7vuuqv/JpnOl2TJrpmMLMxky76ZrbLwz3/+c8Y2TfijH/0IK664orelbPrZz34W3/3ud6fh0cH09l9hhRUge2Sr4//973/jsMMOw1e/+lWfLuBT50P16nVTtS/TT/JaSemyg2yob69tsskmXp8tttgCxx57rLeh+qWAUpFktZbP4rKL4gMDulMBvb29yOy51ZZb+T73mc98Bmuuuabvu9tttx2OOuooXHbZZVA/UlmR9FGYU26B3AJzhgWS6dTU/WvsuHkR0rGY8MprKPHhvnkUS5wiuor0FdIhGp7XD8/vHRlaaDr58F4J85mueXKcRtCrefHIedBT6cCbQRG9pQq0IidB01Ewgg3DxHKWEf2iwBqwMEIaOvSnAQYqIzGlbRTD0aiVu1DuGgm4ppzYHMbXEkyydvSU5sV4Nw+mFEZjsNCNKC1A45fuvanaHHaiZh2ouS4MhKPQV+rGYHEEKgRVzIwa0BZBCn3POGRzwqAA/ROtehIiDUegFnegaiPQy3gPabDQhQb1qRKEqSYBqvS1SsUKioyX48ADWU7tpN/k6DcVopBpIRqDDYRUvzDYj9+dfipuu/B8aMGE7G7ldsCV8KUdd8fW3/0B6jYazkYhjYoAjRuEhsABU3onIwiA1Bn6eZ+uF4uIO0agUelmGytooI15HU29QWCtczQmUe54gmP1znHos06oXTF1NsoYqKUsOw96abvJ4SjyjsAkdCIpdyOFa5rbEqrgMKUaozctYYLrRE95DPpKo1AL2tVCxP1VdJUq5A+R8rxNpL0nhCMxhTx9roKY/aFKXzYKgIRyR4wZi96wA5MLI3jeOjAQtKGftkuoZ7VeQyOqYWBwEFaoUOcyBgsjMTnpwKS4jF5r4zHbZkBgKQKCAkXOa/59/bV44s5b2OoYaVJHW2cHBhsxaqyvwH5wzw1/w9P33YqOMEKlkKLI89yoB1hxhTVRcOxbaYhZsZkZyqzr5f8+TfFGbeDnWRje3FBMoWjo8AMOZp3kVkVT+AaqsgJ7qpmB/de/y9s32M9ORYZQuYAu0taizJzm8GNzYGxpRowCCS+kBMWYHTVqUluDIcGaCqnItJAAleOgyf4PXu1D1LSr0pQnND1MIi9HsopxnfE6Ql4cIWWLAoJkvkr9SAeJECkuoi4gSV6BssqUobDIeKFaw9LjFsAXl1mCQJMENMkXY7RSCDFAXSsELhMea+dwhhIjNdKpv7kYr02YgIFqHTEv4sRUMTO4uxTUEyjETSqxvSXqXGH9FcrUcZkAWrkBlKImhWwLextA3eACShnaKWso9rEJOATSpmy4Mx/2D9YwvqfHm2UBOqqZ85Sdl4+NYfKGfgAWyEV8FCxgZv51wV/84hfIHH7nnFdNQMDGG2+MrbbaCkVOEn3idD8hJ2RKamtr84COwA8zjqAcR5UueuXVV7D33nv7D8JfddVVHoiYOHEi+vr60N/fDy0rv/HGG3HmmWfia1/7Gn7zm99AY0ulUlHxtyXpKCdFTLvtvhsExAhkEUA1efJkPPbYYzj//PM9kKVvdIlPdQm0uOSSS/D44497gEPAiXilg0AiAV6yg+YXraTyrdTb28vJdODbIODqxBNPxH333Qc9ie3hWCk9BKoJtBOQJpkqb5bd4XQEKF31nHfeeRBgI9BLH8R/6aWXvH4CfybwPvfAAw/gdwT6ttlmGwhYlA2bEuABPMXljCl8O1Jdb5f/TvOkt3SLeD8VcLXPPvvghhtugM6v6pB++paagEuBlM4cVEZ5rXXoPKqMbHjEEUfg/vvvx/PPPw/1rzfeeAMCtXbeeWdcdNFFHgg0M6jPSZYo4DxRoeQolGzl33TTTb7/Hn300bjzzjvx2uuvQcCX5Cp84YUX8N///hc6Rz/5yU8gEFN1Sz8zk5iccgvkFpiDLODno0OXrsaFsfOMQULfB9UB9A/0ep/RucC36J2MlZ7xHf7IT415+6wHjkBRSCqi5kIoLSEI8rZilG90REiS02C5alBERnVHoIbtUp70Ts2hYSHlk8e1oTpEDSsjYZ5eP/P1pQ4x+WIUyV/2VCOPykKeNuuNQScJCQQkYWiT/AQhkrSIiGUjlFFnOekhUnlRpLooJ2GoookBiivUsfywgH5mgXOCkeUiirU+nPfT/8PtV1wGpDWEpRBg1emUAaz3g0Ow8fbfwmBapkZlgHU7gmiSIaJoqO2Sm/JAdQjIa9BWoph6psMUIjbqzjwBR96Oruzbn1JfLyNJkTDeYNu8/YIyqqQ6ba22JWoT7eN5WV9MO0aUWaUcUd3K0HGaGFxMqSTFawSCqtS935UwSECqjgJBxYC88JQQqCB389yxvpqvr0hdQiSqE81NbQb1i9mmOuuMfH1lSL9I8zT6ZkDimYM0wfjnn8EVvzkXp/zocFz0i9Pw58t/j7/+8VJcfO4vcSLvq9dechniST0Y5LwrZlv6eX6XWfnzqIwcSxDSIW2p2wt9Hz86TyIzg+6nA4N9AIE5Rz9cYnUPVihqtkCxWUu8NGdtBdNLDwoFGE9UksREEhuY3DuFHYHNDQMCWtE07AJdpknID2a/BThYopWGNeA5G7rQlGSpfkkdZZR4Lr/0+S+inb2LOxOn7lXeeARejRgxAgKt5iXW3M7smGSkBqlnYg8HwSLUV3j4wewSLsqkKS5qbZviWf5MwpRlWmkmbO8+eTaUcGbQqjbj+dH1N7mnB70coHkpYuFFFp4NGuRV5BbILTArLaCJhUAkgSVy+FWX4/1WocZcAQqKJ0OTDsVbycz85ERPeht8Gloeeu0wk6FVV1tvvTUEvGSrZgQyCCDq7Oz0IITAsSxN4dlnn+3BGQEjrXXNKC6ZasMBBxwAAVcCvnQsQEXtkT4q9+STT3qZ+u+KAn4mE9zKypoZQgJxKidASgCGgCSVayUzDuatCYxnK9FU/yOPPALJZLJ/utjR0eFDyVb6r371K5x77rnKxiCfrGbtU5tlL8nQf3TUsfQOCMpIhsqKlCZZAuzMDDfffDMEZAnokdCA47TC2UlmTZvsu+++uPXWW/2qPZ0DAXhqk+I612bm888+52wPIJmZD6WreGSLPffcE48++ij0PTUz831DfSqTBW6yj1YKSqbSZReRzrcopUNCNi9bq6kOOuggD5LqPMmuKqNQdpRsgaSyq/pglpbJ0zmSrJxyC+QWmAMtwKFJY9BCiyzi57FEr/yDhYQPpzm0NsdqgROt9BFvZsI2ZSo6PrDP4jMLxS+aWb7ADy0sEHCVBplTNnPut8uRn1MNHUT1IIE+2p4QjAPJIUIxqQKTX8GvTjkWD/35EqD/TYqrI6rSi+sYi00PPBJbfP0bKBQL0LisewIZ3rLbW1JmXYJs0wSR5L+++3o0p2glwFGIIyhI4CxNGZ/x3gQ7312d0rXg6mgPG4h738Qrjz2I5+69E49c9w+8cNftCF9/HeOCDriqQ6l9NCakAdKxY/DlnXZAraOEAddo8dBnrNe7STVn8PfagKAc5496oIdajWlN3EbX5ruR90HwyvofhJx3J8PgBxuBFr2DA6injHGCExHRlSCBIRqDkOronVHO9eFZQAOCOpLCRl8vYiIim627Idp5/oIhtRj1MR0P1Bt4Y/wELP/JZbHrTrtg5cWXQTeAEaRtV1kVSy20KCphkdeG1mQxMd8/MAvEQ9eYBmH/EcUhyWPHjkW5/L9XSAyx50FugdwCH0ELyIl/4oknYGYeiMomFZp46LWzMWPGeK1nBI5oTFCmmUH5AgHAzcw8gKAVQwJlBAhIHrOGAR0BCvrArl5BFPAgQELlNcmR3Ouvvx4zApEko5XEK+BBII4AsdGjR/sPzLe3t3vgQrIFRJiZX20lQE5tVrraJh3UZq0+C+jViCTziiuugFZPtdY1o7jk6L9bCSxRfnd3t/8eWFdXl1/RJllmxklb4uWpTVqRpAm62qxJumToFU2tFhLoJjnSSfaQDceNG4dF6IQpXSuaZE/JVTvUtt13393XJSBIPBllNs+OZ0UoHWVz2V9AaJkApnSVHaSPwDad6ylTpkDhlVdeCZ0v6a9QOkqGXs0UyCgd1S61UTYQ33zzzYdlllnGA1riv+WWW6A8kWwnEr8oIIin8uL729/+5u2idOmhelSn+pzO+6KLLurBMp0H2VH6SWfJFb/aIn1yyi2QW2DOtcAYfQdLDkVc9eOBxhS1ptHI/QX5YLLFB0GCWyIH1Om0NUgeHCNwFaR1FNIqyskAzvzxkXjwL5exujrH8zLDAlDuxE6H/QgbbvNNTOzph1bpNqIGNFaTYXiXrqLhhPcReXdF1TKVYOiBBsU/mhSlCWoEaF2pgO5RI4nZ9qNSLKGtUEK1v47X35iMyCqYGAVYcpXVsN2ee6O/UMRA3MCIkd14e7Dz3bdZvr1K6Zob6B8AogjFmazmF9+sJjerKxiWnzImYiBgil0HDcaff/FFCOlN0cw09WhOEAGiXOBV00xGvr1DC8h274b+l9iZySIay5EJUD7jAQxmBj3Z72hrh17jW/Mzn4MBIDwJnW9Gh8P2cgn/eexR3HP/ffjZj3+C286/DDf+/CIc9b190e0qSAYaEIjlJIFyfV2s5y2hhLbS9DxaVfW2xMJpCzE6d+2upTkJzAxaXWFmeOmll1Ecyl1wgYXpjDbghv7AsElDDHmQWyC3wEfeAnLuBZLIgZcjL6ddkw0p/qlPfcoDBYrPiMxsRsk+rVAo+G9qSbYSqb5/cQAAEABJREFUMpkCbvR9pGuvvRa//e1v/atbAi8WW2wxD6AJRBC/gJyLLroI+raSwIh6va7kt5DABgEnyv/Wt74FAV+Se8EFF3CC3OaBNOkiPoUixfW62DXXXONfTdPrjWq3bKEKxCOZ99xzjw49mZkP1Y6MpJcAL4Uqe9xxx/n2aIXQX/7yF+y0005+/BS/2iNQS+CKXmmUMK1w02ROr7HpFTbJERgj/bJ82enyyy/HH//4R9x0003+21riE4/aLJKNBQxltjPd0yhAfAxm6S5ATaRKNtxwQ9/+q666Cv/85z/9t6bkhEhHAYpqm4DC22+/nfeOureN8mRr/edLnQMz8/1A50Ay1Tf+8Y9/+L6i1wjVd2RzyVK+mXk5Zs1Q9yqVNTP/+qjsLvuLZA8BhZJ36aWXQnWqD2j1oYDFbbbZBosS1BKfZGtuojCn3AK5BaaxwEf+IKGGIgZYaKGhtwUKbZzDvuTHi2w8UCgeZHN+f/BefjRvdl62WXMsMrP/LSirNwtbSpg1y5s1Q2U5xkVZXKGZDderY09D8sym5plNjXse/uheIWLU72ZTecwMzk1LZtPmo2UT+CEAK3ZKTOgRRAiTBtoQoRwN4viD9sdTf/8rimV5EYaBKj29Qgd2PPCH+PwGX0VfWkCpo9PfszWOmxkk01OaInslUi4/D+BJVc2AfBkjC/OSFjKzYVuZGXOkrIjRaXaltVJLpkCsjFqSP9hos261VfROZEcWYq2vbo2vfGNXLPCpVRB1zQeMWhADbaNQrYxGMs/8mH+lVfCFrbbBXiechE133g3FkQsQSamglBYRTRlAmL6Tmt4JT9PqMnEUN+/1L730EsCHhLrnT5Uw1E72FvmSU9NnTUy1zRrJbyeVnTfLntg7GQkvKh1rckTrw1NC1WQzZeT0kbeA8ULRhekKIRAnaOPF96WVPj8MkBhbQBZ2a4Ac6K3WEAYhbn7w39j/4AMxSDR3VHsnCjzvBY6YWv0qmSyW7+/bAg6ypUjXmCb0Zg49PZOHJWtVgJnO0nBSHsktkFtgDrOAACUBIAIFRAIYGo0GBALI+X+vzenp6YHAgenLL7vssjjwwAOhFTrFoSdx+mD4D37wg+lZ/fHVV1/Nh3aRf2qnSa10bCXpKfrSl77kP3CuQgJy9DH5FVdcUYfTkIAfrVhae+21fbqAkG984xt+JY7GOjODeMBNHyRnALOZj3NygMSvD56vt956w0+N1bbvf//7kF6SoZU9qku8Aky0uktllafVXhpjBXCZNVevmZn/WPuCCy7oVy5lvCeddBIWXWRRP8mXvgJ9JOMPf/iDgmkoKzNN4gd8oPOodi1MJ/H444/351VVqF8deeSR3h46XwL41K/UfoGSOkdqs/S/8cYbPaAlG4k301vf09IqQPHp3GvllP7j5RJLLAH1TdUhfpHkioIwUPW+v0w7UfbJ+PSnP+1XaotXKXraL130DwF0vgQUKi4dMlni+2Apl5ZbILfA7LCAXMKx844drmrSpMl+PE/ShL50c6wYzswj79MCjq648zLk2+mbTMU4wuSXXsDhe+6OF+69AygFqE/uByJ6deWR2PWYk7HKhpuh6sqo09tLSF5A/vOuLaBvgXWPWxDLrPxFfHO3vbHbIYdj/+N+jP1I+xx/IvY+7v+w1e574lPrbIBg9AKIyqPQCNsQW5EYSvO8vetK/0eBkPdj3b/NjP5jz//gnvXZs6aV71BvDUavvvE6UucQI/GTbD6ug0di9e0DUfoOheVss9cCOi8i1crQSI6dWpNPJAkqfGKw9udXxcJjx4nDD2M631/5Ci+2AJALMcDBcBDA7c89gf1+ehxeD+p+uWrCTIqDVuYxu2WXhJbDPPq/LeANOZVNzqHOj5n5DxUr28yGX2mZypnHcgvkFvi4W0CTFdng5Zdf9v9RUPFW2mCDDSDQolarDSebGfTf6uadd14ONck0pO9RCQwSs14rEAjSIMCWhQJGqtWq/299AlLEJxK4oVVdireSgIvVV18dZsapQwqBQCqn1VAKzczniU/lzEzBTEm6SRfpLybJkA2UrlD/obCvr8/LFChiZn7eolcOEz64ETCjj75rnNUqOJFZc3zVa3OSKTIzD9qYGTbcaEPMM888HmhTfSqjD52/8sorYp2tpNVTqnDzLTZX4IEoRdT2rq4uDyTJljoWoKTzJfBOPEpXKKBQtlFbzMzbSqDSZptt5tsovoATYfEqLqBQ/UcyRSqbkXgyEhCVxbNQ/xFR3yLTyjZ9s6zeqEM6ZflmzX5hZllSHuYWyC0wh1pADuuiiywCCxhLU96TXvfjS8J4UCwMt4q53ucYTsgjM7TAW+00bYr8uoBuV4FU5P0N/X046fAjMOGB+xFEMVAjWQAUuvH948/GJ1f7Murl0Uj5MKtrVBdgLIh8e8cWkL0yYqHBRoKGFdFPp7geltDLfj85MEwIDRMLDlMqZaYV0BcF6BtMUG+ExFJC6JXP2AGR4/yLRFHvaRdwKcoKhzyvMa81cwb9A5Us/cMK2cQPoWprTib0O6GnH4krIOUJQhA2lVFGKzVT8985xAIpgamQl9Go9go+u+wn0EVAOLu33H/3vTjhh0dibCFEG9ujDijX51/PPYUdDzoAPSWH/gJ4ASYEsJoEXUH6TpoAzZiQS3OHugyjlJLv/9MCNJSJideYGc9OUMCbPX3Q7cURQNY3sIKANyLx5DRHWSBXNrdAZgGBH/qGkZx4gQFa2SIwRaCMVmNlfAoFEijMaPpjpWtsUKjX4gRYKN5Kiy66KATalEql4WQdS5a+nTScOBR57rnn/IoZHQr4MjPvgJg1Q+ktWVqpJL3Fl5GOJbeVpN/SSy/tWZQuIER8WrGVyVem8sSreCspXXZSKFKeykl3M4NkSSfZT+UFQsmm0lG8ArYE1Lz66qsQKNM/0A99Q0sfj1d+Z2cnVG761zdVl8jMsPjii3ubmBkEwEkf2VoyJeP9kOqQPIWi6WUprZXUVvHLpmZNfVRGbZAtpJ+OReKVniov0FFpIvUz8aqM8mQjfbxex8rPbKN6At5zVJd4ZGMdi0+kuPgz2nzzzbPocKj/eKn/uHn00Udj++23x/rrr4+NN94Y+g+KArVa9ZL84YJ5JLdAboE50gKaqzoXgDceDEx8A+W0Aa0OCpy8iVnZpFktf1bq/u5kp0OrB9Ri2baY1NEWV3HMD/bBlP/cC7iI97UUCCvAmAVxwBnnY+nPr4p6qQ0xQY4GfcAJb77+7irNuVssQM+MIBEKZRQqHUCxgoYLkRRKsLYOBExLy21Mc4jDAI7zr2K5Ey6k80zoNhFZi7gPKBqyLvWHclrDwIQ3ACGc+PA2976rlpHeDalC8jvnwACPPvMCBuMAumASPnlVtqeAv6I0BQRcZMTkfG+xgOwzO2m4ascYKR0iHmk3nScOXi6pIa72YMuN1kJaZ47OJYOJ4ydiDC+yC48/HosXCmgH70MIUHAduPvNl7HdwfvhsSmvo8+qcBWDVSjfxewDvKCF+CcM0wRCmGvEO4fGWUoZ2jN9snAoeWpAeby4kZEBviMaME2IaTddpzOiabk+oke8hIY1IwCYsu1TCM/f9/QzHsCSkyEnwsx4HbYyD5fKI7kFcgvMARYQwKDvEwlgMTNotZDUFqCgj40LcNCxSNd9K7WmCVzIeAU4yPnPZJoZzJqkugJOalQ2I+PES2X0se5W+YorXXIUF7hg1pRjNjUUIKTXy8QjQEpyBYoJ5DCbymdm/lVB5YvMDAEBEXCTviprZnDO+XFN4B7+xyZegU6tbLKpSPpIZ+kXxzFkI9UhXqXrWCu/ZHOtVhKf5ClPbVYbxNtKKqNzI3mypcpIhurKZLfyS14rKU9tNTNFPakeyZE8M/PtNzN/zjDdZtZMN2uGAu9U9/zzz+9fa1RdOs6KSaZ0lp1bz4fKiUfglVZxydbikS103NHR4VdvSZbiCs3Mv04q26oNWmVn1tRD9ZqZRA6THFeBVVqJJ37VKduqvNpr1uzvShN4dcQRR2Dbbbf1H/tXfTOiYeF5JLdAboHZboHpZuOcmeJtSQou+4lPgoMvQODquQfvgut7Ey6JwSGZY1zL/DXzAVpDS4AWSumvzJD4wDz1lPp7R0pHw48ffGqeTkPMb5Xhy8QsM2OCn3FThyxkWbSQntW/H8J0G1VFK6W8N4vMjLYSpQxTBDpmXmdnO3VPoVU2Gt9Tfe+oMYDq+Bew37e/jkl33wjYAFDvRQMJMHJ+fPvYn2LUMksjaQsRFBMkMfNph45KGxzl8gcZ6XgaSh3cDAhMEyVwrIW9ZOgY/3OjTiwxzDZduUze1HC6M8K+of8YODOajpu6U1I6I2KTU2rxbutnEbWAQfM8RBFqjYj34hhJIyUZHPESWhrFJECB9nFgekKepMoy9JXZfidi/S6hfUkY2qbv60PJMw+k/3BuQj0iuKSBoPdNvPDQHcyJ2H+MYXP310iaUo8mNVNn3S97xvsV/t7Kr7DCCjSx4aU3J6A/BiKetaTBHxmM9lAgAuPvrYa81Gy3AG8i4MBlPLO6uRTSCMsuOD8WGxlC2KTjuSxQqacfehifW3QxnPXDo7CgldFG/qBYQMS8+156HnsefRheGuxFP9gxeHGCNw9YCDiVJhP3kF0lIBkvUh7m+zuxgAayeuStqmvuxYkTkPIC07UoJ0CDzzsRk/PkFsgt8NG0gK5hfWdIgIkABL2aJkdfYMgDDzwAAQuZ5gIJsnhrmMQJzMwDDkpX+e7ubk5eGjqchgS8tCYIPJDc9rZ26FtcrXmKCxySjmbmXz2Ujq0kMEfHGo/MDPpOosoJJFOaZLeS0pQvMiN/yPsED5SekfjNbBjcQsumPNWXhQLtBNBo8i426aowI7NmHQJQBLgoXeUVSoZCM0MmR6GZeSBRbVB+K6mMSGkCe3SedI5Ur8AipZuZAn9OfKTlR3yymUKVU5bq0SuIApNkA+knUlz5raS0VpIs6aNQJF6zZv2Ki2Qf8Sg+PWl1muSprOqUjQQ8SZfpeXUsO2e86jtm5ttp1gzF00r6Dtrvfvs7nHnmmdh8882x/PLLY9SoUZ5F9al+1SX9JFer2PQxfp0HHXvG/Ce3QG6BOdYCGjM0Z1UD+l95Ea4+QLcjIhj+1vuTeHJ6qwVaQa0sLq6+KZOREAwJ6FgF9N/S+hRgYCIO2+N7GHzqSaC9ApRKIG4Cm39BHHzeRVhy5VVR6OwCn4kDFjGLRFAH+fa+LZDQmhAQMkSOPtwwpTwNQzQtsPa+q52pAH32weIGXK0XvS+/CDCu71BqTjDTQrMww81C2TMVrcmWPrpap/s8nij648897RHf2K+uSQlnpM1jInkzFZJnfCQtYLygRFJOSw27YsNXOMC1MUFjnzpcrX8KCrU6lh83P3519BFYJgjRW52EUjnw4MpDk/qx81FH499vjkdfEiKK6ZRYEQgLQEFxRxQ6QZGAZ1YXxef7O7EAn/ZEvKyQUr8AABAASURBVM7++/wzGE9+CwKsueaa3lmd3hlldr7nFsgtMAdZwMw8ULPccstxIppgypQpHkwRCKXVT1rBgqFNIMxQdDgwM8RJ7EGELFH3awFYAgWytCx86KGHfDSbwKieqp5WMPXRRx8dfhInGSK9LqeQ2R/JXeCLQI/x48d7u02v5OOPP+7tKluINGaaGRZeeOFh1qWWWsq328x8qPbqG1my/zDTUER5sqHkCGQxa5YR8LPAAgt4LjPzoVYu+UjLz8SJE/2RViApotVXkvPYY4/RzyhB6ZItUlw8raS0VhKfSGmS1cr7TuN6/VJ2VNtE6oP6TlbWL6aXI10FPol3epqeV+CU+ucXvvAF7Lfffvj1r38NrbbSf0nUf6vUB/xVt9ogMFDn6IknnsDTTz8NAbPIt9wCHyUL5Lq8KwvoPlMigKI5qy/Y14fnn30OAZpjpMAYpSf8yeKM5vt0FqCbBrpmJIeGcwSfEsT806qzgiWwuEbc6lXU33wBP9jp60ieexaoU0g/7VwrIlh0eex7+I8xZr6FEDUa/nuOGm/Jke8fgAUSAleiD0DU+xKha0gkIVpHonuo6LlnngF6JkPLHtdaay0G7D1Rc95oZjBrksrNSnKzUviMZGsA0iRFT85qZBBm/sBjjyAJDHDGFEBLKH0k/5mjLaBVUuV6hG9vtgU+t8BIFAaApTsr2HHjzVAh+NQWRVhxwflxwf8dhzUXmRftdJw4lqJCnOrBCf34zqGH45VqA9WgDAQEsAqEwZpXES+ctEkM5mgjzWrljRWIZCcRDZyGDvc//gh07ema0/dZyOWdLYU55RbILTBnWkDOe7FY9M69nHi1QvdbhXLm//SnP0Gk1TozW5Gie7T4b775ZogkT/drreZSeivddNNNkCzJFnCiPIFYd99zNwQE6biV9KqyeLM06Tg9qX6liUdghQ85ORKoorxWUpryRWpndqxQJF4BdcrLZIo3I+UrPQsFsggouuSSS2YIYN16661+JZpsIrmqQ7I++clPen6lfeYzn/FjqZn51/fEIwDF/9tpTLvJdtddd50HmgTiyDnTedFKNdlb8jLSa4nTlga00kppKlupVBCEAf7xj3/4etVmkdqmUCTeVlJaK7XyJu/hKbrsJ1uoDrXbzKA+Kbkz+i+WSv/Xv/4ldqjdmS5Kz+I+c+inra0Nsr3qUZL45Dip7epb3//+97HYYot5+6te9Un1N30Q3wWzfborFXPKLZBb4AOyQMoHsGbmV14CnNiaw5OPPIZCEMC5ANrkcGek45xmbgG/aop+t14ZdJaivRRiRMEQDPSg95VncfT+uwEvPgU+tUE5bAcIFXYutBwOOe5nGLfEcohTR7s7aDxu59hMhnyfiywgd1tuo0I1ywUOIX3Ixx9+BIAjwV+Lug9nczWfOJt+mhrMpspUjSY1GoT0moM/5s+DTz+ORhKhxAkYODh54kUFEfPz/SNsAaNuIgbT7y4B2oplLNreicuOPxkPn3cBrjn5LCxGQCqoDSIk4u+qg1i4owM/2WMvLNtVQY1l+omsaLHVq7UU2+y9D+5/+RXEQQXoqyJlGhJ22zRmdWSeSd3MHNrJi1YaSh4OWvMUH86YKyONWhVBuYj/PPMEdHn18enJqquu6tuaORD+IP/JLZBbYI6zgO6vUnrJJZfEt771Le/ICyQRGKB0rWD58Y9/jIMPPhiPPfYYb7XmeZRvZtBHsf/yl79gu+22w0EHHQR9vF2TE5XVx7GDIPD8AlUcJzIPP/wwjj76aGh1kYAFpd9999049NBD/fepBCKYmZ/gSob+a5zqkkyR0t6OAhf4+oIw8Gxm5nU2a4Y+8X/8qB4z4xw88bJU/8xI4JsArV/96le45ZZbPDgnEER09tln45577oHAEn3XSdUK7FpttdXQ2dnpARiNoZtuuukwyCJZsot02HvvvaFVaYqbmX/F8sgjj4TAFcmSXJ0/ATI77LCD11fyMpp33nk9eCabikdlBArddttt3onQ8Z133omf/vSnmDx5srdTVlZlFBdPKyltesp4ld7Kq3iWp1BkNu15kP1kD9lLfUFlZGv1wVNOOcUDokoTqa3qO/rvgeqXsot4M8qOxSs699xzsdNOO0HnQYCgVnapD8q+IsVvv/12aLVbwH6q8gK8FJZKJX/uJSen3AK5BeZMC2Sg+he/+EU2ICWwkuKJRx/zix7kWMvRzlYWpXDQMRlnvluC1m9iDccxd29G4CmlcZpAXwK9Mtjo70UpaqA9aaD3+Wfxf3vtAbz8LIhc0RhVVGs1jFr8szjw2BMxeuGlEXZ2wxVL/l6nMVtjPhmn2c0C2NvQNMxvc9DU820Y/lcW2wvR/+KbVfmqWzSr5E8vV3WJpk9/F8cpeWX3iG6x/2+GBl5nCQEsw3NPs18YM8gj/1H3V83VeDhb96YGs7FKdXQNQlpmPqp7BGoGPPnCi0hcgKQRAbKaJdBAIuPxGkO+zaEW0FI6ASZ8et5dB+aJDCN5iss8z45Pd/WhvAJBy65CGcuPG4cLT/g/rL3YSLSzuSF7ppUcnifQtefRR+O2xx5FnbxWLgPFAkCHJjWBWCIWyPcZWsBfP7qeaG8xFDiRb0QpHn/+eQzwWhs9sgvZE2tdm+LJ6Z1aIOfLLfDRskAr6LDbbrv514MFsgjwkCMvbQUWCJzZeeedff7222/v/4ObXsvYfPPNPQDy1FNPQU9VJU8gjMqJX4CAmfnvV5nx5s0Mvb612WabYastt4LC/fbbzwMt2YRW5TXBEShG9mmABDODc86TWTNuZjAzaDOh7IoMkZn5PLNmOJQ808DMfH2qQ0xmzXJmMw5lJ4Et0vn//u//sMUWW+C73/2u/+92AlCyVwvVHtkmIFDyzW9+U6L9KipFBB4KxBKYI5BGdhfYItpqq62w5ZZb+o+LCxDUCjbZKQxD6LxIvuZGX/va14blSaZI5ycDucQv+ar/gAMO8N+DUp277747BF6JX3IzEpikuMb4VlLa21Err+KZnOnLKE+kegXmSX/pprbL9uo3AjkFbG6yySZQ/nrrrYerr77at1sfrlebZHeRyon0sFMyM9IrnHpVcNddd8Vaa62FDTfc0Nty22239XGli1eyVF7nUnromznSQ3k55RbILTBnWkBjjK5rzVm7R40G4gSPPfQflIslf19QqzTnFfnVRUrIaYYW0HhoCOhqG0oE++br7kZHkuCJu+/Ccbt9D+idAvg3o+gohCMw7/Ir4aifn4ZxSy2LWhryAUsAsBx/8n0utYDAYF1LIiDx15iutcf44JITK5QqbdA/fFHzs4eMis8ucrOroqwefZRVg5AmOZ/+7GdAPAPPTZqCPgIdVuAFYU1OgVe8spoH+e8cZIGEuooY8OaSsNPrhiNAqkhHJQMo62GCagg6OgYrtaMxqRfzuSJ+8YMjsN5i86KNgFd/LUGVYl5KB7HbT47GTU8/jsECu2ypALCvxBJGR4Qs72CXTqLpWZXWStPnz+nHattQG1KGBrzw6st4bkKPrIfPrLSSX1HAHOiGpjCn3AK5BeZMC2iszTTXqhStxtmcoJTSdN/VNV4iiC2nXoCJvk305JNPQqS4QCt9TFzAS6FQ8CCWM6fiEMhw1llnTfNtJclUPT09PXju+ef8a4NKE3Cg8pKj/I022gj777+/nwCZ2XDoBX+EfmSXkSNHQh8mlX20OkrfqBL4onYIiBE4IpBFxwJM9Mqgvhel9mZNOeyww7wMfYhdQJOAJ5WRDfUq4bPPPksHIPEkebKTzoteg9MKI9lQ8jN5Ov7KV77igUPppbqkk+ICk7Qi6eWXX/bnRm3Ivp+VlZ/d4b777guBRqpXoKD6nWyn/jV58mSo/UpX/oorrgj1H7VDbW4l5U9PKqd+LmBWNtCKK5HiShO/7Ck+M/PAll6/1LHycsotkFtgzrSAxkpprjFV466c6oTz2VdffgV6Xq48UXPFCMdX45Ee4GbEQ5WZSj5hLv7R/F80XRNpD0tSOFIJAcJ6gtqbE/HcAw/i+L32gQ0MANU+YKBBkDDFqBU+jX2OPx7BuHkxwIc2QamIUrlAoQkp3+dGCwiDSVyCmNTavldfehmNl15kUoLPfvazfl7Ig3e/fwAlmjPTD0DQOxUhlC5wBKpYYAVOXORF8xLBY888g4EoQhPpA4hvQAOSyekmb77PgRbg03NNSqW5wQD/AXZClozq4gg4EFrgkAxWUXIh2lKHhcptOPXgQ/GlJRcCn6+gDQH4HADPIMFuPz4GNz3+GPrYJyJOTFM4iibxmBGA5aE4Sf1I5NPzH8j8Mld/o4HHn3/OA4MoAyus+GloMzMFOeUWyC0wB1vAOedBJzVBTryAD616Ofnkk6EPu2sFjXjkCJQIZCnUOCxS3MxgZh7U1itr+j6eCzjGUqBAGgEsv/nNbyDQQbLNjA/iUj+JcaxbpDokT/kCFPQ63AknnODlUsxHepfO84yex7+m9vnPf94DTLKT2qU2CTgREKK0bbfdFjvuuKNvTxAGntcfDP1ccMEFw69x6lyorFnTvooL0JIc2UugzZe+9CX87ne/w3zj5kPgmnMk6SNxCrv5hFx2HDNmjD/HrTJUXjwCak4//XR84hOfgHQWBUEwHDdr1m/WDJXfSuIVKU06mDX5zJqhT6c88bSSWTNfuqqfmBlOPfVU3+eUJpupvYrrw/PSVe3eaaed/KuqeqApWyi9lcTfSuqjsqWAO5XXqjazZt2Ki1fOreoSePjVr34Vhx9+uJKhh6c+kv/kFsgtMEdaQOOPmXndP/PpFRk6ICjgsYfv5/y/QeIxJ7qOvoD8R73pQaaWPWmJz9nRd6J90wbibLY7O6aLxMQEUV8/ugLnv3n1Im145H7fhz7gnmIQ5UoHYAV0LbcyDjj2BJTHzosBc+hr1JieYLBvwN/7kW9zpQWyvmK8liDSdZU0eK09AOgtKBi+tOrqvu26Z/vIbP5xs7k+X50me2qwln8rocqfux/7L6yjG7GFQOLgkgRhzIuueaWRI9/nOAuw05eLFehCQBID9UHwGvBU5DkOohRBUkOaDKJY5HmPEpQLZcxPOmffH2Cd+cehihjqAmZFvEwDfO/En+CP9z5IECtEoXMk0kYEEPiEX+tIBoVEx+LUEPECSy1hooiB3xVvJZ84F/8k8DZwDvUwRNrVjUdefAU8GwDvQ+uutx7kCMkAuibNTNGccgvkFphDLSAHXqprlY5CXdfrrrsuLrzwQlx88cXYa6+9oG9QLrjgghBIFXJcECku0EbfztIqoD/+8Y/+CZuZQTIcJ7qO44he3zjzzDNxzjnn+Nfh9NFuAQYCFgSkjBs3Duussw70vSt9oFuhykuXjMwMZoYgCKC6RRqHRAIyFIKbHoCYGWPw/Pgfm9qssgI4MtasbtWVpb1dODA44AG8n5/6cxx77LHQN51kGwFIWi6v19/OP/986HU9s6Zukmc2Na5jkV7jvOyyy6DX/PStCIHeffYhAAAQAElEQVRPAlZEigtokrzzzjsPAhn14XYXcP5Dkt5mTZlmzXCVVVbBpZde6r9RJjBRtpLNBSjqA+aXX345xCNASO1VvuyhFWA6lsxWUpps73hepa9AIckTT0BQTmmt5NODAOJTugAzD05Fsf9emNJUTudBK9nULtlQrz8KzBw9ejT0nyj1uqP6kPqi+s3g4KDvYyqnVVqSI7nmmu3WsVa7XXTRRTjxxBOh/za47LLLQvWrjSLF55tvPiy00ELYZZddIADxmGOO4dyiqOKQXmbm+5FZM/QZ+c/H0QJ5m+dAC2j8EWlMW3+99dmCOugE4LmnH/Hf1LU0JABTRiF20CIIg7a3me/TR/HO+TsNJW6OoIR+VwJL4Ql+oy/AB9i9PZM5/09RqBTQ3VlC3DceT951PU48dC8kPc8jRT9YGNV6A2O+tBGO/vmF6F5gcVTon+s2US4VOIamHE+N7px5+VPrcQBTpxIPW/aEedMSkDB/emLSNLt8SNE0ifnBLLWAUXohhr+WLCnDJSGKLsErLz4BxBFzE6y73rr+vs2DD2V3H0qtQ5UuscQSQAG8YIAH/vskJvGC4bjTzE0ZiBjk+xxuAU1CU51MDlMeUAI0GPkbDIGtoKV5jSk9KBK4bKvWcdphh2PzTy3HGxNQLIdwxQomceJ56Ok/wzV3348JA3VY+wj2oTZKcACBK0b8ziM/sPqDj/kPsTwQL4Q+xqdr7MEnngTPBGRYXYNm5i2kiYFZM+4T8p/cArkF5mgLmBknm1PpU5/6lHf+tUpHANXf/vY33HDDDZ4UF3C17z774lPLfQoCNtT4bFwwMx16EmCw8sor+9UtAsb03wrvv/9+3HrLrbjyyiuhD8Vr5ZVnfpsfvWZ28003Q/Tvf//bfyRdsvQKnOpV0SwUGHTXXXehlf785z+LxZOZcV7FGReP9J0kfXD9jjvuwN1334277rwLRx11FHPe3a5vVqktstVf/vwX6AP3WtEm4MlpNt8izmyqfVqSobYIFBQgpvLXX3c99J8HZW+BLPqgvv7Lo8qYzViGWTNdwJGArwP2PwACxq6//nrcdNNNEKAm0EbAlfTSx+FvvPFGCEBU+2VfnVvV0UqfWfEzkI1kU30A/b777oP+0+JCBIHkJLbyKq5zK74777wTOt+qY88996QzE3gwUjytJGBT3/rSyrG///3v+Mc//oG//vWvkH56/UDnVn1AsqSDSDooXHjhhX3fbZWn+5UefB5yyCEQOKYP2LfSVVddhV//+tdQXxHA1Vo2j+cWyC0wZ1tA40XWAo0FJgeSs9mnHn0I8eAUD1o5glEB3Q3nv/vqZ7pZkY9VKHdI/rQItJEjNZI6Oke0o17rR3XKBFj/BNz5tz/h50f9EG1EocJiG4JSCaDTsOT6X8YhP/4pBlBGjTYdP2nSkP2St4zLQxl5MJdZQLOOIAH9dQddU9HAFDz5yANsZcL7fQGLL7Y448299dpspsz6Xzfrq5hxDWYGDUCjx44GsQn8+7+PoZpGiM2B1wpggCfk2xxtAZ1M0Vsaoa4nGsoQyBU4FMoEo4ICOkZ0oLtSwkn77o1tPrUM6nwqXk8HUU8b6EGK/X5xBq6gw/NGwqurowMcdYE4Bdh/QJTf0Y8JScZs6GdmhI/HpptZQttUeRP79xOPo63soGtP16CZIRt8svDjYZW8lbkFPiQLfIjVuumAF4FRokylIAw8IGFmWdJMw9bxQuBKzAcShULB8+tVsuk/wm1mMDOfrx/xZvVlgInSzJo8km9mw8CUdG8l8UpORi5wcGyfyilNoXgS78wo5d2R2qQVSbKP9KzVasMCJHv44G0i0kfZKp+FkinbqM1ZvvL+l0xfjg+DGlFD7L6t0jHTS+WzFUzSWbLNDLKLzgem20z3XaYpT7IZRfbNM5XVcStloKZsqrrMDBlfVh4tm1Z+SbZWBapMttpK+orfzKB0FZEtFLaSWbMfKE31ZWRm0/Qj5YtkC+kjmWampJxyC+QWmAssoGtfzTBrXteau84zdgysrYxX7/83rFGF+fcuIrIlcPxt7nICMmqmDP9O7xcMZ8zpEfrRNFM9APS9YfPjfIJCWxEN1NHVXkY3EYmHrrsavz7+aGCwgcFaisCKBAJjLL7uJtj78ONQbOtEW3sbUjoQFfpm2TlAvn0sLOBBYF4jbui6co0aXnvwfri2CsaMmYcYThPAMjNvj9ndP6Ze47762f3jsMUWW6Ma8SJj1bfdfy8i2iH1Qw9V40SNyfn+cbBAkgJxAs5mfWsbdBSKhQLmcSlOOnA/bPHF5VHhnJ1cevMNkwEc/Muzcc199+P1ahUIi0wJSY7EXYwEazx4xcOP457qWiIlRpsQRNTblbfffw9vYLxfVRNsvtlWMAu8aWb3wOMrfR8/edHcArkF3r0FBBxkpeTst4IGWVxjgV7dU37GO7NQvFmeZGfHAhGiOIL5iXPG8dYwA1tUn8qII9PDzPyrfDoW+CMgZHrSq2fKF6luyZEM6a40yTQz3lYKSn7HZMaBk9wCQiRT9fIQkqvwvZBkiLKy9UYd0k9poiz9f4VmhnK57HURoCQdi0Xd/wCzZh64SbbAKNlYtpENmTzNLh7ZSXlZ25KU9+FpuKYemNnwK+dKVVmFota4jjOSbMUlX7oK1BK4pjSRzqFCAXqZHSRLH3ZXekZm5ttnZtA5aX1NNOORfLU1k5Ol52FugdwCc4cFdH37ltCx3mLLzZHy4TbSOh688zYE4JjqaeZjmC/7MfhJ6EcTd/It1WdEEtqrFg1AIF83/aqb/3glzj/qh8yPAXNIajHqhU6s/JUtcOCxJyKtdCEsVNDX1w/ZPE4SmBny7eNlAXYVqM+EaYSH7r4NSCIkg/3Ycosthw2h/jF8MBsj9GxnY23TVWU0y9e32danCpC49rabkBRCWCEAiqFP55WDaUhARys1ufLfd2eBD49bA2ArOQMyklb1uj/fhVIFqFVRiGJUBgdx6r77YOcNVkVKnoYBCZ8U9PN2dcAZP8dF112PyRyDY3ASH5QBY9+plDnRjuBlt9Y3fRxz72Zm0JN3M0MaOtQZXn/37R4ABLevb7str0DmDQHFZgYzY06+5xbILTA3WqAVOJCzLwAja2cWNzP/3SDlm9nbjglZGcnQN45a5Stu9vblxaPJj+pSKDmtMluPgzDw45nGNMVFAkPELxKv5CkUoJOl6XhmZGb+g+jKb29v96CQ4iLJVyhZWVxtVJrIzBS8Y5IM6a52igRCKVSaSPF3LIyMsplZUwezZsjkaXbVqXoyW5iZP59mzVDMWZ7k6TgLFZ8RZfxmhiwObq1xHr5lz87N9Bk6h0qTrpkdzAz6j41KbyXZSKRzov9q2JqXxc3MryBEvuUWyC0w11jArDlmmU0N9Y80kDaAgT7cffM/4ZIaCmGKYlBAGiV8fp3SfdQct0lzjTGyhhCUYiOzo+HQzBCQSghQgPNjfowYLkjRZjGu/vWFuPSnPwUTgPoAkJAqbVhl462x0yHHYTAoou5S9NEHK7dV6G+RNQygLTVgZqT8aYgPzpuvVA2lZvpmIXXDNDTEN5PAMb2VeJjv794C76hEAENo7D2WInQJXDqIu266nv2lChDE2nzLLd4ix8zekjYrE9QXZqX8t5Wtyr+02moYOarTrwq588EHMRjV/esCca0G/yRQTwNFbyspz5wrLOCGOv8QoAIObHG9gQ5XhI2fhCO+vQt2Wv+L6EiBSrGAclsnJrLh/3fxRTjzystR7WhDPwdc8EkBKMt1djL347trop/SDo04ggUO1biB6+68D1pW3MVrbs0vfQlGW4vv42ulvOW5BXILzA0WMDPfjHcznmmlj0ggz6RJkxCGoZeR/3w4FjAzmE2lD0eLvNbcArkF5gQLrL76ahgxciQQJ/jvvfcgrvUiqg/y2TcBGb/8SF7mB92Sj748fw9MUgTgWMrQkMCqVVQGq7ji3HNxxSknAbVBhOUCUG4HCm1Ya7MtsP1e+6C/WEYvAaaaiwlUJb6xZuZDAVc+kv/M9RZQH3I872nUQBjESBr9ePRGAlgErzq7R2CNNVcHHUhkm1mzj2THsyN0s6OSt6sj5sCz+VZboq0D6G0A9953Hy+qElwY6pIDHFU00tsJyfPmTgsYEHJwDYsVjOQAW5zUixN2+g723ngDJLV+gsB1FAtlDFgR//e3y3HC5b9FbUQ7Jgzw5jU4CIgIdnnjEEUmbOyjH6efRi0CeA1pMHrgoQdByxDIAjbbYgsUXNGbwsxg1iSfkP/kFsgtkFvgY2ABrQrSCiC93qa4gCyt7lHTBWwpzCm3QG6BD9ACuajcAh+QBeQ/brn5ZujoKAPVfjz477tRKhpKYfgB1fDRFiOMTjS9lmYGPcSPYDBHe0TAWPpJ1/3yItx81jmAGeASRIP9QD3G2jvuim/ufxDqxQADVkX7AiORtoXQP35Cvn1sLdCo1+FgdJ0beOSB+4AaPchGgq222ByFwod/jbkP+8w4XkhbbL65VoD6V5tuvOc+jK/WEXMAEoj1YeuX1/8hWiB16O8fRBrFSOsNjCDgMjI27LHFVjh8u6+jTUtfGzXU0jr6qObJV1+JYy78JdKxI9FLlJiP06Frj1cfhjc9UBBlwNZwxtwZ6RscgBWLtIfDDXfchZjNDHjVf/WrGzOW77kFcgvkFvj4WuA73/mO/y98+o+FIv2XvD/96U8faYPkyuUWyC2QWyC3AGBmkP/Y11clEFPDg7fdgfrkPr8wJBx65Q1z+ebkyxidmiSFviOo5iZpipgUxXXU+vpQjgZx/ik/wTUXnEOAr0Jb9TUpAjbe90Bs9Z3d0GgbgYR+d0AQq79/AIn+KZaEvWOiY/GOeXPGOcEC/fS/S0EJVmvgnptvBjsVQDxr4698hcAWhjczJg4fzb7Ih9rjeMkBhRDrb/hltBVoJJrkpkeeQF9bB/pppYgXJJj29jT7jJXXNAssQJAKMyOe//ZKGWmcsJuU+MDAodrTh/nZV/b78sY4bvvt0QaN3tLLELR34fwbr8PRF/8KkzgIR6EDigXUq7y5GYCwBKjTibI6deG9H6LYj/Le3d2NugWotY/A9fc9jAoCtLkSNt7oq+gnAJg9vTGTgT7KLcl1yy3wgVggFzIbLWBmMJtK01dtNjXPzKbPfsuxmXl5b8loSTCzlqP/HS0UCsNMHR0dw3Hn3HD8g4qYmdff7J2FH1S9c4scs6bd5pb25O3ILZBb4J1bwKx5/Zs1w0qpgPXWXx+FtiJQi/DkPQ9gZBIirQGNyJrTfQM0zxWl9Cdb6S2+xztX5UPlTFwCkQevqEmQgC1jWtxAPaojCg0xeQKLUWgM4Nennojb/3QxCuUAjXgAMHAr4iuHHYd1v74z6qUKJvb3004OYRogHEwR1gFHP0mvDWbEFLRSyoyplBLfYL1ME3jmiY/M9e0tH0+bAJtAtowAKj4NUfzb7O+O+20E5Vn/2wI896NHzYuU11GltSiSRAAAEABJREFU4fDAP26CtXWh0taGTTbZBLVGHWbm6X8LmzUcH/wM7V3qWR0YQJkI37rrbIAGL8Enp4zHfc89h6q+exUE0KDzLkXm7HORBSwFB1E1SF3Vob2tHenAIIKeHuy44UY48bvfQzeAkCDN4GA/gU/g9/+8Dj++8EKMN6CKBK5SIYcDIg5/vOA85sWoD5kzN+96DaaWxLj9sUfQwwGpDsM6a6+LAq+t0BzhLBrpXRkgZ84tkFsgt0BugdwCuQVyC+QWyC3w4VmgUa2hrVTGuutv6JUYePZ5vPjYf5E2IpjN3XPbDLzyoSUwRlwao8Bml+nuoL8PrmciLjj5RNx62aV0hnrQqPbRI4qhh/lfO/xYrLf511ALK2i4EK5A4I8gk0CrIKFvQKJIb9f85+NpAb2iS8QTj99/P1CvIU0SrL3uuggLBTgXfOhGcR+mBqq8q20EVUiw1de/hgFEiK2A6++4FUG5gqjBC425c9WeN+Z9WaBB8MqxbwR8wlBAjM2/tBp+vMf30IEIBYvQXioiLZbw+9tux4FnnoU3U8Mk3uTS2CHtq7Fuju4ESnklEvxPMLeDWGkEjj8Jrr35X+iJa+inzb6x4w4IwiJK3g6Y62/0yLfcArkFcgvkFsgtkFsgt0BugbnGAoVyyf8X2e2227bZJotx1y03oYMoTlob0Ay3mT6X/TqCS+AD6YAujKVNNyYliFUoOXQUA7TVG5iXk//fn3AMnvjrnwFXJnXRCgWg0IZv/PA4rLzRZojpBzjnUCo17Whm5Mn3WWaBOUiwEeoMohosGsDNN/yTAGg/EEfY4Zvf9AsfguBjDmBNBQ8cNt1icyAoehDrultvQj2JEVZKc9DpzlWdHRYoFApo9PXBFYuoT+lFN0GrrdZcFSfu/32MAlCMGgSsquhh/Pd334M9j/0R9PpcygHcRojDAdxhZJjLd2J3aPCm1kgT3PfIQ+jnDS3iRbfmOusAulG5EPmWWyC3QG6B3AK5BXIL5BbILZBb4KNsgel1S+MEcqS33nIr+Dct0kHcdP3f6HT3oa1oMM59py8ztxzLjfFt4RwfIgEOSQO1yeNR7OvBKYccggf/eS2KQrj0GZViG1Dpwh7HnYjVNtkSafsIVPV94TTFpEmTMKJTi0m8xPwntwDd5AQurSEkgPXoA/cA9QEgbmDttdf01hnuf/7ow/n5KOjgWz6yqx3rbrgB9N/SXp8yBbc/cD+SYgjvaIMb0WaIGM33j4kFBLKoqQoz4rFALDQSlAohHJ80jCBotdEnP4Fjdv4WuovNLm28/Aoo4+/PPIc9TzgBrw9UkfRXgaAC6FXC0IB2PpX4f/bOAkCL4v3j39l98wowMfkbvzCxfip2gI0ooqBgFwomKioCKoqFhAEqIIp0qQgCoqSiCHYXGKh0XL+1+3+eOd7zQEDiOC6+d/tszM7Oznx2392Z78TKAtX0T7vfplwHH33zNX5YuAS+1Mw0PO0M7LzrTtU0xUwWCZAACZAACZAACZBAdSdgJH+r5YFoMIpTTjpBkmtEwFmMzz98V8oGBVIK8GDLjVp2VBMf1WWSlKE4HkMsFkMo4CIgFdRZUk7K8VPoft89+O6Dd0XIS8AVEc9BCpHMTNzYtRf2/N8pSGRkITcVQzAcsjgyMjKQTCWluG3WMN9xBd9fpmWKNcwSdkQ6KzEb2LpmKrCty9bll26VgoAj902WSDDfffYhCn78SuLk49RTTsbOO+ws65VjKintb0FctvhQL4VYkQgLEtDVV18tc8BzgUGvjUKhAEw62z6KNlKcVUICDlx5igeKU9gtFME5R/4P3e5sj93lIe7LIzWJOBIS65k//ICbH+2KX4oLkF+Uj1WyRMBBLG8FSmouUC3/RD/HyngxxkwaD3nPIBVPQb+6JWiAZBKQ31e1TDgTRQIkQAIkQAIkQAIkUK0J5OXlISXizTVXXSnpjMOPrcSYwS9jh5woTDXP4ybgIyMrC6lYHCgsQuHChbjv5rb4etpkSMEaTiiIolQ+nOwc3P5gF+zf4FiYnNpYUVQE7ZmhYpQxRrht3sSjqi8BIwXF4txlmPj6GMA1ktAkrrW/MaBA7p+UL07beNq26pAycQyMWxKNFuedh4MPPQQFojpM++EXfPvbfGg3qDUYlUIT5cKIrbGTGzWJgAO5d/wAHDURZ+pGIjhm9z3wQvt78G8EEZIfYHY4E0VuEBP/mIe2fZ7EbxCxVF5s8UQM4VC4GuByJA1iWrukJlvpKSXOv61YgqlffG+d9v6/emh+wQV2HVJjY39bpmSTcxIgARIgARIgARIggQohwJNsIQEv4dsuhMb4aN6sGfbbe28JMYUFn87GN59/qvW2sl12kkyxbGrhXE1Wq+yk4lOkVi0USlkmJ5IBt6AYnW6+BYu+/BrRaETSFYd+iRDb74pbn+yFXQ49ArGgEeGqCE7QR50daosfT4xTzSVQcv1VVvHX+rXoAP5L//wdX898R/AksOeee+LC1eVHI7qNrwfJnm05lfyat2UMRIQIhUI2Br5IeldcepnF6IrLa1OmI2bH6QnIljYYSclydZRZ8BYWNXgyegPIvSCijby7pKYFcEXEqpXycGS9vfDMXR2wDzJRGCtAUtzyBdX7v8xHm0cexE+rVqFItuEayO0HOB58a3KPSZDWDVXhTyO7Op76MLGmbg584yDhOBg+aRJWiZekWOvW1wOlTx0D4+qvTHZwIgESIAESIIEqRYCRJQESqOkEtPubC8nL+h5uu+02KT9qRjiJyeNeRdBLIiCbWhj3PMCT/K+a76ckKyzlyUrdCMKRS6tlX62kdyRdsCaO8IzOAT8eg1McQ96fC/BQ+zuw8odvgORKeF5CPEiCd9gRbR97ErsefBicWjugMC7uVnzwkbsiT/zoOWTBqYYTKLkPfLnDjDFw5Lfk+nFMeH0UkCqAFrCvv/5a+c3IjwmAfvkzIId4sr4tJ4nCtjz9mud2RB2+4oorUKtOLayQXa+8NQUrYgIsHAUCYYG3+lcr+7T1iJqscqrOBOTHhHWZTbP+fMTkxyYKlDzNgWgghFoBg2P22R2vPtUNh0Rz5NWWQggGeR7w4Z9Lceezz+DX4gLEgi5S8nYriBWiyEkiFTaIBTwkXfFo7Akq8cyxcfPlgWPTnl6KCAwTgBHhd3lRMSZ9+Km2OYMTCeGa664DVLSzh3r2eM5IgARqKAEmmwRIgARIgASqKAGj+VkbdwMYF42bnodaOTkAkpg1aQLiK5YjU9yDbgh+WvWRvY4UKx1U9jywxNAPAV5I9AMHrkTX+B6KpbziSwW1LwXgTBGkonmr0OG6q7DkszlAQES5QACxRAyBXeqh3aPP4v8OORbxYBT5iQSCkaiUFFwEkwFkuhERKgTGGpMjW2VNNstOvuwra5ahROxvy7IHyXrZY8quyy5O246A/g707J7cFWrRaAaMl4Ify0fRykWYOX4MEHCw4/bb4dZbb4cbDKn3UnNkTa++LLbJpOffJif+66S+rP6FoE6dOmhy/gUwjoNc2TP+vXftMhYrhmMC4iKTAeS3W2riwqnGEvjr3ikRcjwEkJKXlo9dM8N4tlNH/DeSgTh8OAHXtrya/vMCXNvhPnz6xx9YKdUyxY5BKCMTxfKAr4oY9bcA+U3YuLtBSPKRb3yMmjwZvxXGkHSAC1pcjDp1tl/rNaO/PXsUZ5tBgIeQAAmQAAmQAAmQAAlUPAHRcVaftCQDXHfX3XF+swsQCkk+uDAXs6a+I4XxQiQKCxB0XehHwtQ8zSR7Uiao5FlgFRgcFXwgmXhrQK2MLDheArUlibEFv+L2y1qhaME8wM8DEvmAlGmw/Q7o9GQv7Fv/CLiZdZCSsrN+uyrlCycJz5TaanxckIAQMFIW9pIJEUtjmDppHFCwEsGAiyZNmkBbOooXmf760XiytS0nZ1uefF3nToiI0LZtW/ugUXAD3hiFxfF8hMMZJT9M+f15pbat8a0rBXTbSAJbx5s8mKFmPISQwgF1t0f/R7rgwDoZCKZScOWs2WEXX+TFcXnnzvhhxQqYrCzE4x6igSjCovYEdPAoOV7eEuK7sk4e7LtI4umLpWPpL5eXWDiKVZL2QRPesIIV5Hmjv6l4Kibe9DejJqucSIAESIAESIAESIAESKBKE3AkHx/HrbfeWpIKKXi/8eooKYMvQVbIlex8AiWCUMlulOSO0xuVbmm7cUnVuzFa/S710sZBRCrjvXgRQkWrUPjzN+jY+nL4S/8EIqJmmaikIQTssBu6vjwEkb32RaHk/RPJJIwxomtJmcEXB/HFiQTWIKBlSLFli/6QcrAHN1mMN8e+CrlxoIJv27Y3IZaIAxDxxRrsnyNzNVls6lQu/rfludeZgGAwiEMPPRSnnnoqUsLqq5UrMPObT5FbXCjqsha8HaiAtc6D6UgCZQi4vocsP4n9dqyNvl0fxEG71UGG7NcfpNxN+KkYuObODpj73TysKEqiMJaCt7qWA/LAF6+QX++aZh0ry0x+D/LQgZiO4QX5vZjtdwTkNzRp7of4SdKkDbIand4I9esfjGQyVVkizniQAAmQAAmQAAmQAAmQQLkQCIVCOOigg3DSSScBXhLFP/+Arz+dg6L8FfBF+NEueJpf1pNpOVJN1yulSb7eQVJKJElonDXuyYI8hL048v/8Gfe0uQbxxQuA1HIgmQCk4hq774sH+72MjN32QjycgRV5BfC04t6VkETIchwH/COBvwj8dT84Ul7eLicTIeNj7qzp8Bb/DqQSOPnkk1FfflPhoIijfx1YKdb+iv02i45GQW3NCLRr1w75iZTt8vXi6yPhZ4v0UCcbCYGbfuiomr7mUdyq9gRUWCpr60uwtsLyZaf8AKOxYhycmYPhjz2O/+5WG/lxDwF5kEeCYSwWDejubt3wzZ9/Ih6JIOa4pQMd5ubmSgBrTVqDUdbW2l2Rm0bkNiMvODVthaVJRjImYm8BRk15B3ERtCSpuO3mW8Q5gQx5oekvraxVZHx5LhIgARIgARIgARLYpgR48mpN4I477gBiBYBJ4M0xw5DpeMgIOHC8BKQIiZI/zQmXrFXWuS+F3GDERTjkIODFkBXw8Mf3X6Bz2+uRXPQbAEmPEwE8FzvtVx+9Ro1GYNc9kJ/S0kEA0WgmUp4H3/MRCASwyX9aqChrfwtAGZa1v3mgQyUmYLUUub5ym0EbfHixQgRThZgxeZzcWsWA6+KudnfYlo2VMRl651WqeGnrmFgshlNOOQX/t8+eCGYBX/yyCJ//MR95qRgSbkl0Fbg+iNRKXDgngbUI+LLtASblISMew/apJJ7qcB+O3msXeRl4KE7EsATAL8Vx3PpwF7z79ZfIlxvLywhBf9g5tWsBjhEfMqVFK1mtTJPxkzAiYgGe/DYkTUEHs3/8Ae999xPikv7d99wDp53WCFrzEosVVaaoMy4kQAIkQAJVkACjTAIkQAKVjYCWH3UYmlNOlvLjvv+SbHEcS778GN+ZeHsAABAASURBVIt+m4eQiFiO5JPFsbJFe53xkaIL3EgIWh6OF65Esmglvp47E11vvwlYsRBIisAgeX8fPnba99+496FHUSxiVsKUCFVSlCkN15PyiytiRKkDV0hACYh4pQvVUYz8NoLyG9Hfyq/vTxfnBHbfc3c0bNgQruOiqKhI3CrXVOkELMUTCoWgpp9E1W6XBVIQ7zNmOFZFHSQkxvrDFM5llHQ9ikYCaxOQm8WXh3lKTN4GmYkk9s/KxksdH8Cxu+8B0UZF/JF3gRz2i+y79YlH8NbnH6Ew7KLYT6G4qBie1F5AHv7iZY3JNw7U1nCs6A1fEpU24yEp4m5upoPnXxuBdNux225rB9cNIhwOQ7vnVnQUeT4SIIG/EaADCZAACZAACZBAORPQfK4bcHFnu9uAuIg8sUKMHDoIrlT2OlJIT5/Oh5QP0huVaKkinEbHk7rzooSHQDSMrJDBb999ih533QrkLoZ27YJUzCMURuZ/90P7nj2RsUc9Kc+EEPEcsRRCSEkKPQ2KRgLrJKDjKNsdUn50pCyZEXLxTK/u4pQAipJod9stsg7o7ykSidj1yjRzKlNkNC6qnhtjdBWXXXYFdtm9LpKyNfGjz/Het18gJcKBCljQB5EIW1CT/ZxIYN0E5BaXewaqNKeASEEMO8rymXs74rQD6yMsB4WlZiJflsvF/Z7uz+CtuR8hT4/JiIqrTHqPWSFL1ivxlHAcTPp4Nt79/ltkZYSwxz71cMXVVyKVSogG58NxApU49psSNfolARIgARIgARIgARIggRICWn4sWQMua3Up9v33PlJUTOHryRPx8cxpf4lYUh4wYrZckD6gwpcqpwWkJKv5cgdSUhHzbMMMuy7xSxYXwYkV4b3Jb+KpDncC8VzYbHxKCiuOg/9rcALue6IX3No7Ii8hbhKCTZcsS8rJ4B8JrIeAI/eaY/c5orK4iGPmhHH4472ZgA/ssfcuuPzyK0oacYgvY0p0GVmtNFNJ7CtNdGBbiagCrZadXQudOj0MkZWxAsCT/fsBjoETDMFPiqyVigOiHIJ/m0agMvvW1k7laZBfot5AcOVHGUTADSETDuqFA3i6/Z0494D9EZWXQVSYxIwLqdvAHSJiTfn6J6yQF4jv6svFk2PFgwYlbhB/xhgYYwC5H63pekWb4wLhsDxgDGLFKcRh8PyY4Vgk8cwviuOBhx5GIBCEI//GOKsTIAtOJEACJEACJEACJEACJFBNCIRCodKUZGVl4aH7H5C8uwg7xSsx6vmnkIytgON6MImAVF5LSUDz86VHVOyKJ/nylAlBzZF4uFJJnigoQFCW4ohUYSF2lnLKB+PHYNBjDwFL/wCKiuBpqzJJ5z4iXt37+DOI7rw3Uk60RAiTMoEnljQBqBkp97gwWN+f7xmsab5slzE/BX8DBjnrmra+M9G90hBYHREVOKOBCEzSQyyeByRWYeyAF4B4TO4zoFvXbqidnQNjSu4f1WRWH1ppFlqqrTSR+VtEfCMK4FWof9TRQAj4/M/leG3qFMRS8gAKhoGwyA5+5U7C39JEh4oloL89NXlZQE3ul4C8IKIigNaSF8Gjt9+Ksw45WPfA91LyODZIhTJw5+OP4c25HyORmQE/EpEXhNxnIhbJrxlWE/MrNhnrPVvMk3edvKwkjvrb+HL+Iuu1/jFHoWWLlnCdgETZWDfOSIAESIAESIAESIAESKC6E2h+cUsc87//SfHRYPF3X2Hu1LcREUEm6LooLi7erOSX90EqJGiYvpR3M8IR6GDaUdegtpR5Z44dhaFdOgErlgISZ7hSDkkA/zrqWNz1cDcUOxmIO1I+EcHKN46UX2D/fCnRqNkNzkhgHQQ8AxTHRKwyHjLEpo57Fcu+/8b6PPKIw3DRhZfIutxvMq+sU+WOnVATmQqPd30ESACCGs+/Nhq/+3GsLIoDwQzxwYkENo+A1nTsJjUcj7RtgwsPOhg7w6COE0ZRPAlt8Xdr72cxYNpkzE8UWiELoYicyAE8MV9Wy5psVvgkYlwqZZAMRPFzUT76jB5hfyMajye6PgqNXkBqY+BIfNXRutgVzkiABEiABEiABEigIgnwXCRQoQS6PNpVKnk1N5zE2AEvI5RXgEQsT/LNKXjGq9C4lD2ZAw9hL46glGfV3TeuLBxEAoCXuxDvvzkKg57sCsSKrDv8IOBm4D+NL8Rtj/aEt93OSEgFtewsnRzHSHbfwJgSA/9IYD0E9N4vdooRcJIoXrQIr/V9CXZsNfHfrZfcX3J/yqqdKmPrK41YumSr65XOHClwawSPP+ZYtLiwGeR3jV/y8tD3tddgcuqgcHmexNmIcSKBTSegHwJILF2BneRhry2xLjnpZPhesfxs4yiU4FQw7fT8ixj13iwsk+2CZAq+I3ekTLIJuT3tYpvNjIOUCG4rRHAbPXMm5uVJjOUd2OzC83Di8SfATyXsi2ybxY8nJgESIAESKEcCDIoESIAESGBjCTRo0AAXXNQMbjCMgp/n4Y1Br2DH7aIoKl4lWfjUxgZT7v4cKWm4flLKtSkY34NuJ4sL4CSKMHfamxjU/WFglQ5qIqf2pZwbrY3/NbsM17brgHjmjogFs6BjQsteTiSwyQT0fnNNCrGClXh33BvAwj9hQiGc1fgsHH/M8fLb8Dc5zIo+IF0Ur+jzrvd8xhhb6DamZKkeQ24AHTp0gojLWCVMB096Cz8sW4HAdjsgKYV49UMjgU0mIPdSZjgT4QRQJ+Wh/ZVX4NJjjkMdCSgDjvyAXSyX9cdfHoynhw/HUqmtKQwEkB+LwYvHgaSY7N9Wk7684sFM/FGcxKA3JwBZASQlTV0ffhTxomJE3CDkVyTRMyXmyc/dX9tklxwjiYU12eREAtWWABNGAiRAAiRAAiRQIwgEAiG0v6s9bIWupHj8iEGY9/Vn2D47Angpcdl2UyoREwHLR8BLIIIk6taOYvyol/FKl3uBvKWIRDMkcpJ/d6I48uymuPLm9vCzd0GBH0ZezIMn5RTxsNGT4wNlbaMPpMdqR8AR0TTipOAVrcCkMSMlfR58uR+f7NENCS9eMnqa6jC2FGns3JYR5R4qXcpR23KS0uy2PP3GnTuZSuLAgw/CjTfdIoqzwZ/JJF589Q2sEmErbjYuDPoigXUTCAAi6oSSHjITcdxz/bVo1bCRePXk1ZBC1A1BG/C+NH4cnhs9EitEsfYygkjpL0fHxBKf22pSAasoHMLTg4biz/wi5BYmcfOtt2KfffZBWOKWgg956sD+eXa+xTMGQAIkQAIkQAIkQAIkQAKVnoBUTh922BG4oU1ryRHHpJBejFeHDoRflAfjJbGt/owxNp8OKd+GTRJOPB8Dnn0Cr/fpCUQk7y5TzJOZRLBB0+a4rPVtKHYykBKpyxPZC1JCKTHxwIkENpGAEfkzkbsCA555CqlV2lQjhZtvvwn/3uffCDpB2G6DJbffJoZccd6dijvVpp1Jy9tqelQ4HISX8NHh7g7IitZCSH64o957Gz8uX4akdulST2kzclRZS7tXjiVjUYkI+HLveE5I9KtQqYhVS14m91x7Ndo1PQ9ZEldXXn4xWeaJ9X1jLLoPeRmxzCD8gPx0khXQAit9L8v5154SEv9PfvsNb370njyKgNpZtexvpLg4jqDrioJu/jpEV9X+cilZU7eyVuLKOQmQAAmQAAmQAAmQAAlUPQKrC9/BSBiJZBHuvPtORGpnwi9Yhq9mTsOSefPgrvbzt8RtIN/9N7+b6aACQSxlpPzhSkW5jyHP98CUvk8BBbmQCNtQfc/DGdffgitvbY94OAspE4IjFe6RpGhcUunu2Jy/9cpZ5SdQqWLoilSy4Ltv8OM7EwE3hYwdcnB3h3uR8hISTwNjjCxl0sX6THZvy8nZliffmHMnUinrLSU/1B122RHt27dHOJSNIhGx7uz6IApFSIi78jM2DrSbsC/u+kxKmz2YMxJYD4Gk/AL0XrG7fQ+BRByhwnxce25jtL+4FQySyJLaDjcQxgrxNPitd9C597NYmEogFQqJi06ezNRksdUmDV9NTiD3elxbhgVC6PJMT4mXh2Jxfujhh7HdjjsgnBFFSn4vauLMiQRIgARIgARIgARIgASqKIFNj3aySAvjJcftueueuEcK6MiIAMuXoPuDnaEDqDtISqnREyvxVzLXvLaYClklDps1V7EJq0P2dNBdDU/MMyXBhV0fwXgBXuz1GGYOfAG2S2N2AFLwgP41vKY1zrz4UiSiEWiFta+OkrdPx9mUOFhXzkjgbwTkXoPa6h1S3JW70RNL2nv/pad6AnEpPRYWoGPHDtilTl0EnXCJbx/w5b9ko3LONT2VM2arY+W6rvxcgWDQtS6qov/74P2QEuHqq4W/oNeQQVgVDIqYEEYs7tmuXSnHgRWz5CHh68VTs0dzRgJlCYhg5cdhTBzQl4vcYsYYhFIedvB8XHPGaejY7GJkygvOT8aRGcyAilgvzJyNTi+9hPmxIsRUrXYMkvl5kJsUkBoTiBBmz2LsfMtmGoYNT+KozZ1DQRR7wAo3gp7DR+HL33+G47r473//ixva3GjPZWBk6cjcsb8d2YBsrNvAPxIgARIgARIggWpNgIkjgZpEQLLBgUgQ8IGgVEDLAm2uuR4H/Ps/MAGDxNIF6P/ck4gGE3Akf+8lUpDMtJiBMQaumDGy7myeuXBFKAjKXOIgYcDx4ZkkdOmGpLDhxxCNrcDAHl0wc2g/ICpuGQaQ8gciWTj3nvvQ9Oob4efUQgyAG3Jg3AT8QAKeCF+ea6DlXCkOYG0T72tMjiRebQ1HblRvAsaT+y9pLS1ihV25F+NFcL0iDB/4PPK/+xxIxHBQ/fq4++Y75D7yxHxAyr/wffs7UEhr31/pbd23Lc3ZliffnHM7ARcDBr6IpElhJYDBb03GrB+/Q9y48pvPEfjpJDkwPmDAPxJYN4GS+0NeKEjKi8CD3C7WoysiVCSZRKa81FqecSo6XXkNMmRvPFEIx4QQcoIY8+FcdB3QH/lhF0kvhUBmFhATJVt+9DaQ8pjJAwgqXukyHV5+MdyMbLz3zTd4dtxIrJJ4+fIyHjJsMOLJmNz/aY9/LfVh89cW10iABEiABDaVAP2TAAmQAAlUMQJSCPTg2EjnZOZg2CuDENCePSuW4ovXX8UPH82BScWQnRWGWZ2DTgtD9qDNnGkrq7XDcUTIcl0PrpQlIokiPN21Mz54fThsKxipnEZcTxbC+be0x8mNm6PYDSFhAkhJGnwpB3hioi5Al9bUO40E1kPA3iP2noH9BSRiBagVDeO7ubPxbv/nbJlVfxlDBr4MP6ViV4k/yH0KY9YTauVx1rhXntiUiYlGrKyV2YV//+vfuP/+TggGgAWy44Fnn8aqRFyK8rIBOcp3oA1qjCfr6kQjgc0gEPSS2F7useYnH48HRcSqC4Ogn5AKEg9JJ4iBH36Mdk/1wqKALy8aF8ipA7iyNHrfiWyk4tNmnLf0EF/W0gZebQTcAAAQAElEQVSJiBMCQlEsySvAQy88i0LZrbd7x4734dD6h8Jx9bzqCIkpVv8eYP8kNliX2Z2ckcDWJ8AzkAAJkAAJkAAJkEDFEDBlT+MgGAziP//5Dzp37gxoa5SVhej7yGPwivMAE5fsdFLyzh5UfEq4gApQ2Mw/FZwSbhwpMQ3C9RwEnQBC8TgyVi5H93Y344tpk4F4AWDkZCvzgdp1cX67jjjxrGZARm14mu8H/0hg0wnoPZyy4qeWCz25r5PIzAyhMHcFXnriSaAwAQSC6NLlIey33/5yAqeMyaoRk8kT08nX2Vqm+8raWru3+qbGeKufpDxPkEiogJDCvfd2wBFHH4FQjoPvl+ehpyiIKxNJ+PKDd0TAgjyK5IrJE6jKJbE8cTGsLSCgLbT8vDxEigtx4Ukn4OGbbsH2El4QKfjG0TsMkz75Grc98QT+EPV6VUEekiIi2dvPiEejM1lu8aT3sNTCOAEsTqbw0PO98f2KJUiFXBxw0AG488675AwGruwH/0iABEiABEiABEiABEiABEoJeJ4HHTy9QwcpPx56GDIyoij67Re80vspJPOXw/XjgEmKcCR5bs3Iq2Ez/4wHx5XivYSnLbuCcm63sBDRoiJ0v+dO/PzeZGj3LQSjgI475Gbjmg5dcGrj5og5ESzNLYJvSxmbeX4eVrMJ6L2rpveQ3It6b5t4Hgb0ehLx+T8JmyQOPfAg3HtfBziOa38X4rjG5K3e8lcvK9tCfqWVLUobjo8q6CE7eLaP3r2fE40qYFuivDJjKqZ++xXiCR9OOBsJz8AT9VEeV5AVQLt2qW04eO4lgVICRtZCoSgivmu7E551xGF47NbbsRNcOKkYgrJcIX4mfzMfNz72MBYGgFQ0AynjoEi7E1oFTH76et+lTfxv9KQRCIcACS8RS2FFcQLjP/sYr342B0UAAqEg+vXrh6jEUTb/Nunhf3OkAwmQAAmQAAmQAAmQAAnUAAKOpNGa4yAQCCAlFcHP9emNuH7xr3ApPn9tDL6c8ja8RB605VRRQTECXkDKl1jPnyfuarJYz6TZf1cy4RmREPQriNrKK5q3Cl1uvA4/fjAdgUgYcF0pn4plb4drn3wGhx7bCDE3E34wA5nZdWzRdT3Bb5azZSBHppeyWjOmGphKR4qeAROCERErmYoj7KYwZ+Kb+Hz0CKHhIRLJQt++feHrmGviYowB5Bhrsl12kj0b+C2U9Vmx63ofV+wZy/Fshxx0KPo9LxdAwowFgC69n8GfefmIFxYjkTLIL9RifpVOoqSM07Yi4Ity7YsI6ouApAO7ZybiOOmg/fHUffdhB8hLECnxIZUoEsH35y3Adffdhd+L8lAcAGKyL5FKwtdfvuzf3Cmmg8PLW9DPyMQSedA81P95LJLAgmERr55/AUcdcbRsAZ782xXOSIAESIAESIAESIAESKAcCFSnIBwRsYxjcMghh+CFF1+QpKXgitr0ytO9gJWrEIzHEXFC8DwRlqTwLx42e/JSPuLFRYiogFBcgPtvvgG/SQV0wI/Bi0v5NJ4Cau2Imx99Cv+q3wDFTgYSIjpAzutInl5FiM0+OQ+s4QQcaMOHkJRVM6SkmrfwT/Tv0Q3w8yDqLJ7v2xuHHlrfMjLGwMjvwm5UoZlTheK6VlQl6vIjb3lBCzQ9+2wkZO+8ogI80u955IWCMJEIsqLZ4sqJBDaPgLakKnZDUAMcqIhVJ5nEif/+F569rwPqyT55xSElt2JcTvHNn8tx+b23Y7GThInKY8MNiKtO4kEXasYDyhrW+kvvW+0cDoWBaBQFGWF0fq4PlskLMRAMosVFF6FVi0usr7R45VRKjdxGkTMSIAESIAESqIkEmGYSIIFKREBFLF/UoYsvuwSnn9NYCvUxFP+5AC8//iRqxYBMN4KIlB+18rpstMs2UJHDkbayftLrvpQZ4AYRlHx5ZqwYj9zWFn9+NUt2FyMcMNAPvaHOzrjjiWex3/9ORCpUCypeeQZyZBKun4QtK4B/JLBhAnrPqK3tywno/RdEHbmVnuvyEFCk4lUQjZueg4tbXWS9G2MANVS9P6fqRblMjIU7giH0fbE/orVrIyG7pn7/OcbOehfFwTAK5WnjyaMAomR7+jCQ/fBlljZZ5UQCGyKgt0rpftlI5RcAeXk49t//xgtdu6JuIIQs10UxgCUe8OmifFzQ+nrMX7EK+eKW0hZccg/6Rn5q+pAQ0dXeg7LPTsbOS2b6RtOuhlI7BMeDHpOUmqAiP4iXXn8DM7/5HLlyH0dzctCr1zOAo/KZnFSOdiAvREgEZZ0TCZAACVQfAkwJCZAACZAACZQfgYDjICJ590EvD8B2tbMgm/hi5nRMf20E3IKlSOYtkVx10uaqvVRJPtszcn6pZFbhStb+NhmjHkqcNUfuJIqR98evuKF5U/zx3eclO2RekJTwau+IO7o8gT33q4882U5IBGz4sr80FN+RLU4ksGECvtwwaurLDQRQch95iK1cjGDhMkwcORg/zxbxND8XderUQc9uTyAgno3eyGXuWXGqUlOV/nXIIwBx30PGjjug75DBdlygVfLI6dj/GUyY8zGKQ1G44SBUxU5JwV90BNgrq1dXL1p5GPhXlQkYeUGsz1y5t2zT31QSxmpDDqKZtZEViCIzlsIhO+2K3nd3wO6hMDLkAWLkiRAX+60IuOXRR/HTqkKsinswkUwkkkpJdmo4ck7oUpy0vz1ErILn6RYg4pXenggYFMn5V/phTJ77NboNewUr4Ms/MGTYMGTWkdqaVAoeHDlOzaxeyoITCZQlwHUSIAESIAESIAESIAHYjLRmuRNx7JBTC0MHDoGXlGro2FK80uMB/DJ7HHbAEgTcOAq9JBJeXLLokokX8QqS64YstUxgJI+uOH2Z+ZIXdxGAFjVDwQi8ogLEF87DA22vBP78AUgWii+ZMrLg1vsX7us9APUOPQKJkJQLpJgaCjsSQhKOhKlh+RJWSlSJsuZL4aCsSWibNHniu6zJJqcqSMB2L5X7UJd6L9p7UrYLCvPlnnWBgINgIIVaiSX4/v1xGN7rISBVAEj5ctigwai3005IFsdELTGQ2d8NJX+OLNTS4ev51jRA96dNvFfopOet0BOW+8lEhEoZoFGj03B929aIy8Mg4YbxwDNP4Yvff8MqPwVkZcLX1ipy8ezF0kjoE0eXNBJYDwEj94jje3D0jaR+5D6zC9+z3QkzRZWqv/vueLpjJ+xTO4Js2SlOyJM3xJdL83Btp074tbAAuSI0FaUA3+jPTU08StgQWx0k7H0pDx04ARSnElgVK0aRKOlfL1yC9t2fgDFhuPKouLlNW5zRsCG8ZFLcSo8G/0iABEiABEiABEiABEiABDaCgObJJX9+aqNG0Ly1GxQlycTw1EP3YvlPX8MREapWNARfypFGdAGISKCh2rKBrqw2I5XSaolEAqniAoQShUgu+xMd21yD1G8iXmlWPSABZNcGau2EB57qj+3q/Rc6PIlteWXDkYLD6vA9yeurWWfOSGAdBPQeVLONqFbvz66tjSViiOfnwxTmIbHyD/R8qAN0zCtVVm++qS1OO62hiKTi5Dirj6q6i4pIwVajo5EPwSBTivYm6eHpns/g5FMbIiEPigXIwy0P34+f81ZhWXExUiYAHdAMrhyVvnD6vNhqsWPA1YuA3ixiUvMCa3F5xcQRNXEcvveeeLHD/aifk4McSXRcDBkh/BorxBX3d8TnSxYhsl0dmIC8HF15ielLE3IfeuJRzQd8uS9lgYTcx+FoNkLbb4+lXgr39eiGpYhhlR/HWWefg169noInynlIwtIm0BKKBMKJBEiABEiABEiABEiABEjgHwlYUSkAhMNIJOLo2asXTj/jdASDISRzC/FA+3uRWrgY/vIVgEkiL5EPwIPRjLqs6ZSSsqQneXnHD1hRwJN8+na1g8id/zEev+0qeD99C8STQHaGHOojtPveeLT/INSpuw+cQLYEUe1z8JJGTuVNQO85bRCh4pXrQe49mUm51A8YBEMGu2Zkwl+yDA/cdS+QmwekPJzTtCl69XgSUqyECQWtiXxS3lGr0PCqxa/H931E3KA8IDzbvWq3vf8PCIbxc3Eubn2kK5Z5BnEEEczZXuA6gGtgL5wswD8S2CQC8qCQlxjkYWGQRJYIT86qPOy/Y130kIfFv7OyEJbw8oviWJJM4euCXFze/jZM/fwTJKNRpAIhQFsDyksPRu5F8av3otyiIrI6KI578ANR/JpXhNsefRRfLvsdBfBxVIPjMGjIYPhSwxN05V739UAaCZAACZAACZAACZBA9SPAFG0VAkZCVZOFZK8RCAaRSCUxeOAr2P+/+yEzJxt5v87Ho3fdiXBhLgIiTNWpkyW5dg9GW2OlDLRrnx5eYh5cP4molDQ/fXcy7rmuJfIW/ABIVl0FMhQnkXPIUejY7Slk190bKTdLnIyc2ik5nHMS2EwCehu7PuT+8+T+TMIkCpFashDd2t+NwoWLJFQHhx52GPq90FfWAS1+enat6s+q7K9HL4CaXgJjDIwxopwHEYlE8Nr4NxDdvhYS0RDe/XMxnhw6AsHsHYAiOSKUBfiSbBWx9KprADQS2AwCRoQsk0ohLC+0QDKOf+1cF893fBANdqiLuA+pYQECEu5ysRsfewiTRMRaWRwHQhmIJZOQm1VeZI4VrlzPgbwjEY1kYVF+ER556SXM+XMB8hxgx912w6ARQxEWccyERQDTroYSvgS7yZMEJw85iZscqeuy4EQCJEACJEAC1Y8AU0QCJEACGyCgI8saqYgOhULIycnB2NGvIkfy4UE3gqXfzsKgnt1QGykkli9HUPL68HzZ8qENJ0SzQjIeR06tCCLBBBZ+9RH6P3I/sGqZlDNTkCKCmIOM/Q9F+y6PI3PnvVDghxHzA3CDUcDmxmXBiQQ2k4COo+z4HiLGRzAeQ7goH6/0eBx/fv0JglJO3HnHXTByyFDU2W67kttx9Xk8WaZNVjc4aVlRreR+1bW0bfCwrb5TY7HVT7I1T5CQwNX0Qsgq9CG0z157Y/S4sYjUrg24LoZMeQfdX3oZuQB8edjIkwe2HZ1cXHHiRAJbSMBBMCV6VMrD3nW2Q49778UJe+0BVzSqIABteCyvM1zT9UF88MN3KJCHTdINYuXyFXDkHlTTZp2eG8AKEcT6jRqDodPfxdKCuP265svDh6Du7rsB6V+rkUBXr3uyyokESIAEtgYBhkkCJEACJEAC1YmA5pvT5htjC/aaPsdxsOf/1cOIwUORGdTcu4vZ40dg2LO9EYnFJU+fhBGhIAURsXwfsVgMrqhYuUt+xafvTcKTne9AcskCiMIFxCVEN4y6Bx+OR7r3QSR7FyRNhlgAKcnDq/DgGU88cSKBTSegd05KyoHae8dIITLoeUgtX4pRLzyPWeOHS4D5yAmHMWrYUOyz1/8hJPecONp7XY9V89WhCpskv2rGXiOu8OMSfbWULHVKJfXRAhx7n6TJLQAAEABJREFU+FEY0G8Awo4o44iiz1tjMOL96VhUXIBUMgEk5PJpSywNRA+kkcCmEJB7x0cA8YCY68DIdkgErJxQAHvWqYWn77oDp9bbBdkwcvcBjpFbTsK/q9fjePvrz5EIBFG71g4wKcDog0fuw5jUAI34YCaem/gaQnCQEcrAoEGDcNKxx2PtP7mDERNHOUzmnCopAUaLBEiABEiABEiABEigEhHQvHPa1o7WcQ1PxJAhryAMF0E3AzMHDcWnk94GRLByXNGnHBELHCCndi348WL89P5UvNDhNiT/nA/EJXcekBCliLl7gxNxe5cnkFFHKrQDtSSvH4LjOZK7TwJGS67iCfwjgfUQUIFTbT27k8ZBygCOCK9OMo654ybinf4D5P5ykR3MxIhhg3Dcicf97ej13fd/81jJHeQnWMljuAnR00eB4zpIplJyAYHzzjoLvbr3QD6KUQgX9wzogy8W/4nlevXcqFz10OrQPVmKkiDz0snImposOG0rApX7vL7cH77eaSJeQe8pseL8VagTdvHvWnXQ85778L+99kJEkhEUvwWyXCQC622PdcW0L79EsQhWvhNC0g+gUNbn/jIfDw3oi0K5h91ABE8+0Q2NTm2IongMSan9kcMhehj0z9MZjQRIgARIgARIgARIgARIYMsISB4+WRSDXxy3X2t7+qleUp4sgCs10C8/0hW5i/6EK0JBSESFoB9HauUifP/hdDzX+S6gcAW0OGDLAqJN7XVGU9x2/6PY6f/2Q37cR25hsY2bo21gTBKiZoF/JLAhAo4vt5RY+l5xxLOatrpSU3fXGLi+h5+kTDm0Zw/ANm1IomevJ3HKWY2gt1usKA7t5SM7SydTulZZV/45Xsrin31VUh96AVQcUHNXx9EYI4q5K1taxPdwTZtr0OaGG5CLlBhw5UOdMevPhcjLqCUPFHmIpMT0ysoNYK+0iF96pT15CiWN3Dl6EgmNEwmsTUBvD222qaYPErVIKAi/oBCBgjh2D0XRq92daLzf/gjJ7Sh3E4okkF/Fbuz5GEZ9PAfLI9koyNoO0374Hld0vhdLZV9uysN1N12H6264GtFQ0FogvLpKR/brFJSZmpFl2Ul/0Buysn65TgIkQAIkQAIkQAIkQAI1hYDmkTXvnLbSdPs+AuEwTCAAN+Di2pta4/abbkUqITn3ZCE6XXst5n32CaKpYmQkcvH1lNcxoPNtQO4qSL01oBpVOIRdT2+KK+7oCDd7ZywviMFzDaJZIfiOKFva8sp49pQaj7JmHctrxnCqLgG5P1ToNFJoVLMJEbdEYSGicn8Vx2NIIIlAwIh4lcQ3s2ej2y23AMl8qI7Ruu31uLL11YDVNYBwJARHbna917Qk6YovXRcnWduYSX2rbYzfivNT+WK0CWnXyOuFUFv7MN1n3eTqd+v9FM5r0cR2Sf5dHG98+H5M+OIz5EciiIfCQCAIOHJZPblbZL9OchhU/dR1Ggmsi4C9RzxAl1j9Z0TudsQtIBZNAHV8gy4334wz69fHLuJH7jT7YRKpq8Ht3R/DoClvY8q33+L2xx/Bn7JfW1id2+QsPN69m2xJIDJf1+SIo5osOJEACZAACZAACZAACZQTAQZTvQmsM/+spXwj6XZlrx0DC+j25BM4v9kF4ijlw+XL8FT7OzH/07mY9upwvPjIg0BBruwDYtrFIisD+51yDm7v+BDczDpImABSRqQIDVMECLDllWXF2T8T0BZWOsaVGrRcKWJUznY58LwkggEfUblHQ/E4fvnsc/S+ox1QrOop0KxFCzz99FMw9p6T8+hSFkgvZV3ubqjJapWeqkMa7AXQhKjZjbIzzwNSKYweOhrHNToWetUWyc1w+5NdMO2Hz7BSD1IRy4i04ImIJQ8biCcjxzkpOVaeWWWD4zoJbJCAdidc7UGFrZxwFNs5YTzeth2aHPI/+wwJieKaALBE7JGXn8Mtj92P3+ShpB8XPOPsMzBm9GjZ40O0L1lyIgESIAESIIEqRYCRJQESIIFKTUCLf2krjaiRtbRJETApZcExw1/BKQ3PAFTgWrIQ3W+4HqOffFJEgyLxHALcDLFM7Hvqebih86MIRrKQEQyvbgQhgYgvTiSw0QSkHKkCVlzKinF39f0jAujyvBXIi+ciKxJCqLgIP78/G71uvFHuwzhC4RAanXE2Rg4duPo0RpZ6d8tiPZPuVVvP7krvXJXjvnFwRYb0RLks8uMYOXoUGl90LoKZLhZ7KdzxxGOY+u03WJT0kPTkTtE7BquRqHCltnFnoS8SWJOA3HfQl51IVhE3hBwE0fmWO3HxsSernoqA3G5GbrXF8nJc7iSQkqNPPO1kjHl1DFLiBgTgugHop3plFycSIIEaRYCJJQESIAESIAES2CYEDCBFRxhjIMVFvDpyBC5s0lii4sP1pXAo7k4kKtuSmffDOLTZ5bjh7gcRD2TBD4RsBbQtUooPTiSwqQR8rG65Jwfq1yrV3JBBJOjALcjDj3PeR887bxfxqggZIRcnHPU/vDZGGz9AjpSD0pNJr1S/pVP9krR2igwceZiETBC1srfDSwNeRsMzz4QfdrAQwE3dnsCI999FvnYh1AG1C5NAICJPLpEUgq744EQCm0FAX3DaJTU7Ww724WnzKllrf/WNaHtWU+jXB33ZFqEdBXFP9gNHHHk0HHkphoJSmyP7PDX78NFZ2sRxSyZ7UgkgvZTVajkxUSRAAiRAAiRAAiRAAiSwGQSMFAFVNHCCQE5mCMccebhULccQ8uLIkEy8V5gPUbhw9KWX4dK2t8pqJhwvhGTKQTQnW7aNmCumy7Lmi5sP/pHA+ghoD56sQFjEUsB1HRTGChEI+HATRfjsnbfwzG23AYUrEfLjOPWkY/D62NEIi3SRktsqBZmlA9ZVIxtqsqhOk1OdErPOtKy+aLoIwcF2kVoYOXwEzmp8tr3ERdEAnnj5ZQyfMQWFmXL1szKQ0odSRgaQFDFrnYFWf0emsHwI+MuWAcEQ4vG4tVAohFq1asP2VnbkHEbMK7FHuzyCBx94EIlYAfLkweTLHerKPSt7OZEACZAACZAACZAACZAACVQEAc2fy3mSMQ8PPHA/bm9/K1Qc0MHYkyIcSCER8BPYpe7OtudEQvL5STHN5y9fpiPdOnK0eNEKbbvGGQlsHAHHB3JXrkLQdeElE8hyA8iMJTDrjTfQ/74OQDxPAirEWWeegjFjhyEjCqSM3Gtieiy0AYWEIZ42eaoqB5T8uqpKbLcgnppQV45PxYrgFCfx2uDhaHnJRYgngMUiVN01sB+envQqCrNCKISH4uXLgcQ6BCwjakNZkzA51WACZe8FXV8LhTEBoCCGzKAo6aEg+o0ehu5DX4LVpfSGlNtJ701HliKuo4uIWO3vvhvZGbXhQqp91gqPmyRAAiRAAiRAAiRAAiRAAluBgBb81VYHfffdd6HLow/BCUmmPQwUp3zEvRRMVPL3SOLV7k9g6qvDkRGIIxI2SBYXIeIGkR4CJL1cHRwXJPCPBLT7aSAaRVFhEWqHotjec/DBsDEY+UBXUakSQMDgwosuxPBxI1DkpLAKKSTgy93oQ1tviYwh/lCt/5zqmjpPEpY2WS2ZfMCIKhnKyIIB0O+5vrj2+taASJf5sv3YkCHo2r8vVgaDCG+3s7jnwHecEpMbwx4kYegqtHO03iHrEC0kKE41iUD6nvDkXpEbyzcOPDFfxatACAiEUey4eObll/H0q0NR7AIm7ODa1tejy8MPQP+COhOTdyNeeP553HBLa3jyL06cSIAESIAESIAESKAGEGASSaByEPBEJ7jmyuvxZM8nkZIyn5G8uy95fK2AfuTJrrjm8iug5UmEDN586nEM7tsLQS9PNgtEX4jBGIOUlANSvo+UAzHPmqdhVI4kMhaVgIDneFAriYqUH6HCqIOICFMhvxiJVYsw8NleGNztcQQDciN5cdx2W1sMGNgfOuxMFC4cESZ8MackEEDvMTVU37/StFa/JGrSHLmo6ZTJtogKjiiakIuMUBiR7Cx5MPXEnXe3R6RWJvLE69Cp03HTI93x9YoYliZDWFoUh/qNy4MIjtwNVqxQaUw867osRBXTOa0mETByD6jpPaAm4pUm3zghEacyEJc3XVLusVwTwudLluOy+zqh37Q3ERNPBSkP99/TET0efRL33XMfuj35GHy5teROK9lflMALfV5Ay8taiYQlNT0JPUpPIgdDl3Ju2QMxuauhpnvSS11fr8l5Sh9sur5ej9xBAiRAAiRQ5QgwwiRAAiRAAptFwNOPKGneWOza66/FqFdH2nCMZL1TiRS0ZdWLL/bF3bfegxe6PYN7b7gJKFgO+DF8MPIldLjpUhQt/Q6J2FIUJZJwItlIOA4KU8WIOwkk3CR8KTuoiPVXTh6Sm7en4awGEbBlNrkX9H5IiYgF0RiSUpaMZtRG0A8i089DpPhPdGp3DaYP7gM4hQhGgPvvvw8PdLwPmeGISF0Gjtw9GTKPwkdIDGm9wgBQQ/X8s/yqZ9L+OVX68DDGoGOHjiJk9UBSDvnTS+K9X3/ANR074f1585CqVRt5fgpJT55eIblzxM8akzivsc2NmkNAr72aPDhson0HMRE8C4tjiAdcJLMy8ckfv6Nt14fw/oIfkC/+vGAQPbo/jk4d70fYceVRk8K111+HFwe9BNG87LMmGg7CS/gY+9rruOTiFjboWCwmS30S2RPKOicSIIGtQYBhkgAJkAAJkAAJ1DwCjohNRUVFuPTSSzFo0CDk5eXBGAN196WQ2L/vi2hxYUtIoRCiIKDzQw/i+V7PwKgAkZ+P5XNmo8PN1+P37z5DLScFvzDX5vPDGRHIFrQ7oYpXWmkN/pFAGQLxRBypWDFSq/JQW+6W3z77GB1uvBYrv/wYiEr5z8TxWLeuuPPuO5GdnQm5saypkOMCcGFkLpMu1GS1Ok+a7mqZPk2Y2j8lLmAcxOIxXHbFVZjy3gzssueeSEQi+LF4Oa55rAMGjB2DuBuQYCS0Ynl6iX/IA04cOJGAEJD7Quby9oJaOBBB2I1CW1/1f+N1XHV/O3xRsAArRR6ttXNdTJ/1Hm657U55icmrTNR2L5VCVmZtXNziYowf/wZC0ZBo6bB/hXmFGDVqFJo3b45UKolEUkUsu6syzxg3EiABEiABEiABEiABEqgyBPRjS9oC66KLLsLw4cOR8jzJq/vWUpJXf/XVV9H8wosRDoeBgFOSroiLa9regNkffohd9qkHRMKI//IHerZpi0kvPYPs2FKEvQLowNoRhOEkg0iJeqUillpJIJzXRAJJEZk8OHBTIQSTIURCQdSO+NjRW4UZI/rj0RtuROH384CEh3BmNkZPnIhrr7sOCIdQiBQ8OX7d3LR5jtq691YXV6e6JGRz0xFLxpEZiiBDtMuTjzkeU2e9i/8cXh8FYYMCERief20k7u/dC7kBF3F5YKWcgJxKsYn5YrJVvhNDqzIESq+/3geOPEwCKGoWIrYAABAASURBVHZdLE4l8Gj/F/DwwL74A0nkSYL2P+IwfPfzTzjsiP/JVsmDJRgIw3VDIk4ViyYawsknn4yxY8cimhEVP4AbMEglfbz26licf35TlLTCsrs4IwESIAESIAESIAESIAESKAcC2jqqYcOGGDduHBKJBDwvJeJVCpFIBBMmTMBZZ50l+XLXnkmFLl3RfLm2zjrggAMwa+oMHHXI4XB9KScWFWL8i8/ixSc6IStRjGxIOCaAkOPCSfmA51tRS8Og1UwCKmrqx7tcDwilPAQKCxEuykO/xzvhlccfQEnX1CCOaXA85sychbMbnmYbXXkiekkJsWZCK5Nqp8x6NV3VJK7fAoGQSAxAQlKvtvdue+DtaVNx0dWXosD38WsSGCHK+iUP3o1vY3kiUATgey7ghJEqjgMqYqjJ8Zs2peO0aUfRdyUhkL7m+qJSGd0JIV+iNmf5nzivw23oM2UyFsp2sQFuvvsuvDN9un0J+r6+EH0Ruxx5nfniAyJeBaHuoWAEjRo2wpjRYxAKBax4pR5cEcVmzHgXZ515DlatUjnMQTyetKYvXPVDIwESIAESIAESIAESIIEaSWATE6355xKhysOSJUtwxhlnYMaMGaWhBIMuMjIy8Oabb9p9wWBQ8uo+jDHW9PhQKGTdMoJh/N8ee2LmpHfQ9prrSsIoysWc8aNx31WXYuVXX8EU58I1CWyXFUVYfDgQ5UKWnGoeAVUAasu9leEGEA06cBOFMIsW4rbmTTFz7DDAK4CLAG67/gZMfuNNHLjvvjAQZzFfbOMmvb88e5fp2sYdU3V8KcOqE9utEFO9EfTCKgh3dfhBuaGe7fUs+gweANUnVsld88nCRTj/pjaY8u1nWOwnoV+UcLOzAaNHgn81kYBc+6J4HCuTcRRFQ5jx47do/VBnfLViKZARQiAcwAuvvIzHHnkMWfKgUkRGbjg1XZfVUhFLt9W0NkdbYr01+S1sv30dqHilTZfV5syZY1+i+qLVl6aavkDV9FgaCZAACZAACZAACWwOAR5DAjWJgDEGKkqtWrUKjRs3xsyZM6XyOGTdlEO2lPFUvNI8uQpd6pY2zcdbkwKkEbNNY2SnIxn7nt17YegrAxHOCECKCVj1y0+4r/XV+GbWNMSWLUTBisVwkIQxUriUYzjVPALG91Ccl4tY3nJEk0X4ac77aH/15Sj6fT6QKkJWVgZGDhmK7r2621Z7eqeoBQSVK0blAfIbEhA1dZLnjDxCShRNZaAPHj+eAIriyBTt84oWl+C9GdOxS92dsSoGLJU755LHuuGx14fgm8LlyBP5IWnvIjvTIGhVjoBeO7VNjbi8fhwHfu0s/GpiuG9oX1zxRFd8n1+AIglqzz33wtxZH+Lqi1sh6ItDUmYpWaLk0SNbVhVXl7IWDkdk0+DEE07G2++8je222062YZsz6wt09uzZOOWUU/DHH39Yd0fj4Pu2Bsg6cEYCJEACJLAtCPCcJEACJEACVYjAihUr0KhRI2gFsVYUJ5NJKyztsMMOeOONN3DiiSfa1KjQZVdkpsKVFazSwpVm6NUSHnTcLFEccEHzFnh72izU3XU3+EWrEIqvwvN334axLzyLZP5KeJ6cRwudEt6mTjr2UVnb1OPpv5wJqIKptonBhsIOYqsWY+CTXfHU7TcgvuwHCSGOXffcB1NnzsL5FzeDFhmTnmd73GjpUWQIaOu9kPh0tBS5UefVG1VNDqpG0+aU3KtR8gEFoGY0VfIAMk4AkWDIjjfkpAyOaXACPv/qa5zeuCFyE0AiCjw/YRpaP9AZM3/6AXmhEIoCATvQuydSuy+Gsn96c5kkYJdyA8k5oN3P7BL826YE9MpLBOy1WL2evk72mq2+buJFJ722eo11UH+95nmhACZ+9hGul3vhuTcnI1/uDTkCZ53bGFOnz0D9ww6FnxLVKilWHIO92Tw9mYZWslmy9tfcF1U+lUrI/VeEQ+ofhilTpmDHHXcsbYnli1j15Zdf2vGyfv/9dytsORSx/gLItSpMgFEnARIgARIgARIgga1PQHszqED10UcfIRBQaQA2T52Tk4Px48ejQYMGyM3NFfEgvnGVxAEHoYwoYkXFSKR8HHro4fhozsc4/cwzbEsbFObig6Ev4e5rL8MPc2chmowj6iekkjspxQPPJljLGB4CIk2UxMc6rp55BlBbvclFJSPgOR7SlkJqzdgZT65xUvSoJEJeHGG/GB/PnIzOt7fB9CF9gVQBMsJhnHvO2fjkk49w0EEHlRyfBCLRMIJOAEbKf1pSVSFLlyUeau68RjOQZwGCcu1LlExZUQdXZgEXYbmRQoGgfXBlZ9XCxLGT0anTfYjHgGIAny3Jw+UPP4r2vfvgp+JixDKzkCvPn0RKZqEIEAzBl4cTHFG91IwsVbK3TUaNhKC3oCx9WVWTBacKJFAqIjpYQ1AUAQmIA2a16bbcD3o9PcdFIhzFMhGhlgQCuK9fP1zVvQe+WL4KhQCCbgYeeOh+vDFmLHbaaSf7wnODcocF5VpnyT0hlxuOzOQecGCgZmTpy7YxsmbNFbEqJPefqGEADjzwQNsnX2uD9J4UJzvNn/cLzjjjLCxatMieJ6m1RnK83ckZCZAACZAACZAACZAACZCAJaBfGdRKYN1Q8eroo4+GVghrJbDu0zx2vXr18P777+Pwww63eWvtRqitr9LH6bG+kbmas3qp62oiMEDy+OFoBJFQAJkiaO2yXW1MfHMCOnToIJ6lfKjCxq8/4bk216DfA/citeh31AkbOF4CjooUjpRIjeT/TRiQMofRVlquFBLXYb6IIhBTUausgX8VSiDNXq9HyklCzVcxy/Pg+HKT6DVKFqNw1VJEUoVw85fj+S4d0O++dkj+OV/iGkMwYtChUwe8/sZrqFMrC0E5BlLW9GXpSzlU7wMj5UWVEUoNEvZGmCN+1ORE1WrS1FerBG1KYjTxrhygS70hZBV6f1hDyZ82KTVGffl4oGMX/PLzr2h42mmIiShR4BoMnv0+zm3TGq9+MAtL4cHUro14Sm7gWAwmIqKFuMFIWGVNNu1k9Mxius86cFZhBMoy13U1Pbku1eSB4ekXSORaJkSg1LGu8h0HvxUVYOS7M3BO6+swYuYMrJJjiuT20G59P/44D506dBaXkknHsypZKzPXsGVTrrrMN27673//i6lTp2LXXXeFkXsxFIwgIeLod99+Z2uIfvzxR9tvP/1VlI0Llb5IgARIgARIgARIgARIoPoTCIVCMMbg+++/t3nnefPmWZHKGGPd69ati8mTJ2PfffdFSvL/ZYkYY8puQkUsa5qZ111idht+aZjpA3wRth566CF89903OPbYBoDk35EowCdjR+D2Fk3x/vixMHnLkWWSiEh4rklJKCmRunzoeMsig0hJ0im1kkp38Zg+AZdbTGCLAhCRypcAPBGKfLGUlO19ES+dgAuDJAKpBKJ+EjtHAvhgwuu45cKz8dWEV4EVi2CKVuK4E4/DN19/iXvvvceGEnRduf8S9j4SBxgjN5eabtBKCfAXkEYh9wfU0turl9FodPWasTfT7rvvjrFjx6Jnz56os/OOtjXWAvHR7qmeuLtPD3y+7A/kBo08dBStBhiSB9FqMwFAbmw4sk8mPZ/c9/CNIwZr4N9WJWBfMHJZ7FKugV3abbkGcl08uUYeQvCciFyqKIwbQbBOHRREg/hy+Z+4r98z6DzwZXxXVIiCsEGd7bLRp3cfvPPOO9h5553XiHvECphrOEGvuTVAHnN/mWxucNpvv/0wbdo0+2KNJ4oRCoZFxIphwYIFOPzww+0LWVthbTAQ7iQBEiABEiABEiABEiCB8iNQJUJSIemrr76yY17Nnz/fxtlVsSCVwn/+8x+8/fbb+Ne//mXdAwEpr9m1f56lyxHr82mMsbv+/e9/Y/q06ejTpw92331P2LJA7mL07XA3+t1/H1b9+BWyk7kIOaukPJgHz00hIeUStZSUTaBfFfNDUlhUC8DItuM5cHysYeDfViUgRUdbfit7Eg8B+GJJExHhMYKEH0Rc/rOyA8h2PfhL/kC3djdj8BNdgCW/IiPsI6tWlmgJvaT8+DZ22XVX6PAxciVtsMFAWJYejFl9cY0HrG2o2X9OzU7+P6e+uLjYetKlCgTaqiYcDuPGG9vgo08/Q4srLgaiBkvlHpv42Tdo0vZWDHlnEn5PFSMWDKDYDSFhQtCHj97gUMXKhiizlCf3oxwoq5wqnoAR9GnTs/vySNJrlJQXRVJErLgTwrJUEn8U5WPolLfQ6s678frcz5HIMHAyXZxy5pn46pvvcN11raH3B+RPX5BFRUWyBpRHiyht1qxh63LPPffE5Lcmywv2PyJeJew5tEapsLAQ2o9fX8zlcU4bMGckQAIkQAIkQAIVQICnIAES2NoEdKD2Y445Br/++qvNnxtjoHnoQw89FJMmTcJe/7eXHTamvPLR6bJAOl2JRAJuwMX111+PDz6YhcsvuwSRcBBIrsI309/BPVe2xMQhfZFY9DN2iHgI+nERpjxbMjHa/krKj46aFxB3tXTIXFYkAU9Opua4jm3YoqKTI25Grk0wBQRlZ1jKjnUygETun5gw7EXc3vx8/PTBTLiFBeITOKfRqfjum29w041tkUymRNDKELHKQTxRbPfHYkWybQDH2G3O/k7A+bsTXcoSSLei0WUwGISKVypS+D6w8w47Y/CAIRjYbyD22msPJMPAIjn4ocHDcNnDnTHm07mIR7PhB6NAIArfcwE1bRNanATiYjAwvicGa+DfViWQFqyUOeQaQh42Xn4hEnlFcOSl4KUMnGAG8hI+vFrb4Y2vPsVZt7fBPS8PxS/i35FLWXu7nTDslREY9+p41N2xLvR+SN8XkD+9V2QBY4wutsiCgRDCoQh0KbcJ9thjD+iAkwcfdLANN5n0oN1cFy1aggYNjrVfUtEdCXlR6pJGAiRAAtWeABNIAiRAAiRAAmsR0Py52syZM3HqqadCK4ONMXAcBype6WDZ06ZNg1YQq7ikbrrPGAP9M8bYvLwxm76Mru7Bo+fXsIJShtSlBIXddtsVL770Ivq++Bz2rrc3okEHTsEqjHryCTxyw3X4+u2JyEoUYoewi0BhPlQQ8WOFcBJJGAlEyzKyKJ/JeMC6DPxbHwHPXoSA7JbrJoWzWpEowskEdoyEEC0qQna8AHPHDsWdrRrjte5dgPylUv4vFt1gJ4wcORrDR4/FzrvspkVQETEj8OTfcQIIBSMSpo9wWJblLV5JGdaWe9NLOVNVnpyqHPltEXdjDIxZbTBIxeJo0aIVPvnkM1xyyaUwIWCJiCJzFi7H1d2fxrk3Xo/h06ZipeMiFg4hKQ9NBIJASJQQCH69kbZFQnhOwBP4KR9OVi2EttsByMxAXB4af8YTmPbN12h8w/W46dkX8NmqBBJyXQNirS67Cl98/hXOOescQMSj9b1E0i+s8sYstxGyszPxzpR3cPRRx8BVBzmJMQbx0OY6AAAQAElEQVT6Yj777LPtoO/pF6Xs4kQC/0iAHkiABEiABEiABEigOhEwxkDFq8aNGyM/P9/2ltD8ubay0p4L2vJKvzq4dpqNMTDGrO28WdvGrB2ObhukpKK51SUt8fHHc3FJi+YIO1Im8Qqw4qfv8dRNbXDHFZfivbGjkO3HEE0VIypyhwpdao4IHpsVGR605QREWHLkmib9FIzraEkexbkrkOnFkFy8AD98MA0drr0cL7e/A7EFvwGplD3ntddej2+//x5Nz29qtznbMgKioGxZADX6aHkGuSJKQZZZkUz07fMCpr7zNo4/+SjEBEyRCB5zlq/ATf374uJ778C0776Gjo8VSxYDXhJSBSC+tnTSS6i2peFU7uN9A6iVaywDLhAOSpA+ihOFWJYowsQvPsY1D3dCm6d64IOlS5DIkd2C99D/HYppU6bguad6o07OdrDXPeDA14vvG/FUMVM8nkQq6WO7OnUwYcIENGzUEOFwFJ7cT748TJctW2a7E86YMaNiIsSzkAAJkAAJkAAJkAAJkEAlIzB9+nSbJ161alVpzBzHwWmnnYaRI0eidu3akqdOQYeHKfVQESseEHSk/JEAcjKz8Wy/5/HaWxNwQsPTYFtDiUBVPP8HDGrfDvffeDW+mjkFoWQhkoXLES/ORTKlpUwJBFvwl251tQVBVMZDHYnU2iZOdtKWU2mzDpsxk+KoHOXIFSqxsOuidtjFp9MnouONV+CFW69C3mfvwoQygPwk6h95NCa/OxPdn30a2TlROVYmz4fqlZBQZIvTZhDQa7wZh5X3IVU8PLmbXceFGwrh2ONOxdQpM/DS6EH4z6EHoFCS5kddzP7tN9z0yIO44eH7MX3+j/B22h6FkQCSIoJ4jtzCq01FGt84UIPqur7sKGvqttrUT4l/iP8Sk9NV62nt9K69XZJ4YbaakWUo6yWsSrh6wlctaYB4yEGsVhbe+fYbXPdAR1zR/QlM/fkXLJN9BT6w53/2w6i3XsMH735ku+iZUNiewkvITrtWMTOJMtRCoQDcgIEvp69dJwcjRoyAfgExGAjDdUNiro1Qo0aNMH78eLvOGQmQAAmQAAmQAAmQAAnUFAJjxoyx+WNNb7o7n65rV0LNO6fdXKnMDq7u3qf7K8yknIEg4DsGASmLnHrS8Zg6eRJGjnkV++2/PwLxYtmZwNLPPkKf227Ag+3a4Ke576KOkZJl/mKEvDhcJK05IoSkTQWwdCnIlbKCrqfT5Mk512Xp/RW/rJgzlmXgC4OSs6qrIyVErDZPlslSU44l/krmJb49cU7BTSUQLspDdjwPX8yYhE43X4e+D3TAii/niucYjAEO3W8/jBz1Gua+/z5OPfY4hOQeK0qlRHyMSxnOF3+eGKfNJaDXY3OP5XFlCQRdQBUG+PIwCeLSJpfg6w++wIhRw/Gf/Q5CHoCf5X4d/eMPaPV4V5x81+2YvGgB8jPD8MIhpEJBFHkeVhQUyOPIiHIbAZwAkDKAKi26tE8dcfMDchbHmjqr+fKTs2bjIJdVziUeUGpy/uowaRpTkkY1/TKHmq6r6T5f9snbQNItDIxeExcpUbpT+sQKBJFyXXjCusBPYaVwf2vR7zi1w11o1eNxvPXLz4gLpITYAQcfhKGjhuHLD79A41PPQUpeDtDwZB9cAydo1AV6OmvGyAPr74Z//JN4yrVDqa15gA1bvazpDMctccjIiGDIkEFo3uJCpFJxsRRCIqRqd8ImTZpg0KBBJR5lnpend6GscCIBEiABEiABEiABEqjaBBj7vxHQ/K/mfS+66CJoV0EVqtIDql9wwQV4/fXXkZWZhbKilbbK+ltAW9PBSOBqUlZzgoBm6dU0u9+syTn4+stP8dKL/XDQQfsDqSLxXIzFs6ej9903ocvVF6Loh08RjecjLCJW2IjokixGUf5KOCYFx/cQDgYQSAE6qLjrAY6E4DkeUmJJcVArKTtKcUn3GcBbbbJZMqVbaKWXJa5VZm6Erdq6I6xEHGHliCAlJsxcPynXIY4ACqU8V2zLWcrEOD7CoQBSiZjs8+EL69omgdg3H6LH9c3R787W+GP2FKBopZwqgUMOqY+Rw4di7twPcUHTc0vYyx5XLCRl0JCU0Ywr55QypQtX9jvWZPfqSS4E1BzZVpNFeUwaZFkrjzC3YRjlSGYbpqISntqRm0/twgsuwpyPPsGoUaOw1957IxAOY7ncwB8s+AVX398RTW9qg74TxuOX4iIURqII7bATvGhUNCtHFFoX8J2/TJtqyQ9SRSkj7kbWrbouy9J7UtahVgmZbEmUNK16vIEnDxyUmK6XMd1X4k+e1uIOEa4830XCzUAimIHiYBT5oSgWFMcxYtoMXH7v3Wh2d3u8N+9H5EoNTL6coN6//4UBA1/G3I8/hV47Vx4rarIL+iBbHTJ0qW7b2pLJJHJycjBw4EC0atUKYbm/7MNRBDWN21VXXWX36Xp2drYuaCRAAiRAAiRAAgAIgQRIoHoRGD58OG644QZboaspM8bAcRxcdtllGDp0KPRDS54IFtiWf0ZOnjZZXdfUsuXF+GTuHFt+/LeUTVwnCRSuwM+fzcGDN15tu6vNeH04sHIJcpw4dsoOIxIw2GH7WsgvyLVBarnFruhMyo26SJvoMlJShTXUoL+/yomrE22kRCfmWYOIfFLs9n3olwATsQJ4sUJ4xXnYOSsMN3853nt9NNpd2Rz3XXMJfv1kFrJRDBTnY/+998SgAQPwsVyzCy5oJoFLuLa06AljNcgS/CsnAk45hcNgSgn8/YmkNQBNm56HH3/8HoOHvIK99qpnB9xekfTwaf4qtB86Eqe3bYOO/fvj3R/nY3FCwsjaAStjKYg4C4hiLhIxrOmPQR+8nvwYUmLyPHN0qdti0H3qB/JnypisVvVJni0WgSPpVAsIPzVNv5oRd/hxSWaJ+cJtRXEC8VA2FonTez/Mx/39B+CE1tcK88GYsGCBHavMCRrU+789MWT4EPzw3ffQWptEMiEPGgUowdlJfypqdqPSzIwx9sWsg1I+/fTTVsTSgSp1W02/Rnj55Zejd+/e4B8JkAAJlDMBBkcCJEACJEAC25yAlrX69OljhSrNB6cjVFhYCK3M1X3a6soYA8dUvvw81vrTlmSelOkuuOACfPfdd3j55ZdRr169El/JYiz9UsStLnfh5iYN0fvBe/DTZx/CK1yJvBVLkBENI+kC+uEw7aECEa8csWDKQShZYkEPCJQxFbTUVPRSKzmRzOU4PV7WqtSkHW/U/hZpKUw6Wk42UjAU82VbW6MlnADiTghxk4GEG4ZvgO1qZSIsJcWlP36NZx+4G7ecdRLG9uyC3K/mSPE8iWAwgF123RUjhwzBV9//gIuaX4SklB/lBvvbaelQvgSc8g2Ooa1NQEUEVf51qfvOPfdc/PDDD+j/Yl8cdFh9rISDeMTFvISP4TNm4NoHOuG6jp3x3GuvIjcripXhAArDQCwEJIKA7wJyiMzWmvy1tqvbZmn6PIGQNkmkrCK9T+5mLwDEhZPyygs5WOq6GDhpIm64vzOufvBePD9tEhbJYStFnnLDIdQ/7FC88Hw/fPrJZ2jS5HzZA2SEI4iGwhazEX/WsZLOgsEgVKTSlli1atVCt27d0KZNG7iSbl9qENLRbteuHR599NH0JpeVhgAjQgIkQAIkQAIkQAIksCUEHn/8cdxzzz2lQWg+WHsl3HXXXejbty8yMjLsPu1O6Aa0MGU3K+3Mk0r5QEAKNatj2LJlS/z888/o378/6h90ADJEbcqIyP7c5fh08pvo1vY63NvmKkx/YyS83CWIpOIIpTwE/KS1oJdEUMJ0RRTTZUDW7X5ZqpsEt/pMVXvhrSP6aTdNY9r+8uZB0x8UPqFU0o4tFhV2/solGDe4PzoI10daX4mPRg8FilbBEYuK6HXoQQdCRdFPPvkETc5rYoMLRqMIShkSUnY0xoB/W4+As/WCZshKwJiSG9hxAjDGRTAQFmcHV115DT796FPMmDoDl11xJYKuQUxEh+WiCr/7+/e445U+OPGaS3HXgGcx9fcf8UfYQ35OGPkBg5Q8eH154ED8e45BTH5wSXkgIRAEbK3C6svqo+r/aRrUjCRFzBNRJimMfFfSKA8K6INCZfLatVAYdLAgUYyFgnj6n/Nw94DeOOPm69B+aG+8u/AnLJbjUjBwAxFce/0NmD1rNj7+6GNceeVVyMrKRkTDwt//jByTtr/v3fYuKmKluw3q8oknnoC+sB1HGK2OXnFxMe6991488sgjq13kOVxUVLrOFRIgARIgARIgARIgARKoSgRisZjN33bq1Ana2iod91QqBa28feyxx9JOdhnVsoNdq9yzSCQCY8zfIqmtyT79/EtMffddKT9eBQQcIFYomfpVyP/0fYx54C60a3o6Bj78EP74+CNk5RegjgQT8eIImAS8VCECbhKZIo5JcQkB4eSoeSk4WpaUshKsrT61iDW2+8vqzaqw8CSSZU02oYKgl0zB9RyEw1E4JoSYbGdFwnDjhajlFWNHrwDLP3kfA+9vj/svvxCTunZE0WcfAoWroAxcKX9fffW1mPX+HMz5+FNcftU1yMjJRjAaAUpbU8jq6skYs3oNkKtkrdRhk1fSIaSXmxxAtTrAqVapqXKJ8XBcgwZ4oc/zWLFiBR5+7FHsc8B+yNd0BAP4QxTggTM/wFWdH8G5N9yA+57tjXe++QbLQmEU1MrGChGvliGJWFYIycwQCv04fBHCYDSA6meatkTIRVHIYKU8fFdJevPlgZEbCmH+4qV4+4uv0HP4CFxyeztc2KEbXp4+F7/IA1se6ygSHIcffQwGDxuBxUuXiGr+LA477JAtfJhIoJVsUtEqHA6jy4Nd7Atdo6eilrpri6wHH3wQHTp0UGdUlZe4jSxnJEACJEACJEACJEACJFCGQOfOnaEilQoUKlppHlh3a2ushx9+WFeREqHCrlThWVlBRtfrH3EYevV5Gitzl6Fnr5446KADYXWnpOxd8gfmvjYYj998A264pBl6P3I/vvlwFjJSxdguaOAU5cONF8OPFcMkEwgaB8ZHtfjT7o9qKQd2PCtdh5SXA44DVwrIXiKFZEEhTGEeMhIFWPHzj/jh/fcw8IlHcGfLi/HIVZfi0zdeg//7H4DvyxHAwfvvj5cHDMCiP//Acy88h0MOPwR2hwH/thEBubzb6Mw17rTyQLFPlrLLvyBkZmfitttuwuefzsXXX36Mq66+DKEMF3HxUiiCzfcFSQyZOQuXdHsch192MZp27oTnZ07Bz6YAf3h5WOHEUBhIIeZ60C9NIP3np1eq4LJM3EUwR7HjY1myEInsMFaK2P3R0t/w9DvjcWWPbjjl5ptwffdeeGHaB/h6aRGcEOyDK1v8tml7PabOnIx3338XFza/AFm1sqAPnmRM6QLV6UegNTbanVBrCR544AE8++yz0L+A1LToUltiaSss7WaoL3t1o5EACZAACZAAvd3ZxgAAEABJREFUCZAACWw0AXrcxgRUlGrbti2014HmZ1W8CgaDojn40DFhu3btamOow2w4btXP6ZdNgS/lScd4UpRJola0Nm5pews+/uhzzJnzGW5v1wGRzJ0k7SmxfKT++AFzxo3EM22vxLWnn4gHb7wK740djdw/FiLsB7Fd9naQ4pUVd+CVKXih6v5pxxwVrtTsughRhYVFiEgFvytJXDx/HmaMeAm9770FHS5ujD7tb8W7wwdg+Q/fISsQQkj81I5uj1va3IPpb72LuXPm4OKLW6BOnVq2zFjsFckV8ASQmiw4VTiBsr+HCj95jT+hNtUU5RuJpKAw8OIiqIjQsN8BB6N7zx6Y/8tv6P1CH/zvuBMQyclBLBTWbx1gAXx88OvP6DhwIJreeDuuuude9BgyDO/P+xlLgyGsiESRG44gPxwSc1AYclAUdBB3HSRFgfZFaS+RbRzo+tpWsk+iVEGTnt+TOGncNI4aV41zftiR+IegaVku6VkRieCD+b/gkRdfwiW33Y5L73oQ3YeNwptffYXfJK5LxIQg8mR55MmnoN/AAViwcCGeefo5HH/cyfA83Wtkrz5wfPjQh7uulzXZXUUnbWGlUQ+FQrqAMQZXX301evToAR0MUh211ZX6e/7553HllVeqE40ESIAESIAEKpgAT0cCJEACm0/gyquuxAsvvCB5ew8qXGlI2p3wySefxLXXXqubUJFL9xmjeX/rVKVnZQvtAbiSFkeElARWFqyC9iQ84rCD0bXLQ/ht3nw893wfnHDsEYjkRAAvJn4TwIrf8dvnH2PYow/j9gvPxXWtmqH34w/ix09nw89bgiwRZrLiBchKFiMjmURGwkMk6UHHynKlzOrI2SDC2d9MQt/wpDH/Z/PkMm3QHA/aSENN46DxUdO4pU3H99Lxv7IThaiVyEeOmC7//HIuBj39BO687lI8duNVeKPf0/hp5tvAqsVAPBcZwQhCUk5scNgheLZbTyxd9Ad69npQyo+HIRgAgoLb85NIIoFUPGmFrA2nmXu3JgFnawbOsMsSUNRrmZFfgwhW9pcBAyeSKQ8ZV2oPgHAoEztsvxNaX9saU96ZZr9AMWz4cFxz1dXYt95eyEvGEJAH8vIU8OWiInSfMB2tujyOQ1pdjvM6dcIdw4bghQ/fw9yCZZiPIiwVOXlFwENMfoHFngfPN4AbgAkES8yR9dUGjZcj8RBRyYPI0I4BRASz5gJWqle5fl1mRAzyU0hK/OLxIvEskzGAK2nXpf7k9dy6NBJYJEPOIAKbPBgLAgZLkBABzoHG+a1ff8CT70xEu6GDcX7nzjhS0nbloz3QZ+IMfLW4GH9I1PLkdMVyij122wM33XwLxrwxHgsXL8eEie+gVcsrkJ1RS/aKR/hwnODqdSNLlA60B2W/2rDWnyPbGzLZXWkmY0rSVTZCKmbdeOONeOWVVyT9mpKSvVpbNVAE0JYtWyItbpXs4ZwESKBKEGAkSYAESIAESKCGEPB9zcuL1iCV/RdddJHN19rWVVIxrz0PHFlqvlZbZalopf6rQ8urtS+v5uRdOFKqcUXC0gprFzmZtaDplaIUQmFg+x0ycL0INdOnvImfvvsSo0cOxtWtr8ae//oXULASJiwsU6uQWvQ93hv0DLrfchVuu+A0dG3dEq8/9TBmDx+IxI8/ILx8BbZL+ahjHKgo5CcLYRsDuClIMdGKZq7xoeaIuKWm8dAyhhQ1JU4Gxg3ADYaRkHA2ZIFQBE4gBN9oKMb2ovFcAy+IUvNDBgi7cEJi2uNIhDYvUYCgH4cbK0COxCUaK8aq777Ch8MGYEL3Lniq9aW49azj8fytV2POwKfhfzsbWPYdEM+XgOPYfc89cYuUH4ePHIbfRLR6670ZuObWG+BKkdyyl1NCcGm6XMi/7yAjXPJBALt/vTM90MiVKjFoIGuYByBtsrreyZE9arLgVEqAREpRbIsVvbn1EpQxx4URYUcNctunY1W3bl2ce14TvNCvH36YPw9zP5yDezt1xv6iFOeJp0g0jEIHyBex6d358zFw8iQ82L8/Grdtj4ZX3oRL72qPh/q/iBfeeAMzf/oJC1Ip5AbkmGgWVslDY6kbxCIYFGRkIVfCWirhLFEhKiOKpEjPcRGdiuXhU5DyUOD567ViiX9cWwBlZsGtUwdLvSRWiNCVH3RRJGEtSsWxzBjouFWFkQiWxmP4TWzOr79g6NR30HVAf4nrXThD4nxd58fw4KBhePGtSfhA0rRQzpsraS2WeHqRKI4/9ljc+0AXvP/+bMxf8Ct69OqJ004/E9tvX6cMOSNHqMmiBk5pcap58+YYMWIEtIl1GoMxBq+++ipUxNJaKn3hpPfVhCXTSAIkQAIkQAIkQAIkUPkJGGOgglWrVq3w2muv2QiHw2ERVDwYYzBcKvlV2NId2hJLl8ZU3/y/IyWdv0xTK2ZEaRHzrTAi2zLtWncnND23Mfr16YNfvv8eH33yMR7oeC8aHPc/oHi5+IgDRSuAlYuw4PO5eGfEYAzu/ijaXXwBrj/vbLS74mI882BHTB0jAo/sd3IXISOWj1qpBDLiRQgVFsDNX4kdQw62k7JjDhLIlrJfpkkg7CdEWCqEKVqFDMSRaVLrtCiS8ApzERARSo/JdJJw8mW7KBeRZBGyJBwjwltAzhUVES3bL0YklgcndzF++fQDTBw6wLauan9NK7Q97UQ82OoiDOnWBW8NeRG/fDwL/tLfJa0r4MRzETUxNDjqKDx43z1Sfnwfv/3yM3r26o5GZ5yO7XfaETresuhUgN46aQNg/LQ5su6gfP+88g2uBoRW3legBiCruCQao78c2Ad2WoiwPyiJQv2DD8add92FmTPftYPKPfPMM2jWrBn2rFcPURGcHLHcuIekK88k8f/BH8vx0swP8OjoMWj+xGM4qs11OPLaK3Dmnbfh8ke7ouOgl9Fzwnj0emsCBn00B9OXLMH3qSQWiC0WGX1FIIBceVEUZ2Vhta1zWRCNQsWpZU4Av8txv4lKPidvBV79+kv0mzkVz0+biodHj0RreVg07dxBzn87jm97A85/+GHcO3AIRs6ei7m/L8VSifMysayMkH0Mu/JQ3GP33XBZy1YYPGQIvv3uO8x491106nQfjj76SPEpz6aiOEJBg3hCnjLWZWNmyrisbcwxVcePvtz1ha+1URdccAFefull5OTkQMfE0toErbUaNWoUmog4umyZEq86aWNMSYAESIAESIAESIAEqj8BLQc1btwYo0ePtuUiTbG66VIFrWZSBtI8r4pXOlyGMZq31701zxzHgebxlY/yKFtBfdBBB+OOO+/A25MnY/GKlej38ss4u8l5qLvnnoAch3gcbsAgGI7DFC/Ekm/fx0evv4wxPR/GM9deirvPOBE3n3EKOrS8EN1vuRkjnngUU17si2kvv4Qvx7+OXBHIzIJ5yBZRLCe+Ctv5Bdgehajj5aNWInedVlv27WiKUEf81oqtQnbhckSX/YGib7/AT5MnYfawgXh/8EsY+1Q39L6zHbpceSlubtIIdzU5BX3aXoWJL/TAx0P7YeXHM4D83wEvDxlSZk3Jpfd8H7vusitaXnwJXhn4Cr759hvM+uB9dOzYUcqPR4sPQBlpjxVdGmOsG2frJVApdlDAqhSXYcORUPFBf1g6ALe3+ksagXAIOmB3JCOKnerugiuuugZDh4/A9/Pm48cff8Sbb07AIw8/hPObXYg99t4LMTlFvphKFEUiBq2Q9R8TMby/4FdM/PIzvPTOW+g5egQeeKk/buvZAy3vbo+zbmyDU664CmdddzUuvPUmXHZPe1zZ8d4N2sXyUDxfjjvtsstxwmVXoNHV16PZbe1x42NP4t7n+6PbiJHo99YkvP7pp5g2/2fMXbkKv0tcCuV5kSvLfDcIXa/3r33kYdMCne7vgrffmog/Fy7E/F9/xcsDB6L5xS2w++67w7bElGPSUyQasqvKya5wBmXhuq4loS+zFsJuxIgRVsRSRxWwdDl+/Hi03EB3Qj1W/dFIgARIgARIgARIgARIoCIJnHvuuXj77bdti6v0ebVC9l2pzFZhKy3SqHijQkTlzbemY7/1lpp2Ywy07JgW9VKrC01BKROEQ2HZF0Sd2rVw6aWXYvSYMfj955+x4Pff8cZbb+HBB+9HqxZNcfAB+yAU8OFoKbJ4JYwu4wXAst+x9OuP8eOsKXjv1WEYN+A5vPzE/ejZ4Wbcc00LtG16Bq468Shcc+ZJuLbZObj50otw93WX457WV6zT7pV9d1zVEm1bnI9rz26Ia049Drc3PRsPXHmJHWB96CNdMO7ZXnhv6ED88PZELJwzC1j4K5DIh2sSQN4KZEYdBJw4/rXXbmjR7Dzc36kj3ho/AX/+8Sd++eUXvCwC2yVSztHyo5/yUPZPGRljbJmprDvXKy8Bp/JGjTFbm4AKVo5bIkbY55D82CCPkxIlx0f6b9c96+GkU05F+3s74MW+L+L7n+Yhf1UuZs96H72f64sbbroNhxzZAJk5teGbAJJw4SGw2nTdFXf7uIIOjv5ZEnh/eS4+kIfAtHm/YkM284+F+CA3F99JaEskQnliRWIqoMVlKY8ZJCTOSbGUWE5WNg4+5BBcc8ONeOrZZ/H+rDn47dc/8e23P2DQwMFod9sdOPWU01Bn++0h3sVE6dKk2rRjnX852dF1utdER3vPaI2KJN4YA+0q2PDUhhg2bBii0aitodEXnOzGlClTcNJJJ6FsSyytvdF9arlyXXVJIwESIAESIAESIIFtQoAnrdYEVHzRBGrvAV0uXboUJ554IiZNmgQdBiNdKZuVlYUxIrz873//U29Q4UpX0pX+ul6TzBgDY/6ysmnX/L4LU+rkyFraAuIcdIyU2oCdd9gBpzVqhLvuuhPP9x+AT7/8AouXLMPMd9/H072eQlspqx1x+BFSCZ4NR4QtI4IRAglYc2XpJAG7lBJfUESi3KVILZiHvN9+xOKvPt6gLfvmUxT99CWwTEqeRaskhkWAWW1OMYBCIFUAeGJSklTR6dADDkbr667DM888hanvvof5vy3AN/PmYfDwEbij/V1oePpp2GHnnSRODlw3IGHIqiyNMbb8o/daWVNBNL1tPZedyTEoa2X3cb3CCTgVfkaesEIJmID8YEXwyczJxpENjsZ111+DJ7o/ienvzsAfCxdiZUE+fvh5PiZPn4oho0bg2eeew/1duuDya67GmU2a4ID69VF3t7pwoyHkB1wxoMBdvyVEYAtlZKBuvXr4T/1DcNpZZ+DSy1uiY6cOeOqZpzFkyHC89c4UfP/jj1iVl4uVuavw4dy5eFbEKx1svP5h9bFT3brykkqKiCao5KGKtMnmP03yuLQP4fTyn/zXtP2uXEO1k086GVprVadOHWh3QuWgyw8++ACnn37632ohjDHIzs5WbzQSIAESIIEqTIBRJwESIIHKSEDFA2OMjZoKUatWrUIjEVQ+/PBDK1AZY6R8kIKKV+ctDpEAABAASURBVOp23HHHwXWkUGKPgBUl0i2xjCkJZ/UuLv6BgNIqa74jhUc5plbtbBx97NFoc9ONeOrZpzBnzhzodVkl4tSP877G1HfexIhhL6N37x64//57ceWVLXH2Oafh8IP2x+577IJgWK5PUR6QjIkVrddMKo5wOIrddtsN+x3wX5ze6GS0ankx7r33TvTq2Q0jRw7B9BlvY/7PP6CwYCXyVizFnNnv45mnn0KbNm1w2GGHYsddd0bCTyDhSClQyo7GaIokEZyqHQEKWNXukuoD5y8LR8OIJYtRUFyAwlghEvIAcZBEOBhApuxT26vebjjm+KNx7vlnW4Grw3332E/Tvvrqq/jsk0/w+y9/orgwJs+eJIrykijegGmXtIK8Avz808+YO+djjH11DF7s9wI6du6I69u0xrlNz8HxJxyNenvtgYzMiBWzHS+OInm4FRTnIZ6KwRMF3wRd+PLMgz5AjTyIqt112jYJStdoeb6H+gfXx4QJExAOh+GK8KhNrjVWH330EQ466CDbEivdOkvdjTG6oJFATSfA9JMACZAACZAACZQjgbR4pUvNj65YsQLauurTTz9FujeAMQY777wzpk+fjv322w9a5nClYlbztmnhSltiGcP86uZemhJhwINrfFsmiyULJagktMDmA0hIGVItI5qBevXq4ZgTjpWy3bm44bob0bnj/ejXt58dZH+uiI6/zJ+HeFExfM+3wqMOg7Mu0y59nifly+JCLPj1N3z52aeYMP5NvPLyS3j4wa64uc0tOPvMM3DU/47AHrvVRVTKr0EtuwSD8PykxLMIcb8IKYlbSq69Bx+eLTtq+TFtEnlO1YaAU21SwoSsk0DST4lYFUFmJBMBecgHAyGpxVBlyAO8FPSB4fs+AsZF0AlKGOIONcizylhzxHsikZIHEBCOuAhG12/QP72rXMBxDUxIwnRkQ86FVBKufqHQDQByTjk5kEroEQgEA8iIRBBwXTjGsW6clT8BrdHSUHUZi8dw1FFHQQUrzRCouzFGF/jpp5+gTbbnzZtntzVzkM5AWIctmvFgEiABEiABEiABEiCBmk5AyyDKwJiS/KfmNZcsWYIjjzwSv//+O1wpF6gfFah0/KKJEyfisMMOg4pcmpfVY3VJ4UpJlId50CuRjMURcoMIBzLgQMptgLgbBGVdLSlyUQqAq9smZLeSIiaJE7RMCfHtS2W5NpyIJ4phr4/rwKzD4BjYP1HIPC8B0c5Wb/pIpeJIJIsRlXJsOBSBa1wpvibF4tbUoyvlStcEIKHrJq0GEHBqQBqrVxL1N17W5AGBsubLTrXVbgH5QWP1X8gNy5rst/vk0juuPFACMMZd010eAeKwxhQMujDOGk7/vGH9y0yFsUAEcEOwgWhA8rDBanODYQQDYRi4cmZnDYNsWfMdEb3EDCAe/zKs+Sc+0kfY5V971z4wvf2Xj5q2lpGRgcLCQuyyyy6YMWMG6tatK5qiB9d1oS2vfvjhB5x99tn4/vvvRW/0oRkEHRQ+kUjYbcifL0JkWRMnTiRAAiRAAiRAAiRAAiSwTgKab0zvMMagqKjIbmoe89tvv4V2DZw/f77No+q4V+r/X//6lx364oADDrDiVTgsZYdg0B7H2ZYTSJeKdKllKeVbEqonCw/+6rmHkv8ASv6NlLa05OZKGU7LnLoOW1CDlCdC0PJdKChlQGzEnwGcQAhGyofGuDASpuuWhCF7ALiACcJxI3+ZiGcughKbIEKyjIifsJgrR8Mx4t8tMV0vY8YYGLN+gwE2aHCANczI9qbY2sfL4f80cX8pAaVXusEVEih/AnqLbaqVfywY4roJqIgViUSw995724zBHnvsIbUdKdtcW2vBtAXW8ccfb2vBjDFQvwEdV02C0wyFLDiRAAmQAAmQAAmQAAmQwEYRMEYL+n951UHGdWvBggX2Y0L61TitNFU3tX333dd+gVDzqOr+l7iiezfe6POfCWiJrcSXrv1ljog1fzeIa4nvrTP/6/wlZ1r/djpursRI17dOfBhqZSHgVJaIMB4kQALbhoC2qDLG2IETdWB3FbPSmQMVsXQcgqOPPhpffvmljaAxxi69tT5Dax05IwESIAESIAESqI4EmCYS2CoEtDvgV199hWOOOcYOEK4ncRzHVpoeeOCBdswr7S2g7upXl7StRUClAbWtFX5FhatpUKuo8/E8FUmAV7YiafNcJFAJCWhtlkZLxxfYc889MW3aNNsiS920hZYKXDoewQknnIBZs2apM4wxSKaSdp0zEiABEiCBjSFAPyRAAiRAAkog3W1QBalvvvnGtrxavnw50sKVDnHx3//+F++99x50iIt0q3+tYNVjNAwaCZBAzSRAAau6XXdtHKPGdFU3Als9PSpW6Ul0kExtiaU1YZqBUDfNMGhLrLPOOgtTpkxRJ6ibttBKJpNrjIlld3JGAluDAMMkARIgARIgARKokgTSIpRGPt1tUL8oqENVLF26VJ3tMBY6FpZ+SEjzm5rXVFFLK1v1eDUdp9V65myzCagAsC7b7AAr64FaJlarrPFjvDaLgN67m3UgDyIBEqh6BDYmxipI1a5dG+PHj8cpp5xiW1tpZkKPzcvLQ5MmTTBhwgTdtCLW2mNiaebC7uSMBEiABEiABEiABEigxhPQvKExxn4sSNcVyKRJk3DBBRcgPz9fN614pSsnnXQSRo8ejTp16kCFK3WjkQAJkECaAAWsNImNW9IXCVR7AtrqSkWsWrVq4c0330SjRo2siKU1XtrNsKCgAOeff74VuFLJlN1njLEZj3SmJL2s9rCYQBIgARIgARIgARIggQ0SMKZEvNLWVMYYvPXWW2jWrBk0T6kHZmdn2+6DDRs2xMSJE5GVlWVb92sFqg5loX5oJLCNCPC0lYwABaxKdkEYHRLY1gRUuNIaL2NK2twOGTIEjRs3tl8m1AyGilM6/oC2xBo3fhzSIpaKW6lUymY4jDF2ua3TwvOTAAmQAAmQAAmQAAlsSwIl5zamJF85YsSI0pZXmqfUISxUyGratClGjRplK0a166AxxrbAcl23JADOSYAESEAIUMASCJxIgATWTcAYg+233x7Dhw/HRRddBBWutPZMfatg1bx5cwwaPAg6GKdmNlT40n1qmhnRjElZU3caCZAACZAACZDAJhCgVxKoYgTKtprSik6NvjEGI0eORIsWLUq7Daq7tvxv2bIltMJUK1HTQ1PoPs1XGmOsqGXMX0vdRyMBEqiZBChg1czrzlSTwEYR0G6D6lFFKxWxNIOhwlXaTTMoV155Jfr371/a4soYo7tt829jStatA2ckQAIksI0I8LQkQAIkQAIVR0CFJ80j6hlTXgq63rdvXyteqVvZVlU33XQTBg4cCMeUFEs1z6l+0mYM85JpFlySAAkAJU8KkiABEiCB9RDQTIeKVmovvvgirrvuOmhXQt3WDIpmNO644w48/vjjNgT9MqGu6H5tfaXrtCpPgAkgARIgARIgARIggY0moHlEzUMaY9CrVy+oUKV5Qw1Ah5zQ/VdffTV69uypTlChS/OQzDtaHJyRAAmshwAFrPWAoTMJlC+BqhuaZjC0e6AKVZoKzYRohkMzGNqlUDMhurznnnvwyCOP2C8Tqr+0f12nkQAJkAAJkAAJkAAJ1AwC2m1QxShtVfXwww+jQ4cOdixVTb3mHyORCG677Tb069cP2oVQ3bXroLb8N8boJo0ESIAE1kmg6ghY64w+HUmABCqCgDElmQnNdKgw9eSTT+Lee+9d49S6T900k6I7dNsYs8a4BepOIwESIAESIAESIAESqD4ENM+nravSwlUylbQDsD/08EPo2rWrHWZC/WiKtfvg7bffjkcffdSKWvrFQXXX/KUuaSRQSoArJLAOAhSw1gGFTiRAAusmkEyWZEi0xVWXLl3w4IMPQjMi6UyHrmuGpE2bNla40lA0w5KuXdNtGgmQAAmQAAmQAAmQwNYnUFFn8FKebUnluA60FZVau3btcP/999v8oIpbxhjoFwcfeughqOXl5UFbXVVUHHkeEiCB6kGAAlb1uI5MBQlUCAHtTmiMgTb9VjGrY8eO6NatGzRjohHQ7oS63rt3bztWVnrsg2g0qrtpJEACJEACJFCVCDCuJEACG0kgMzPTilWa97v++uvRo0cPOI5jW1lp/lDXtTvh3XffbQd11/FU1W0jg6c3EiABErAEKGBZDJyRAAlsDAFteaX+VLxSMUvXb731Vvv1GGOMzbho7Zq6Dxs2DK1atbKZFGOMOq1h2jJrDQdukAAJVEMCTBIJkAAJkEB1J6ADsBtjoF0IW7duDf3oj6bZmL/yfwMGDIDmGdVdW2gZU7IvPz9fnWgkQAIksFEEKGBtFCZ6IgESUAI6mLsuVbwyxlhxSrcvvPBCqGClolTZ7oIjRoxAi+Yt1Isd/8CuyEz9qckqp38iwP0kQAIkQAIkQAIkUEkJaIsrzRdq9M5ver4VrzSPp8NKaMsrHeNq8ODBaN68uXopbbVvN2Sm+2XBiQRIgAQ2igAFrI3CRE9VmQDjvvUI6NdlNHTtUnjuuefi9ddft2MfaKZFxzbQGrYJEyegcePG0G31q5ma3Nxc21pLt2kkQAIkQAIkQAIkQAJVi0BxcbGNsIpX2kK/SZMmGD9+vO02qMNJpMWroUOHolmzZjZ/qAeouy5pJEACJLA5BDZGwNqccHkMCZBADSCgg3Wmk6kilgpVY8aMQbqlVjweR1FREcaNG4dzzjnHDvBpjEFOTg4FrDQ4LkmABEiABEiABEigihHQfJ9GedWqVbaiUvN6KlxpRaW6q2lL/LPOOqtUvCq7T/fTKi0BRowEKi0BCliV9tIwYiRQ+QkYY2zXQM2w6LgHOjbW2WefjYkTJ0KbhGutnKZCW2S9++67OO+880pFLHWnkQAJkAAJkAAJkED1I1C9U6TdBjWFKl6pQPX222/bD/zoOKhaiamm+b4zzzzTDjeh+UQ9Rr9WqOt6LI0ESIAENocABazNocZjSIAELIF0TZoxBtoaK90s/Pjjj8fYsWNtSyvIn7qr38mTJ+PEE09EesBObaHFjIwA4kQCJEACJLAmAW6RAAlUOgIqQmmktIJSh4Y46aSTMGvWLOjXBDWfp10JtQJTKzKPPfZY9YqAG7Ct7gMBWTrGbqtfu5MzEiABEthEAhSwNhEYvZMACayfgLa0SmdKTj75ZNt1cPvtt1/jgK+++gqnnnoqFixYYJuUa6ZHMzxreOIGCZDAFhNgACRAAiRAAiRQHgTSwpUu1RYtWgQVrz7//HMbvDHGDhlRu3ZtOw6W7rM7ZKYVnOm8oTEGum2MAf9IgARIYHMIUMDaHGo8hgRIYJ0EVMDSHemMylFHHQVtVr7zzjurszUdE+uTTz5Bo0aNMG/ePOumTc0rYUssGzfOSIAESIAESIAESKAmE9DWU5p+7SK4fPlynHDCCfjss89Kvyio+b66devinXfeweGHHa5eS00SPSqoAAAQAElEQVT3GUPBqhQIV0iABLaIAAWsLcLHgzdMgHtrGgFjVo+JlfKgrap0TKxDDjkEM2fORL169WwT8jSTn3/+GdrVMC1iqd/0Pi5JgARIgARIgARIgAQqBwFjSvJ3v/zyi62A/P7776GiVrrico899sCMGTNQv359FBUXQcdFVeFKKyd9z68ciWAsSIAEKoDA1j8FBaytz5hnIIFqS8AYY0UpY0qWmlBjjG0eHgqFoGMkQP723HNPaKurvfbayw7uri2udFyshQsX2ibo3377re1OKF45kQAJkAAJkAAJkAAJbGMCKkCVjcJPP/2E4447DppnM8bYikrNy+27776YMmUK/vWvf0HHNtU8nhtwbf5Qh4nQLoMajjEleUVjjG7S1keA7iRAAhskQAFrg3i4kwRIYHMJaMZHa960Fk6FLB0X4a233oKKWQUFBfarNBr2b7/9ZkUsHQRUt7Xlli6Li4t1QSMBEiABEiABEiCBjSZAj1tOQPNwxpjSLoLa4kpbzev4pToGlu7Xs2jF5KRJk7D33nvrpq2M1Dyf3Vg9M4aC1WoUXJAACZQDAQpY5QCRQZAACfydgDEGKkJ5vgetgTPGYJ999oFmdPbbbz9oDZ1mgHTfkiVLcM4559hWWtpyS0MLBoK6oJEACZAACVQsAZ6NBEighhMwpkS80jzaRx99hIMPPhjaar6sOHXYYYdB9+2+++6llZLrw2YMRaz1saE7CZDAphGggLVpvOibBEhgEwhEIhGkx0fQw3QAd83oTJs2DYcffjhUwNJWWjqOwooVK9CgQQP7OWb1G4vHdEEjgSpIgFEmARIgARIggapNIC1enXzyyba7oObntPWV5u2OPPJIvPHGG6hTp87fEpmXl/c3NzqQAAmQQHkRoIBVXiQZDgmQgB3vwBhTutTMj1oaTTQataLV9ttvjxnTZ0AzRbpfx0wwpqS2r3Hjxpg1axb0Szd6nApcmmHSroi6TSMBEiABEiABEiABEtg6BDRPpiFrZaOOeZXe1vGu1P3oo4/G7Nmzseuuu+qm7TaoFZG6oRWTWVlZukojARIgga1CgALWVsG67QNlDEigshIwxtguhTqo5+uvv44jjjgC+qeZHhWq8vPz7SChOl6WuqvApbV+OiCobtNIgARIgARIgARIgATKj4DmwbSi0C5TKUycOBFnnXWWHQpCBSzNh2nLq9NOOw2vvfbaOk+sx65zBx1JgAQqhEBNOQkFrJpypZlOEqhkBIwxyM7OxsyZM6EZIhWqykbxzDPPxOjRo6EZKt2n3Q/L7uc6CZAACZAACZAACZDAlhOwItXqLwfqFwUvuOACaL5L818aura+OvXUU223wfRYpepezYzJIQESqAIEKGBVgYvEKJJAdSagGaFRo0bhvCbnlY6XpbV42nWwWbNmGDZ8GPRPux/qsqypv7LbXCcBEiABEiABEthWBHjeqkog/WGdF198ESpe6Ud4dMB2zYtpXuu8887DmDFjoF0FtSVWVU0n400CJFD1CVDAqvrXkCkggSpPQFtijR4zGi1btiz9ko02V9eEXX311Xj55ZdtM3bdTpu2zEqvc0kCJEAC1YIAE0ECJEACFUCgbB5Kh2/QUz7//PO47rrr7IDtKlypu1YyXn755Xj11VftWFfaIssYo97XMGNM6finxpg19nGDBEiABMqTAAWs8qTJsEiABLaIwIv9X0SbNm1sGFrjpyJWLBbDFVdcgeeee86666xsU3fdppFAmgCXJEACJEACJEACGybgBtzSCkNtaaV5rBtuuAEqXBnzlwDVokULPPXUUxsOjHtJgARIoAIJUMCqQNg8FQlUAQLbNIqaoXrmmWdw5ZVX2kyUjrmQjlD79u3RtWtXu6k1gipw2Q3OSIAESIAESIAESIAENomAVhJqXkrzVlp5aIyBbmsg+iXBW265BVqxqK3k1Y1GAiRAApWBAAWscr8KDJAESGBLCfTr1w/33HMPtFZQx77SpTZlv++++0pFLGP+qiHc0vPxeBIgARIgARIgARKoSQS0O2DHjh3RoUMHW2moaTemRMRSt0ceeQRasWgM81vKhkYC6yfAPRVJgAJWRdLmuUiABDaKgGaqtEbwwQcfhHYXVPFKawXVNFN1++23l9YSpgMs60f9qaX3cUkCJEACJEACJEACJAD7dWcdA+vuu++GilTKRFtZab5J7f7774fu0wpE3VchxpOQAAmQwEYSoIC1kaDojQRIoOIJaAaqV69e9sQqatkVmalb27ZtS8dv0K/l6JdxZBcnEiABEiABEqhxBJhgEthYAsYxuLfDvejRo0dpy6u8vDx7eLdu3XBfh/vsOmckQAIkUBkJUMCqjFeFcSIBErAEdDDRG2+8EY899hhc17VdCrU7oYpVvXv3xvXXX2/96ZhYKmLZDc5IgARIYNMJ8AgSIAESqPYEVKjSD+OoUKUt3DXBxhibv9LhG9q1awftNqjuNBIgARKojAQoYFXGq8I4kQAJWALaLdAYg7vuugv9+/eHDuqubslk0u4fMGAAmjRpYltisam7RbINZzw1CZAACZAACZBAZSSgXQbVdLD2V155pbTllcZVuw2q29VXX62bdugGu8IZCZAACVRCAhSwKuFFYZRqKAEm+28EwuGwHetKM12XXnopXnrpJWhXQs1sua5r/Y8bNw4tWrRALBaDl/KsmzHGZsDUX1mzOzkjARIgARIgARIggWpMQFuwa/K0lZXmg5KpJM4+52yoUKUt2XWf5qO23357jBgxAs2bN1cna9qq3a5wRgIkQAKVkEC1ErAqIV9GiQRIYAsJGGOgzdk1A6YZLBWsdF0zZ5rJ0uXYsWNx5plnoqCwAMYY6J+KX7qkkQAJkAAJkAAJkEBNIqCVfZpezScVFBTY1urTpk1TJ9tq3ZiSvNLgwYPR9Pym1p0zEqiKBBjnmkeAAlbNu+ZMMQlUSQLGGGhGTIWqt956C/rFHK1Z1MSoiPX+++/jjDPOwB9//KFOtuWWXeGMBEiABEiABEiABGoQgXT+KDc3F+eeey4mTZpkW6obUyJc5eTkYPr06TjttNNsJWENQsOkkgAJVHECThWPP6NPAiRQgwgUFRXZ1DZq1AjaEstd3Y1QHXVsLBWxmjVrBs2waSstdaeRAAmQAAmQwNYjwJBJoPIR0Aq//Px8nHfeeXj33XftIO0aS80b6b4JEybgiCOOsK3W03kr3U8jARIggcpOgAJWZb9CjB8JkEApgbIDtR9//PE2U7bbbrvZcbG0FZZ6VBHrhBNOwOLFi23GLF0LaUxJraP6oZEACVQiAowKCZAACZDAFhFQYUoDSOeFFixYAM0nTZ061X4AR7sUaqWfjnk1ZcoUHH300bZVux4XiUT0UBoJkAAJVAkCFLCqxGViJEmABNZF4NBDD8Xbb78NzZBpJswYAxW5PvvsM5x88snQDJzWNBpTvcWrdbGhGwmQAAmQAAmQQM0gYExJPkeFqiVLluC4447Dd999ZxOvopa2Ut9xxx0xefJkHHvssdadMxIgARKoigQoYFXFq8Y4lzcBhldFCehA7fvssw9mzJiBevXqlba4UtHq22+/hXY1/OGHHzgeVhW9vow2CZAACZAACZDAPxNQgUq/xvzjjz/aj9osWrQIKlxpfkiP1jyS5pW04k/d1Y1GAiRAAlWRQDkJWFUx6YwzCZBAVSeg4zYEAgH8+9//hjaJ1wxaKpWCdhtUcUtrH3Vg93nz5lX1pDL+JEACJEACJEACJLBOAsFgEJrXOe200/DJJ5+guLjYDtqu+SHNI2lr9Z122gmpZMpW9q0zEDqSwCYRoGcS2DYEKGBtG+48KwmQQDkQ0O6Cxhg7Btbee++NiRMn4sADD7SDlWpNJORv/vz50DGxvvrqKytsqTtrHwUMJxIgARIgARIggW1HYAvOrHkZHTpBK/I0mO+//952DdQ8jzEl3QnVff/997dDLWgeqVatWnADrhWwjDFrLNUvjQRIgASqAgEKWFXhKjGOJEACG0Vgn733wTvvvAPtVqgHaOZOx4P4448/oLWSKmJpc3p1033qh0YCJEACJFA1CTDWJFBTCWgrc2NKxv2cO3euHZS9sLDQVuBpHke5HHDAAXbMqz322EM3aSRAAiRQLQhQwKoWl5GJIAESUAJas6iDlE6fPh06zoO6pTN5KmKdddZZ+Pjjj6FjReg+GgnUcAJMPgmQAAmQQBUm8MEHH+Dss8/GihUr7JhXmr9RO/zwwzFt2jTsuuuuVTh1jDoJkAAJ/J0ABay/M6ELCZBAFSWQl5eHZDIJHedBx8Q64ogjoM3rtbWVMQb6ZR79rPSHH35om85veTIZAgmQAAmQAAmQAAlUPAEdlF1bl+fn58N13dIINGjQwLa82mGHHaybClp2hTMSIAESqAYEKGBVg4tYpZPAyJNAORLIzs62zec1yNq1a9sM3EknnaSb0MHedYB3FbQaN26MSZMm2dpK3akCly5pJEACJEACJEACJFAZCei4V+l4TZ48Geeddx604k67Dmr+RivwzjnnHDseaJ06ddJeS/NFpQ5cIQESIIFtSWALz00BawsB8nASIIHKSyASiWDs2LE499xzbbfB9LgQK1euhHYnHDdunG2hZYypvIlgzEiABEiABEiABGo8Af3SoEIYM2YMmjVrZrsNaj5H3bQFllbODR8+HGk3dadVTwJMFQnUZAIUsGry1WfaSaCaE9AMnbbK0gzdGWecUdriSjN32iLr/PPPx+uvvW4psIm9xcAZCZAACZAACVR3AlUyfVoJN2jQILRs2RLxeNymobi42C41PzNy5EhEo1Hox2qsI2ckQAIkUA0JUMCqhheVSSIBEigh4HketHugClavv/46mp7f1O7QboSa+VOB6/IrLodm+tI1m9YDZyRAAiRAAhsgwF0kQAIVTWDIkCG49NJLoaKVWjrfoq2xtKJOhStjjM33aN6nouPH85EACZBARRCggFURlHkOEiCBbUJAM3N6Ys3IaUZvyNAhuOyyy6BfJlR3bXWlNZrNmzdHjx49oONLqOil+2gksFUJMHASIAESIAES2ACBsvmRZ599Fq1atbIfoNH8jB6m+7U1lopXxqwpXBnDoRGUEY0ESKD6EaCAVf2uKVNEAjWCwOYkUjN9L730Eq655hp7uLbM0lpMFbjatWuHbt26QQUt3VZ364kzEiABEiABEiABEqhAAqlkyopVmhfRCrZbbrnFbmv+RCvfNCrXXXcdtEuhrtNIgARIoKYQoIBVU67039NJFxKocQT0Cz1eysOTTz6Ju+66yzbDV8FKQWirrM6dO6N79+5QPypuqTuNBEiABEiABEiABCqSgBtwoWKVildawaYVcDp2p8ZB8y133HEHnnnmGfuBGs3bqDuNBEiABP6BQLXYTQGrWlxGJoIESGBjCGiXQs0Uqlj16KOP4pFHHrEDu6tYpbWcmim8++67cV/H+zYmOPohARIgARIgARIgga1CTmHbDgAAEABJREFU4Pbbb0eHDh2skKV5FB23U/Mxmk954oknbItxFbbUbatEgIGugwCdSIAEtjUBCljb+grw/CRAAluNgDHGNrk3pmRZ9kTGGNsK6+GHH7YtsVTU0mb5KmKpuHXTTTdZ7zrGhF3hjARIgARIgARIYMsI8OgNEtB8iHrQPEifPn2seKUilYpX+gGaTp06QfMt6qesGVOSzzGmZFl2H9dJgARIoDoRoIBVna4m00ICJLDJBO699148//zzdgD3sgdr0/wbb7zR1nCmM5Rl93OdBEiABLYFAZ6TBEigehLQD8moWNW2bVu88MILiMfj0NZVWpGmlWsqaKWHP6ieBJgqEiABEvhnAhSw/pkRfZAACVRTApoh1KTpQKg6uHs0GrVClrbG0m6Fzz33HC6++GJozaf6o1ULAkwECZAACZAACVQ6AgE3YL80qEJVWrzSZSqVQr9+/dC6dWuowKX5k0oXeUaIBEiABCqIAAWsCgLN05BA9SFQfVKitZraJF9TdPnll6OsiKXjTegAqsOGDcOFzS603QzVH40ESIAESIAESIAEypNAYWEhWlzcAoMHD7Zjc6pQpcKVnkO/NNi8eXNdRTrPYjc4IwESIIEaSIAC1ra46DwnCZBApSCgLbC01VU6Ms2aNcOIESNKW1ylazlfe/01nH/++WtkHFX8Sh/HJQmQAAmQAAmQAAlsDoH8/Hw0btwYo0aNsoen8x5aiTZhwgS0bNkS2jJcd5bNs+g2jQRIoIoQYDTLjQAFrHJDyYBIgASqOgHf83H22Wfj9ddfR61atUpbXWkXwunTp+Pcc88tdVPxq6qnl/EnARIgARIgARLYdgRUvGrSpAmmTJlSGgkdC0sFq3HjxuGMM84oda/pK0w/CZAACSgBClhKgUYCJEACQsANuParhSpijR8/3g6eKs7QQdy12f7s2bNx/PHHIy8vT51pJEACJEACJFBVCDCelYzAypUrcfrpp+O9995bI2Zagabi1ZlnnrmGOzdIgARIgAQACli8C0iABEigDAHtGphKpnDsscdCRaycnBwraqkXrSn96KOPcPLJJ2PZsmXqRCMBEqgxBJhQEiABEigfAosWLbJ5iVmzZtlKMu02aIxB7dq1MWnSJJx44om2xbe2xtKuhOVzVoZCAiRAAlWfAAWsqn8NmQISIIFyJKBdA7UllgbZsGFDvPXWW7Y7oQ6oqm6akUyLWL/99psdbFXdaRtBgF5IgARIgARIoAYT0EqyX375xXYN/Oabb5Ae00pbemvLq3feeQeHH3Y4NK+h3QhDoZBdr8HImHQSIAESWIMABaw1cHCDBCo3AcauYgnE43EcddRRdmyKunXrIhAIQAUuzVR+8cUXdryspUuXVmykeDYSIAESIAESIIEqRUCFKxWlVLw677zz8Omnn9oKMB2eQBOyyy67YOrUqTjooINgHKNOpWbMmtulO7hCAiRAAjWQQE0TsGrgJWaSSYAENpeA1nzqsQcccIAVsfbcc08rYmlNqbp/+eWXOOaYY/D777/bjKi60UiABEiABEiABEigLAGt/Prxxx/RqFEjfP3113ZXOi+h4tWMGTNwyCGHQFt7q1/rgTMSIIHyIMAwqhkBCljV7IIyOSRAAuVPwHVc7LHHHpg8ebJduq4LNc1o/vTTT1bE0oxp+Z+ZIZIACZAACZAACVR1AipanXDCCZg/f75NiopUWVlZ2Hfffe1QBXvttRd0/E0166FSzRgZEiABEqg8BJzKExXGhARIgAQqFwFt7q/muI79IqFmMKdPn4599tkHqVQKyWTSRljHwjruuONslwB1KC4uBjOhSoJGAiRAAiQAIqhxBDQPoHkBTbh2F9RB2RcuXGjzEjo8gTEG//d//wcdxH3//fdXb3ADrjXdMMbYD8gYU7JUNxoJkAAJkAD4FULeBCRAAiSwsQQ007nbbrvhzTfftE399ThjjM1kLlmyBPrJ69mzZ0O/JqQZUd1PIwES2HICDIEESIAEqhIBzQNoXkDzBGeffTbS42XqVwU1HYceeijGjRuHHXfckUMQKBAaCZAACWwkAWcj/dEbCZAACdR4AtrqSiHstddemDhxIurXr6+b0MHdtTuh1q4ef/zx+OCDD6x7JZoxKiRAAiRAAiRAAhVIQMUr7Tb4559/2ootY4z9omCDBg1st8F69erZ2Pieb5eckQAJkAAJ/DMBClj/zIg+SAAAIZAAbEsr7VKoXxPaaaed8M477+Ckk06CtszSwViNMdClDtKq42WBfyRAAiRAAiRAAjWOgOYBNC+g+QOt5NLuhJp/SItX0Wi0xjFhgkmABEigPAhUnIBVHrFlGCRAAiRQgQSMKekeaEzJMhwO27MbY+wyJzsHkyZNQsOGDe2245Q8UvPz89GkSRO89tpr1l1nmnHVJY0ESIAESIAESKD6EdDKLU2VvvtPO+005OXl6WZpF8GTTz4ZM2fMhA7ervkJzReoGackT2E9c0YC1YkA00ICW4FASWlrKwTMIEmABEiguhPQwd216+Drr78OHeNCuxiqiKU1q1rr2rx5c4wYMcJiMIYZVAuCMxIgARIgARKopgQ0P3DRRRdB8wKu69qW2ypsnXHGGRg/fjzcgPu3lBuz/vzB3zzTgQRIgARqOAGnhqefyScBEiCBzSagXyFUoUoFq1GjRkEzrZpRVSFLTbsTXnrppXag1s0+CQ8kARIgARLYXAI8jgQqjMAbb7yBSy65xA4loC2rXBGwdHnxxRfbFtmaV9B8gX6hsMIixRORAAmQQDUjQAGrml1QJocESKDiCGjrq1AoBC/l2QFaBw4ciMsuu8yOiaWx0IyrClxNmzZFnz591IlGAlWMAKNLAiRAAiTwTwT69u2L8847D+mvDOr7X+2qq66C7tMug1rBpfmGdbXC+qfwuZ8ESIAESKCEAAWsEg6ckwAJkMA/EjDG2O4AxpQs0wekM6MqZvXr1w+33HKL3aVdCBzHgbbGuvHGG/HMM88gXfOqA7paT5yRAAmQAAmQAAlUKQLakkojrJVUTz75JG699VZoHkDf9+qu1rp1azz33HPQQdx1W/MEulQzpiQfYUzJUt1oJEACJEAC/0yAAtY/M6KPbUyApyeBqkLAGAPtMtCzZ08rYhlj7OCtWuuqGdubbroJjz72qBWxgoEg+EcCJEACJEACJFD1CGhLKo31U089hTvuuAOFhYW6WWpt27aF7tP3f9pv6U6ukAAJkAAJbJDAhnZSwNoQHe4jARIggU0koDWsmmF9/PHHbaZWD8/OztaFtc6dO1sRy13HQK7WA2ckQAIkQAIkQAKVmoC+5++//37ceeedNp6RSMQOH6CVWB07dkT37t1td0LtOmiMsX44I4EKJMBTkUC1JUABq9peWiaMBEhgWxFQEUtrXFWseuyxx5CXl2czthof7V7QqVMntG/fXjdpJEACJEACJEAClY7AhiPUrl07PPDAA9aTilQqaOl7v0ePHlBhS8e/0pbX1gNnJEACJEAC5UaAAla5oWRAJEACJPAXAWMM9ItDd911l+1GoBlb3VZxSzO22kLr5ptvtt0J9SiOiaUUaCRAAtWGABNCAtWIQPodrWNftWnTBjpUgLauVpFKB27XsbD0va5DBeh7Xt2NYcuranQLMCkkQAKVhAAFrEpyIRgNEiCB6kdAM7WaKh0L49lnn0VRUZEdE0vdjDF4/vnncX3r63XTfsVQa3DtBmckAIAQSIAESIAEKgcB7SKo7+gbbrgBvXv3tuNdpltXG2OgLa90X+WILWNBAiRAAtWXAAWs6nttmTISqOkEtnn6tQZWI2GMweWXX46+ffsiKysL+kUibYWlNbb9+/fHhRdeiHTtrvqnkQAJkAAJkAAJVB4C+s5u2bIl9J2tsdLhAHSprasHDhxov0KoXQnVTVtp6ZJGAiRAAiRQ/gQoYJU/02oUIpNCAiSwJQQ0w6utrjQMFbOuueYavPjii0hncjMyMnQXRo8ejaZNm8KYkq8WWkfOSIAESIAESIAEKoyAvrPXdzJ9Rw8fPtzuVtFKV/QdPmTIELRq1Uo3ral4ld5vHTgjARIggSpFoPJHlgJW5b9GjCEJkEAVJaDjYOi4V+noaysrbW01cuRIK1YVFhbaXSpuTZ06FWeeeSby8/OtG2ckQAIkQAIkQAIVQ0C7/K9LwFq6dCnOPfdcTJgwwUZEvzKoIpVuDB06FE2aNNHVUqN4VYqi5q4w5SRAAluVAAWsrYqXgZMACZDAXwTSLa8aNWyEd955BzoAbDozrOLW9OnT0axZM4pYfyHjGgmQAAmQQA0jUNHJVeFKhSdj1hx0PTc3F82bN8fEiROhAle6+3+tWrWg7+vTTjsNelxFx5fnIwESIIGaTIACVk2++kw7CZBAhRLQTLKeMOWlcMLxJ2D8+PFQN2P+yjRPnjwZJ5xwAhYvXqxeaSRAAiSwqQTonwRIYBMIGGOgLaaNMfadrIO1L1y4EKeccgqmTJmCdIsrHfdq++23x2uvvYYGDRpAW09D/lTckgUnEiABEiCBCiBAAasCIPMUJEACJKAENIOsS9dxYRyDo48+GrNnz4ZmiNU9nUn+9NNPoTW7qWRKndcwFbzWcODGViDAIEmABEiABGoiAX3H6rv45JNPxkcffWQRuK5rlzvuuCPGjh2Lk046yX6MJf1OT7eutp44IwESIAES2KoEKGBtVbwMnARqKAEme70ENHPsuI4dA0treY844gjbFWHXXXeF1u7qmFnGGHz//feof0h9/Pbbb1B/Ol6WfrVQA9YwdEkjARIgARIgARLYdALp96gutQu/hqDC1fz586Hv5W+//da+p/WdrO/mnXbayXb914onfRcb81fLaT2WRgIkQAIkUDEEnIo5Dc+yqQTonwRIoPoT0FpbzTz/97//tRnjPfbYw46zoYKVfr3wxx9/tN0UfvnlF+jXjnSsDWOMzVTrcdWfEFNIAiRAAiRAAuVPwBhjAzXGIBKJ2HXtNqitq7766itoqyt9z+q7eIcddrBdCQ844ADbxVDfxfYAzkiABEigHAkwqI0jQAFr4zjRFwmQAAmUKwHNGGsXQV2qpUWs//znP3Acx4pUOq7G77//juOPPx7z5s2zbulI6DHpdS5JgARIgARIgAQ2nkDZd6i+a7XF1THHHIMFCxZYkUpbXWlo//rXvzB37lykxSsv5SGZTNqW0bqfVqkIMDIkQAI1gIBTA9LIJJIACZBApSNgjIEbcOF7vhWmtEuCZpQnTZqEfffdF5q5NsbYfVorrBnrDz/8EPqn+zQDres0EiABEiABEigfAjUnFBWtNLW61NbO2vJKxStjDLKysmwLrAMPPNC2vKpXrx70Ha3vXs/37JcHtaJJj6eRAAmQAAlULAEKWBXLm2cjARKo4QSMKRGljCn52pFxSpbaJUEzx3Xr1rUZ5qOOOspmktVda4KXLl2KJk2a4OOPP7ailn79SP2r1XCkTD4JVB4CjAkJkPMVkzIAABAASURBVEClJJAe50oFKxWjtAu/RvSLL76wg7KvXLlSN614lZ+fD61Qmjx5MnbeeWfbtV/fxcYYOIZFJ/CPBEiABLYhAT6FtyF8npoESIAEjDGlEIwxVrTabbfdMH78eBxyyCG2q4J6UBFryZIlOPbYY0u/jGRMybHVScTStNJIgARIgARIoDwJpMe50jC1AkgFLf3K4Nlnnw2tIFJhS/fl5eXhyCOPtONSaoWSCldpsUv360dY+M5VEjQSIAES2DYEKGBtG+48KwlsLQIMt4oT0AFjNQnbb7+9FbG0JZZmno0x9iuFmuk+7rjjMHv2bKhfYyhiKS8aCZAACZAACayPgApU+pVBfZ+qnzlz5uCss87C4sWLddN2GdSVBg0aYNy4cdhxxx11EzpWpV3hjARIgARIoFIQoID1t8tABxIgARLYNgQ0oxwKhkpPriLW9OnToeNfpWt8jTFQEUtbYr3+2utriFilB3KFBEiABEiABEiglIC2pFLT9+yUKVNwwQUXYNmyZUgLWvr13xNPPBFvvfUWsrOzSwdp17EqSwPhCgmQQDUlwGRVJQIUsKrS1WJcSYAEqhUBY4wdz8oYY9OlXRPUVKxSM6akS6F2JzzzzDNtDbG620x4KoXLr7jc1hRrzbIxJWNpaUAqcKmp37Km+2gkQAIkQAIkUN0J6DtQW1yl05kedH3U6FFo2LCh7Tao+/T9qUttjTV27Fj7ntXuhqFQyH5MJf0OVT+0DRDgLhIgARKoIAIUsCoINE9DAiRAAhsiYEyJiLW2H60tjkajGDNmDM4///w1dmvm/KKLLsKoUaPsILPGlIhYmvkG/0iABEiABKoMAUa0fAm4rmvFKA1VB23XFlbDhg7DpZdeaoUpdVc/ujznnHMwePBg2/KqbCto3UcjARIgARKoXAScyhUdxoYESIAESCBNQGt+8/Lz7BgcKkpp5rtVq1ZQ4SpdO6x+1e2NN97QVdu9UI9T/9aBMxKoGQSYShIgARIoJaAtldOtrvR9+corr6DVpSXvT30/ZmVl2XdpixYt8Nqrr0H96LszkUyAfyRAAiRAApWXAAWsynttGDMSIAESQE5ODtJjcOjy2WefxWWXXQatUU5nzo0xUBGrX79+0NZaxqzZmsuYNbfXjZWuJEACJEACJFB9CKS7B+q78corryxNmLrn5+fbd2nfvn3huI59dzqOAxW31KMxfG8qBxoJkAAJVDYCFLAq2xVhfKouAcacBLaQgDFmjTGxNDjNUOsybVpr/NRTT+HGG29MO5Uec+211+LJJ5+0tcraXcIYY4Uu9WiM0QWNBEiABEiABKo1Ae16r6atqnr27InrrrvOdhvU96ImXFtatW3bFr1797aDuBvD96NyoZEACZBAVSBQqQSsqgCMcSQBEiCBiiBgzN8z1DoorTHG1hR3794d9913n818pzPlGq/27dujc+fOSAtf6S8s6T4aCZAACZAACVRXAtqyStOmrZXV9F14xx13QAUr13WRmZmpu3HXXXehV69e9j0ZCARs13u7Y/VM/aut3uSCBEhgKxJg0CSwqQQoYG0qMfonARIggQoiYMyaIpaKUcYYO1aHrj/wwANo166djY2KW9r1QYWrRx55BB06dLBjZxUWFtrMezpjbz1zRgIkQAIkQALVjIC+F9NJUvGqS5cu9v2n7ipIabfBhx9+GB07drQtl/WdaYwp7Taox6o/XVYhY1RJgARIoEYRcGpUaplYEiABEqgGBHQQd+0eoUnp1KkTevTooau2Fln36UbXrl1x3fXXIRwK24y6ZuDVnUYCJEACJFCWANerA4H0O1HTcsMNN+DBBx/UVWgLZa3A0eUTTzyBu+++G9oVP5lM2u721tPqGcWr1SC4IAESIIFKTIACViW+OIwaCZAACZQlYExJiyz9upJ2j9DWVSpM3dT2JjzzzDNWqNIaZe0qoS2xXnzxRdx0801rCFtlw+M6CZQLAQZCAiRAAhVMoKzYpOKVcYwVq3R8yOeee87GRt+FGRkZdr1Pnz5o06YN9N2oDvoeVdP1tBlj7HvUmH9epo/hkgRIgARIoGIJUMCqWN48GwmQAAn8jcDmOmjGXDPu8UQcra9vjVdeecXWKGumXWubVczSTLtm6DWjrq2z1PLy8jb3lDyOBEiABEiABLY5AWOM7Safjkg8Hsfll18Ofefp+07ddand619++WX7xUEd70rdtfJHlzQSIAESIIGqR4ACVtW7Zozx3wnQhQRqJAHNsGtLrFAwBF02a9YMg14ZhFQqZXloxt11XQwYMAAXXXQRtMuEClvaast64IwESIAESIAEqigBfe9pS6yCwgJcfPHFGDRokG1BpRU12tJK35EqXun7Tyt8VNDScbB0vYommdEmARIggRpPYLWAVeM5EAAJkAAJVDkCoVCopMVVwEVRURFUmGpxcQuMGDHCZuI1QSpY6XLkyJFo0qSJ7WJhjFEnGgmQAAmQAAlUSQLa+lhNWxS3bNkSU6ZMsenQ96AxJd0Jhw0bhlatWpUO0q4tr3T8K+uRMxKo8QQIgASqJgEKWFXzujHWJEACJGC/rqRdIrQGWrsLamZe1xs3boxJkyZBa5l1W1EZYzBt2jSce+65tiWWDmqrLbR0H40ESIAESIAEqhKBlJdCLB5D8+bNMX78eOTm5tro63tN34fjxo3DOeecY9303agr+k7UZbkZAyIBEiABEqhwAhSwKhw5T0gCJEACW4eAdqcwxkC7SZx00kl48803rYhljLFil3YtnDFjBho2bAittU7HIt1KK73NJQmQAAlUBAGegwQ2loBWxmgLqrR/fYedddZZmDhxIqLRKLS7vL77tIXVhAkTcMopp1h39a/vRl3SSIAESIAEqj4BClhV/xoyBSRAAjWcgDGmtMtgGoVm5Bs0aIBZs2YhJyfHOqtQpWOCvP/++zjzzDOxcuVKK2zpWCHWA2dVjQDjSwIkQAI1goCOa6Utq1TIWrRoERo1aoR3333XClcqbGlr5MzMTGhL42OOOaZUvKoRcJhIEiABEqhBBChg1aCLzaSSAAmsTaB6bGuGXk27TqRTpF0mdIys+vXrY/r06dhpp53Su6CC1dy5c20NtRYE9Di1Ug9cIQESIAESIIFKREBbEKv98ccftmvgJ598YmOn7z59p2VnZ9vWWIcddhhUzNJ3oPUgs7LrssmJBEiABEigChOggFWFL16liDojQQIksM0IGFPS8soYY+OgtdN2RWZuwJU5bAsrFbG0VnrPPfe0tdVaCNCd33zzDY499lgsW7bMDnKrtdjqrqaFAl3SSIAESIAESGBbE9D3m1a4nH322dAKGI2Pvqe062CdOnXw9ttv44jDj7BjPBpjkH4HQv7KrssmJxIgARIggS0hsI2PpYC1jS8AT08CJEAC5UHAmBIRa+2wtMugZvL3228/6LggO+644xpe5s2bB+1u8eWXX9rxsrSbofr3Up4Vv9bwzA0SIAESIAESqEAC+g7T0/366684+eST8dlnn0FbFxtTMrajvtPmzJmDAw84EJ7vIV1Bo8fQSKCyEmC8SIAENp8ABazNZ8cjSYAESKDSE9CuFVoAUFFKRazZs2djjz32sN0IdZws13Whtdo6Jpa2yEr71xprY9YtilX6RDOCJEACJEACVZ6AvrtUrNIKlv/973+YP39+Ok12uc8+++Cjjz7CXnvtVSpeBQNBu48zEiABEiCB6kmAAlb1vK5MFQmQQA0noIKVIlCRKhwO20HetVWVdiPUQdz/+9//2q4WKmCpnwULFuDwww+HjisScAN66BqWDm8NR26QAAlUUQKMNglUfgJp8aphw4ZYvnw5tIWwxlpbWR144IF2zKu6detCu7/re0y7GWrlC8e8Uko0EiABEqieBChgVc/rylSRAAnUcALG/L31lOM6tgCwyy67WKHq0EMPtZQ08+84DnQg93PPPRdffPmFddcZCwJKYR1GJxIgARIggXInoO+hdKAffvghjjvuOKxcudJ2DdSKFGOMrWz59NNPbcsrdYtGo7bLu67rsSpi6ZJGAiRAAiRQ/QhQwKp+15QpIoEqQYCR3DYEjDG2NZZ+pemtt96CdivUWm3N+Ktpd0Id2H3y5Mk2gikvBe3GYYyx25yRAAmQAAmQwNYgoO8gbRWs76QZM2ZAB2xftWqVfQfp+bSi5eijj4a+u3SbRgIkQAIkUPMIUMCqutecMScBEiCBzSZgjMF2222Hjz/+GCeeeKKtvdbAtAuGtshq3LgxpkyZYgfL1W4cuo9GAiRAAiRAAluDQLqiRLsC6rvnvPPOg4pX+v7RChc9p1auqHiV7hZvjLEVMsb8tVR/NBIgARKopgSYLCFAAUsgcCIBEiCBmkpAa7T164Q6xogxBnl5eRZFIpHAqaeeivHjx9ttrRm3K5yRAAmQAAmQQDkTUKFKgxw3bhyaNGlixSttiaXClr6PTjjhBLz55pv2a7la0aJ+aSSw6QR4BAmQQFUnQAGrql9Bxp8ESIAENpKAMWYNn8aUbOv4Idpl8Pzzzl9jvxYSLrroIgwfPtx24dCChBYotDCxhkdukAAJkAAJ1AwC5ZjKtcdYHDt2LJo2bWoHZdd3Tbri5Mwzz8TUqVOteGWMKW0xXI5RYVAkQAIkQAJVhIBTReLJaJIACZAACZQjAWNKxKuyQQ54aQB0EHd1S49DkkwmccUVV2DUqFG2O6G22NIuHhSxlBKNBDadAI8gARIAVLwqO9j6iBEjbMsrfbekW2OpiNWiRQv7/iEzEiABEiABElACFLCUAo0ESIAEaggBY4wdM2Rdyc3JyYEWIq655hqoUJX2E4vFcNlll6Fv3772K4ZaK64CV3p/BS95OhIgARIggSpOIC1eacvePn36QN87miRt+atu+g665JJLMHTo0NKWV8YY9WLNGLPed5n1wBkJkAAJkEC1JEABq1peViaKBDZEgPtIYN0EtEZcB8d99tln0bp1a9ttUFtgqWClNeHq1q9fP1toUPd1h0JXEiABEiABEliTgL5H1nQp2erfvz9uvPHG0vEXVbzSPZdeeikGDBigq7a1ll3hjARIgARIoMYToIC1ObcAjyEBEiCBakggXSOu3Td69uyJ2267zba40qRqrbiKWNdffz06deoE7UaoBRJ10/3aSku3y5q600iABEiABEhA3w1FRUWlIPTd8fDDD1vxSh31naJLdb/rrrvw0ksv2W7r6pZ+N+m6MWx5pRxoJEACFUyAp6s0BChgVZpLwYiQAAmQQOUioIWL9u3b20gVFxdDuw3qgO+PPfYYOnfuDG2Fpd08tMBhPXFGAiRAAiRAAushoO8PFbL0ffLII4/gvvvusz615W8qlbJd1x988EHoO8bu4KxaEWBiSIAESKA8CFDAKg+KDIMESIAEqiEBLWw8+uij6Nq1qy1YaAFDa9BVyOrSpYttiaXJVhHLGKOrNBIgARIgga1DoEqHqu8JFa+MMejQoUOpeKUXIAnRAAAQAElEQVTvGa0EUdOWVx07dlxnOo0xtvv6OnfSkQRIgARIoMYQoIBVYy41E0oCJEACm0ZAa8n1iDvuuAPPPPOMrlpLj1Gi4pZ2M9Tug9rt0O7kjAQqLQFGjARIYFsTaNOmDbp3726joS2vtCWvMQY9evSAtsqyOzgjARIgARIggfUQoIC1HjB0JgESIIGaTiA97pVjHOjYV3379rVItCWWXZFZeqwsFbWMMeICW0tuTMk6+EcCJEACJFDjCGhrK020tqzSpb4jrrjiCvTu3Vs3oeKVuqmApeLVrbfeat05IwESIAESIIENEaCAtSE63EcC5UyAwZFAVSOg3T7SA+hec801GD16tBWo0unQgXdfeOEFtGrVClpgUdNCSXo/lyRAAiRAAjWPgApTmmp9hxQWFuLKK6/EwIED1cm+Q7Tlrr4v1O2qq66y7pyRAAmQAAmQwD8RqGoC1j+lh/tJgARIgAS2AgEthGhho2nTprYQotu1atWyA7lri6yRI0dC92mhhN0Jt8IFYJAkQAIkUIUIaOWGRjeVTKFFixYYMmSIbkLfHfouyc7OxrBhw2zlh7b2tTs5IwESIIG/E6ALCaxBgALWGji4QQIkQAIk8E8EtLXVuHHjoGKVFkR0UHc95p133kGjRo2watUq6GDv6kYjARIgARKomQR0HMUzzzoTEydOhFZs6LtCuw7qcvjw4WjevLkFk0gk7JKzrUWA4ZIACZBA9SFAAav6XEumhARIgAS2KgFj/hrX6swzz8Srr76KHXfcETrGiRZO8vLyMHfuXDRs2NCKWBoZFbh0yQKKUqCRAAlUSQKM9EYR0Oe9Vmyo58WLF0PfE1OmTLHvCO1SqO8KbW2llR26T/2ppVtr6TqNBEiABEiABDZEgALWhuhwHwmQAAmQwHoJnHLKKXj99deRk5OD9LhXWkhREatx48ZYsmSJHetEAwgEArqg1VACTDYJkED1J2CMsS2ttBXueeedh1mzZkG7mKupeJWVlYUJEybghBNOqP4wmEISIAESIIGtQsDZKqEyUBIgARIggfIkUGnDatCgAWbOnIk6derYsU20oKLdQ7744gvbnfD333+3te/alaTSJoIRIwESIAES2CIC2vJKKzJ+/fVX2wr3448/tu8EDVTHu9ppp50wefJkHHXUUfaDH+pOIwESIAESIIFNJUABa1OJ0X8VJcBokwAJlDcBbVWlhZZ9993Xili77babLbCoiKXuX375JU4//XSoiKVdS8r7/AyPBEiABEigchDQwdn//PNP221QW+HqO0ArLrR7uXYbnDp1qhWv1F39Vo5YMxYkQAIkQAJVjcDGC1hVLWWMLwmQAAmQwFYloIUQHZA3Go3igAMOsF1DVMxSNz2xClnffPMNjj/+eGjBprCw0LbG0n00EiABEiCBqk1AKyb0gx3a8krHvDr55JOhz/yyqdKWVzoO1n777WdbXqmgpceV9cN1EiCBSkqA0SKBSkiAAlYlvCiMEgmQAAlURQJaQHn33Xex6667lkZfxz357bffcOqpp1oRS8fIKt3JFRIgARIggSpJQEUoYwy0wuKnn37CkUceCe0+mE6MVnDsscce0HfCf/7zn7RzjVsywSRAAiRAAuVLwCnf4BgaCZAACZBATSWgBRb9KqEWWPbZZx+LQbuOpEWsRo0a2dp5bYlld3JGAiRAAhsmwL2VlIBWRmjLK21xdc4552DRokV2AHd9D+hXBbVCY86cOahXrx50u5Img9EiARIgARKoYgQoYFWxC8bokgAJkEBlJaA18hq3HXbYAdplZP/994eOgaJuKmJp7fyJJ56I77//Xp1oFUKAJyEBEiCB8iegotTnn38OfaZrK1vtMq7jW+mzXruU6ztg5513tifWboZ2hTMSIAESIAES2EICFLC2ECAPJwESqOYEmLyNJmCMsX51jBPtOjJ9+nQcdthhdmB3rZXXAk5eXh5OOeUU6IC+qWTKClwqfGlNvj2YMxIgARIggUpHQJ/XGqn0s/rDDz+0A7avWLECiUQC+vVZFa/q16+P9957Dzr2lfpX03ESjTEw5i9TdxoJkAAJkAAJbCoBClibSoz+N5kADyABEqh5BIwxtjuJFmQaNGhgCy5KQQs4WuC54IILMHXaVGgXQ2NK/Op+GgmQAAmQQOUj4AZcGymtoJg2bRrOPvtsFBQUlD7btZJCn/WzZ89GOBS2fjkjARIgARKomQS2ZqqdrRk4wyYBEiABEqi5BHJycqAD/L755ps44YQTbEss7XaiRFatWoXGjRtj0qRJukkjARIgARKoxAS0lZVWQEycONE+u5cvXw4dB0tb1mq09QuE+jzXZ35a7FJ3GgmQwGYR4EEkQALrIUABaz1g6EwCJEACJLBlBLSwY4yBClmvvfYaTj/9dKQLO7pP7YwzzsAbb7wBXd+ys/FoEiABEiCBrUVAn936rD7rrLOQn59vn9kqaun5zj33XIwbNw7Z2dnQroY6Fpa6b1vj2UmABEiABKojAQpY1fGqMk0kQAIkUAkIaJcSHd9Ko5KVlYVRo0ZBv1alY6VoLb0WiNTPRRddhFdeeQXpgX7TA7/rcTQSIIFtRICnrfEEylYs6PP74osvLu0yqF0JtQt4kyZN8NJLLyEQCECf947r2O7jNR4eAZAACZAACWwVAhSwtgpWBkoCJEACJKAEjDElhRrHQUZGBrQlVosWLaA19CpgGWPsOFitW7fG4MGD9RDb7dCuVPEZo08CJEACVZmAI89tjX+fPn1w+eWX2+d2WtTS7oMqXo0ZMwZ16tRRbzQSIAESIAES2OoEKGBtdcQ8AQmQwGYS4GHVhMD/s3cegJIUVdt+qsOkGzazS845IyIKShTJShKQIEEUJEjOOecgUTKIqIigSBQURYn+yqcgKCA5brxxYof/nL47u3cRkLDhhjPbp6u6urrq1NM1c6ffrapxrk/E0hFWzjluueUWdtttt+xXq1TE0oWA9Zet9tlnHy677LJsYeDmQ9IQQWDNMAJGwAgMKgI6FbBcLnPFFVfw/e9/P5syqCOstBEqbO2666787Gc/y0Zk6ee3ppsZASNgBIyAEZjTBEzAmtOErXwj8NkJWAlGYNATcM5RLBZntOPmm29GR13pdEJdR0VDPXnEEUdw6623kiapHpoZASNgBIzAPCAQJ3EmXu2///7ZlEDnXBaqK9/73ve45pprNJoJWE1hK0uwnREwAkbACBiBOUjAm4NlD6CizRUjYASMgBEYaAR0tNXBBx+c/Tqhiljqn65/pcLW6Wecjj4U6XHznJ43MwJGwAgYgTlHoDn69fzzz0f/Q0Fr0hFW+nmsU79POeUULv3hpTPELM3f/HVZzWtmBIyAERgYBMyLoUrABKyhemetXUbACBiBQUDgnLPP4fTTT5/FU31Q0oekww8/nDAI8ZyHiVizILIDI2AEjMBsJaBClH72Ouc47rjjMtNfkHXOZesS6rRB/aw+8cQTSdIkq1uv0YhzTgOzoUbA2mMEjIARGIAEvAHok7lkBIyAETACw4CAjq5ynuOYY47hjDPOyB6SmlMJ9UHqkksu4cCDDsxI2P/wZxhsZwSMwCAiMJhcVYFK/6PgBz/4ARdeeGHmend3dzYSVoWqs846KxO19IT+4qCmadw5E6+Ug5kRMAJGwAjMHQImYM0dzlaLETACRsAIvI+A/gS7PjRp8rHHHsvZZ5+d/RS7HqvpAu9XX301e39n7+whStPMhhUBa6wRMAJziYBOD9xvv/246qqr0CmDWm0+n0f/8+CHP/whRx55pCZlpr9AqBHnTLxSDmZGwAgYASMw9wiYgDX3WFtNRsAIGIG5TGBwVaeLBV933XWoqOWcyxYHVhFLf7Vw2223zUQsfbDSUQIaDq7WmbdGwAgYgYFDQH9lUEUr9Ug/U3fffXeuv/76bLq2c06T0VGyN990M3vttVf2+asjY9WaI2WzTLYzAkbACBgBIzAXCZiANRdhW1WDkIC5bASMwFwjoA9FKlT96le/ysQrnabiXN+D1G9+8xt22mmn7CFKRa1cLjfX/LKKjIARMAJDjYAf+Nm07a6uLnbYYQduu+029KUjrjTU0Vc/+9nP2Ha7bfE9X5NmmHMu+4yekWARI2AEjIARMAJzicAcF7DmUjusGiNgBIyAERjkBHTkVS7MsdVWW3HHHXegApam6VorKlrdddddfGvnb6HTV3TEwCBvrrlvBIyAEZhnBHQUq46w2nXXXdHPVnVExSv9bNXP3jvvvDMTtnLynwW+iF163swIGAEj8HEIWB4jMCcJmIA1J+la2UbACBgBI/CJCPT09mTTVr72ta+hI7H04UkfplTI0ukud9x5B9ttt12W5xMVbJmNgBEwAkZgBgEVsDbYYAN0dKsKV77vo/9ZoCOvfvvb37LZZpuh/3Gg+fSzd8aFFpkbBKwOI2AEjIAR+BACJmB9CBhLNgJGwAgYgblPYMSIEeji7mpf/epX+fWvf5054dzMKSv6cKXnJk2alJ2znREwAkZgVgJ29H4CuuZVM62zs5Ovf/3rPPnkk9lUQP1PAl3bqqWlhQcffJAvfOELWVYVtvQ/EVTUcq7vM9i5jxdmBdjOCBgBI2AEjMBsJmAC1mwGasUZASNgBIzA7CGg/+u/4QYb8sgjj1AqlbL1r3SUgD5Q6YPXpptuyuTJk2dPZVbKrATsyAgYgSFFoDkNUMUrHeH68MMP0xSuyuUy8803H/fddx9rrbVW9suDQ6rx1hgjYASMgBEYMgRMwBoyt9IaYgSMwEAiYL58dgI6CssPfFZddVUeffTR7AFLRwnotBYt/emnn2b99dfn3Xff1UMzI2AEjIAR+AgCKvivvfbaPPXUU1kuXe9KI+PHj89GXuk5HW2lU7Y13cwIGAEjYASMwEAjYALWQLsj5k+TgIVGwAgMcwKZWBXF2ZTClVdeORuJNW7cuGydFp3aog9a//znP1lnnXV47bXXhjkta74RMAJG4MMJvP3229ln5b/+9a8sk04X1IiKVw888AArrbSSHqJTDXUtrOzAdkbACBgBI2AE5h6Bj1WTCVgfC5NlMgJGwAgYgblNwDmHjsByzqGvZZZZhj/84Q8ssMACmYilv6Cl6S+//DIbbrghzz33HM0RBZpuZgSMgBEwAvDSSy9l61q98MIL2ZpXyqS3t5clllgiG92qo1z1PwzSJMV5fZ+3msfMCBiBwUbA/DUCQ5+ACVhD/x5bC42AETACQ4KAilNLL7V0NtVlueWWyx7EdBSWNk5HYG2++ea8+uqremhmBIyAERjWBHQUlYpSKlptsskmvPPOOxkPTdMRrEsvvTT3338/Sy65JJVKhSROMvHKOcewnkKIvYyAETACRmAgEzABayDfHfPNCBgBI2AEZiGgI7KWX3757MFrxRVXRBd6b21tzR64dC2sz3/+89kva81ykR0YASMw1whYRQODgI6m0lGpOjVQhX1dO9C5vtFViy22GH/8whOGfwAAEABJREFU4x9ZYvElsimDxWIR57nsPwWccwOjAeaFETACRsAIGIEPIGAC1gdAsSQjYASMgBEYeAR01ICOwtLRAvNPmD8bibXaaquhD2Y62kDP6S9sbb311jz++OMDrwEfzyPLZQSMgBH4zASe/eezbLzxxtm0ah11pQVquMYaa2Tila6Bpf8hoKa/QuicywQszWdmBIyAETACRmCgEjABa6DeGfPLCBiBT0nALhvKBFTE0tECSZqgiw/rmlg6IkvbHASBBkycOJH11ltvxi9t6UObWnbSdkbACBiBIU7gscceY6211mLq1KkzWur7fraI++9+97vss7OtrW3GuVKpZOLVDBoWMQJGwAgYgYFMwASsgXx35pVvVq8RMAJGYIATUCFLXRwxYgQPPfQQG2ywQTbSQNP0nHOOr3/96+iDnHMOE7CUjJkRMAJDlYB+xuno1Lvvvpuvfe1rWTM1LYvITkX93/72t7S1tplYJTxsMwJGwAgYgX4EBlHUBKxBdLPMVSNgBIyAEZhJQNe/qtfrtLe1c/vtt2ciVjY6K0nQ9ClTpmRTaH71q1+hixL3f5ibWYrFjIARMAKDn4BzjieeeIKtttoKnRKon4E6rVo/EzfddFPuuece8rk8Onp18LfWWmAEBh4B88gIGIG5Q8AErLnD2WoxAkbACBiB2Uwgl8uhpmu46K8R3nvvvWy44YaZWKVVOeeyX9faaaedUBELexkBI2AEhigBFfG33HLLrHW6JmAWkZ2OvLr7N3ejn5FRHKEjVCV5IG7mkxEwAkbACBiB/0nABKz/icgyGAEjYASMwEAkoKOqmn4VCoXsAe0Xv/gFKlhpuo5AUIFLR2ptv/323HLLLZqcmY5QyCK2MwJDhoA1ZDgS0JGl1157LTvssAPVanUWBLvssgv33XcfKvI757LPSOxlBIyAETACRmAQE/AGse/muhEwAkbACBiBGQR01IGOMrj55pvZbbfdstFZurC7cy7Ls/vuu3PVVVdla2XposVZYv+dxY2AETACg4SACvTq6o9+9CP22WcfVMR3zmWfeyrc77XXXlxzzTW2/p9CMjMCRsAIGIEhQ8AbMi2xhhgBIzDPCZgDRmBeEojjOJs+qEKWPtTpA5yOtNIRCmrq23777cd1112nUTMjYASMwKAloCKVCvL6maZxXe+q+Rm4xx57cPnll2eiVhIng7aN5rgRMAJGwAgYgfcTMAHr/UTm7bHVbgSMgBEwAp+SgK7tog9xerkuXHzJJZdw8MEHZ6JWU8DScwcddBCnnnqqRs2MgBEwAoOSwEknncQBBxyQ+a6jsVS80oMjjzwSFfCbI7I0zcwIGAEjYAQGLAFz7BMSMAHrEwKz7EbACBgBIzBwCaiI1VwbyznHueeey3HHHZdNq9EHOvVcRS59+DvttNP0MLNKpZKFtjMCRsAIDEQCOpq06dcZZ5wxiwjv+352Sj/XTjnllCze3Hm+fdVvsrBwqBKwdhkBIzCcCNhfteF0t62tRsAIGIFhREBHXamgpaOtjjnmmP9a4FgFrKOPPjojoiO2sojtjIARMAIDkEBz3T79LDv99NOzkaXqpopXOm1axauTTz5Zk9DjLCI75/rWAJToh292xggYASNgBIzAICFgAtYguVHmphEwAkbACHwyArouTBzF2UX6cHfBBReggpY+8GmijsQ655xz+N73vkczn6abGYFPSsDyG4E5TUA/r/Sz6uyzz87E+KZI5Xkel156KU3xSj/LNG1O+2PlGwEjYASMgBGYFwRMwJoX1K1OI2AEjIAR6E9gjsX9oG9qjVZw6KGHcuWVV9IUsJpTCq+++mq+vce3NYuZETACRmBAEthzzz259tprM9/0s0s/x1TEuuiii9h7772zdD3u/5mXJdrOCBgBI2AEjMAQImAC1hC6mdaU4UzA2m4EjMD/IqAjGPQh8IYbbsiy6hRDjehohZ/85CfsuOOOTJs2DV0QuXlOz5sZASNgBOYVAf1M2mWXXbjzzjtpfi5Vq9Usfsstt6C/QpjP5zP39LMsi9jOCBgBI2AEjMAQJWACVvPGWmgEjIARMAJDmkAQBNm6Md/61rf45S9/SRRFs7RX0/Sc7/kkcTLLOTswAkbACMxtArVaje/s/R1++tOfoou4NwUq3/e57bbb0M+rZtrc9s3qMwJGwAgMegLWgEFJwASsQXnbzGkjYASMgBH4pAScc9nixrpGzFZbbcXtt9+eCVrZtBt5IIzjmN/+9rdssOEG9JZ7sxEOn7QOy28EjIARmB0Eurq62HrrrbnjzjtmfBbpZ5Su7Xffffehn2E6WlRFLudsofbZwdzK+OQE7AojYASMwNwmYALW3CZu9RkBI2AEjMA8I6CjFZI0yRZz32KLLXjwwQeZMGEC+mCo03B0is5TTz3FZptthk45/CBHNU/TPui8pRkBI2AEPiaBD8225ZZb8rvf/W7Gef3sGjt2LH/84x/ZeOONUSFLR4vq55YKWTMyWsQIGAEjYASMwBAmYALWEL651jQjYASMgBGYlYAKTzqVsBluuOGG2Ugs5xw6kkEfBjV8/PHH2XTTTZk8eXJWQP8HRL32/dMPs0y2mwcErEojMLgJ6OeJtqApmL/99tt88YtfRIV0FdZ1uqCen2+++bj77rv5/Jqfx7m+EVfNBdtVzNI8ZkbACBgBI2AEhjoBE7CG+h229hkBI2AEPorAMD7nXN9DoD4s/uUvf2H8+PHZVB0VscIw5IknnmCDDTbgrbfeykY7NFE551ARrHlsoREwAkbg0xBQ8cq5vs8h/cx59913+drXvoZ+HqmQrmWqgKWfTffccw+rrLIKcRJrspkRMAJGwAgYgWFJwASsYXnbrdGzk4CVZQSMwOAkoGtfqec6yuFzn/scuq5Ma2trNhJLHywrlQrPPvtsNl3n5ZdfzqYUarpzLhsB4ZzTy82MgBEwAp+YQPOzREP9VcHXXnuNr371q9lnjn4mNQscNWpUNvJqjTXWoFgsNpMtNAJGwAgYASMwLAkMBAFrWIK3RhsBI2AEjMDcJ+CcmyE+6Zoy6oGOfNBwpZVW4k9/+hO6zkxzOo+m/+tf/8pGYumvgH3Q1EF9AFXTvGZGwAgYgY9DwDmXZdORVu+99172GaOCuX4elUql7NzCCy/Mo48+igrszc8kmy6YobGdETACg5uAeW8EPjUBE7A+NTq70AgYASNgBIYSAX1wXGKJJbIHRg21bc3phJMmTWLVVVfl3//+dzbNUM/pCC79RcMkTrI0FbH6m+YxMwJGwAgoARWg1DTe315//XXWXXdd9DNG01UkV7F80UUXzQT1RRZZBP2M0WnLzc8XzWc23AlY+42AETACw5OACVjD875bq42AETACRuADCKhgtcwyy2TrX+noB33gVNPphLq48uabb85zzz2XTSfUEVx+4OP5HmmSog+XH1CkJRkBIzAQCcwDn1QkV+FbP1N6enp46aWXMvFK19nTY3VJhaqlllqKJ598EhWx9Br9jNFzTbPPmiYJC42AETACRmC4EfCGW4OtvUbACBgBI2AEPoyAClV6bty4cZmItcIKK6Cilk7b0cWU33jjjWxNrKeffjoTsTSvc31TgZzrCzVtOJi10QgYgY9PQIUoFa88z0PjOl3w85//fDbySgUp51y2xtXKK6+cjbzSXx1EXro+lp6XqG1GwAgYASNgBIY9AROwhn0XMABGwAjMIwJW7QAk0FwkWacGLrDAAjz22GMst9xy2bpZ6q4+eOovhW255Zb84Q9/mClieSZeKR8zI2AE+gh8kOjUXJz9r3/9K5ttthmdnZ19mWVfKBRQ8eqPf/wjEyZMoKurS1KhIOlZxHZGwAgYASNgBIwAJmBZJxjEBMx1I2AEjMCcIaBTA/UBtK2tjUceeYS1114bHQmh03t0JJYuvLzFFlvwwAMPZA445zIxS9ev0es0UcP+pmlmRsAIDH0C+r5vtlJHXanpsQrgKlDprw12dHRk0441Tc+tt9563HvvvehnjF4/YsQITc7MOZeJ6M7NDLMTtjMCRsAIGAEjMKwIYALWMLvf1lwjYASMgBH4mAScc+iUwtbW1uzBcuONN0aFKx1FoaMjdCrQtttuy2233ZY9XOo0Q30Ydc5lD6YfsxrLZgSMwBAj4JzLPhO0Wbo+nnNOo/z2t79l6623njG6ShP182SrrbbiF7/4BWPGjMlGXDnXl1/PmxkBI2AEZisBK8wIDHICNgJrkN9Ac98IGAEjYATmDAEVq3QkhApVOo3n17/+dTbtR0dgOecyMUsXY951112555570GmH6olzImAlqUbNjIARGIYE9HNDTUdexUmcCdo6WvMb3/gGuli7ilYqdutnySabbMKdd9yJCuWKSj9TNOxvzpmg1Z/HvI5b/UbACBgBIzDvCJiANe/YW81GwAgYASMwgAno4u35XD7zUEWsUqnEb37zm0zE0ofT7ITs9Nw222zDvffdO0PEStJEzthmBIzABxAYckn6eaDWbJhzfYKTcy6bEnjTTTdlI690RKeKWipeqVC1+eabc/dv7qZWr2Uil4rgnrOv5k2OFhoBI2AEjIAReD8B+yv5fiJ2bASMgBEwAkZgOgE/8KfHyMQp5xx33XUXO+64Y/ZLYnpSR2rpSIrtttuOn/7sp9nILH1Adc5l04icc+jaWMy2lxVkBIzAQCOg73EVpZp+OeeydfNuvPFGvvOd71Cv15unUBFLP0N0+rEmqjjunEM/b9SwlxEwAkbACBgBI/CBBEzA+kAslmgEjMCQJmCNMwKfgoA+WOqDp3OOn/70p3z3u9/NStHphZquI7F22203rrvuuixdR1Nouh6ooKWhmREwAkOPgHMua5Tv9wneTbHqqquuYu+9985GV2UZZKd59tprL1TY0s8O/VyRZNuMgBEwAkbACBiBj0HABKyPAcmy/DcBSzECRsAIDEcCvb292egJ5xznn38++++/fzayQh9YnXMUi0UOOeQQzj33XJzn0Pz9pxYNR2bWZiMwHAioSK0itrZVf9DhjDPO4PDDD0cFKz2n6WoHHHAAV199NWEQ6mH2QxEqdmcHtjMCRsAIGAEjMEAJDBS3TMAaKHfC/DACRsAIGIEBT6CtrQ19SNWRVTp6QkWsI488MvO7Wq1mD6MqZh111FEcd9xxtLS0kMS2HlYGyHZGYIgT0OnE2kQVr44//vhM7NYF2/UzQdP1c+Gss87KPieaI69yYY5mXPOYGQEjMGQJWMOMgBGYDQRMwJoNEK0II2AEjIARGF4EVMTSFvu+jz6QnnTSSXpItvB7Pp+tfaWjsPSBtf/DqYpcKn7ZiIsMl+2MwJAg0Hw/q1B12GGHoeLV+xt25plncvbZZ2ejNIMgmHG6/+fDjESLfAgBSzYCRsAIGIHhTsAErOHeA6z9RsAIGAEj8KkI6ILNOjVIRamTTz6ZCy+8MFvAXdNzuRw6dfCCCy5gv/32y8rXY+ccer75q2Oa1oKSJR0AABAASURBVLQsk+2MwJwkYGXPVgLNEVcqQun7+OCDD+aiiy7K6lAxO4vITkdqHnPMMRLr2/Rzoy9meyNgBIyAETACRuCTEDAB65PQsrxGwAgYASMwrAn0b3zzIVQfVFWU0rWvrrzyymzakD7Y6gOt5teFnHfaaadM0FJhS/M3r9XzZkbACAxOAvpe1ve5vt+/+c1vcsMNN2Tvc22Npml48cUXc+ihh2p0hjVHbM1IsIgRMAJGwAgYASPwsQiYgPWxMFkmI2AEZhMBK8YIDBkCOl1IGxNFESpI6YPsvvvuy0033aTJqFil62TpwW233Yb+QmGlUtHDLH8Wmb5zru9XzKYfWmAEjMAAJ9AUofRzQN/bd9xxBzo1UN/3+nlQKpWyXyTVzwTnHM38+jkRJ/EAb525ZwSMgBEwAkZgYBIwAWtg3peP8MpOGQEjYASMwEAgoA+q6oc+rGqoQpaGOhLjp7f+NPt1QhWsNJ8+tP785z9n++23z6YZ6ugM/YVC51y2XpZeZ2YEjMDAJ6Br2KmXURxlotQ222zDr3/960yU1jXxVNDShduvu/Y69LNAR2npNX7g62WZ6WdCFrGdETACRsAIGIH/ScAy9CdgAlZ/GhY3AkbACBgBI/ApCXiu70+qjrr6xjbf4K677soeavWBVovUhd/vv/9+tt56a3TdrNbWVk3O1sTKIrYzAkZgwBJQEVqFKH0f62gqFac33WxT7rvvPjRNpxHr+1rf/3feeSdbbrUlzfe4nm82zDnXjFpoBIzA3CJg9RgBIzBkCPR92x4yzbGGGAEjYASMgBGYNwQ8f+afVH2I3XjjjXnggQeyXx1Tj/QBVx+CH3zwQb7xjW8wZcoUTc5ErixiOyNgBAYsAedcJlTpe7iru4vNNtuMhx56CH2pcKXiVltbG/fccw8bbrjhDPFKz+s1Gg5mM9+NgBEwAkbACAwEAjO/bQ8Eb8wHI2AEjIARMAKDlIBzLlvAWR9kdYRGsVhkgw02QAUrXQ9Hm6XTDfUh909/+hNf/epXefvtt7NpSHrObEgTsMYNcgL6vtYmqPC86aab8sQTT2TitOf1fZVub2+fRbxq5lfxqml6vZkRMAJGwAgYASPw6Qn0/dX99NfblUbACBgBI2AE5gKBgV+FPqSql845mqOx9CH2i1/8IipYjR07Npsu2NXVlf1S4dNPP40+CE/rmIa+dF0sDc2MgBEYGARUiNb3sJpOBZ40aRLrr78+Tz31VOagTiPUc+PGjePhhx/mS1/80gxB2rk+Qbv/50J2ke2MgBEwAkbACBiBT03ABKxPjc4uNAKDjIC5awSMwFwnoNMGtdLVVlstm26kD7rNERua/q9//SsbifXmm2/qYWbNB97swHZGwAjMEwIqXpUrZfT9qjZx4sRsaqC+Z51z2Y8v6KLt48ePz0ZZrrrKqpmfurh7Fpm+c64v7/RDC4yAETACRsAIGIHPQMAErE8Az7IaASNgBIyAEfgkBPTBtylirbzyyjz++ONMmDBhxrpXeu6f//xnNtXw3XffzYp2zmWh7YyAEZh3BJzn0Om+6oFO9dXpwM8//zz6C4MqMut04Pnnn59HH32UVVedKV7pe17PO2fvY2VnZgSMgBEYzATM94FHwASsgXdPzCMjYASMgBEYAgT0IVYfcvP5PPpQqws9L7nkktlUIxWxnJv5gPvSSy+x3nrr8dprr6FTCdWGAAJrghEY9ARUvFp33XV5+eWXyeVy6PtZG6Xi1e9+9zv0Pa1CtB/42Tl9z+uxvv+xlxEwAkbACBgBIzBbCZiANVtxWmFGwAgYASMwXAk457JpRc65DIFzfWF2IDtd1F2nJS266KL84x//yB589WFYR3TI6Uy8+vKXv5wt7K7puraOPQQrmTljun7RR5Ws96p5D2bnfdCymuVq/Xqs4UeZ5ldRRH36qHx2bvYQUN76vnzuueey0VUqLGvJ2mdUXF5iiSWykVfLLLNMJjgHQaCnZ5gKXc65GZ8HzrkZ5z55xK4wAkbACBgBI2AEmgRMwGqSsNAIGAEjYASMwGwi4NwHP7Dq4u76cNva0srvf/979EFYH5ab1b7xxhvoaI+//e1vpElKU9wol8vNLBZ+UgIfkr8pKKow1OTcP6uOqNGRc/3TNK4ikooYGm+aXq/3Uc9peR9kzbzOuWxEnnN9fcS5vlCvp99Ly2weqh86skd9aqZZOHsJ6AhJLVHvob73XnjhBTbbbDMmT56c/eiCntN7sNJKK/HYY4+x4IILZunOuUyo0vNmRsAIGAEjYASMwJwlYALWnOVrpRsBI2AEBj0Ba8DsJaDChApZ+gCsv2a25pprZhU45zJhQx+YN998c5559pnsGHmp2CKBbbOZgApCKko45/6rZP3VOV1cX8WKO++8k6uuuopTTjmFfb67D9tttx0rrrgiOpquvb0dXcxbLQiDbJqZipTvN+dctqbSIosswgorrJCJI9/+9rc56aSTuOKKK/jFL36B/pKdTlVTwdK5mT5pn1GBS8P/ctQSZguBQqGQlaN94vl/PZ/92uDrr7+epelORUQVrx555BHGjhmbjbyKoii733rezAgYASNgBIyAEZjzBEzAmvOMrQYjYASMgBEwArMQUCFCH4hbW1u5++67s0Xc9Vgz6XSk9957j6985Sv84Q9/QEeEODdTzNA8ZkIgfZ/J4YduzbyzZEiyo+6eTp544gkuvPBCvvvd77L66qtTKpXIF/MsvOjCrPvlddlu++3Y78D9OPn0k7nhxzdwz4P38Nwrz/H6pNfprnWT+lKBziLLSZEfZnKqp7eHN95+g+dffJ77H7yfm2+5mVPPOJX9D9yfnb61ExtusiFLLrskrSNaUNFytVVW4Xvf2YcLz78g87GjYyqNqCYl6SZ1amA22wjoe+1Pf/pT9t6bOnXqjHL1XuiPMKjAOGrUKFTkagqUMzJZxAgYASNgBIyAEZjjBAaJgDXHOVgFRsAIGAEjYATmKAHn+kQoFarUVMTSCsePH89DDz3EVlttpYc0R99ouM022/CnP/8pS9cRQXqN2vunsGUZhsuuqdsoTjVtd58WpbE+0zwxpBHEdY1IsqRNem8iD97/AOecexY7f2tHVll9JdrbRvLFL36RY445hltuupln//4sutYRvlyTFyuK6eAc/cakaSpUhZJWEpvP0bp8OxPWWoBFvrw4i6wjtu6iLCK22DqL0meLS7i45JlA+4ptMEGuaxFrltsMJQnxEWlLGkOjVuWFf77A9dddx+FHHsH6X1mXCePHsdoqK7PLzjtw0YXn8fDvHqJz2nShJZULkfbKddo/aklMV61GLdFCJT2SQuW8bkm/uB4Pd1NeyuD3D/+eTTbZhI6Ojmx6oIpUmq794//+7/8YMWKEHmbmXLPzZYe2MwJGwAgYgdlKwAozAh9MwPvgZEs1AkbACBgBI2AE5iQB5/oegFWQUkHrJz/5CRtttFFWpabpItL6IK1pv/nNb/A9P1trxzmX/dqZ5ulv2YXDYafYRJOJa3VU7EEEmqheE8UnJm40UHEmiSSDbO+8+Q7XiQC01557schiizBh4QlsstmmHH/Ksfzsjtt55rl/ggpSUmY9qFOhRtQeUVy8yMLrLsQKWyzDBnusyzaHbsHeZ+3G4VceyLm3n86VD17GdX+6iet/eyNX3HEl5//kAs647gzOuPYUzrjmtMxOu/Y0+kzSrj6dy26/lGvvvpaf/OEn3PrELVzz4BWcf/uZHHX5IXzvrD3Z5pgt2HDfL7PSdsuy2IaLkFusSKUg/gTSkHZpXiGl7qc89/KL3Prr2znyhKPYcOOvMmb+MSy62ILs8q2duf5H19DbUyP0cgTOpyWfx/ccjThFRw01u4cX+M2ohULA8zwefPBBNt10U3QtLH1fSTIqGm+xxRbcdtttemhmBAYXAfPWCBgBIzAECXhDsE3WJCNgBIyAETACA5KAc6KUvM8z5/rSdNra/fffzw477DBj7StN07WPtt56a+781Z3ZdEK9vLu7W4Pha4LMzwfU4ypxUicohhA6fBfz9F8e5ezTT+arG2zMoosvzkEHHZJN+9MF8hMnYlARooQ+8asVxqw2krX3+iLfOH57fnDrkVz456u49E9Xc+ptZ3DoZYfzzWN2ZoPvbMw6u3+ZZTZbgdZV26nNX6M+rkJ1VA9drdPoKE2hs2UqPW2dH2hd7R1MDt9jWmEyvSMkz+ge6gs0srKW22IF1t39K2y4z1f55rE7c+jlR3DK7Wdx6VPXc/nzP+ao+09lm5N35gtS/7i1xsMo8V30p8iTsA1iCV9/421++ovb2Wff7zNh3MJ8ee31OfWEk3ni0UcJJBuJNrivyY24L9Tk4WzZKDsBUK/Xueeee9D3mL7X9D3n+76cARWvdIrvmDFjsmPbGQEjYASMgBEwAvOWgHztmbcOWO1GwAgYASNgBIxAHwEdCXLjjTeyxx57ZCKWTiPsO0MmbF1/w/XZYVubKBdZrG+nI0bU+o4GzH6OOpKmjlxYYMqUqdzzm1+z2847sPgSi7Dml9bjjPNO5aE//47Iq1Hzy6C4Fob5vzQfX977S+xw0rZc8uD5/PzJW7j0F5dy0Fk/4Ovf3YYlvrwMjXEJUwudTPE6mBb20F0sU2tp0JOrUC5Kea0xcVtKj9dDOagSlxLSVqgFZcq+5PkAq/q91AsRlbBKR9zF1MYUqlJmb16O/R4m00GjLaZSqtEVlpkWdNJR7KajpYdxqy7Axrt+jQNO3Z8LfnIBV957OWf88hR2OGE71tvjy8z/xflhIUjzCYkfUSvU+ctzT3LaWafw5a+syxJLLMZ+++/Lnb++h6lTuglFm/Gwl65rpRRuueUWdt5552xRdj2u1Wqi9yV861vfQhfv17RGo6GBmREwAkbACBgBIzCPCdh3mHl8A6x6I2AEjMCHE7Azw5GAjgDRaW/6AN1sf/MX0nSR8SuuuCJbo8c5h3OumWXIhjoqpinOaagjZ7o6urnlpp+zyUZbsNiiS7Ll1ttyy8/u4I13J6Gvsn67GQ2F1UtsdOBGHHnTEdz02HWcdusp7HrCzmy493oUV8jROWIqnW2dTPWn0uG6iIMYlxeFx/eJPQmdj/MDXBBmo7YSEc1SPEkLCfwcvheSxBA1EjxXJGCm+WkeNU3TcyQOT3IU8iVKpTY8uVZNy1PDC9AwwRHpFMhGTN7zpA4RzFyF7nQKldw0wgUiEbVGsuGeX2GnE77JKT85mRsevYHDf3wY6x+0AcFyHo2wRppDyoNXXnuN6669lm23/Qbjxo5l/Y224uprbqGnXEdfylTD/qaM+x8PpbiKUSpSaZsuvvhi9tlnHzQtn89rEjp1d88990Sn9IZhmKU1w+zAdkbACBgBI2AEjMA8I+DNs5qtYiMwNwhYHUbACBiBQUrgmmuuYa+99sq8r1ar6IgR3/fZf//9UYGrKTzow7dzDudclnco7bSNKig419e2p59+mgP3P4CFFllVbzBxAAAQAElEQVSQPfb5Ng/+/l4q8o+CtLoFYtEgVtl6OXY5dkcue/BSLv75hXz7qN1Z5stL013sobdQppwvU81Vp1udhl8n8iJSsUTMIwInglQqyhTvf3mS8CGWvi899UVBEmN6up5Xax7PEkqxs2xaf4KfRpJL/YlQ3xp+RD0QC6vif5lKvodKoYveYheLfWFh9j7+21z2q4s58+6z2PXU3Vhq02VgrBRcEmsXy9V55C9/5HsHfpcJE+bL+tJTTz0lJ/o2FQs1pn1Nw6Fk+h7S9gSBCJLSn1S8OuSQQ9D3lPax5vnvf//7XHXVVZrVzAgYASNgBIyAERhgBPRb1Ue6ZCeNgBEwAkbACBiBuU+gUChkQtVhhx2GTi1sjorRB279xbxTTz2VOIrJ5XJz37m5UGNTmNOqrr/+er7whS/wuc99jhtvvolqXBNBpw7a9IV9Vv/m5/j+Vftz5dM/Yv8rD2WdvTYgXcARjYjpTDuYVu8g9hIpSr72pDm8JIcfF8Q0zBEkHr6cDpMEX0SjMImQq/ss+3U/OcmHmRQrWyrlJy6ZmUs0tySzvutSiasxM4dcleCkfCdpTUMEtD4RLQInJsfoS8WvNCAR/0kLeBL3xW8tL/HquFJCZzqNuKXC2FVGsvbu63DCT0/m4j9dzkE3HcoG39kIt0SOtNYNrkJvvQcdzbfeeuux9tpro4yba6vpulAMsZe+n5rtOv/889H3lY6savSbHnjkkUdy2WWXoelDrPnWHCNgBIzAxyZgGY3AQCYg3+QGsnvmmxEwAkbACBiB4UmgOSLknLPP4fTTT8c5UUAEhY4W0Yfuk08+mdPPOB0dpeRc3zk5PXi3VFxXS/rCv//979kIoWJrke8csA9P/d9TUII4jLNRU6t8YzXOuOsMbn34Fn5w9sGsvtnnaIyKqI1o0JPvwRvhUfeqlNMqXs6jT0wCT0Qfl4lB8hVIRCBJwUm9mZHgpZqS9IWpxKebA5ycz/JJ2geF6EtELA0yc3EWaN1Z5IN2/fPL+b56yOpi+rlUwr4yxGekLWKu2Q6JqzAWSV01aWs5rdCT9lDO9fBe9C6MTln2S8vwrQN35Lq7r+bY245jnV3WhZHiWyvURAx88u9Psvd+ezN+/vnQaarP/uOfDLWXvmdU7D388MM57rjjcM5lUweb7TzppJM45ZRTsvTmSLTmOQuNwCckYNmNgBEwAkZgDhHQb0JzqGgr1ggYASNgBIyAEfi0BHTESCZOeY6jjz4aFbFUvOpfnopYOmpER2I10/Wa/ou/N9MHSqj6lJr6k0qk0RAhRQ7iep24t5dbrr6a1ZdfnrU/vzZXXHkF2uY0lIwhtK8+hp3P3oPLn7iGAy4+kNGrj6aj0EFP2EWFXlIXETfqBM6nXqvhPA8VLTzfJxOmRHhSUUiDWASfmOn/JK7p4kbfJgKXT4Cac4GIGgFImopfzXJcksolarGEsZSfzDQSfJfiZ6Ulsk9IMhEqkRrTzJrlZGWKGPVhoVycbX0iVpKVo/HUeaTiI6n61meBX0BN/Q6Rf8LBeSlxLqahC9C3VVh07UXY89S9ueKhq9nplN0JVikiWaENatU6OnV1nS+sw8pLr8pPrvspNLLqs12axkSpMCYmmf4vOzHbd5+9wCRR7n3lqHilIxf1fXTJJZdkifo+ySKyO+ecc9D3kr7n5BBP+o2GZkbACBgBI2AEjMDAIuANLHfMGyNgBIyAETACRqBJwDk342H62GOP5corrxQxxWXG9NdFF13EvvvtS1O00of1Uqk0/ezADVS3SlMIQ5+oVucXv/g5q66xCnvt9z2ef+lfIpHEclL8Hw2f2/ZLnHH3eVz6i8vZaNeNSMbGVKavZVULqzQCEb/8iMTrEy2cXPaRm0tE/BFNSkO1j8zcd1J0oL7Ih+y1TrW+0+qHWt/R7Nr3CVfTyxVBjY8w9VcNEZpSEfZ0ra+6cKoKr3K+h/rIGuvt+BWuvvMaTrrtdNbc8kswTjwV1a2aVvjnS8/zne/uzZJLL8Mvfn67nBCBS0TBOIrw8bLjgbxTEapSqcxw8eCDD0bXvWoKV02B68Ybb+RgOTcjo0WMgBEwAkbACBiBAUtg4H8DGbDozDEjYASGMgFrmxEYSASc65NG9t13X3T9HvWttbWVfD5PEARce+216C+nabqu36Milj6o9zc9NxBMv3ioiW5FnKTcc899rLjKyuy82+7888WXswE/9VZo/9L87Hjxvlz80PXsf+YPyC9cYEoyBX8ElNNeko8pPA2ENg80H1QIi3MR3XRSK1YZtcwoDjzrYK599GdsecYujPnKYqRBg2pS4eXXXmSnXXdi6WWX4ee3/1IEx4I0x4l5ImN5qJymJgkDbmsuRv/Nb36TSy+9lJoIcCpc6ag8dfZHP/oRu+22W/Ye0mMzI2AEjIARMAJGYGAT0O+QA9tD826wEjC/jYARMAJGYA4QOPTQQ7nhhhuyh3F9INeFqZ1z3HbbbWy++eZUq1U8N+ufd+dUcJgDznyGIm//xa9YdZVV2XLrzXnhhRdAXQ5gxQ2X4bTrT+fcm89l9a+tSmmRPJWwm7QQE7ZAZ9dESqUQRMBy2OvTEEjThEAQtrYX8IoJudEh9ZYqjfYqW39nS86+6SxO/cU5LPvV5dFfeExyMS+9/iJ7iMi4xhpr8ss7f53droEqXCmTRqORrXG1zTbb8Ktf/YpSv1GJ+p658847s/W+dKSWTlPVa8yMgBEwAkbACBiBT01grlyoXxfnSkVWiREwAkbACBgBIzB7CHz729/m5ptuZsyYMegIrGapDz30EDvuuCNxEuOcI4mTLEzTlPdb85o5GaqIEEcxKhhoPXr84IMPsvpqn2OHb27D8/96Fl3GiXZYZOOFOfyWQzntF2cyfu35SNsrtI501JNOcFWKBYeL6wQppCJO+EmSrTnFh7y8960r9f7pdk6u629y+Im2/tdq/H9d7KWIvzPtf+WfU+elV2TI/URqqNWJq70QVag3ukj8Mg06iUrdjF6zhaNvOoLDfno4E9ZdkOwXH+WSfzz7L3beYRe+9KV1+dUdd2RClifpOrJJAvR+azivTAVcrVvD7bbbLhOvmsca6qisu+66i2984xt6mJmOWswitjMCRsAIzFMCVrkRMAL/i4B+5/hfeey8ETACRsAIGAEjMMAIbLvdtvz4xz9GhQMdRaLuRVGECkRbbLEFkyZNwnlOk7ORKFlkLu3UJxWrmiPBVGT74x//yPrrr88mm2zCM8//vc+TUsoCX1iA4647jlN/dBpLrrM076QTKRcqNIIqiauTeHXRniKJJ9Ot71L95T0y+aTv2PYfl4AnHPvyJo4s3jcds0Hs1GrU/QqVUpkp/mSW+tLSnP6j09nvgh+w0PpLyb3opeH38vhTj7H99tvzhS98gUceeSQrUEcE+oGfxefFTsUz5xzd3d2oeHXPPfegC7OraR/UKbc///nP0ffHvPDP6pwLBKwKI2AEjIARGNIETMAa0rfXGmcEjIARMAJDlYCu47PJVzfh97//PboeVrOdOtrpqaee4utf//qMhd01b/P83AhVUNNRLUma0NPbg44YU/Hq8ccfxzlHXI9p+1KOva7ajVNuPp4lvrIYldYq3og8Xi4gStLpwgpZGMm3lT7zRFzps9hNF2KaC5nPjYb1qyOVeH+Tw0GxxSJaKbu638ex4XmoaZq2J3UiFHoJQRBQjRv0ej2EEwJW23IVTv3pSXz/1h8wbr0FIJei91j72sYbb5xNx5s8eTI9PT3zjIMv4pn2/6233joTcp1zmXiro7H0VwhV3N1qq61IpX/NMyetYiNgBIyAETACRuBTE5CvhJ/6WrvQCBgBI2AEjIARmJXAXDvSB3VPRIjPf/7z6EiTtra2TFDQ0U9dXV088cQTfOUrX2HatGlzd1pXpoL0YVBxbcklF+fnd/6McGSOdASMWHYMh1x7ONfedz2rfm0VktExlbCCLipeicv01MvEpOiUx75SQEdbJZlgpaKVfnVRk/RmBgs/AQFPeHok9FkqXNUSEba0EA2dc3heQEtLCzo6693u94jbY3ry3Sy9zlKccd3pfP/cgxi99BiQW9FwDa674TrWWmtN7r///kw04n+8EjmvJsFs26ZMmcKXv/zlbESYirqeiHO6vtWoUaN44IEHWGeddbK6fBG6sojtjIARMAJGwAgYgUFFQL52DCp/zVkjYASGPAFroBEwAh+HgI6qcs6h06LWWmstdP2rsWPHZpe2t7dnYtbf//531l13XSZNnpSNfNIphroulmZSgai/adrHsYS+f5V6hUZSzy7R6YJZJJW9g3fffAcdBbPl17dkauc0GkFEPKrON4/ZhePvOItFNl+e9xqdEOSoRglxmtKIYxGtYgLPiUk5zS31cImHj8ssTPtCmi8nMoiYJ3n6W/P0zNCT6ExL5eiDTJJn2ZprV82S+AEHzbLef+rjXv/+6+bUsZcmODF/umlcTf3UOpsM00iOYkfo5cgFIfVKL0nSwAUJtXydNXdYm0seuJzvX/J9nHa7BN5++1122GEHdtrlW7z71rvEVS2E6QKqXNeoSqHQ0d2RhXo3ssin2KlQq5fptEGNv/7665l4pX3eOZeNPtR+udBCC2WimgpbKmjpNWZGwAgYASNgBIzA4CTwWb47DM4WDwevrY1GwAgYASMwbAjoQ7lO5VpttdX47W9/y6KLLkpvby868kTFreeee4711lsPHZ2i+XT0iXOiMn1KQh59/3JeLhM3VATTcqu9tWxI1I8uu4qVV1uZ3/zmN0SigqQhrLj+clz566v5yk7rk180T61YI/JFCBM3dMSPWn93nPNwTk72S3SiEPW3fqcs+gkJqFj1futfhN5Tl6SzLDrvsnsCeluSoEGP30lnbhpf+PoXuOS2C1l+0yXQXyykFe6443aWW2kZfnj5D4kbDTy9CI98WEBfI9tGioiWimA50zT9k5j2e82v/VnXe/va177GW2+9pUkitCWZLbjggtnIK31vZCdsZwSMgBEwAkZgKBIYRm3yhlFbralGwAgYASNgBIYsAR2RteKKK84QsXRUio64UnHphRdeyEanvPzyy9n0Lh2Z8qlBiJBEAiocECOChgNJe/OtN9noq19l3wP3o6veQTgaSovC3hfuzf4XHUHv2IhGe0TU6IBGtwgYUgif/iW1ovbpS/hsV6ro1t8+W2mD62onHSBMq9TjDrrzvZSWH8XBlx/H/lfuT9tiAeSgs7ObY088ng033pjXXn096yNZK+W2x9UEJ/Bc+tnuoI6++s9//sMGG2zAv/71L3TqrNahAtwSSyyRvRdWWGEF9L2h6WZGwAgYgQ8jYOlGwAgMDgImYA2O+2ReGgEjYASMgBH4SAK1Wi07v8wyy3D33XejU6dUqFLTE88//3w2Euu1117Dc7Phz39FVCstJoFzzz6bpVdYit8/8ftMvKi7mJXXX5rLf/FDvrLdV+jwO4lKMXW/QiOpaBBgZwAAEABJREFUEvqONI3ULbNBSSDBeSm5YkCUrzO5PoV6a4O1tliLi2+9hC9stzKMgWpU4ZE/P8Lya6zI+eeej+heIH3GD2Q3G9r9yquvZOtavfTSS/i+P6NEHYX48MMPs/zyy2eCbaVSmXHOInOMgBVsBIyAETACRmCOE5g93yDmuJtWgREwAkbACBgBI/BRBHS6oI480ZFX+uD+5z//mZVWWilbC6t53ZtvvsmXvvQlXnjxhSxJf51Nr2mKXFni/9o5yaDfHtKYzrcm8bWNN+CoY49BhQmihOJybRx1zdEc/MNjiOcPKHvdtLYFeK6OI4LAkfipmEfqEilszmxO186axcCJ5ta0Poc9ZoYS/QSb6DezTLH7X5c6ydDf5PB92yA5lHumA6fqXkw1qeMlDUo5aZlXoTvtoDEu5Xtn/oD9zz2QtpVGQbsIWZUyR550BNt+Yyuqk7ogkbaq3iT4nXMiZqaS8NGb9uv+OV55pU+8mjhxYiZS6ZTZMAxZY401ePTRR1l44YWz7PprioVC39TFLMF2RsAIGAEjYASMwKAlIF8dBq3v5rgRMAJGwAgYgZkELIZzDl0bSEWpCRMmoKNQFl98cfo/wOt6Qbom1uOPP06xWMzyf9wpVvrLh8grrtV5/dWXWG+jdfjtw38AFSPy8JX91uO8m85lqXWXobtQppyr0vDr4CL8JCEQ4UKFH+cC7DV4CagI6CVedj/1ngZpIn0vIQkiKoUaPaUKq2/2OU6/5jS+vPuXoQ1E7+TO39zN57+4Gv965m8QpzT7k/ZZ/sdL8zRHGWrfXXvttbN13TRd+7fv++gUWv0VRF376n8UZ6eNgBEwAkbACBiBQUjABKxBeNPMZSMwpwhYuUbACAwNAs45dOTJ2LFjeeqpp7KRWCpSqWClLVQR6+tf/zqPPPKIHn7gCBiRI1DLMkzfaRka/cUvb2OVz6/Ic6+8CEVJGQ/H3XIU3zp4J3KLBjRGRVTDSMQrSJycl80XwUMtjAMRs7zMdJSUnLJtMBFIPTyxUO5nLgoIYi+7l9oEHZklh9m97/CnUVgsx04H7cQhlx4I4ySHfOt8a+qrrPfVdbn1pz/G93xJlD4i4mYWyXap7NUkeN+Wz+d57LHH2HzzzdE+rKd15JUKYauuuir6IwbjxmlFesbMCBgBI2AEjIARGGoE5KvEUGvSPG2PVW4EjIARMAJGYEAQSJM+EWDEiBHZg71OrdKH/aZz06ZNY4sttuD3v/89zk1XmZonp4fZlwQtRqxRraHTuL6/7358e6/d6IwSGpJv4S+N5vxbz2TpLyxD2ppSyzfoqneReomc7dt01BV4mdChopUv4kdfWt952w9CAiJiJXJP9b7OCJ2IUdIUnRrai/zzKkQtEWtt9gUu+PkZLLzBaKa5lInVCrvs9m2+u88+6DRWHUUll/Xb0n7xmdHHH38867O6WLuOMtQpg845Pv/5z3PXXXdh4tVMVhYzAkbACBiBuULAKpnLBLLvpnO5TqvOCBgBI2AEjIARmMME/MCfUcOoUaO47777skXcVSxobW3NzvX09KAjsX7zm9/MmM5Vj2vZOQ9RI1SgkKDeU2XyxCms+6Uv86Mf/SgbWUUBVt5nGY6/6hTGrDSeHq+GSFzUqg18+edFPl7scIkj0aE5UqpEdT/dQEWsDzOXpHLth5tOYetvUugsm4ooH2V9UouKbE2b5fLZfpBKif1NDgftpvexId2rHkDd96Q/eCTOk/Z4BCJOqkDZkmuRNEjyHlPiToqLt3H0lcez0k6Lk3Ut4OYbb2aTjTbhrVffJK1EkqKb9JckIZZ/eqQWR3EmUOn6bR0dHZqEjgasVqtstNFGPPjgg+how+yE7YyAERhkBMxdI2AEjMDHJ6DfNj5+bstpBIyAETACRsAIDEoCI0eORIWqb3z9G6hw1RyNpb/Qts022/CrX/0qm0oYxyroaBMd1XIFXXf90T8/xlqf/zyPP/kYfosjbYMdz9yWQ08/nGSkT5yHyEsywUK/WPgiYrhUBKrpoZZmNnQIyK0ldswwPVbzsvvtiTDZNFARseFHeCMCotaE7590EDtduC2MhKgQ89hTf2b99dfnySf/kolYcaNBnMQigfo0xdT77r8vE1qRl+/7sicTXLfcckt+/etf09bWhk4vzE7ITkdnSTB8NmupETACRsAIGIFhQkC/Zw6TplozjYARMAJGwAgMXwI6WkUf8n9x+y/Yfvvts4XdnXPoWlkqZu244478+Mc/ppgrZtO6olqdQqnIlVdfx2bf2Jo3J76dwWvMn3DaT07my5uvJ6IVRHGU5deT7x9NpWmDwczH2UtAxcv+pqXXRZiK0gQ/DFl/qw055sdHkF/KI05TXnrtP3xxg69ww60/I2mk2ci9crmME0Hs1ltvZdttRfCSQnwRr7Svaqh9+Je//GXWj1WEldPZZuJVhsF2RsAIGAEjYASGJAETsIbkbbVGGQEjYATmKgGrbBAQ0F9qUzc9z0NFAV3/Sh/2m7/spue+973vcf3112eiQJDPcdaZ53HIkYdRi3qhHVbaYjmuvusKxi0/lnBkns7ubupRRJTE2awwJ4XMEC40LoZOQ8xC2w0HAu8XMZvHDRE6vcCnGjfwSj4LrboA5//4PBb50gTIC5lcyv4Hfp8zzjkXz89RKpW46aab2GOPPWiI+KX9Vvurrnv1zW9+k5///OfoNEJND4JACiAbQZhFbGcEjIARMAJGwAgMSQLekGyVNcoIDDoC5rARMAJGYO4RUBHgpz/9Kd/5zndQAcA5l03B0lFaP/jBD7jg4os4+PAjOPa4I0W86kHVqa/ssgGHXnIk6UigkIoQUSMo5PFF6HIiikkqTbEiCxNPFAUxPYGG77fshO2GIAEnbepvckjgBxAGJL5HJakTtPkE4wLOuvUCNvzuJuDHNLwap5x2IgccfjBXXHUl++yzD80RV/oDAmp77rkn11xzDc65TLBSUSsIgiyu9ZgZASNgBIyAETACQ5eAN2SaZg0xAkbACBgBI2AEPjYBFbGuvvpqDjnkkOzhX0e5aFpvby/HHXssl/zwYjLdKR+z26m7s8fRexKPTIiDmHrUICJFF/NWS6VWFa0kmGX7oLRZMtjBkCPgPqBFmpb1E4mkYlEaU2lEeKWQqW6a9K1vs9NR3yIu1qEl4IofXcX++30/K0mnC6qI5YlIethhh3HRRRdRLBazc7YzAkbACBiBYUzAmj4sCZiANSxvuzXaCBgBI2AEhjuBKI2o1Cucf/75HHnkkahQoEx0REutUoUoghLsePxubPDtjegJO6nEPeSCAmmUw/PyxO/7FuFEyWqalmU2HAkk0uhkltF4kjBji6TPpM4n9Ep40odyrT4dbirr7bY+u5/wHQik38UxzvdQQVWFVeR10kkncdZZZxHmfJJE8tBXj5yyzQgYgU9JwC4zAkbACAw2At5gc9j8NQJGwAgYASNgBD4rgYRARIRSXhQqKeqcc85BBYJG3JCj6ZvvoxrBpEmTmNYxhWIppL29VcSrhNZSEU9OujQGN92ISb2GWJIZ8kqc7GwblgQS1xSY+kIdjedSCOTQdx5d0zrQ9dfKtTK5ok8jrvPSSy9BJcWFIc4F2dpXCu+4447jxBNPJAxCsTypCFyaPgDMXDACRsAIGAEjYATmIgFvLtZlVRkBI2AEjIARMALzmEAiwpMaTFeXGiJAiajwxz//MROsEN0KfaWyq8PvL72fP970EPlySKW7lzQt09v1Hn4aESYJvpgjIvHqxDMskngiBciWyleNDzI5BbYbagR0imCfSS9z2gcSPP31QbFQDnORRyhdrlRy5PIxnudRmVzjhtOu5bGb/oC+0mqD1PNxum6WJPy/p/4KZbm4Jgey+WEOp31KZFQ5tM0IGAEjYASMgBEYJgS8YdJOa6YRMAJGYGgSsFYZgU9BoO+PfyRXRnR2TmXTTb/Kgw88SKZptQCtYojKIEEuhbsuvZfzjryAYrWFMPXxcyp+JSIyTDc51OmEOuKqaXIpKmRoaDaMCGTCkrbXy+5/X3/wJEFNAtk8EVGLLQWSRkrYU+DSEy7n6bv+D3rkpIpWSUQaV0iDCJf3eeDB+9l2m22p9fSCiKpkHRV7GQEjYASMgBEwAsOMwMxvE8Os4dZcI9AkYKERMAJGYDgR8LJRK/LnX5SFclcvO397F377yO9wBUkrwbE3H8Ne5+4BbeCJeBXFQqcBz9zxHFedeCNRb0g1ckRBSsNLqPlkFrtAZIkcpDm8JJCLPJxcLxHbhhEBJ211ev9T6QPSF2KXI/IC6tJP1Bp+Iv0GKo2EpCfkyhOu5+X7X4IqeEUoFUOQfvjtC77NMTceS9gufUrKvPfhB9jhW99ERwimXdIhUyepthkBI2AEjIARMALDiYA3GxprRRgBI2AEjIARMAKDiYCOkvF8jjnuWO6790HSWkramnDyj09hoTUWZL0dvsx3jtudpBWSiEzyogxP3Ppnzj3qPPK1IkGswkJAKmdTAmLnZXHSUIQrtcEExHydbQS0b0lhLgv7+kQifSSRPqKh9iY/yZFM8zj/mAt45u6/QEXUrUj6Wi+UaxX2v2Bf1t12HVbYaEWOuehYvNE5ao0q9z74AAfvdxCuJcQGYWEvI2AEjMC8ImD1GoF5RsAErHmG3io2AkbACBgBIzCPCDi48urL+OHVV/Q5MBaOvOpIRn9uFP64HO/UJrLOLl/h0B/+AMZ4JHFfNhUNXrz7ZS4+8EJG1UdQbJRIKw7fL0DqkzhfpArNrOaBHM00OZxl+1/nZ8lsB4OEQJqteyV3PUWETOQl9zkN8LycCKU+fiUg3xlw7r5n8vKvXoIOoCb9JZEwDwdccSArbbkq07xuopaI+b80gWOvOgbaHLH8u+K6H3H11VfTiBs454iiKAudc1KAbUZgsBAwP42AETACRuDTEPA+zUV2jREwAkbACBgBIzA4CaRpyh2/voODDj4YImlDAN85cR8WWnMhovaYnqhC0Fqgy+tklQ1W5tiLjoOR4AoQiiihU71eevw1Dt/9MPxOGFucj4L86xtxI0KEi0S2UjVCjemv/vHpSRYMXQIiYnlIP0j1vqtBrSsSwTOPN81x8vdP4p1H3xPhSRDkxIpiI+CoG05mxfVWJBzjE5Zy0hd7iUY0sr65zwn7SiZoJHUOOuQg/vSnP6F92fd9Go1Gds45l4W2MwJGwAgYASNgBIYmAW9oNstaZQSMgBEwAkbACLyfQLVa5bnnnmP33fcgUl1hrGOjIzbi89t/jvz4HGkIaQw5AtpKeSqug2XWX5QzbzkVnREWqeClhfbAO49P5JjdDyeaWCOsOXwRtzwRLXB1cFUxrQB5SZgJGn2hJJA63ZsNZgJJv3uYReUeo5Y1Su+19AGvipM+oX1jTHEkjckRZx90Km899jbUQPUtP+dBKxx+9ZEsts4E/JaG9MGIvAtJI480IOubX9zp82xy+Ca4UQGNOGWrrbbiyXT9LhIAABAASURBVCefzGpTIStJpE45ci7zRmK2GQEjYASMgBEwAkONgHxrGGpNsvYYASNgBOYKAavECAxsAqm4J6aP9Qm6h+7ODjbddFN6u7uhFLPMV5Zjlx98i56gl4nTJhGJqhXoYuwS6kiXrnonPYVuRi03hpOvOho3UsrMiTkxEbE6/tbNYbsfROXtbgoNjzCrRmoTIcMTdcIjykZjeeIH8spCOSdR24YAgVlELLnHTi3ra9IR5D7r/dc+oX2j8laH9JUDeVPFq4Y0Xr+BijgVFxPOvOZ0lvziktRba5TTCj09PTQaCYEnJcQxEzveoSfsZrdDdmG5Ly9LUqhTrpTZftvtmPree6RxJKJWnchELAFrmxEwAkbACBiBoUtAvz4M3dZZywY4AXPPCBgBI2AE5ggBERKoQlpDBCREUoip9U5jkw3W5x154CeE1tVHcsyVR1MNI1pKbbTk2gnjgCQbZpVQTVJyo0fSCDzSdo9lN1yBM288gXCClFmY7nUNys+KiLXz/vS+Oo2wHpImPo0klnoj/FQsSfDFPBG0EE8+3KaXacGAJqCildoMJ0Wo0nuq4mQgupXeZ0/vsy/9BJ+wmtDxwlv8YPv9SF6rg4pX0m9oddAO5916AQusuQj1fEzdS4h86UO5PDqaK27U8eKEQq5IQUcEBhWOuOJQxqw9hmBkwFvvvM03v/F1QheTDwv4nod0WxG05HLncG6mYS8jYASMgBEwAkZgHhP47NWbgPXZGVoJRsAIGAEjYAQGHAGdpueCPreqlTLf3H4H/u/5fxNHDYIlWzjtitOZmnTQWy/T1dWDl/h9lvZdkzhPIl423S/yIir5KgusvCDnXnOCiAfgi8ZQyouS1QvJG3DUt4+h/laVNlEl2vMjEc0quzZ1EEtRkVhT+HAkUrZtg5GAClX9/dZ7qvc4kf7Sd489vNQjiHxKUZ5kYp1TDjgZ3gMVVYOcDyKgutF5zr3xYkYvPU5E1Lr0EekTcl0q0iep5CGWC0QIlf6odXZ399CblOkOujj+ouNoWaiU9cGHn/oL2379G0zrmZppY4lc5fRyCW0zAkbACAw5AtYgIzDMCXjDvP3WfCNgBIyAETACQ4+AiEZOtCUCEZeimNNPOp0Hf/c7cm3S1NFw1tVnELaGtLS0kMvlKBaL9H85ERJCUZ3UAglVQMi3tlAWiWCRNZbl3B+fQ37xVspJFa8lBz1y9X/gkJ2OJHqzjl/OkZKj5uWoBgF13xOBAlLxS3KKwAFORaxs9A72GmQEtD940+9fKoJTw/OoZyb32gtI0hxhT0j99So/+OZRVF+SBlbF8j5RXYSpRfNcdMtljFlmfrySqE2ewxehSqcbqvlpnPUR+r1yuZAwCLO+WhpR5JQfnoQbIxk8uO+3v+fMU85CSsI5SZMtEbPNCHwQAUszAkbACBiBwUtA/uwPXufNcyNgBIyAETACRuCDCCQ0RFyqRWUevP9eLr3kIiryF78uWtMRVx3FiMVa8QoeSSxCgQgPsYhcM0rJRr/4eEmQWZB4eCJo9VS6ieT6SfUO2pcYx+V3XkW47AgSHSmjaoHau3DALofw1rNvUUjbcXEIqQgaBMRO6hNxwUuR8mbUZpFBRsABTnx20++jjsDSexs7vc85vKRAGJWY8konh+1xFPW3JHNZrC6m/Wwpn7NuPp/Wxdvpdt10Vnso10QIlX7mSx9Sk54imWduuki7mqZoqH23ddE2jrnoaGiFegAXXXA+v/rlL/ElU51I9lKY7G0zAkbACBgBI2AEhg4Bb+g0xVpiBIyAETACRmAwEJizPuoDPniEXoFKbw977rErDRej07Z2PGx7Vlh/BXrDXkmr04gi9NfbnOeYxUQGSJwHUk6fQSZy5UQsyKeUizXK7VXOvP5sRi2/ALSJguCJdNAD0VspJ+50Gq8+/Spt8s81fLq7KpmQhQhhnkheTkwKlzStI4vZbpAQSLNRcwkqRDq5n3pPEZHSuZCWoI2WpIWX//YKh+98Mp3/AuTWS3eCEY4Rqy3I+bdfwcjlRtITdpG0JLi8Iwx9yaibhFJ+IqZrYGmKmnMOT/sX0GhENFSgaofF1lqcHQ/5OqKPEqew3/f3ZmLvJHKaIHltMwJGwAgYASNgBIYWAW9oNcdaYwSMwLAgYI00AkbgAwmoeOWcy87V6r3stcfuTOvoolGDFb66BF/91teYEk+jJymTiQR8wEtEiVSK0GlhajrCpi9XQpItsp1QD+rQnjBy8RbOv/Fcxq+yKIzIQ0Fy9vbZGQecwouPPSuCRomxrWNE8LCvHAyhlyeCESRZi5z0mRH5dvyy4+Wn/sV5R5wFU6A4IkemJYkuNW6FhTjzilPwxsR0ex3Uwm7pTxXRv2YdLRVLH4ul//WVnBX/Xzvtuz1JD/V8ja333oYl1puAaq2TJnay+67foir/PE34rystwQgYASNgBIyAERjMBLzB7Lz5/ukJ2JVGwAgYASMwlAgkNMUrDWuVKrfd/HPu/fUDVEVoKC0O+xz3XaZ5HejaV0E+mN54lQn6W1+yTgnTNY1qvofGNdXJTkULRyTCQyT7Mh31ifQWOzj7+jNoX2YUiF5BzgOpk1fg7O+cJYLGP8nVPPxE0qWMvk3r7Iu9f6+CWX97/3k7njsEmvfgv2oTsUrTVETSUC3Qe9sd8eLj/+CcvU8leSWGBlR6Rej0YbENl+HkK08gmJAStMfSf3rAq4rVcZpRCxFT4aom+XVKYCzdpenDf4VeQpRKPyw60tFw6NmHwUgotMMDv3qIa6+8nv9+aZ9T++8zlmIEjIARMAJGYKgTGCrtk68HQ6Up1g4jYASMgBEwAsOIgIpE/ZrrnMuO6tUG7707hSOPPpaa5glgvxP3om2xkbhWj2kdHbS1yJN+lvv9O3nAdzNNp4upUKECgsaZPuJGQz1uUKMwOpdNB7vkx+czZq1FISfXS53ZtLEuEbEOOIu/PfAXWqoFCo0CTsSO1H3w148kS//gc+/31I7nBgG9F2p9dSXSxdRU1NTQSz25pzlaajme+f3fuGC/s+Bdyav9riSh9INFNlyCEy4+luICOYKRHlM6JuEHHr6U5aXSVxCTPqej+xIvJpV0ufIjtxQP53zKtSrTok7cmIB9Tt2RaiyXeXDM0cfx9tsT5aC5Jc2IhUbACBiBT0vArjMCRmAAEJA/8wPAC3PBCBgBI2AEjIAR+OQEVChQASCzvsvzxRz7fe8g3p3yHjp9a4WdVmC1rb9C2a/i+z5ji6NwPSmhKAXOpXyQeS4mRyMzX+J4KYkoDmrO+fiExLGIF6VWKnFVhLGUekuZw87Zl/k3XRDy4osTi8XegB8deBn/vP8Z8t154ppPQ4SPWMQqFUGSLPTQMBVhIjNJkyttm4cEVJxSQ+6JWnZ/5L7otNKGD10iHsWikBZ6Rby6969cttf58A5kv3SZiOMiYM2/+QQOOXt/cuM8qlToKVdp0+mkjTx+XCBIc/hSpvZBn1S7K3kRONV8qVdOSdVeZqmDpjnpP7m0SM4vUksiGi0Ja22zAavttJpUDD1dHXzrm7sh+ipRrS5pCSlxNkqRRA5jMdvmAQGr0ggYASNgBIzAZyMg3wo+WwF2tREwAkbACBgBIzAQCERUyxXOO+Ni7n3wXijIE/9iOfY8dF+mRD00pv/Fd/Lw74lI8OEeJ6JXJfhplBnyxJ+Nwup/gZThEl9SRHiSfexHRGGN9vlLHH3GwSz99cUQjYvWkQWy6Yp1x0WHns8/HnqW+QoL4Bo5qcOjT5BIslCnj2k9uERKtO0DCcz1RL0XCSo06v2JpEvpPUPuf4vXygg3iv978P+47KgfInonuVZfA2iHpbZYhNMuOYnc2IAoJ/3D07LI7ruTvuNLH+wTyKRRes/FvFT6nWTzxZwkf9TmxAf1Q/3Rvq19fI9DvweLhVAK+fOTj3LhRRfT1598XCpRMdSwlxEwAkbACBgBIzAYCXiD0Wnz2QgYASNgBIzApyEwFK6RZ3sy0yd8temNqjeqvPiff3Hc6UdDsQFpyonnn0zLqBKFYm56rumBiAVZTMMPsyyD7PS8BNkmooEnwkNTDNCQ7HxCLpdDhQ6/kOOAww9klW2XpadWJZJ/iIDllQtcfNiFPHjzQ4yojcCL/Cx/JN9EIi8iyawuoY6YidByPbSl2GtuEnDCXMzJfXP03Y9Y7o2KlLGnYlZCkASMiEbyh589wmUHXgJTwXc56j0xaQArbLYkhx5/GDURQVvb26hWq1kLtL/4UryaJmh/AUmYYZraZ6ozqemR5utvKlqp6bmmlUottI1q4aSLToe4QRyWOeyYQ3j+38+TJrVmtix8/7VZou2MgBEwAkbACBiBAU9AvjYOeB/NQSNgBAYOAfPECBiBAURAH/2b7oShz8577EyjKg/rfsymB32dxVZchNSLiZIkG/kiB+jaVZ94pJMIGs16NPRSpLyZ5uS41hDhyXNU44jimBYOPf0w1tp59UyfCHI5in4Rv57nmjOu5u6b7iJfD8hFgYghnhTpZX6paKUXOBFPtA45Yds8IKD305N7oPdjRn8R8dIX8TKMA4r1HL+67tfceM71ZEOuUp84FdG0HVbfYUUOO+MwSmPbcGHA5GnTdPIePi7rMypeqen9VeN/vFS4+qAs2ofVNyd+qTWSOmEpyPr8ht/bAtqlUxZgh122p7vcBXKI5FXx6sPK/KB6LM0IGAEjYASMgBEYOAT0W+PA8WZYeGKNNAJGwAgYASPw6Qn0/8Ndq4logKREEeeedy7//Me/YQS0rNzKt/bfiailQVpIiGPN11dn88E/E7/kgb4v9ePvpTatkYB0hnnOESdSV+BERMhR9RtUi3W+c+Q+rLv7l4i8Kr21DmIVuToSfnHBbfz+lgfIdaYUG3mK5HE6dEf88bLRONP9kePpMQvmFoHpzFVc0il9IlOK8BSgwlVY8Wjp8bjvxl9x1wV3QJeoQllHiiGf8sUd1+K7R3+PSMSjnqhCTUSloJjPPE/TlL4ypUS5TOPZCdmpoNQ0Ofyfm/Zh/JRUzHMeakHg0VXvplGq8u3DdqV9qVFSEfz7mZe54YYbJB6C+CDZES2tfy/DXkbACBgBI2AE5hwBK3l2EtDvobOzPCvLCBgBI2AEjIARmAsEnNSRz8tDeQQdUzo5/azTwddE+P7R+1LJl6mGVfqmfSECUZ8hLxULJPjUm5suQDRFCKdygCfSk0Pq6zOKAY1izHeP+y6bfGdjaJOLiPEDcbIOPzvnlzx087201ouE9ZAwkbaIJIYKWZ/aM7twthKQe+GSAD8OCGo+bVELd199B3ed8RvohpzvI9pjZhvssR77yL2m3SPOOappXW6lj6hLaH/z5PZrvxHNSfWjGW7quRkHnyCSiVjT82u5Wo5Oc9Q+X82VOeTkA0E0LETQPfeCc5n4xhviS9/X3mqtOv1KC4yAERgUBMxJI2AEjMB0An1/yacfWGAEjIARMAJGwAgMMgIpnHN1sLqEAAAQAElEQVTOOdRqkTygw4qbLcuyn1+WWlgmCuoiHkg6SdYoFRHI4rqWkcS8vvTs5Kfc9ZXZd3E2PUuiuuC3H+aoUae30MNux+zCxt9bD8ZAUEjJR5KpA24/815+etGP8bt8ckkRL8lB2jSP7OXERzEnB2oS2DYbCShTNYRxZlnZnvSSvvvgyT0JowKtURu3XnAT95z3IHJjKRShHsUQwteO2IDd5R7XWqt0N3rAOdLAIxOvmPnypK+q2OTLLZ2Z+mljWkiCy0aMSV3iceKirM9r3194xYVZboOl0JmQ7707lSuvvBLRT7PKgnwOvSI7GCY7a6YRMAJGwAgYgaFAwP5+D4W7aG0wAkbACBiBYUdAtABq9Rr/ePb/OPeHF9GoCYIi7LT3t+hNe9HRKMgDPS5BhQM1yTFzk/SZB58slglV7r+vUXFCU9M0oauri7BFRCwR0Xpzvex80M7sdNS21CoJNdE9NJ+un3TvDb/l5otvolApUoiK4m6QndLinYgS2UG/nZ+is8dw/dLmQnRIVaHswgTUZvSLTAjqa6YgRkc0ITJPGOco1Qtcc9aV/P66h/Hk3nl10KXWqMI2R23Gjt/bkUapQdmVCXIhPT3lvoLet+8rE7T/6KnmscZni2mflj6vfd+1OPY8YE9oh1h8Pvu8s3njtZezavLSrixiOyNgBIyAETACRmBQEfAGlbfmrBEwAkbACAxSAub27CSgf7wrlQphLuDEc04hEwLkIX2rfbdh5KJjiQsxqS7cLmlOwlSHoaQiS4ilyDkxl6QiFqWkmqYmhaQfZZpHLJluKkJI9qxujTtRr3xSgswg8BxJnOB8n7qc6w1rbLD71/jqWRvDWDmv07sUSif86aqHufbUK8h3iD+ViLq0LRC/gwTkUlE8PPSlx7nIQ22G8KInzD4BAY8g9ig0PIpifiJsRbzK7qUKO5kIlFCJqlTLZdy0iGvPuILHf/pn5JaSNCDJA2Ng09PWZ8tvbwUFqDcSvCRAbpvc+wA/8bN75yE3UUyn/KVSttw+pFo0lFJkk/qZaanE1eREtuk6XB9k2UnZNc9JFKQdTkzjXfUORiw8iq99axMoQuxSjjz2YGJ5L0ytdmkWMyNgBIyAETACRmCQEdBvDIPMZXPXCAxTAtZsI2AEjEA/Ai3FIo88+id+ffuv0GlcuRVa2WLnrbMF1MuNmsgAZAICc/ClwpVa/ypUWBLpon8SKlyErXlquQab7rYFGx+zscgIkkWEBR1K5YU+j//8ES44+nxGpe20+e24yOEyMcKTjB6p7FVkkcC22UDATS9Dueo9TJ0wFmP6uldezWO+wnxcfuplPHbLozgRrjJrkwtD2OmErdhu721oyD1N/FSEqxgSR+ACfOl9vnOyR+4hM15yGhWuNMzqnXFm9kU8EeQ8KTzIB5QbvWy723a0LpynEcEdv/4ND/7hfloLpdlXoZVkBIyAETACRsAIzDUC3lyraQBUZC4YASNgBIyAERgKBBJpRGe5iyOOPBJRC9CFtLfdcxtyYwOKxQLFoEDz5eRhXg30qiQTFPqOmzk+WSjF9YlJclnSzyT6kVutVqNQKBCGITvssgN7nbkrlMAreiRlKakT/vXbf3LuIecRTAkIqrlsRA8iqMQirDQ8j7rvUQ0T6kGCiiAfWaGd/EACDmHnJVQDqIjVhKmyTZADYe2SgHyjwMj6SE7c52Se/dUz0AtpDyQ+pCHsd/EefP1b2+JyodzTIlEcoyP5PLlHnshW2r+axvSX3i+16YefOfCkI6o1C9K4WnYswmfgSR/K52iZUGDL3bZGR2HVIzjuxBPorXdn2WxnBIyAETACQ5uAtW7oETABa+jdU2uRETACRsAIDAMCd955J3974i8ExRxjFpuPDbb8CnFYI0ljPHmAd8nA+hMfxwnlcq8IWAG1tMraW3yRA877LomIKeIw+VwbiK7w/P3Pct7R51IQESWohQRxTkS3gERErMiRjeDRKWiiXwyDuzxnmqhCkjKsBRBn3cTDE+HKF9ZhVKBQL3HGD07n1UdegSp4fo5M3xKdcd/z9mDNr63J5J5pNJKYaqNOsaWE7zx8Ea9URFKbM55//FI7O7pJpX3drsyWO2/JmKVHoW3421//j9/85q6PX5DlNALDm4C13ggYASMwoAh4A8obc8YIGAEjYASMgBH4nwSmTZvGWWedBaIrREmd/Q7dD9eaUvdUwEpxzv3PMj5zBpfAR5hzLvPDub4wCAI59qjXGxB6xKWUVTdYjYPOPgAdHVPTUTGejy+qw4u/eYmj9zma+qQaxShPLgkzgSUVkUSFl1hEr8Rhr09BQKdzpnKdMkwzhl4f20qSsU4nNzjxgON49f7X8BWyZE7iOrTAsdcdyeobr0FPUMZrFVHRc+gvTpbLciz3xpO8My1B16eSqj5yS+Vsf5PD2bLliqVMnKv5dXT9tT2P2AcdqajvmSMPP1zEtzq6jtxsqewjC7GTRsAIGAEjYASMwOwi4M2ugqwcI2AEjIARMAJGYM4TSJKEW2+5hTdffwMdHbP6Bmuw0heXJw1TojQi8WIy3SETJ+a8P5+mBhVReuMysYgin9tsTQ46/wC8CeJwISauR4SS/tbfJnLqD06g+m4vQTkljD2cKh1SobZPAts+LQGXzLjSE6Z+4jEy1048pcaJBx7Da396Fb8VYuGu4iITRLy66khW2WBl3AifKEgz4UoFMLVmaXIH8aU8DbXcGZXM5Yj2D100XkW6yEuoBxErb7gG47+4MIgWN/m9yfzwh5eSC3MmYs3le2PVGQEjYASMgBH4LAS8z3KxXWsEjIARMAIDn4B5OLQIxHHMBRdcQLm7jI4m2X6vbenxu/A8+ZMuSkLzwZ1+IsVsIaDl9bdPXKg4R595vkexpRVX8qiUyqy86Qocdelh0A4uhKQCxQjeeaKD4/c/nM63ppITASuMyQSSeSmOMNhfqfQTMY8EX25HIEz1Vx17hPGJBx7F5CengPCPu6WhebE2OPqyg1n0SwvRVeiiRp18sUCfSCTn+216X7RMNU3WPNoPVbB8v+n5OWLT+2jsReKjNFAqka7DZNfJjgfsCgUR5qR95597LpVqBV2XTbLYZgSMgBEwAkbACAwCAvItZhB4aS4agXlLwGo3AkbACAwYAg898BCTJk3CFWGJtRdjgeUm0DJfKw0iUvxsZIyKWMkn8VgEjU+S/bPmTeKEaVOniccJPWkPcXvKYp9fQoSSw0lHi8AQiEklnoRT/q+XUw89Eb8zodQImFXE0q8xnggVzDAn1zVHAUl0WG4Zg8TDpYFwmcmH6eKOhjqaTVkWhGlLLcdR3zucSU9NRteJ0hFwKo4i9+LIKw9m8TWXoJqr0t3oAc8n1dXcmVmujsJS0CpYqelxM0z1xDwwFdN0CqOG+n5IczFf+MoaLP/FZci1OSZNnMIfHnoE1Nn+/qnDav3TLG4EjIARMAJGwAgMCALe3PHCajECRsAIGAEjYAQ+C4GkkdLb1csF511IuVEmLcCGu69DPV9h4rRJNPxETIQf+cseO9mJwECqYbNWjfczPde0LEvzXHYwc9cUPZp5m+HMHB8ca16noeRwzuGcj5tubS3taJvCIE89TSj7dRb8/OIcdfPRsCzUHXJeLmyBnv9X4aBv7kfydoXWOMBvxCRRQhKnIqY40SA8yZ8QiyQWRBGhmIoXKtRICcNu80S8CuOccMiRiiKlvzKobHSQXkqVWrWTnO9o9FTp/M9EfrDTvlT/VUEyQzc0OgTZinDYjYcz/xqLU5O+5udKhL7cjNjPmEuOWbbUcyRiDZ3KGqQkfirdT81J+N82y8Wz+UBFq0D6v5q+FXwXE1brFLyErb65sfSVlDiGy394LbVKgySSA/UhlV0y3TQuUduMgBEwAkbg0xCwa4zAnCGg31bnTMlWqhEwAkbACBgBIzDbCHih44033uCxRx8Dech2i8G6m69D5Ef4OZ84TclGvciD+2yrdHYV5MThDyhL1/NC/NVBMC1j2tGF3cetMIEzbjkbJsgFbWKiq4gGQ/W1iP12PJje18sUG60U/VZyIn5lwkki5WsdYjraRtc+UhZy9bDctO1qyqEJIAgCIhEKQy9gbPsY4i5RaDocR+59HNOeE9WqDrlSAK1yxXJw6nVnsOjnlsQfmSNoKUnf0q+MHqneLC2cmS891GQ1XdRdTdNm5pj7MV+6hApZKmQ6ErwkptzTwarrrEhuQfHHhz/84Q/85z//wQvkIEmz91Um4klUcthmBOYtAavdCBgBI2AE/ouAfhv5r0RLMAJGwAgYASNgBOYNgUQetps2w4PpD9QXXnIhlbiMCjo7fGtrwnwOPwzJ5cIsq4/Dcx6+ZmA2v0QcykY0NcNPVbyoCtK+PqVg1gJ6e3rwRUioVquMHj+GM246H0ZIHhFWQm1/Q+IvwUHbHUH3yzWKroVcWMD3RVQhJhQRS8WKaq5OOYyIPakr9eSi4bdp23uFQzWsS4+oZ2yiKML3AtLIozK5QdeLFX6w45GkrwufGtl6WPVpEbklSpx57YWMHDeaHrkn+XwevSeSa5atTxyaJekDD1K5D2qz9B3pQypw9bcPvPgzJKbOA/T+q0FrawuRi4mDlO12+wY6BCvKRfzo2itIY+kr/epSIa7foUWNgBEwAkbACBiBAUKg76/6AHHG3DACRsAIGAEjYARmEkhU7En7jqdMmcKPf/5jRJGA+WHDLTainsb0VstU6zV851BRQUeeqPHZX3OthDRNiOKYqNGgpVTKhIbxi4/j8l9czqKrjcYTfU40D8iLS+/AobsfwSv/72Vy9RA/DnCxj5cEclJ0CScmokl2MEx3KsDEfkTiRahwpP2iUU2yUWuu2+ftf77LMXsdC68n4MsmJvhZaPVRnHnZ6YxZZDR+IcAPAnp7y3i+x6B5peLr+8yTY9lIQ4gL8OUt1oeRSH/r5pqbrqOjaxooNH2vSTdKHPYyAkbACBgBI2AEBiAB+Ss/AL0yl4yAETACQ4KANcIIfHICXjZqhEynSkTYQR6qo2rMDTfcQLVRhVZ5AN9qbfLtJWppg1wxhy8Cg3OpXJMQqiYh1/lajufhXJ8xwF7OOZzrM3UtlxPlwCU4LwUX4QoRnogMJ1x1MiOXKZJWATXPF+Glzsn7HM9rj71AKW0njfMEuVZyYYkwzeHFjjSR/MN0cyTE5V5a8zlq1QZR4pPzR1CbktL5707O2PdcEM2GXA56IRbk861e4rhLT2C+JUZTTXpFUGyQ90PpRbFoYDFImakIpk2ThI+1SbdE7WNlng2ZVHxKpM+rId47Va6k3FqtRi2pUfUaFMYW2XCvjaFNulRczt5bcSPS7JIT5O0EDnsZASNgBIyAETACA4yAN8D8MXeMwKwE7MgIGAEjMEwJlOtlcPIULX+pfc9Dpw/qaBkdhbTTXjvR8CMaIig43yfVbCmo9qPT6DRkEL2cCA7qrnNOAxIX0xCxIWyHYGzAGVefQ4M2ygAAEABJREFUwbLrzocnggOaRzQspsKJe53MM394llFuNEFSIG3k8JNA4oFIF1lRw3LnJR5j2sfgGo7QK1JwbYzxx/LqX9/g+O+eBJMES7eYrvvUAguu2MIlt15C66JtVLweCq0+0q0kQ9+mI+TSVDpY3+EA33sz/FMxKzsQEUvfI7GcqgcJOrVyk+03AWk7VTjtzFPR0WaNSoLqnvXsItsZASNgBIyAETACc53A/6hQ/pT/jxx22ggYASNgBIyAEZjrBLzQR/9pxb/5zd289967UIEl1lmQwqg8+itvMSIqeH2ij+bzcehUQjVNVWMQvpzziKjRW+8kKtRojGhw3NWnMnoVUbTqEeiAoB5pWAdcuPdpvPLI8ziJh0lRRKyQJA5xBDjnJNOsmxMxQ23W1MF3pC1Tm+G5E+lFbXpCZ0cv1d6YttxocuU8/3roGc7/zikkr0NIHt3wGyy0zgTO/ulFJKNiJpXfIQka1Gq9xEljekmDK2iKt6lImGpN71XM0gX+9dc6a2HE/EuNZ75VJ0ARurq6uf/u+wiL0u+S5hUWGgEjYAQGJwHz2ggMZQLeUG6ctc0IGAEjYASMwGAk4MnDd5D61KrVzP0rr/wRYSCigzxsb7XT1rgWR0P+Od+n78E8yzZkdmka0dreQq61QBTEFMa20F2ocvq1Z7PEZouB6HbkRb5RjaUbzvjeSTzz0F+hMyZIc/T9uuFMHJITNT9l+ig1smOGwMtJG9QyUU/izS0XBBSDAl53ykuP/5Ozf3ASqOjn+TTqNUQhZIEvzM+R5x1NuSWiM+nFFQOitIGOVmIIvprtSkXo6/WrbLPrNiCCVRjkuOyyy1CGcSMmNwTbbk36RAQssxEwAkbACAxQAiZgDdAbY24ZASNgBIzAMCYgQkvo5SiIANE9qZc//elP1CoJ/og8S6++At1eDf2lOR1RoqZP4Yk8fWeWpsRi+pDeZ9D34J4I0P4mh7NszXOzJMrF3gdaKsrZJzL1aRaLSdM+Q1UEqdY5DyeGF9DVW1GJjrrz6Y1jglF50tGOgy4+mPm3W0hypyDKjZyGaXD5URfzj/seJalVaRlZIg08xEV6u3qhnhBE4MVIVYnUK21NPTnob3I4KLbpPov/OlUwiD08aVsoomfOz5F40j5R6gotOVy9wd/u+wPn7H0avCftD6WBIgjSCottvyTH/egEwglF6lJAIv0tzLdkmZwIOlmfcTFO7kdmirufNe9dM4yl/6npVMM0TXFJnzX7iIsd/c1LmSEmalw8m22bludI8FO5z1Kq9gM1qRE/CUDY9aQdrLruquTmb5H3Vp0/PPJnauU6RTmH8JTLbDMCRsAIGAEjYAQGGAH9FjTAXDJ3jIARMAJGwAgMcwLafHmITmsxv33oAcqNCi7n85WvbkDQmkfFq9Sb+SdcH85TvUasGUp0UG/ajlREGTXRPvoYtDji9pjjLzmeZXZYHUSL8EWUKeYgV4ErTryWv9z7OJV3KuSSUASSgPHjJlDtrUHqZzxUmIk9OXTZ4aDdaTv0vmsDfBGZAhGdRrePwROBRtueTon4852/54qjrkUw4ok2lSgCafvKW3+OYy88nnQEuKKjGkckUkYiQFMXoK9MtJI0jQ9GUxFrht9ORL3pByr6OYl7eYffGvDlDb8CYYHeRhd33XUXeA587GUEjIARMAJGwAgMQALeAPTJXDICRsAIfGYCVoARGPQE5CHaFXxu/PHNpDRIkwpf3Xpjii1FecZ2M5rXHPGiCSr6aDgUrV6v09PbkzUtcjEHnPoDlth+VaIG1AWH/pIeImL9+Iif8s9fPkvYJapWVchVY9raR4NOnROL/IDIIYKNFpXIrmkSHQSbjrhTAVNFOLWG7xE7L+MwZdI0PIGR6y3yt9ue5seH3g5laZQ0MYkkFB1v8a1WZt+TD6SaVlGm5d4ygU5FjWO0L0muQb5JY5lp2SjEZot0dNX0eJgrEOQDNthsffCr+GGeW269BaTb4KZnssAIGAEjYASMgBEYUARMwBpQt2NAOWPOGAEjYASMwLwkIA/RVREX7n3gnuyhOlywyPyLjyOK6/he3yiZeene3K47n88TBmEmspRGlqjlaxxx1pF8Ydd1iYsQ+eBUpOmB64+/nj/+/He0NIrk4jzOhSIBukzoEfUPfaWpZtbY4DRd5yuVPhKnadYuR0g+KUibS/zmmju45vAbRNmb3jYR9sjDKtt/nsPPOZKoFYJimAlYyrVQKOD5vnCSAqdfMtSDnBfSqFcZu9gYWhYeIQzrPPzIw3SKCDjU227tMwJGwAgYASPwAQQGRZI3KLw0J42AETACRsAIDDMCab3BvQ/cS5INnYGvbrcR4Rif7nI3aZSgU6Q8JJxuuIRZjPe/9E9+f3v/+Xl9LP5LW5hhs/rjeX0CSy7MUalU8HOOctDDnqfuxQb7bADStLTRd40fwy0n/4R7fvRLomkNGpWYoNBCPZIQR1uuiC8XOOdw7tNZX01zf+8JHyft0CFXSa1BGgR4QZ5GQ4Ss7phfXXYrvz7rbsKiy/oIdaAAG3xvPQ656CAqpSo9SZm6CKHFUkkE0Zh6Yzo4ydrcXAqZaX1i/M/+xQe+PClH7QNPzqvE1KO3u0xMStuEFr602dr4bYG8t7p46OGHSONkXnlm9RoBIzCoCZjzRsAIzGkC3pyuwMo3AkbACBgBI2AEPiEBBy4X8stf/ZLs1QrLf35p6l4N53skImBl6cN0p9PoEi+i7lfoznWx08G7sNl3t4JRAi70RfQTMGW44+J7uP2qnzCKEmE1oVWEHpHBiOMITzhKrkG5eb60Uzz3pQ3aJtfTYGRS5NYf3sBdFz0EDdAukuQlXxtsuvcm7H7IbnQHnVCMybcHIJsUMSw3FdRcIsqaCHO1oMKKay1LLCJeWAi55/57slF+wxLMQGi0+WAEjIARMAJG4CMIeB9xzk4ZASNgBIyAETAC85BAtqh0QRwQW2HNFaiIYJPL5UhiSfuEmz6u97dPePkAy56AqzFm/Ajq8q/L62bHo3dikwO3BC9Gf3wuzENrCL+96vf88rxrGFP2SKf1ZCOOumq92S81MhhfqSe+gysElEottNVhgbjIz8+8kj9c+ShF6StBC6QNudsuZaPvi3h1/B70+lXK9R5iVyGKekXkE5WLma9srSiXoNMSZzHJIiXxfpPkQbul0kGc80m8hN6kh5W/sDI6Sq1RbXDXXb8SkXjQNs0cNwJGwAgYASMwpAmYgDWkb681zggYASNgBD4hgXmSPU1VHuiruhn/7YP3U2mUQbSaz62/Kq4E5UY3np/g6wN4X/ZhudcRVDq1sqtjKmHo4USsmhxNYsu9tmCH074FbaD6TU8nuvQTd/7oYS488lwmhOPJpQVa2kbN4OZJzHcODT2B7RFJPCKbMsc8erkEJ370mcaR4z5DXs55+F6OckeNoDvHJcdfxD0/ehRBQaW7b/QVImJteeL2bLfvdnT7PfTWe2lvb8dJ30mihpQyfLeMX+Khy6B11TvJjQ5Za+M1QDrBlCmd3H//vQInpflelAPbjIARMAJGwAgYgQFAQP5UDwAvzAUjYASGEAFrihEwAp+FgHMOFWduv/02PBFmVIxZc/1V6KWboOTj4ip5JyKLCBH963GpJ+KEBxL2t0SeytX65x3McRUVAucTuADZE8o/LwXnUoK2lC9/80vsdfF3yH5NLoB6HULf8egdz3DaYRdTneqodcUEfkhKTDFfwhcxI4ghSBIpsy5l1fHex5e5+HJSt+fqBNQJxadQfMu7kLge46SxqZynniOoj+CMI37IH3/yNDiyaYNeawAidu567p5svNN6eC2O3movLaUWompEGAeU/IK000MaOdNovhKJ9Dc5HGKbk/dIGOXxYkexNUdnPIW1N1kL6UpZS+8RAasR1U3AymjYzggYASNgBIzAwCHgDRxXzJMZBCxiBIyAETACw4qAcy5rbzp9JJbnBdz3wP00YknOw0prrUTip6QqXiQ1fJfKCRUZJBimm4+X6S9OBB7Bgu9DIipUYXyO1TZajR9ceiTkQbWeRk14RfCPe/7C1adeRb4jJOlJqPbW6e7ozMrxUJ5Ng6TvlswTujqFr6/iPn/Ut3qlSujlRMRKGeGPInk35kenXM7f73+yL2sMaU5y5mP2Omk/vvDVNWkZWyRyDcIwzPJ4Ktykvgh1XnY8XHfKQQ3pQ4lLiL2EZVZdGnRgXhHuuONO9BcvPW94cxqu/cPabQSMgBGY6wSswo9NwP4yf2xUltEIGAEjYASMwJwjoOKVmtbwyqv/4c0334EA5l9+DPMtuACp53BOJ7ilJJ/iwVoFmf6m9Qwl8zwf5Vev18m35VhrizXZ++x90al0ylFHJfmt8NwvnuKGYy8nX5aDWp5SrhUnCpiKGLEHDRGJGi4nApYnNvcJ9d0jD/VBfVGf1Lcwl4MoJZ+0UX0n4qYTruLZnz5BUHJ4KrzIaYoJe5+6L5/f/HPkR+So1Wo4p/3GkUwXR/mQlwo5fUbW7j4/Pjz+IcUMimRtZySilcia4q+8yUTIGrfAeBZeaXwmer7z9nv855WX5ZxtRsAIDBYC5qcRMALDg4B8VRseDbVWGgEjYASMgBEYyAQqlQredGHqiaeegli8lSfsFddYlck9nZkQkaZJJmSpqKECg+SwTQg41/d1Jk1S4iimElXpDXrZcMcNOeSyQ6AomXxB2ithHf72679ywveOp1grQSMgajhiF2SWiNrl6VyytK9M5uBL76dz7r9r0LrTAPUllrZFYqnc8LbCGNIOj3OPOJdnHngaahB1iaApISPggHMO4kvfWAc3wtFTL2eCXpIkWfjflQzflFSQqyio7yOEdSoCVme1myVXXCZj6kLHk089OYObvjeHAS1rohEwAkbACBiBAU9gzn87G/AIzEEjYASMgBEwAvOeQKlUQkfM6Aiiv4iA5bcEIALW8p9bjcKINhEz5EDcTHyPxHfoQ7gcztj0rNqMhP+K6J/8/vZfGQZFgnMO59wMX52IO3qQpukMwcEFjo7eDrqDLpbffHn2v2r6SCwRBYtyqS/hxD+/wan7nUR1ckM4F4jigEpDxJ5aSuiCvmmFHw1Uq+1nzWiTcfP4g0O91+qz8xz5fH5GJk/qVEtrMQWvgAtLNCK551FIeVKVk/c7ntceeIFA3M5JW4jk0pGw/+XfY6WtV6JRFPGu0UMgDCCWk33mKTOXwHRzzuHcvDPm8UvfQ2q4nGhYcr9LIausvRrK0wtC/vr/RCAUH/U+FYuqgMqBbUbACBgBI2AEjMA8JeDN09qtciNgBIyAETACTQLDPNSRMs45crkcf/3b34jLokw4WHipJfByImZN56OjRiJJn35owYcR8FPKSZV4BKy08WqcfO2J0AIVEYhU0lGhYvL/vcPx+x1HY6KoQWU57ZfQkU4fVuTsSk/ThDAMMgFJR401okYW719+sVSk3FvFqzuCqghsk2Px9VgmPfY2eC1QybYAABAASURBVGSL09f1ghFw3BXHsMKGq0pbE2lfjb6BfCJWyXnnPDzPJxOusJcSSBzZuleRp4wEpo7CynssssziIKji3jpPP/00zrnMdFSfXmdmBIyAETACRsAIzFsC8ld73jpgtRsBIzD7CFhJRsAIDF4CzrlMvOrp6eFvImAhQkth/jbmW3A+EWIidN0eFSF05FUiJ/UhfPC2ds57HopokyQxXZUKtTyMXXMBTrrtRGiTukWkQFSsUGB2PTGFE3Y/nNx7CaVKKPcgoO41hLfk679NH7mUiOih1v/UJ42roBSEYSYsqY9xJPdXfG2Wo/e24Ufk8yFhN3hv1Tlqx4OZ8uS7olxJrlRMt/ng1NtPZuSqY6kXHT3VGlEaZ6KLc05CT8xpTrNZCCRyfxNSvaeiBqbOoxrXGLfAfHjz94220vegjr5SQdl5xnAWfHZgBIyAETACRmAeEfDmUb0DtVrzywgYASNgBIzAPCHgXN9D8muvvUZPZw/I4ZJLLQoklMvdEtr2SQh4vqpUovfUG3QJv6gYM2KpUZz4k2MJF5eSRgjZKMXPQecLPRy5xxF0vNxJeVIdql72S336JSkzEZe8NEGuEIvEErk90XTTeCJpumluDdX6x/V4pqVpSs7PkydHqZoXkSqkVG8lFxVwaYCXetQrdeJyTOPdKkfudSjVF2tQBoLptgCccfMpjF1+PPVSQk+5TCP72UoRZkRkSz0P56QTSXbb/puAJ+8rJ+YRCXPhV+nJRmUtstQiINg6p3Wg70Xk5QlLCWwzAkbACBiBoUfAWjTICHiDzF9z1wgYASNgBIzAkCbw5JNP4lSkCGGNNZYjiqrk5AHad9OH3SSJPHCTiRyI0DHDplNJHPS36ckSJO8zORzEm3MO5z7YhAACiEC+5ZR8j6LkC31H0BYwZpVxnH7zmQSjII7ERBdCNKueV6uceuA5tPeOpdjTRskvEYv4Ra1GKMz9OMUTISslJqWB5+qiJYmldVTcctNZJqg0IiYJiRMHpqf3D5zct0pnL0FXygm7HMX+ax/AgV8/kOjdlKL8q/fU8XtzVN6uceheh0nYyPqEX5DyShAukuf0609l8TWXglyKSzXwRRAL8KWtnufwdCEtHWHUNN7/SiShv8nhXNyccx96/5z73+c+i6uKRu9pXjqAr/dP7mVrsZUojvnCOisjICEHjz7+5Gepxq41AsOEgDXTCBgBIzD3CHhzryqryQgYASNgBIyAEfhfBJ599llSESREI2GxpRfF9xPiuD7zMhE/dITOzASLfRABJ6qOCjmhFxD6PtVyhZqIgY1iTPuiIzn3xgtwC8jXIF+uFiGLckrHy1PYd8s96Xmlh6AWkktCxo2ZjyCXJ3Yidkn2VEJI5J/sJd4UC/WWSUkfa1MBpSQqyY8v/zHvPdMN70HtuSq333gncWdKMSrR/XIHR3/zSOpvxtAForMQ6yiw8TnOuf4Slvzcsug0w4aILoHzUAulbziJOyeOYa8PI6B05G2Fmuu7k0SNBk76wuLLLAaCXJOfffaZDyti9qZbaUbACBgBI2AEjMDHIiBfxT5WPstkBIyAETACRsAIzGECcRTzxz/+UdQKqagVll55GaI0wqniIUmIQAGeCBlykMUltI33I3DOzZLkeT7K1jlHLszhih7tK4zjwl9eAgtL1hFieTE5z+SYo3Y9mLeefYO44jN5ci91L0fdD2h4nuoapCISRSKM1dUkXeOJpCVybzwpJrMUmrdNkmbZ/MTD73E8cs9jqFBJUU5L/rbSSMaXxtH5wiRO3PMEmEo2igwn59vEFoTzb72Y0UuNoRbXqFarInYmeL6Hc2KewzknGW37KAKpnMzulzCTaLa50JP7mrD0KstAS5bEH/7wBxqx5u47tr0RMAJGwAgYASMwbwl487Z6q90IGAEjYAQGAAFzYYAQqDfqPPNM36iP9sXy+C0BkfzL5YJsmpiOvEoI6Hv4HiBODxI38vk8YRDiROSppQ1qxSrhQnnO/9lFjF5lDIhgSNIA3d5ucMyex/Lmv9+FqCjEW8i4S8xLAxEY5euThElaIElzcjw97WOy8JOAF/7fv0n+LRdMH+1DAdb74gY89/g/OW7PE/GmyLluqV6nOJagbYV2zv7xhRQm5Ol13XTXuomiSAQrD895ErrM5CrbPgaBFE9yiYkQ7MTCMED7hd9aoLi43Aw59cwzz1Kv1yWfbUbACBgBI2AEjMBAICB/ngeCG+aDERjsBMx/I2AEjMBnJ/D888+TJAn4sNJaq5C0eER+RJDLiTjhiQXy2J0DJyaxxEHTsNdHEnDOCT9HmqSkXko9KYs21aC4ZCtn3Xweo5cbjYpXolHhlULogrMPOo3X/v46UWdMrlHAEzHJk5vjGo56V0wpbaHNH4EeeyJoeSKEJOKFmgSy9cVSnfonR37gZz4U/ByP3P0IqHhVlhMRjFxwURrdsYhXx8Akua894MkpUigtU+Dcq89n1GIjcYWUSqWbQMpK0zQTWHw/xIkwp9lnmtb9UTYz5/CLKVlP0AZ4ct+0/eWa9AcXkRRh8ZWWAQfKV9+T2MsIGAEjYASMgBEYEAT0L/iAcATzwggYASNgBIzAMCcwceJE4lhUDR+K49qo+TGJn9KIavKg7eFUIHGePFkHpPKAPcxxfermeyTCMiGlRt2vkLbFnHTBCSy81kIQQlJtgAhYdMC5B5/Ef/7yIiPSEsUoxG+khLo2VjiatmqOoCehEAUiYqVSJn0vl0ioJoFsTu6ZjvBRQUSn+/V2V/i/p/4pZ8B3EsSw+nKrcuz3D5GDABXRcpKuJcy/8jjOufw8/FEe1bhCvbdCGHv0dPXQ2toq+cE5yYy9PgmBRCHL+0nUzOyywA+oEzG11knrfCPAk34gYvJ7772XnbedETACRsAIzGYCVpwR+BQE5M/zp7jKLjECRsAIGAEjYARmO4FXXnmlr0z56zxmgXHUPRFSPI8oklDPZA/cAYkIIs0Hby+VZ20xPT0QzM1wQmQi9XPG8UdHEi9B7aNziajwMfO9vxxBqpoEuETEQDIRKBd55JJIhKwKrYu2ccKVpzJhrcVAdaFSHnocTITzv38aTz/wGK2NHElvQmvQSrELgkkNcp0pbXGBQur3lQ+kcpmOjJPoLFvg++hi4Y8//iSV12qSP6BF5w5KrofvegCqTupM8YICtPissv5ynHvtBZQWbKHhGhSDHPMF7YwTG9s2KlsDyzkfFcakiNmyfdz+pO1Tmy2VzvVCPLlJHpmIldXtEYSecHciaTZYZBnpAwEkUZ3XXnsZexmBgUrA/DICRsAIDDcC8hd8uDXZ2msEjIARMAJGYGAS0BFYmWeiY7SNbidSsUYElygRcWeGGJSIAJOgQgzz6OUnAcVaibZKu1grbdUSxXqBXJTDxSDuo+KGiiFORLdcFNAi+dvL7bSXR8o17dn1WX4575xDX5rfTzwpJ8jK02vaKq20VFslLYfW6+PzcV6elKtlaajWvKYZ11Dr0/TEi+ihl8aImGMvPo7lNlod4pqcSqFbAhGxLj7iUv7x4D9oTEo4dPdDOWLvQzn6u0dw5hGncOlZFxPKLfF0qqCTCGoigLiZVqnXKOaLpCKA/fHuhyEPoQhSuki/aCVQk/piqc/zSap1wlKOjt5ujjv6ZP76yNOM9kdz7613c+w+R3HS94/nuH2P4vDvHs7fn/g/okpD+oT4+TE2vS9qmjVxHmoaVxZqGlfTeCDuqGm8aXru45gnmZom0QG2yf3R++QSaX+fa75w9wOPUluJkWNGknVi4L2JcvMltM0IGAEjYASMgBGY9wS8ee+CeWAEjIARMAJGwAgogRkjsETLWGjxRUj8lJhE/nnEIobEXoLn6pk5EUtUVNDr+pum9bf+52ZXPNfIccwuJ3DKzqdz+s5ncN5e53D6nifS1lskjEM8fFLxzzlHLvH516PPc/oup3LOTudy3jfP54xvnc1pe58iwlSJIPIzt1IR6Xy5rjA9/4l7HM+pu54q153JKbufyh1X3knSm+KnIYg4lRLT33AJTfOAIA7ElyALfRHF3HSTU7J5xB7orwo2LS04olIdNyHm4HP3Z+UtVkQagrhEJma8Bxcc/ENe+t2bjKnPT1s6mlZ/BMk0srWwvFQKBBGSEsmekIo/fYbEJT30mDppKir2vXbf6xDJltaoSiSR6+QiSaiTLSQvLEI/YNLrU3n9ide54sBLufjwy5iQLkhbeQzxG45xlfkYVx3FyKiIUJTrUuI0Fe4SkmqJKI8+H7SGhER8UvEqkYbFnie5+myGiIWe6TMV5IIY4UcmzvmptAExaac3w6RaJ+ZJ2WJan5on5TjJ3zRPrtN0NR1lp6ZJ886Eh7yPyEzi4ki92iCQaJrUWHD++RBFU1Lhtdemj4oUWsxi2WnbGQEjYASMgBEwAnORQPadYi7WZ1UZASNgBIxAfwIWNwL9CEyePBnnRBEoQPuoNpEBRKQRUcLzPVJJVkNSP0y86lfUHI16acCS45akrdZGa7mFFrHWWitTX50kgodHIj4754n24+PFPpNfmyRiVSvt5XZaddSWhC311izdl1wqqiCCinMOv+EzRcppqZZorbZm1+lor0UnLEYgeVWcS5JYKEg9IsQk/U0YZWUBKtz0xUWVkOP+m6ZEmldEF2WamcSToEFUrJOMaHDYmQezzEZLIBWho6X8fAGqBa46/hI6X+4iLjsCVxBNJke1tyHZxB8RiJr1OEnpi3sSeMT1mFH5dv5y7xN9ZYoTsbZD/RCTTJDKPpGdXNIxtZvK1Ap0SMYuePInf6I2qUauHDDGH0WxXCBfCfAa4CK5BnlJ/dpuiaFtn56qhzNM+YnTcj4REa9PeNL2z8ggkUx4QuqVuG56rGGfyTVST1MM07K0TDU93wzVj6bRryw9r6Z5560lmdiYihNqxNKnpN/6ctw+oggFich9mTRpkkRsMwJGwAgYASNgBAYCAfmKNBDcMB+MwKcnYFcaASNgBIYKgddff50gCKAVRo4cKUJQn4jgOQ8VEZo279ubsMRyi5P4sWguMcjmi7j08r//I6JOgBP1xPc8nPMJRJB65fnXMpdjLxLRJEJH4Pia/1+vZPlTEQ48UQ58nFzr8/K/XxFxwcOlKgpJ8SIuLbGsiEmifCSitqRSfipM/stEzErFGh7Ugoh6UKce1on9iFTKUMsccQmoAU7UCzd9dJbGRQ0iEiGrp1jhmEuOY81vr4UUSeyqEopF0DOxg4nvTaYaJQSFFlwYoiO6dFSTWioXiKvZiB4t248D/DhHrprj4dt/T76ONEpMNyc7NQlmbMKTmhyJOEWaIFhgFITioIsiCk4Yi99kLy/b998JIhIpMxFGaog/ar6005fydKqjikuJJ1xcJHnVtAQv46G+a/GaJ3XiqgcaRp6IXhnLOqmnFsl9IjNf3FTTUhJhq3n7m6Zrub76ICZFZl5p+rww9aVZbypMNK5pKhaPGDEyew96AbyOLHtGAAAQAElEQVTxhvZdpaE5nO6mmzSY/jY92QIjYASMgBEwAkZgjhHQ7w9zrHAr2AgYASNgBIyAEfh4BFIRcXS0h3OOQqGAHqs55zJR4eOVMndyqUAx3yLjSIKYJJGHe1FLgjTk3TfeE1nKz5zwRMDKppqJeDPx9b5RLCqINERY0rCZ34nIpRdofkTS8EV9mvjaJPS8jxMOsYgnEQssNEFO63GKnwTZSK0gytG0UOKhiERqel7FCFyiRX+g6flAhJR8I0dhumnclzS9rrdexhUCDjniENbfcQNRcKQYaars0TWnOt/rZNrULvHPUSy0y3lvhjn1T30Rn0r1HC21HKPiFuIpDV76+xukKk5NL0vL+yhzRTk7AvY8ZA/ax7ei7Bu68LyTdOGl+/ebk7I98cFLcplwloln4kterCD+aHtzUSAcvekWiAjV9D+Q4iQueycCoi/lKFstI5B7idQptxtlpCMBlVdOys03CqhpHr0mE7zEEQ21H4RybV++XDa10ylnBtZLR/al0p89ec+Fcu/VO31Pxmg/cnpoZgSMgBEYCgSsDUZg0BLo+4YyaN03x42AETACRsAIDE4CSfZQPN13ERyq1Sr6sKwpo8eMAXmQ9kXA8UUw0DQVXPqbpvU3fbxW6582p+Kpl7DCGisStAWE+ZBKT4VGb8RLz71EGkOQjfyBKEp5/fk3SStQqVSouzo9tU5ckFLrrvPiMy8R11UcAOc50ghee/FNqDrCJC/lhOhorWVWXoagJSBfKpA0JH8VctWQYjlPqVKktVqiRay90UZrrYWwK6BN/rkyhPVQRJwgE2rcdNEkFb+8RkpJRKa2RiujGiNoq7RKeQUpNyDtSRmVG0kQhbTkWjn66KPZbL+voiPj9HYkkfgg28QX3+LtV9/BNVwmuHmxn02ZpO6RS6U88WdcrY2R00JG9YZcd/6VJBVoOIe+/NBHGin3Wo6kD8gepoft41tYd6t1OfKc4/jp737J13bdks6wSj0v13uQiUh6gYhMiFPaN/RQzUsDRuRHU0zaaIlaocORLxcoiLX0liiJjYpGMFL8a4vbcN2OAkURsfKkLqAq96TRSLO2+L1+H2Ph2pqOgJpH6OXFfGmjT1B2tNRbyPXkaZcyC705qbdAPiiRiF9ORLS4B3IicJVqJfReaVjwc9maXXEciQiYMi9fznkzqlfRWA/GjBktfsG7b02kUpGOpIlmRmAGAYsYASNgBIzAvCAw8y/2vKjd6jQCRsAIGAEjMNwJTH92V/FKRyHFcczYsSJgDWAuOgqobUyJ2IvwPJ9irpgJPdXeBo2KzntDHv6lYbFj4muTMwGpra2NcqOXZVdaBtFXKMg11a4a1XJZ8oqcFyeo+PXOK28TRrlMPEEEEB2ttcBC81Nr1Ojt7cEnyASSoggm//7j8/zihz/jqlOu4IR9juPoPY7m3EPO4ZaLfsxvbryX+nspxUaLiFh58UHKTOVrj1jgQlzF44yjz+aIvY7kxH1P4fDdj+T4/Y4nV87R0ijyu589zJUnXc5R3zuS/ffZn9W/sDrb7/cNvBaIRJrJ+Xn0Ne3NSTz717+TlGNKkhb1NGiRfxP/PYWj9jyaI/Y4gmP3OVLKOYQ/PfBXCJH2pgT5QMS7GFFxKLSXtCj8IGTMfGNYeMmFWXTRRXlv0rvc/fu7CUf66HTIhi81+ynOuSz/+3deCk5NhLq428N1Ffjrw8/yhzv/zDlHnsd5h5/HuUecx/mHnceVx1/J/dc/QMcL0xgbjIVKQKMqbSi20xBGceQ45PtHcML3T+T47xzDcXsfzY0X3ETek/vYE9Eoi9rYG/OXh/7Cwbv9gKP3Oopj9j6GK069kpa4nbTm8ES8CkQkfPPFdzhsnyM4cu8jsnwa/vHBR0iSGO0/YRgwEF7OeTPcGDt2rNwnOfRh8uQpErHNCBgBI2AEjIARmNcEZv6lnteeWP1GwAgYASNgBIYxgbfeegvP8+ShPmGhhRbKSPR/oM4S+u3mZVSnhfkFj/kXHU8qck7gAhErAqJawqv/eZU4SVAhTr9kvPjPFwkaYda2tpFtfO5LaxDLPxVbdGHzV195XYSrhCRKRbSCl557BT8JIPZJEzHPscSyS1KPGuiv7Onon4mvTeHyky7j3qvu4j9/+DfVF3sJ3nWMrYwiPzFg4v97j7/c8Vd+ePQVPPyLP5FMcyJgFdDRQMjLE4GmzW9DRwu1lduJ3mwwuj6KlnIblbfKXHj0Rfz7/n/R+49eWjtbCXsDunq62eW7u7PN7jtJCSm+CEUFEdOCKObdF9/ghkt/RKERMCbXxtSXJ3Lr+bfQ3tVOqdzCqMIonNS58KKtiCYn10vz4igLfRFvioUCy624AssttywLLrggY0aNgkZMMfCp9XZRLnfhubrUGREmCYHU7eNwrmlKOisu23miEE55rZsfnX0dt191J0/c/ReitxOid4TzWwm8BZ1Pd/Ls3f/k/EMu4tfX3QW9jlxaYGpnB6kwLxZHs9KSaxBM9RnZ3UZbR4mpz0+mxY0kdC3k4jxBxafzP9OYz02grdLOiNpIel7rZep/ppL0+JKnRcTDIv/+fy/RWmsTG0F7dQSlegtLL7YMYS5HvVEnl+8TA5mHL+e8WWrP3oOiLwpi3nzzzVnO2YERMAJGwAgYASMwbwjM+td63vhgtRoBI2AE5gUBq9MIDCgCkydPRkc2pS5l5LgRpE6EhgHl4Uxn1M+uegeLLbcY9TQRYclRr0TkXIFsIffIw+kUNBGimutidYsIs9DiC7DIcotQoZtKvULO83ntuZczgUvz+4nHxNffI0xzmXiVTZPzG8y/8DiKrQURuBwv//0Frjv3aurvNGiNWmgNWojrDfycR7eIPT09PZkQMzI3lmKjjT/95jHuvPHX5MohYRzgUi8TzOpdDUYGo0V0yjHCb6ctbWOkN4rrLryJ7nd66e3qxQs9GtSJcwmRrvcl4WbbbcHCKyyJ/oJgSkre5RBtiT/d8md+8sNbKL/ewzVn/YjGpCibOpkGHlU/Zr0tN+L0K89hnW1Wx1sISgvnWWT1hVlhteVZZJFFCIMwqy/NpzQKdSpBmV6x4nwteC0u6xue3AI1CT5wC1KfQr2EinKXn3ApXS91Uqq0UEra8QjB+SS+SF8ShkmI64Sxbgz/ePgZbrzgOorkGNFapKUlR1d3B4svsjj5OCRXCyjVi3S+1cF7r7xDwc/jpQGhV+SlZ18RkSrPyHAMQS1HWCsy+c0OknosvD0KtZBJz7/XNz2zIvewnsNJ/xg7egyNuohXYY7uri4G2mvkfCMzlzzPMXXS5Czet3N9ge2NgBEwAkbACBiBuU7Am+s1WoVDiIA1xQgYASNgBGYXgVqtRpRGEEAUNEi9VEQCZtj/qieVDGoSzLJJMTPK6B+fJdMnPFABq+xqLLnastREYEp8h44eo57w+nOvoCOR0roIF+920NtZEfEFii1F5ltiHGMWH0FubCBpVVwDJr7wHvP548jX8tl0w+7JnfgiNPn4SIT5Fm6ndYwvglFEiTw/V6FlaoI3LZEcBbobIn7M51hu4xVZY5svUFpqJLVWEYHiWASkhLa4xGv/7yVefOwZWqIQP4EkTikGBSpdZRF2EjyXUuntpdJZozpVzouQ07bcCBb+6kIssdniFJYJqYdVumtdVOIeghaP+RafHz+fpzetIRv0wL1X3McNJ99AvrOAClv+yJD3mMI639qYL+64MeXxsN1xO3Pcrcew8f4bseLXlifKReSlHCdCSV5EumhEg1U3X5WVtvkcK31jTRb/yjJ0eMKQQBzLETlPTKKOWV6lQi6bWjm+PI4bjrqGtkk5Wqb6jKCduBFTbYkY/4WFWOBLi9G+4mi0ntiJ710xuU5H78tTefC2u+iY+hb1eDKFUsTSyy+K+pT6Ab4XMLp1JC8/+7wIjhGpC5g0tZPOqT3oumRpGmf9d2pHL//4+z8ZO3ak3L4apaojequHkXEbBREmIy9huTVXIiwW8ETA1EZomKYiB34C0+vmlOm6a5F2Tl9q8FM835PI+zdN62/vP2/HRsAIGAEjYASGGoF53x79yzvvvTAPjIARMAJGwAgMcwJRIyJNUlSnEP0EXMJAfenosDp1Rk8YhVcKIfTwgoCcC5n06ru4Xke+kePdV98WkSnImlGOell21aXppZuRC46CnIcvwsB7r03E6/HIJXnJ/w5BEhLg43k+sfybsOQEGiImpPUGTzz4Z9rTFkZ4LSLKJPRUuilNaGP/477P1nttydd2+xpHnH0k6272ZfRXBHVEUlj3cOWEX//0V9Q6y9l6XYGU7WstzuFciu88isWS+OOLrwG77vltDjjhAL6+z9Z8Q0zja3zpczSok2v1KY0q0Tq6ndHjxxAW8nINIoI5WuVfOi0l7moQuTpddLP9vjuw5uafp9Mv05Ov4sYFjF9hAht9c0M2+PoGJF5EI46pNeroqLQJi41n0x02Z4tdt2Sznbfga9tvRr69hPMDPC8nYSjm43sevi+hL6HEy+VyNkLt2T//k6kvTWF0rhU/TahXKhRHFPn+sfuzw4E7sefRe7H/yfvztZ02hpaE1lZpd+TTmFrh8d8+gldt4KKIOK0zbsJo/GKIJ/c2FQEraaRMfutdfMnvE/Lma+/guRypCE/VpCL6ZV04tvLe25Olbih6Pm+/9Aa1aRV8udZJ/9ZfoRwv4l/ikozbQN15oQMf5NYQizCLvDUzyxzWgyxiOyNgBIzAJyNguY2AEfhMBLzPdLVdbASMgBEwAkbACMwWAo2oIU/LUpT8Zc7lQokM7M33PFpEWJmw4HyZsBPL072TJ/5ad4OJr06kFBd46R8vEki+KI0otBVZaPFFaLiYpZdbSqSpWMQjj2p3nXffmEQxKfLiMy8QuIBUhA69rp42WHzlZanKNa2uxLOPPk2jEpM4j9LoItVcmc2+tSmlBUskxRpBO9TyFTbaekOKLQUCEV50La5EBJaOjmm8/fZ7dHd342U+icgkfqUxJKJSxCLaJCJYLLvG0nxx4y+Qaw2J/YhIrFDKE5YC8i15EvG8XO0mnw8ZPWYUCy44PyNEzBo7Zizj55tPBA/JIddMSSax9T6bs9r6KzOtPpU4rOGFHqEKUYmEQY6WUgt1qdd5jlyYQ9eD0l+j1ONCoSj++8SJiFAibtXrdWaYHjdETsvS+sJSqYQKSY8//ji1qEJP3ElnPBU3AhH0vsioxUagUxOnxlPocp2su/najF1iJF3imyhfFMJWvHLAy397nUK9lN0Hvb/jFxpH3dXQYXyx1Pnqi68RRjm5XwX+/azeXx+9v4sstwRxwVEo5HjvzbfpmthFIPn+8/zLosU6oRbLvW8Q5yKWXXkZUm9gC1i5XA7pzsgNz7hjrwFDwBwxAkbACBiB4UvAG75Nt5YbASNgBIyAERg4BBoiDogGBA4RLgIG+kunvalwseBiC9Ab9VJrVIniiFEto3n7xXcoRiUmvvweLvVE4pjLYQAAEABJREFUA4gZOf8oGmFMHKQsssTiWf40jhndOpq3XngzEzvefeU90VKcCDEJOkInEdlj/OIL0iCl0tFDx9siyDQC6rWI2DVIcg0WW3kJKIHoW9TpoSftyUSSlVdbGX2pgKW+5sICr7z0H1SwysQJL8U5l5kvSkU1qlJLq6y53hr00k0lLRPkfUKxalLFFaAaV6m7uqQHxEQi1hSYT0SrhRZciPETJoiNRxdkzxdz7LTnjqyz4RcpSzn5Vl/yi1JGgopnhWKBIAwzYaRQKBCJiOUHPu3t7ZRaSsRRjCe+JXFCJP1CLfADgsATcwTZyCvxuhmKUKcjsLScjo4OEcoCEDEpCuqocLboCouSFlP8Vo80H0vbuuloTGWplZbAL/mS34mwFpJzecoTK7iaL4KW+CUC34Jyf3vk/sbSgjRxTHlzCmE9JB/nmfiKjrBzQiJitS+vKXV44BIqXb1Me3MqaVnyvzOF1mKrXk3Da9AIG9lUUr2/DOBXEITgQG4ZsfRrifVtaV9geyNgBIyAETACRmDuE5BvGnO/UqvRCBgBI2AEjMDgJTBnPNfRM6LToA/NKnKIvqLRDzXm8csLnTzbxyy89ML4IpaooCR6RyZ+vPX8OwTdHhNffhcaMe2jW1lkmYVJSyDaB4suuwRFEWqIHXFvyr//+iJpNyJS1UgjUQhEBEm9iNbRLYxacByxl1DrKdMzuVP0kUAELh8dEVRoz1OSPLUgIk4iIjGXd0R+QuuIlkwYGjVq1AxSOsotSTIpBhVQUqnHE4FNM+TzeWK/zoLLz8/UdDINiVfiMpWoIumNTLzy8uCHHrW4JqJGnIlLOirKeY62tlamTeugp7eX+RdYgLXXXptiqUixWETFSc/3tBqSJEHXO9PrNK1SqUh7pM3iR7VSRcUrvaZSrRKJwOeLOOV5PlqHcw7nxKQoz0mamKfHYipexY2ISZMmIcmZ6ULk2ob2se3EIgPWVYCjTlD0CdpCNL2jd1pWf0NEwWpXjckiOI1s6WMWFkKWX3X5LH+dWuZ/Li7w2jOv0/VGj4hU0+R+OCkxYoUvrizsFpY8Cfk05IWnXyJXL/DSsy8jsFGxMxLxavX1VqWuwprcU8k8YLcg8Pt8S6C3t9wXt70RMAJGwAgYASMwTwl487R2q9wIGIHhScBabQSMwH8RCIIA9K+yPDA3RIj4rwwDLCGKYmpRjcWXXVzEnohU3FcRzq8HdL/TzaSXJtJOK3G1LgJAF+MWno+6iEIqRhEGLL7UkgQuFAErYuo7HfznmVdwDQ+HT5ymNERyWXCxhTLhA8+hAlNLqY1QxJEcAfVqIxOC8sUCXT3dqmdl6y4x/VUoFIlFAOro6CCOxD8pU9cZa21plesqOC8lFXPO4Ul5znekYUKUr4rVM9EqFhEt8RpkYpcILolY7EtZKnx5HrGIUZ5c3yJl9vT0ovfQk/QXnn+B22/5JeUpFfx6gJ+Ix9LWvhsseg7//VJ2fee9GScTB6mYJqRJmglNmi+VenVapMY1dHouTrIRXJpXhTE919XVg3N+JqJp+kzzaNQbtLa20tLSgicCWb1RnzH6K5WMen8bcYP5FxmPX/BI5H74noffCHnv5UlMeX1aFneSecLC46n6DSYssUCWL5f4vPXCW0SdwqqSZCPNYrk+Fr5jFxpDFNZQplLNgN20/ch7UR0Mw1ADkLb2RWxvBIyAETACRsAIzAsCM78lzYvarc5PTcAuNAJGwAgYgaFFIHtI9qVN8tCso3My8UIO9Zn5g0xOzeNNRY2UsePHMnq+kbgAMiGlDl3vdvHUw09STPMQi/ciDi2+1KJEKmIEKS7nWGqppQjDHHmKvP2fd3jyT0+R1lJygYhaki8S4WjpFZeGJMYXlaRQaqVt5CiSKCWv5VZT0gpMm9wpAlFAGPeZH+fEj4CpU0Rg8f1sFBPy0hFaI0eOxA8CEWw8nJzzxVS88T0Pz5e0ICXOxWIRiZ/gRDwSLQZEuBJHpJQEFV7U/JyfjabS8kaNGsm4cePkPJSKRVpzbfz7iZe476YHaYtGUEpaCaMcfirXSC4VpdQkKuVBM67HTfOkcjXnHKnnmskfGnouIPBDtI0CmjSCRMQjXRS/490+Rn4ieYSThipETXxrEkW/JGVK+6UOl4OWsSV0zas08IiFS76tyPhFxuOFDk/EMC/2eOmZ//Dac6+h5SCvxZdZgpoIWEusvDRx0lA5kPdencjzT/8bKQwd5Za6GK/gWGTZhYnDWNqcyJUDd2vUpSPHff7lcmFfxPZGwAgYASNgBOYRAau2j4DXF9jeCBgBI2AEjIARmJcEMgFLdYqGeKGWDuw/0Z4n/vkePUmZ+RabQJgL8OWfE8XHRR5/f/yvePUUT4SR1vYS4xeYQKJCkEtwLmX8ohPojcsE+YC21lZeeP4liH3wfHSUVt2rM//i8wsMSZI01+KTG1mg4aokfoqkZiO23nr+bSbkJ1CoF8g1CuSl7lBEltf+82o2IkqnKupIK532N27B+eit9+KF/vTRTEkWipwiwkuCyFZZ3dIMRAVD/VVfpDi0Pi8JCBIPrT5U1SmJ5PqYQnuBLXfdgmBsKG2qU8i3Uojz/O3hv/D4/Y8xyo0gjEXAkuu1HBUnpUBSPND7rKYJJCQuknrFXCIpYnKMmPqSXZflFbVQQnVBTdNzhTy91V5GLzgKXbOq0YjJeSFB5Hj5mX9TqucyKzRywilHC+089/9eEIYBSSPJFuRvJFUWWGw8Deq4MCQJPSbWprHAMovgXIAX+QQNn3dffpuJr08iEDEMP2a+RcfRcDUWWmR+YvnnewFRLeFvT/yfYMzhuTzO98VgwoLjSNIGcoKB/IqFnzQFfPACvU/TvXXTQwuMgBEYbATMXyNgBIYAAfmLPARaYU0wAkbACBgBIzDICTjn8FSNkGf7oBFK3EOFiQ8z5vFLv0C4wNEb1ljhC6tk60EFqY8n4kVPd5n2oESYJMSuznyLjKcRp3IckotEs0nqLLLKElRLDSZXJtJIa6JnOBwhKoA0goioAPMtPD8ukPyiGHW7HpZbZ1mC8QHdrpMkdIjewkM330/6ap1cd5Fio4W2JM8vbvgxk159G1/EpnpcoRL3MGqB0Sy87KKExSKR+JX98mCcSN0p9TSlKnJSLPydCwmcVuohhzT8hIbnESc5EXCK5GpF8rWQMEopiMdp3KCRq7HUhkvyld02oOxFwiCHV4soVGLuuuE2nnjgUfyyo9Vvo16X9EJJyvZxTi3Ew8d30n4vxXmxXB+jolWf1cET70T00UXU0ySEKE8qQmEinSNyMZGLqNQrREHMsmstgz/WR8iTxgkurnPvL35J7ytTCSfFlMoehd6A//fbv1Of5IgrAb5w7+zuJvHl+hWWprfRK/crlnZDb2vCYmssS1XcCOt56I4IJP7sk88JJ/GjBMuusSQEDfKFkEWWXJTId6QiJL72n7chzeGUaVBkpRVWJu8FeOpXyoB9edJv0rpDIJIXgbWk67V5CXKjxGcRGWWfndQMWXy47KydRsAIGAEjYATmLQFv3lZvtRsBI2AEjIARGL4Eskdh19d+XbMoaaTysO8IUhE10oH8J9oTEUge4T0n4k3MmAVGkbiEKI1wQUrbyJLEa6ReRMOPmLDYgqTSTCdCEEkiW4T+IuHIhcdCTs+IOCDt9UVKSVOJi5AzYbH5qYcxie/QUVD1sMFam3yJaqlOJV+VtIiRpRE03itz1iGn88BPHuIPt/+R848+l3/+4W+Myrfg+QmplBGMKrDB1htldXbXesCTMtUP0YlUzGpInY1YhCCtOnaZ8OXEH2mAtIvMpCDIFvry8PSc5HNSjrZZF3zv8DtZc/PPs8H2X0NHpZXachRCn0Ka52dX/4znnvgXcVeKTtnr0rWpEl9EKCfCXUoqAlqi61ilMU4sUXOJ1KsWARompJImupC0XZLwZKcmZyW91FakLMLTCmsvx6hFW/GK0NbWQirtahXx6JJTLuCu637F/T++j+vPu4G7br6LfFrAExEyysVUcxU+v9HajJ5/LLVGRC2Ks3pca8C4JeYnIhUcjlJbSUS2lHw+D75HI6jRNl8R52JSEdnmX3wB9H55wtQXQ32X9jnJu9AiC0ueNPNcnB/QW6hCoeBtCItEZNU+ZxNpTV/M9kbACBgBI2AEjMDcJyB/mud+pVajETACRsAIGIFPQ2DIXuNgxIgRWfOcc3R1dZFImo4Aalp2st9Oz/e3fqfmeFTrrXopjTBFp/ONW3AcrWNbiHN16vSSFBpUwko2OquRT1lqpaVJdASLeuZEBFDzUxZZeknIeSIPiHBDIsJGIuJRIrkSll5lKaJ8Qt2lVEQ8aQQeXnueXQ/am2pYBxFdkrhGqwhVuVrA07/9fzx626PUnq8zstxOQUqJky560h4WWmlhVt1gLaKiyxYkr1arBH4ePwjxwkDMIxAhJ/R98i4Uy+OLiOicj/7z5J4gr0ykE1GsHiQi0ojfTsxDRLqEWlqjkvay3rZf5Evbrc079YnEeY9C0EIxHsEvr7+Ld16aiBMFKq7H+HGAn00pBBWm0ul8nKR5IpBldfopTnzI4lJ/5EdEfl3qq5OKOIgwc5o3hXK5TOTVqBerbL/XtsRyDzS/5/mkNRHO4lZe+esbPH3/s7z19DuEFZ+e7mmk7Q3ejt9gwTUXYuOdN6UratDSPpbAzxHHibTfUSjlWXSFhemgk27XTa8rkxQj6n6FBRZfEK8QIA2ikZZZauUlaXgVnKvhUwdP8vpl8a2C9oO6iHNp4DNgXi4BNWZ96XsQhwhu0N7eLqTJbNZceiTXf8gZPWtmBIyAETACRsAIzD4C8rVr9hVmJRkBIzDgCZiDRsAIDFACY8eOxfM8kiRh0qRJA9TLPrcywUUe+hsuJnURSdBgxMIjSNtSOtNpTIumiHhVoSdXo5ZvoL9Op1PxErlGdK+skCSIGbfIGNJ8TN2roqOYMgvqNMQmLD4eHT2l16iIV5drO+q9LLT8Iux5+HdwYz3qLRXemPoK3Y0uqo0q+TAnopCXcXy3+z1qxQbrbLUuO++3G5QQgaVGuauTvHhQr0s8rqLrcPUmPajVogpRrU5cjSWHfEVKRZgRgciJISKFtrsWRFTVQgkzq1OX40hYNMTvKckk1tl6bVbfaHWmpd2ErS0EuQLl7jqXXnA5r7z4GoWgIOXrlhCLEKXXadtjEai0juyMp8KIxtQ8Eaz68tbCMtVcmVpQRQWq1EWaAV/Et7aRbcQicLXM38ohZx3KiKVH0hl0MaXRIeJanXKtSiJNKxRKeKGUmU+YxhTW2nJNdj1kN5J2aaUIet29ZYIwJPC8rD8m4uNiqy9Go61OT76XnrCHWthL2fWw9KrL0lXvxnkxMQ3GLz6OipyL/ar4UqEu8WpO8orf4+WeKqdUpEq1zPEBusveg8LK9z3Gjh0/QL00t4yAETACRsAIDC8C8u1seDX4s7fWSjACRsAIGAEj8JBUYjoAABAASURBVNkJiMwij/Ez/wwvvvjimVigJb/26msazGoi4MxMmHndzLS5HUtwqoakDREq6iz5uaXoLPTCmIRqq4hXrVVqLRETll+YtNUXgSpCR26RtTqWa6osutwEklIDNxLJW5fr6lRa69RLNcYuNBIXJEglONfX3qAY0u3KLLT6ovzgooP56v6bs8wmy1JYpkjvyF6m5KaQWyigddl2tjhgO/Y88wC++u0t6fZ7qSZlfPF1TJgnn6bkSjmSYko5X5bzXSStEXW/h3zRkaYxcepnlupUP8mfpgk1EYsa+YRGu2OSN43Jbhq19oTOpBvVumKRcPwRKY0RDbbaZ1sWWHUR3qq8y7Soi1x7DhXirrjiCt5+5x0KLQUR6iI6005pUyfloIder1fqqKNT8LQsNSfQEqkfeVWTiviZ0OGmMM2fmo2e8lp8CD2cCFhlEd+8fIATISqeELHjcd/k26d+O2OUzJ8QLCqi1MIB6diU9sVHsO7W66FC1ya7bEJjZEM4VKi7mFKphSRpgLRXfwFSRbbSAkU68iKEyb1VUayc76FeqDDfUhPQaaJBPhCBsEJhfI5wQo6K3EO1Xslfbqmw0ldWpEfaF7YVRGysM9Bfb739VuaiLka/0EILSdx7n8mhbUbACBgBIzAMCFgTBxIB/Ws8kPwxX4yAETACRsAIDEsC+Xye5jTCbPoSH/aa93+6XYqIQWqJhBE6QudzG63F6T86k6MvPoGzbzifc65Ru5DvHr4vHY1uVJTR0UVequ0SYSqsMm7Rds694lROvfQETrvyZE6/5jROufY0zrjmTPLtPr5rEIp4E0r2wPNxcnESxFRzVWptdZZff0W23X97vn/agZx/yyVy/ZkcduHR7Hvy/qyy6Zq0LDqCbteFK8akVEU6i0BEGR21FOUijjnnWM67/nxOv/pUzpU6f3jjhdTSXmlPgyQVIYsAL/Uyi2JJk2vb5x/F2VefL/VdzHk/uYSTLz+VQ045FOd7mUAXeRGNsEFFfPzOMftx8a2XcuVtV3DaJadz2Y0/5IdXXMwiiyzElN6pjFpkFBffdAEX3Xw+l/70Yi67+SIOOeEH1MVX9RGk4YCXeISFkA02WY8zLzudSyTfJbdewAkXH8+yayxNT60HyZXl80RJS1xCvRSJuNZg/MoT2PZ723LY2Ydx+LlHZHaEMDrwzB+w/jfXp2XhVpIRUPUbco8i9F4mXkKS1PFEtPNISaVNq6y7EhfceB4X3nQxl4hddsPF/PCai1hyxSWo0aBcF/GvLUdn0snRZx/D6VedzWnXnMWpYqddewbb7rMDboRPd6VMsaUk/g7kzaOrU5nCiNHt6HtzIHtrvhmBAU/AHDQCRsAIzCYC3mwqx4oxAkbACBgBI2AEPgOBUqnEggsumJXQObVTxAOJJn0ChsRmbKLh9J2bkTJ3Ik6qaZovIpT+wqCan6roUadRSOgV0aQxBqbmepmSdlEV4SguORp+JOKIiCJagJSjIlLseuhpvMPU+tvE7VU6S51MKkzl3dI0phY6KbQ4gqSB/tpfLoZQF7iPYiJJaxAR5Ry1XEqXyCdRm09vscaUfC/vBtN415tKpVCh7rrB1cmFKWGA+BBRDRJ68xFTXSfVljo9xS5yC4V05KbSIdcxIsIrinTkO8DLzEl7W+T+FFryVNIyOpKoVwS08siatLlXRJtuqo1I/JVK5JrYxdTF6ag95rXoVTpaOqiOLKPTCxMRwTKxZ0TIlMYU8aFKt7T3vfjtzJdGsUKPsNPpgbhE6u/b8vmQoOSIRRyrFnqZ7L9Htb0XHTkWFn3SOMZPcsIrhx/nSBykoSPNeSTSnprcm3KxKv5W6ch38m4wiYnhVKqFBuR9PM9D61OxKvXqEo/6DKSshGpQoZKvMakmPvs1eummJ+5kUvckcq0FEbwa1KIyQWtA1O7oKFWZVCwzsdTDZOkPHYFcEfeSjdSqNtARbVL0PNsED2r/5YC85/R+d0ztyE4tsMCCFHMCMDuadzur2QgYASNgBIyAEUC+ZRkFI2AEjIARMAJGYEAQGDVqVJ8fnRKkAaJA4JwvBzM3fbhW80RUmZk692Pqgy/6ipeK8CHV94g40UuZaY2ubARSWoKaqxD7dQotIU4vIM7EEBVX/NCnToPi2BK9XhVaElKxpCUVwUUsSKVUQZDGRI0GjUiEliTFyXEq5bS0tVKJqhRGFknziKhUpZqrk0gZ3gifsMUj+v/s3QecHVXZP/DfOVNu2ZKEJIAoL9J5QfzbABFsr1IVUWyIIiBVaYqIFGkqGARBQaRI6DFICyGEGjoKofcWSoAQWvqWW2bmzP955u5uNqGl7e69u7+beaaeOXPOd+793LlP5t61sp8rI8z5iNNIjm2RSKImNhaFliIWVOehEpSwIJkvCZl2SU51oK0k0dkJmBiAk+M5mQJ6zLfffhNekCK2FcypzEKn7Js2AXpXmIyzcrXz4lBOSnC5BMXRBbxTfQOdfhtcGGNBx1xY30gPEtickSTQPJgWoByUMS9ZgDbXiTQAXCrHFduMTRJZs+fNkjqraI/bULIlzIvmIVUr2Zak4iJ9smnWhJ5RaqQe6+B8h8RPJJFYQdkry7GqqEgyqhzIVM5BNYmAxMGIr+wBI8fW42pYMdB1kDrSIBbvnPRdEl+e1CWJrtaRw8XER/OwVuRyOZSqJej50LpLuQh6N1rVr6AqZWOTSL9TWOvJ88H2tLO/Z4QlSwLbrJ9ODi8hjsZkW2SbtG2BrJZh5MiRMuZAAQpQgAIUoEA9CMg7dD00g22gAAUoQIF6FGCb+k8gkiTNWmutVTugJDBefP5VWJeXD/s+yuUSEvmwrXetaBgnH7ilpCYsukMW+3TQ3MgiIZ/1ndH0hi/JHR/5wIcnCYqmQh7OxYB+Jc2VgLSCVL+OpokQueqIfYvY85G4AvL5UWivppJYkXqiBKaawJadTFPIalQ8yDapIu/BC2VBOuvBQKOjbQFyckwnia1UklpJUoEvOT8jZdIkRrXUicD6kiwK0VmuIjUhIOGledk/RLUcoZgrQP8rT++YCvIF5AqtsEbaFRTlKLFEFVbarYmOOE7Q1FyEHs9LY+QlCWWSarYceBZGEm6SIoK2xbgEngG0jVGlhDCUdngpYmljkA8QiEGqCSMBzRUK6IjFSfqYSrmqJFFSLwdAOiNHh4Qm/BBaeIUANu8j9SBtbUJcNkhjH74NpH8OkYkkEmh/TGIgM8imkgiTCgFrYaRhVsK3RvaTkA2+bDddATmY6RWpzKeSINP2JpLoKkcdyLeG0ASVyxtUKhW4coJqJUUlAgI/h6o8XyHnxLpInsNJ1pPAeJIYkyakcj6lPjnsgA42dZCnSk8bOuT5YvX54nKY/sIMZI2Wrat95KNwMn33YGVV75BFDhSgAAUoQAEK9KmAvvP26QFYOQWGuAC7TwEKUGCJBVZeeeVaWfnE3D63A14iiQ9nYfxQ1luJWgJAZ4yOBjhSaUSqn/Ql+YHsY740vKdNOh9LkkATBTqvAaSyPYX0JbvDzJcci83WyWopC3gOsNJnLdeVg8m267IxFkbCk/01+aCh+6Hn2LJzz3xti45TKa8BbaeE1r9wX/TUXyvjywqLLMGBWHZ3EguHbH2W/HC1MjKPnmNqWQ3pQ1qL3ttSI9s0pDo9vobMZsdf2Ff1kDC1dkg1WiQro/tnoWukH9qfrC/ila2Sunu2y4ru+mV2sUHaIW2u9aXWTi3bU1dX3Vr/YjvKooMeI7EOGrKia7Ay1eiuz/X4ZHWntfVSqC4GI+2BeGnob4Z5vpxzaZnnfMyb3Qbodln+yGqryZgDBShAAQpQgAL1IFC70qiHlrxvG7iBAhSgAAUoMPgFPM/Dxz/+cRhjILkFvP3mm5A5mU+RD0JoskgVXLZS5wY4upMcfdgMvfOnD6tfqqq7kzBLtdN7FNa8iMZ7bFpklR6ve8WSlO8uO1BTbaPGQB1/aY/b/XrqnuZyuey15klu763XZwJdnVl77bUl/bm0tbM8BShAAQosuwD3pMD7CzCB9f423EIBClCAAhToVwG9A8v3fWjmqmPufATy6dqThJbna9bKQe8UkVUy7fl8DT4oQIGlF9BEcCwvK8lXQV9ToSSQjUuz19yC2XOhr0HjWXxk1VXBBwUaToANpgAFKDBIBZjAGqQnlt2iAAUoQIHGErDWZn+FMEkS6IfnmTNeB6IYeieOixLoI5F3bf3QrVNdZlCAAksvoDdXJcZCf9C/+7XU0VGG0a9iyutv9ptvQV+DaeIwatTKKFUi6M929Y6lPyr3oAAFKEABClBgeQXkUnh5q+D+FKAABShAAQqsCIH1118fTn+gXfJVLz03DfkwB/0QHccR9I4RvVNEP3DrXSO6vCKO2Ud1sFoK1LWAvn40kdXTSJdKAivFsGIzpj33PKAvMtn4iU98AkEQyBwHClCAAhSgAAUGWoAJrIE+Azw+BShAgfcU4MqhKDBq1CisscYagCSw5rw4G23z5mcJrG4L/Uzd/QPa3es4pQAFlk4gS17p1wclujNVQeDDtz46FrRh1ovzoK/B1df4H4xaaQSsXi3rr773jqU7JEtTgAIUoAAFKLACBPQteQVUwyooUIcCbBIFKECBBhMolUr49Kc/DaTScPkM/eZLb8KTf4F8sJY1gFn4O1h6Nxb4oAAFlllAv55rUx9GohAUEHo5vCGvObRJlfIa3GTTTVGqVmSBAwUoQAEKUIAC9SBgP6gR3EYBClCAAhSgQP8I6F/cC4MQm2++ObKvL5WAVx59DcNyrbCehYdaGGthbP+0iUehwGAU0MRV7WYqSV4leVgJwIefBnjxkVeADul1BHzhC59HGPqyoPc+Lh6ymgMFKECBQSbA7lCg3gVsvTeQ7aMABShAAQoMBQFjDBKX4POf/3ytuwnw+rSZiCtx9kPu3R+6axs5pgAFllsglcvgNARSH6kzSKoJpj/7avb1QaTAZptthmq1KrOysNwHYwVDRIDdpAAFKECBPhSQd+4+rJ1VU4ACFKAABSiwxAJBEGCTTTaBJ1P9K2hPPPqYJLAiQH9gWmrRN23PAbW7R8AHBQahQP90yUpOSl9POtWfwnKSwCqXqnjooYcAT4bQYNNNPwtP5uUFKC9Hs0joukWjf9rNo1CAAhSgAAWGsoC+dw/l/rPvFKAABShAgboRMMZkbfnEhhtmn43fefktuGrUcweWftjW8CWJlRV8rxHXUYACSyygrzh9TRlJEkdxhNnT5gKS3NpQXoPGGIReKImrLIu1xHWyIAUoQAEKUIACfSNg+6Za1koBClCgcQXYcgoMhID+BpYet1Ao4DOf+YzOAiXgxeenwZeP0H5qkIXMW3hZUqtWiGMKUGDpBewiu+jr7/nnXgDysloSxF/60hdhbSALHqz8w7tCNnGgAAUoQAEKUKBfBWy/Ho0HGyoC7CcFKEABCiylgDEG+iG6Uqngk5/8ZM/eLzz7XJas8lLAc/I1+3pYAAAQAElEQVRRWkPmewpwhgIUWD6B1CKOHaZNmwYkUpVcHa+55jpwTheAOI1lJQcKUIACFKAABd5HoN9Wy1t0vx2LB6IABShAAQpQ4H0ENHlljIExBltvvTU8IwUlHrjvfhj5cK1fc9LQRJaVD9yylQMFKLCMAov/jlySJJg6dSoQAV5osdVWW8Gzfla7bzzef5VJcEQBCvSdAGumAAWWRMAuSSGWoQAFKEABClCgbwU0gaVHCMMQ6629DjxdkHj56bfgRfpVJsBZJ2tQ+xF38EEBCiyvQGJjeV3FMFWHd+S1liWwfA/6G1hW0laRq8ohjASHuhdgAylAAQpQYNALMIE16E8xO0gBClCAAo0gYMzCD8m+JLG+9a1vAxUgfQeY8awksbwcSlE1+1pTS0tLI3SJbWwwgaHU3ObmJiRphFLaBj/nMPPx6cAsEUiBbbfdNrsTUtPFng1lZW3Q5e4A9BK6d9TKcEwBClCAAhSgQN8J6Dtv39XOmilAAQpQgAJDR2C5emqMWWT/HXf8NoKCB3QAUybdAet8+L4HlzjMnz9vkbJcoAAFllzApBbt89uRyGvJ+IAnWan/3HAH0A4EzT52+s73kDqDVP5ZqVY2Q0NmOVCAAhSgAAUoMIAC+r48gIfnoSlAAQr0FuA8BSjQLaB3gUSlBKgC99xyDzrndMBWLTz5xO0cP053O3FKgWUR0OSVb232mmqf1Yn/3v1w9lc/o84Y2223XValgcmmmsjSyBY4ogAFKEABClBgwASYwBow+j46MKulAAUoQIFBITBq9Ghst81WWV+iaQlmvz4XcSlFISygUGgCUr6FZzgcUWApBVLJS+WL8jqS11LakWDujLlIX5NKZP3Xv/Y1rDxiNIw12ZcEmSoGHxSgAAUoUM8CQ6xtvPodYiec3aUABShAgcYR2GnHnWAjeasOgNsm34lVh30EHkLApbBGPm2DDwpQYFkEOitlROUUI7xWPHzHw9Afb9cbrn78o5/AuVhma6+vNJXaJeNlZI3McaAABQahALtEAQo0joBcFTdOY9lSClCAAhSgwJARkE/O3/3uD9AUNEN/zP2/t9yHtGJR6azCGDNkGNhRCvSFgP61T5ekGB6OwF2T7wDkitiYAr6x7TdgrZ8d0mVjyOsNfHywALdSgAIUoAAF+kVA3q775Tg8CAUoQAEKUIACSyEQxRWMWHklbLTuJxD6RVRfKmPWa+8g54dYsKBjKWpi0foXYAv7W8D6HtLE4ZXnpqP9iU7Az+OTG34Ko0ePhnNVWGmQ5JBlzIECFKAABShAgXoR0PfnemkL20EBClCAAhRYNoHBtpdxCAo5VEplfOe7O6EaVYEyMGXyFOgdWCuNGDbYesz+UKBfBYx+DTcxmDrlP4DecNVexk9+tIskr2Kkqev5q4O82bFfTwsPRgEKUIACFPhAAfuBW7mRAhQYMgLsKAUoUD8C+tWlKhK4nMHOe+xSa5gBHrnnYfmsbdC+YJ58wE5q6zmmAAWWSsDIqyfu7MToQgseuOVeeBFgEOAHP9wJ1lp55dVeW0xegQ8KUIACFKBAXQkwgbXiTgdrogAFKEABCqwQAf3daIsQzqYYvdqqWHed9SGfuTHjvhmY+8Ys5MMCrONb+ArBZiVDTkBfO6Hz8NbLM/DqE7MQJAYbb7QRRo8eKRYOoZeXKQcKUIACFKDABwpw4wAI8Op3ANB5SApQgAIUoMCHC6QIkEchZ7DbT3frKX7Juf9Cs2mFTfkW3oPCGQoshYC+dppME8afNx6IgShOsfseu6FQzEkt+n1CvQdSZjlQgAJ9LMDqKUABCiydAK9+l86LpSlAAQpQgAJ9LmDkCO1RO/SjtMxiz333BKwHXfHYLU+gPKsC05XAMsZoEQYFKLAEAsYYeM6iOqeCqbc+Dv0Ln8OamvCzPX6GJE6gj/aODp00RrCVFKAABShAgSEkYIdQX9lVClCAAhSgQN0L1O79sCgGBUSu9oF61KiV8OOf/AQoS/PfAiaPvwFBGsAYA2MljIRsgnPZD1Drj1DrIuPDBVhicAsY6Z5G79dEtRxhyoTbkb4KBJIl/om8tppbm+D5HlxcRVO+OfsrhLIrBwpQgAIUoAAF6kjA1lFb2BQKUIACFGg8Aba4jwR8+JKg8hAlKay8W//qoEOAqhzMM5h62wNwkUOp1InUpdlfKUwleSVbOVCAAr0ErCR3s7CevJ4M0jRFc9iM2ybdAf1duSgG9tt7H2jyKkoSKWNhrN+rBs5SgAIUoAAFKFAvArZeGsJ2UGDoCrDnFKAABRYK6Buzhq7xDZBag0iSVBt/8pP4/Be/KEksH689NB133n4X8vlC9oFcP5TDOGgY+VSuAT4oMIQF9Cu2Gk4SVhpGXkcaSvLg1Afx1rPvZHc5fvvr2+J/P/sZJEkVqZcyeaVADApQgAIUoECdCnRfI9dp85awWSxGAQpQgAIUGKQCmsQyJs0SVb/+5a8koxVlPb1y7EQE1QIkX4Ug4Nt5hsIRBd5TwKFaLUt+N0UuKeC6f90A/TpuZ1TC3vv+XJLCCVJr4ekXByVp/J5VcCUFKEABCtSPAFsyZAXskO05O04BClCAAhSoYwF9g9bQJvrGImcNdvjG9lh99TWAxKDyYBs6plVRCJrhFTzAczAG8iG8FkYzW7ozgwJDTMBIf20KaMgsUuOQeFUE1sPL/5mOVya8DMj2NdZYE1vvsC0QerBGvzZotThgwFcP+BjsAuwfBShAgUYU6HqnbsSms80UoAAFKECBoSOQxPr7PAa//OVBQEU+fad5TDh/AqoLIqSRLltY+ditMXRU2FMKfICAJK66U1HDmltgqz7unnQ3NHmFCDjwlwfCeQaxc9kqyVvJK+gD6lt0E5coQAEKUIACFOhnASaw+hmch6MABShAAQosjYC+UWt4vocwDLHHHnug2NoiSawy/nvNrbAlA9cGeE5KpRJolAfbSYE+FDCup3J9bSQLUrS92Y7/agIrZ1AY0Zy9lkI/gLVWb7rqKb9wz55VnKEABShAAQpQoA4EbB20gU2gAAUoQIFlEeA+Q05Af6x9xIgR+OluP0X3J+7zTj0PzWmLJLB8oOseLJnhQIEhK5BKz12WwHLw5IXiOR+FqAnXXDxJEr8AkhS777o7hg8bjgSpvGpkHQcKUIACFKAABepegAmsuj9FbGBfCrBuClCAAo0kYIzJmvvLgw6GV8gBsvzwZQ9g7stzkYP+RUIgdgbOWH4sBx9DVsA45AohKlEZnmcRuADzp7fjrrF3QDJWyBdbcdCBB2WJKw+11xQWe+gF8gfFYsW5SAEKUIACFKBAPwjoe/PyHIb7UoACFKAABSjQzwLrr7MODj7wAKAtBTqBC/9+EQp+ES6RxXIViZP1/dwmHo4C9SQwd+4sBIUATl4LNvFw/hkXyItDWtgBHPCLA7HeOuvKQm1wtQnHFKAABSjw4QIsQYEBFWACa0D5eXAKUIACFKDAsggYHH74YWgZ3QzIp++nJjyJhx94DNYGyOVygBcsrNRIAVkyEoCF3p2lofO1yDZwRIEGE9BL2O7oaro+1zXgkG8uoNTZiSSJ8eDUB/H4zY/J091DceRKOOKII3ruu6q9Orr254QC/SLAg1CAAhSgwLIK6Dv/su7L/ShAAQpQgAIUGBCBFMNaWnDcccdlCSxIzuqiv16EXCXEKiutisAzcNZloc2TJSC1MHpjlkzTLJGlWxgUaECBruevM91tt9mMLifyvNcwsjCiOALNcRP+fdZlwGwpUkow5o9/wEpNTVkCy8kqDhSgAAUoQAEKNI5A7R2/cdrLllKAAhSgAAWGvIBDihB57L3XXthgvQ2BssXbd7+JaXc+j2R2CSaOEZsqqraMNI1hnINNlc0iNRa1O7B0mR/hVYHRSAIWThJYkbXQcD1JLMhz26HiOcQWcJUEYZuHxyY9jtl3z4eV8p/Z+NPYbdcfoTNuQyL/Uiz8J7tIreiJd4mksqZ3yCIHClCAAhSgAAX6V0Dfr/v3iDwaBShAgcYXYA8oMOACCWIUbBPGjBkjCSsPsogLTh2LdEEEL0qR3W2VtdJl87UEVraCIwo0tEBqgN6xeGdsalFweRQqeZx30rlABIQuxJ9OOAGtTS3wfW/xXbhMAQpQgAIUoEADCDCB1QAnaXA2kb2iAAUoQIHlEUiQwpd/O357B2y55RcAazHr6bm4atxE5F0TcrEvYeG5xd/qHWzqug69+Lau1ZxQoE4FsjuujJOkbC16N1Of64E830N57jehCRPGT0D7izGQAJtvvjm+/OUvoxKX5VXT6zfielfAeQpQgAIUoAAF+khgxVTLK9cV48haKEABClCAAv0qIB/f0Yky2js78cc/nQDEqQQwadz1SOY4FKo56Ad5P/UlYWWRerIdupcDJAGA7CHz2ZQjCjSKQO05q3cUamirnTyfjcwYeYqHsUU+8uHmxLjsnElAEWhpacKf/3IScvkCcn4BUSoZLSnPgQIUoEBDCbCxFKBA9lV/MlCAAhSgAAUo0CACXR/f4ctbuKSoUCwWseWWW+Anu/4UCKQT7cBFp16I5riIYbYJWiYMQ9mgX7tyksxyMGltmq3kiAINJKBJK33+QpJWGpq80ua3trQiSHzkqhYt1QIu/ts4mE7ZUgV2/tHO+NymnwM8eQ2kOvFlg5X4gEHKoXcsXrT3Np1ffDuX61KAjaIABShAgcYW+JB378buHFtPAQpQgAIUGKwCNvs7agt7d/RRR8GzkqiaDdw17j48dudDMB2SrIoAF6VI5J9+4IeJYfUHs7oSAAtr4BwFPlRg4At0PW9rz+FY2uOQyrqoHMHI8zxX9fCfG+/BrZfdg3QeEFofRxz2W2QvFyOTFJLHMpLIBR8UoAAFKEABCjSYgG2w9rK5FKAABShAgQYWWP6m6xu3BiQNZSQkPQWN9dZcF6ef8lfJUflABTjpmDOx4O358mHdQz6flzI6SEJLkldGQpeQ1mrK5jmiQIMI6G+46V1YOpUnfNbqUqkT+s3AtJTi7386H+gA8iaH0/7yV6y59rpSxnWFhel63uvdXLKSAwUoQAEKUIACDSJgG6SdbCYFKECBmgDHFKDA+wrsu9d+2OorW2luC24mMPa0C5BWDDoWdNTuOHEuS2hZ58uH+PethhsoUOcCVp7PVp7DOnXZzVVN+WYUvCLGHDkGmAc0F/P4+le/jr322AsuTsAHBShAAQpQgAKNL2AbvwvswdIKsDwFKEABCjS+gL6Ba2TZquxOLMDzDf459lyMHDFCvymIB655Hrddfwf0w32pQ5NYFl5cBJICUmeRpq4nGl+EPRgyAqmFcSH0n8zJsz9GtVLCTRNvxHNTXs/uvmpqbsFZY89B2JSD9T3AdocBrIExtfBgJKlr8K6HrlqaeFcFXEEBClCAAhSoD4HB1Ao7mDrDvlCAAhSgAAWGqkC1Ws26vvr/fBRj/3k+AucDKXDRceMx87mZWLX1o/BNDnq/XXu2BgAAEABJREFUiu95WVmOKNCoAk6eyeWomt2J1eK3YvbLszH+hCuBSHokL4WzzzoXH1ltVVmQl0HisilHFKAABZZRgLtRgAJ1IsAEVp2cCDaDAhSgAAUosCwC2Ru5c/CshzRNoYmsb317R+y5zz5AWWqcA4w99ny0z6wijULAd7K6E/rD17KVAwUaSyC1cNYhsiWUqx1AksO8V0v4y8Enw5QATc3uscce2OGbOyBxta8OpgbZa6OxOjrYWsv+UIACFKAABZZfwC5/FayBAhSgAAUoQIGBFLDWwtOvSUkjcrkckmqEP48Zg3XWWBuFIMC0u17G9ZfcANvuI+8XUS5LAkuSXeCjcQTY0kUENFnrIoNcpYA7rrwLcx/oQNoGrL7axzF27Fi41CEMJWEre+nrwxjJYsk8BwpQgAIUoAAFGlfANm7T2XIKUIACFKDAkgsMpZK+fHBvHtGCKy67EqWKfn3Kw6S/XYM5T74N0+ZheHE0TMpLgKH0nBhMfbXOwiZ5NLkWvDH1FVz7l6sBfZrDw78uGgdjDALPz+660kSXxmDqP/tCAQpQgAIUGKoCvHodqmee/abA0gtwDwpQoJEEKhE+tcmncMThv4OPnHzA93DS4Sdh/kvt8DsLMInXSL1hWynQI+A5H4VKMwodzTjxN2OABEBgcdSRR2PTzTZDVClBvzYoazlQgAIUoAAFKDCIBOwg6ksDdIVNpAAFKEABCvSdgDH6NSkHGIlcgEq1jN8f9zt87tOfASoJ5s9ow59/eSoKcwoI49rXq8AHBRpMIJDnbvh2iKP2OA7VVyowQR6bbPZ5HH/cMUj8FF4uD6evATjwQQEKUIACFBg4AR55RQswgbWiRVkfBShAAQpQoA4EIldFmA/gexYXXTAWw0aNBkoJZj71Gv52zF9RrIaSxApgur9KqB/4Neqg7WwCBfSH2rOQnKzrCsAiSELkq0Wcc+K5mPPUDMAAI1tH4vJx4+BchBA+5rfPBx8UoMAgEWA3KEABCvQSsL3mOUsBClCAAhSgQMML6Fu7RWB96EO/SrXO+uvgxsmTUCw2AeUK7r/2Hkw49wo0dQZoCZqQuBjQ6LpjxRmtQ/dmUKD/BTRxpX8lM7EOOtVIECMX5JCvNGPc6ePw4LX/AarAsGEjcdPESVj9I6vLcz5EnMZobW6BJ/+M8WCMyaL/e1E/R2RLKEABClCAAoNFwA6WjrAfFKAABShAAQosKmCMfHj3bPYBftPPbYJ/XXop8vm8JKuAa865Hg/ceD9aXTNavaZsxzR10LtdsgLZGo4AEGEABPQrgFlIEsvI8YMkBzcXmHLl7bj5/Osh+SwU80Wce+Y/sPaaa8HzPTjnNG0lYWUPDhSgAAUoQAEKDDYBvsMPtjPK/lCAAhSoOwE2aGAE9C1eA1kCy1qLHXfcEaeffjqyRxvw98PG4tEbH0RL1ILAFhEbK1FFamM4SRxk5TiiwIAIOMDI81DCcxbNnUW8cM9L+NcJ5wMRssdpp52GH/zgB2htbc2SV8YYea57ss1IcKAABShAAQpQYLAJ1K5sB1uv2B8KDDYB9ocCFKDAChBob2/H3nvvjUMO/VXtJqt24IRDT8Hrj78GtHkIJYllUguXOvBBgYEU0AtUXxJXQWKRi0LMe3EBTv35GEB/3koSWD8/8ADss88+iKIIxpieGMg289gUoAAFKEABCvStgF4f9O0R6qR2NoMCFKAABSgw1AWam5uhX7P60wljsM22W8MULNKZwO8OOh6mLUBT0oqiaYIHH1aSB+CDAgMgYFMgTAIU4gB+u0XydoyjfnEUUK01ZostvoIz/nY60jSF7/vZ1BhT28gxBShAAQpQAAARBqcAE1iD87yyVxSgAAUoQIH3FLDWIgxDTJw4ERtu8L9AHii9XMFR+x2JjhkdCKM8mr2WhX+dEHxQoH8F9C5AP/ElqWoQzPVxzAHHovxiB1AGNtro/+HaqydAk1z92yoejQJDToAdpgAFKFB3Akxg1d0pYYMoQAEKUIACfSvg4OAFBpNunIiVVl4ZSIA5976Fo/b6rSQNAsQLIAkCXiL07Vlg7e8noHf/uc4EZr7F8T//A2Y9OAeQROtKq6+EayZdheHDWt9v1zpbz+ZQgAIUoAAFKLAiBXh1uiI1WRcFKEABClCgQQR85PDxldfGdZOvx8prfEwyVkDbY3NxwA8OQK6jkN2J5Tn/fe7E6qfLhwaxZDOXRUCfQxbOLNxX77zyXFh77s0Ncez+x+ONh2ZBf7R9ZOsI3HzDjVjzY2ugXCkv3IlzFKAABShAAQoMGQG9ehgynWVHKUABCgw1AfaXAu8lYFF7+3dIsOFa6+P2G27FyBEjAUkmlB6ei8N2PgSl1yrIx03ImRxC35dtrhayryYaIFPwQYFlErBw8vzRSI2D/sVL61mkEWDKIdxsH7/b83i8ef8c5KyPVUetjMlXT8ZnN9ok+322fJCHMWaRAB8UoAAFKEABCgx6gdoV7KDvJjtIgWUW4I4UoAAFBq2AJ+mAlnwRG667HqbcNAWrDF8FgR9g1hNv4cj9jpREgkMuyiOtWBgpC3mYVEaSfqj9GUOdZ1Bg6QWs7mIkKarT1KI5aEXeNaH6ZhWH7v4bvPPE2whdgJWaR+K2m2/DZptuju6HNdne3YucUoACFKAABSgwRAT64QpgiEiymxSgAAUoQIEGFLC2dimw4YYbYurUqVhllVWQLxbR8dQ8/Pw7+6LjjSqSdk/SVzlAEg0WMTRMV1+NMTCmFl2rOKHAhwg4GFSz5xFkbF2IaIFB58wKfvWD/dH+5CxJpIYYNWok7pPn5P/Kc3ORCs0iS1ygAAUoQIG6EmBjKNB3ArbvqmbNFKAABShAAQrUu0ASJ6hWq/Csh9VXXx233norVh29KiS/gOSlCAftsj/aps9HoTNEIc7BcxbdfwHOGGYS6v381kv7nEuQppK46vWc0edSPpLnVTWPN56aiV/tcgDwqgMqwOjhozDllinZczJNU6SJrK+XzrAdFOhrAdZPAQpQgALvKWDfcy1XUoACFKAABSgw6AU0MaC/PRQEQdbX1KVYe6218fhjj+HjG6wLkw+QzKjghD2PxOv3voRgns2+6jWvrT0rb6yBRrYgI2NkeQlDinMYQgJxogmsFPp8yefzsMYDSgYjqi14697pOH6Pw4FpCSBXpmtssD7uuPsu6J1XcRTBeDYLpEsOxpIUoAAFKEABCgw+ATv4usQeUYACFKAABSjwYQKavOpdRhNZmlzQdfl8AXffcRc2+8zngDbJM7we4eh9/4B7J94Dv8PDasNWA+IUjnfFKBfjQwTS1MH3PBhjoEnStJog7/IoVvOYOPYaHL3b8XAzpBK5Kv3kZz+HRx59GGuttRaiahUu7ZW1MlKGAwUoQAEKUIACQ1ZALhWGbN/ZcQpQgAJ9KMCqKdB4AsYYWM/CMylGrtSEq64cj6985UswTjIHJeDc4y7G6Uf+FdXXS8ilOTiXZEkss9idWOCDAr0ErPXgBwF0qs+ZuDOBNxsY+6fzcNlJVwLtUljyVP/39a0w9d674VuHOKogQZrtJ1s5UIACFKAABShAAb1RmwoUqFMBNosCFKAABQZEwBiDMAix2spr4Prrb8R++/4CKEtTYuDeqx/Gcb84Fq89OgPFeBhMFEgSyyJJUzhJPEi2K7u4sPqD771C9uYwiAWMnOvFQ7uruc8E+nwqIkQeQTmPsD3EoT/9Nf4z9n5IlkqL4aBfHoIJV10lZQI0B3nkJPL5PDzfy7ZzRAEKUIACFKDAIBdYgu7ZJSjDIhSgAAUoQAEKDDIBYwyMeb/w4CFAmiYoFAr4+9//jisuvwL5IAe9W+adpxfgj7uegGdufhHDMBqh34pIEliJn0J/2sikDjYx8JyfhZHkhia0IA9NcmnILIcGFNBz1zu0C93n15fz3R3l9pI8F3wkvkHVGHS2RzBtAabfOR37b78/Zj/dBgRAzoYYN24c/nbaX9Da3CLJT4NUxlpvd7juGU4pQAEKUOADBbiRAoNdwA72DrJ/FKAABShAAQosi4CVBJeX7ZhKcmqnnXbCA/c9iLXXXhvJAkkpvAP89YATce4J56LQmYNXDmAqgHWp7CdJCJvCGZdF2jXNKuNoUAloMqv7/Hafb52OGDVS0lAe8iggKPloiVpwzT+vxsn7n4TkzRhB2WC1lVbFE488gV122QWStaqF7GUleiPZ3gucp0DfCrB2ClCAAhSoYwFeE9TxyWHTKEABClCAAvUgYIxBFEVYb7318Oijj2L7bbepNUsSVv+5+BacsNfRaJ4doLWzBXF7jHxTDpFfRTUoZ6HzmujQsE7SExK1CpZlbGUnDZlw6HeB7vOn0+6DJ16MuOd8yzmX+TiN0DGrE4W2Aopvezhp3+Nww18nAQsA1wF8Y7vt8Mgjj2KttdbsruZ9p+49tui63vEeRbiKAhSgAAUoQIFBJsArwEF2QtkdClCAAhRocIE6bX4ul0MYhvB9H1dccQVO+OPvUAwBrwxMu/U5/HbXQ/HSf5/DaDsSSVsEm0qignde1enZ7Ltm6d1XniQo81EOHwlG47WpL2L/7+yHaZOn1e7Q84AxYw7H5ZdfjpVXXQVeEHxgYzRJ9YEFuJECFKAABShAgSEjwATWkDnV7CgFho4Ae0oBCqx4Af0aoYYmsoJ8Doce9Tv86/Kr0JpvAiSJNfeJ+Rjz85Nx7lFnIH6ljFwpj1yUR8EV4acBPPmnd+3oXViJSVZ8A1ljvwroeew+oJf4KJgivMjHCG8kCpUiouklXPT7c3HczsfCf7t2vkML3DBlIvb/zaEIJCGK7ockO7tnF5/KLtBYfD2XKUABClCAAhQYegK8Jhh653xJeswyFKAABShAgQ8QsDAI8K3tdsKTjz+Fr26xOfSvybkFwB1XPoKDdvkNnpjyFAptzWiqtiCUZJaNPegPuWsS7AMq5qYGE9DkVZCE8CshzFw5x3MCPHzjI/j17ofh1gvvBqpA3AFs9aUt8cKzL+BrX9oaniQ0Ab/W0w9IXtUKcEwBClCAAhSgQB8LNEz1tmFayoZSgAIUoAAFKFAXAtZJ+iqxksQCVlvto7jhpsk49a8nImyS5klCIpoJ/H3vMzHmgFNQfc2hOWrN7saC7CclkOpXC+0SfjlMykJDd5TQKjRklsNyCVjZ28opqYUs1Aa11qgtvedY777Sc6gbNSnpxyH8thDF9lacesjpOPvgf6DtyXborVN+wcOJJ/8BN992Cz62xsfhuQAF2wro6dfQShgUoAAFGl6AHaAABfpDQK9e+uM4PAYFKEABClCAAoNEwGg/PB0BcRwhVyzioIMPwSMPP4ktt/w/oFO2GQ/T7nwGe2+/G276980IKzmEUYhAEl9eV+JCEyFScpFB12nAxJIgi2VbV2GZg2ZEUrl00dD5bB1HSyvgjCStxM9JpBpG8kkStUShg/6OlZ4DjcXr7l5n5Bxkd19J8ipfLWLqjQ9ir+J86W4AABAASURBVB32xBPXPyjn3weCPL741a3x0kvTcdihvwO8HCDHhfWAFBI6kikHCnQLcEoBClCAAhT4EAH7Idu5mQIUoAAFKEABCsAY0xOS8+gR8fMFwITwEGLDtTbC3TfcigsvuBTDwuFAWwLMBS4+fiwO2f0AzHp+JoqlHJpRREf7ApSTCrzQIk4TJHASMWJTlWkZBlU5TCxTh+5H7zuvdF6jexunwJIYaPIqFdnEWmjoMiQZlRpJahnASejdVakkEDU0YaUROTkfgUGECmIXwXWk8Np9zH+tDYf/4kicfcTfgNkuS16NGrYaLjz7PNx1001YfdWPAWkkTZNtMpYFyEkFrKlN0fWQxWx912L3RPfS6F7unuoFbO/oXs8pBShAAQpQgAKDV0Df+wdv79gzClCAAhSgwJILsOQyCxg4t/COmt1+/GM8/9TT2Pn7O2f5Csl5YNbjc3Hkd4/Fdf+chMrrVYwwo9DsmuElkvxyFvpXC/XwpquaVBIaiVylpOhOrMiCFmCsOAFJXPWuTK3VvXtd7Vy47NyENoSrJLDtHoKOEM2VFow/fTwO2/4QzLzzZeg5RmSx07d/iKcefQy77f5jJJUyag9PJr3On3GyzIECFKAABShAAQosnUCvq4ml25GlKUABCrxbgGsoQIGhKhDHMXp+oF2uLlb+2MoYf/l4XD/xenxs9Y8CbSJTAa7+y2T8YpuDcdcF96DwTjMKnXkUTQGaLJHdEMQh/CSPxISoWB8Vz0cCH5pYSSWZJbVkgya8bJaA0b00stUcfYiAunkpECSAlzro1znVvns3J9ZIfVmvYbPklW5vsjk0VZowvG047hx7F/b92t645593AZqjMsAqq30EV19zOa6acAlWXn14Vp2Xk/OoSazEZcsLR7LDwgXOUYACFKAABShAgSUSsEtUioX6T4BHogAFKEABCjSogDF6J1YtWRGVI7goxZe//GU8/+Q0HLDvAbAVSVx0SOfeBv79h/HYe8e9cO3YiXBvuSw5UqgUkI9yksAKgDTsCl92kMuVLFklsxyWS0CTUUYSV3KmkCWwZF504TkrSUSbTf3ERxD7yEkysVDNo7lchJsFXH/B9dhr270x4eyrgXekGW1AYDz87Cd74OnHnsB3vvltWannPwWcZMgkPElAwtdzKJs4UIACFKAABSiwqACXlkrALlVpFqYABShAAQpQgALvIRCGYbbW2tqlRZAPYAODYqGIQr6AM844A089+Az2/dl+MIkksqRY+kaMq0+4Gvtt9XPcecGdaG1rgd9pYMopmtJmpJIgCasBCl5Rkiu+hM3uxILRHxqXHIlMZSzH1aSJTDh8qEDt963Ua2HYJIWJE+STIIugajCyMBy23SI/p4CbzrkZ+29zAK4++RpghhziLSCQsj/bbU88OfVpjD3rfKzUMlI2aJ0ygSSvbAro71x5tnaKYGRD75DFJRhkb2gsQVEWoQAFhqgAu00BCgwdAV4TDJ1zzZ5SgAIUoAAF+l9AcxZdR91g4/Vx9lln4eknnsb3v/89oCQbqoCZB1xy0jj86Gu74rZ/35bd8ZNb4GEltKAZeZiSy+4MQtdDv07YlRXpWsPJUglI4i/xYiRWEk4y7yFF6Hx4FYdQzkmxWkT1jQruvPIO7LvTvvj3H69C9ZUY0K8L+sCue/8ED937EMZeeB7WXXc9pFJN7fhWJhpSCDqVRd45Jwh1P7CBFKAABShAgYYQ6Lq6aIi2spEUoAAFKEABCjSigH5vTdttZBQCG2y0AS69eBwef/oRbPONryOtyHr9auHrwFWnXYUDtzsA1/7jciQz2hDMcyhUfQSJhZVkiJM6YgnZQ5Z13Dehx9FYstobqJQkrDRxVfUcqr4ksbosvdhhRNCMd16YiQlnX4ZDv3cYLj3uCpSejZDdPCU5qe223RpPPvkYzjzjbGz8qY1RTSWNKOvltEBzWBrZjKyHroQ8tH4NmV1k0HW9Y5GNXKAABShAAQpQgALvFmAC690mXEMBClCAAv0twOMNWgGXZTSAVKYaCWJU5V+IEBuvvzEmX3sdHnn0fmy7/dfghxamzcOCl0qY8M/rsN/WB+L0I0/FU3c8jpZSUaIZTeVmFCtFeM7P8irdOZAaoJVJ75DFrkGTUc46aOhXEI20Y2FI6sVIdJWtl0lP37RtWcSAqYX2I+uTFNIpskfvvut8tnLhSOpwEkbs8tWiWLZKNGfx4v0v4Q8H/h6H/+j3uOacm/H2M3NgS0BQ8LDDt7fHA/ffhysvvwrrfHw9hDaQ8wmUSp2oJkl2HvQg+q1BnWYbdaY7iaXzDApQgAIUoAAFKLCcAnY59+fuFKBAnQiwGRSgAAXqUcB2pTcMdM7Ak38hAkASWpBtnsx/auPP4tprJmPKzVOwzdbbQR/pXBl3Ag9d+ThO2e0vOPS7h2Hy6Teg6dUWtMxuxvC0GUVr0RTkkPN8VMsR0jiFtX4WgEWaAokcR6P7t58SG8PZKqypwkdZQuYloWb0e3DGyUGBWkLIyryGTPpxMJL0yUKOqQkhK+3SthlpI6TNsGVo+7v7o1+n1HDGwkHbWwutQ1bAuRRxEqPQXEQ5qiKSeb/i4X+i1bHSjBGYfMoN+MXXD8CY752Kx695AXgLMAuANAK++a1v4bZb78C4i8fjkxt9Cjk/ROjnEIi34rYWCsjLOTBA7W64VGZ0MDrqCp3X6FrkhAIUoAAFKEABCiyrgF7lLOu+g20/9ocCFKAABShAgT4V0ExGd+glyMLwvRBf2HxLXD1hAp5/9jkcf8yxGD18VK01xuDNp2biqrOvxE+/tjPOOuYfePSmh9FSaoU3z6JQLWJUYSRCE0C/15YmDpDEjUk9SaxYdD9qiSkHTf5IgWx1bV02C9OVgNGvKtaSR7X1AzHufXyd1zZoW/Xrf9p+vZNKlzWgiStJfGm7IVOjf1FQ+u85D7k0h2JahF1gMCwalplNu3sajt7raOyy+fcw8e9XovOVTnieyfJjq4wYgWN+czheeuklTJw4EZtushlaiq0IbAhjfMlbpTKVsikyLyNTtYY+jIw0ZMKBAhSgAAUoUOcCbF4DCtgGbDObTAEKUIACFKBAwwhoRkPjgxvsJOkUBAGMZ7H2uuvg8KOOxPMvTMO48eOxzXbbA7IdHWWgVMV9k+7Eqfv9DbttsTcu/cN4PD3lGfjzPdgOIDAWhTAHT3JYi4QkWnS5luTxEZkQkSRlEknKaAA+kPqSlLESyAID8Ei7qDxNQkkyStvrutqYyDRGHrG0HZq0kvZZ6ZcmkbSckfK6n00M/NghqKYIO1IUFwR4+faXcPWJV+GwbX6L03/0Nzx54yMICvnMO62k+OpXvoorLr8M01+ZjuP+dALWXHNNOOdgrYdqHEHPjzFGlsVHplj8kcoKDZlkg5GxhkzkVMiYAwUoMPgE2CMKUIAC/Stg+/dwPBoFKEABClCAAhR4t4Dnez0rrbXwwxDDhw/Hj3beGZMmXYcnn3kWvz32GIxcbTXot+lsOUT51SqmjLsdY/b6M3b96k/xp0NPxIPXT0Xn9AVo7vqtrHy1Cbm4gCAOJanlS9iu5JSFk6SVBiRxpbkXvbMpNZLH6gpICfT7Q9I9ZuFdYnqHVdY2aWutnT50iq5klZ/4yEUh8lEexYpGM1qkz/FbER65+SGcfOifsdvX9sIJu56Im8+7BW1PLwAS6ZQcZpWVRuLgAw/EM88/hVtuuRXf+e53kW9phSau0jRFIuHrufAD6PkxRmBk16UZ5DBLU3zolWWPKUABClCAAhRYYgG7xCVZkAIUoAAFKEABCvSjQCzH0lyLpk3WW2c9jDnmeEx7+hlMmDgRX/2/LyOfK0CTWahIwVnAK7e9hvN+eQEO3vwQHPnDIzDxjEnoeL4DreUWFKOCJHp8WKlQ8kPZVwt94yOwXckZH9AfRo9MVaqswAuRfVVOfz+qGlWz35FCHz4qlYokjhJYz8IPbJajSnxJXQUGXmhhJZFkjFdLwElWSPsRJBb5OIfmuBnhvACv3fs6bjzrJhzx/SNx4Od/jbMPvhDP3TIdeAdAJFEFCn6ILTb9PG647jpMe+p5HHfksdhg3f+VjXIs60nKrmsqySrP02XZ9F6DbMciIYWMBAcKUIACFKAABSjQRwK2j+pltRSgAAUo0BgCbCUF6k5A8jPZTUKSa4KkU7JwLpHkCjCiuRU7fnMHTLnpZrw8fTouuvASfP9730OzXwTmS1fmScTA28+9g4lnTcAvv3Ewdvnqj3HmsX/H9RfdiJmPvon8vALCOSEK80I0l4sYnrYiX80jTHII0lAiQKUSIU4j+J6PwPdhJVmTptoyrPCH1huGQVZvtVpGpVRFUpWeRwZe2YNfCjAsaUZzZwG5+SFyszyE7/h49f4ZuPbca3HaEadi3+/si+N3PRKXn3QxZj7+BjK0dgASrWERP/7hzrjwvLF4c+ZM3HPvvdh2+28gny+iuViUQmlmq73rDlmZVaFTBgUoQAEKUIACFKgHAVsPjWAbKNDYAmw9BShAAQqsaAFNXmloQkXrzlkPVmckjOR2ZIJVR6+Mn/74J7jsX+Mx96138NC9d+OIww7CpzbcAHFJsljdFbwFPHDew5h49CT86bsnY79ND8DRO/4WZx14Om79x414YtLjCGflEM6TaCvAL+fhJT5S2T+KIyTOwaVpNtVkkx57RYYxFkbCSh8DP4ecJOOa02ForY7IfnR9+IJWPDnxcWnrDTh7/1Nx1LeOwAFbHIg/73wSrvvjtXjk4odQfbkDkmlDhpTE2GD99XHQrw/E3ffciTdmvolLLhmH3fb8GVpHjQQi6VipjKSzE16QW6QrqSxpdLvLIgcKUIACFKAABShQFwK2LlrBRlCAAhSgAAUoQIFeAkbm9SJFQ+dlsXZXUeyQSIJGJqjGkoiRDdb48MMiPvO5zXDiSafgkYefwYsvPY+//PUUbP/N7dCzf1UKL5CYDcx6uh0PTX4Kl5xwOU7a8xTs/rndsc8O++LPvzoFl5x8CW4ddyseuf5hzHzodXS80IHCvDyGl1rQ3F5EU2cTmsrNKFTeL4qy7f2jqVJES6kZrZ2tPVF6uRNvPDITD8sx9djnnTAWf9z/ROy+zR7YeeNd8Jf9TsPlJ12Np26elrUn115AodyEwBXgeSECk8MOW30TZ/7jLDz37PN4+vFncfJJJ+Ozn90EQZCH8URSs1KRpKdCDyjk4RWLkqSTRN9CoWxOvaR0Ng8+KEABClCAAitagPVRYBkF9PpkGXflbhSgAAUoQAEKUKBvBHypNpCQVEt2U5HMIsuoSCLGCwJ4JkUg89CHZlwkLwOrpX1Zk2Ktj6yDQ/Y5BJOvnAzX6XDnPXfgvPPOwz777IOvfOVLyIUBQt+HZ3Vn2aVD8mPTYrx83bOYevo9mHT0RFx6wDic+oPTcMw2x+AXn9kfP99iPxy27W9wzE7H4MxfnYvzf3cprjp5Im78xxTcPvburrhTpr2yvZdpAAAHY0lEQVTi/Ntxe1dMOn0SLjr+Ypz167NxzPeOxW+2+TX23mxP7LHhHjj8C0dgzDdPwoU/vxBXHXMl/nvGPXh+8rOIp0uCSYbsd740AachiahNN/0cdvnpLjjzzDNw6603o9JZwoSrrsZ+e+2HddZcN/v6X+jlUAgLksAKpIMy6FVfKP2VISsgZsbTlTIjuLZXaBHZI7O3OrN4aIHe0b29e13Xsu6r0bXICQUosIIEWA0FKECBoSjAa4qheNbZZwpQgAIUoEAdC+jFiSft09B5DVmsDZogqc0tOs7Wa0mdeXd88Qtfws9+9jOcc845uP32OzF/fhsefPBhnH3muTj0oEPxxS9+ESNaRkB/7DwMwuy3p2ynhemUw7QBYdWHecfDnGcXYOYDM/HIFVNx38W346Yzr8XVp4zH+D9eiPG/l/jDxRj/h0t7xb8w/vhaTDrtWvznkrvx0ISHMOO+GZj19Bwkb6TwOj1AE1Pl2rHsAgtrbfbXAoflh2GLTbfAoYcemiXgnnzySVTLMe666y7885/nSJ92x5ZbbIk0TWElDyV7vX/SSarvGYzMacik99C9f+91g3Se3aIABShAAQpQoMEE9DqlwZrM5lKAAhSgAAUoMPACjdUCYwyMMVmjNdkTBAE+8YlPYK+99sLJJ5+M22+7HW+++WaWCNK/CBjHMZIkQRI7xFEMXVcuV7Ptun/qUkSRk/WyrVSVpFKEqFpFVNEoy7QrymUk1QqcbEvKFVQ7KohLFaknlnBIkgjValnmEwknkcq6JIuq7DN71mzcc889WRv33HNPbLTRRvB8D865rKzOa2QJr6x3yzbSC0KN7r11XqN7mVMKUIACFKAABSgw0AK8NhnoM8DjU4ACQ1eAPacABfpNIEs6pWl2PGNMTzIrWyEjTQJ5tpYYksWewRgD6+nlkgayhyaPkjiBlSRWCA8hAkCWU0l2pZL4qk0lwZQtS5JKthkpZyUCCQ8WKWR71181NMag9qi1r7utOq2tf/fYWgsNLaPt0em7S3ENBShAAQpQgAIUGDwCdvB0hT0ZigLsMwUoQAEKDE0BY8y7klAfJGHMouWNWXRZ99UkliaFdL53GGN6L2aJI8/zYI2FZKKy0L8eWIsCAl8jJ9OFAUl2Sc4KtTAwksjqHYDUlQVgjMkiDCU95nv4oIcxBtpmY2r7YKkfC4+71Lv23sHIgoZMOFCAAhSgAAUoQIG+ENCrlr6ol3VSgAIUoAAFKECBoSPgpKsaehNVFnKJlXaFbIL+WHzv0G26XoOJH1VgUIACFKBA3wvwCBRoaAG5smro9rPxFKAABShAAQpQoP8FNOmkIUd2MnVyRZWFzi8esHAS6B1GduwOmeVAAQo0igDbSQEKUIACAyUgl1sDdWgelwIUoAAFKEABCjSmgN5slYUmoZawC1l5KfteU1k9dAb2lAIUoAAFKEABCiyDABNYy4DGXShAAQpQgAIDKcBjD7yAXkCtyBj4HrEFFKAABShAAQpQoL4F9NqrvlvI1lGAAhRY8QKskQIUoAAFKEABClCAAhSgAAUaSIAJrAY6WfXVVLaGAhSgAAUoQAEKUIACFKAABShAgcEvUB89ZAKrPs4DW0EBClCAAhSgAAUoQAEKUIACg1WA/aIABZZbgAms5SZkBRSgAAUoQAEKUIACFKBAXwuwfgpQgAIUGNoCTGAN7fPP3lOAAhSgAAUoMHQE2FMKUIACFKAABSjQsAJMYDXsqWPDKUABClCg/wV4RApQgAIUoAAFKEABClBgIASYwBoIdR6TAkNZgH2nAAUoQAEKUIACFKAABShAAQospQATWEsJVg/F2QYKUIACFKAABShAAQpQgAIUoAAFBr8Ae7hQgAmshRacowAFKEABClCAAhSgAAUoQIHBJcDeUIACg0SACaxBciLZDQpQgAIUoAAFKEABCvSNAGulAAUoQAEKDLwAE1gDfw7YAgpQgAIUoAAFBrsA+0cBClCAAhSgAAUosFwCTGAtFx93pgAFKECB/hLgcShAAQpQgAIUoAAFKECBoSvABNbQPffs+dATYI8pQAEKUIACFKAABShAAQpQgAINKcAE1lKdNhamAAUoQAEKUIACFKAABShAAQpQYPALsIf1JsAEVr2dEbaHAhSgAAUoQAEKUIACFKDAYBBgHyhAAQqsQAEmsFYgJquiAAUoQAEKUIACFKDAihRgXRSgAAUoQAEK1ASYwKo5cEwBClCAAhSgwOAUYK8oQAEKUIACFKAABQaBABNYg+AksgsUoAAF+laAtVOAAhSgAAUoQAEKUIACFBhYASawBtafRx8qAuwnBShAAQpQgAIUoAAFKEABClCAAsss0DAJrGXuIXekAAUoQAEKUIACFKAABShAAQpQoGEE2FAKvJcAE1jvpcJ1FKAABShAAQpQgAIUoAAFGleALacABSgw6ASYwBp0p5QdogAFKEABClCAAhRYfgHWQAEKUIACFKBAPQkwgVVPZ4NtoQAFKEABCgwmAfaFAhSgAAUoQAEKUIACK0jg/wMAAP//1wfziwAAAAZJREFUAwArxfHw5i81GgAAAABJRU5ErkJggg==) 2. **Workflow Integration:** They embed deeply into the daily tools of the user (EMRs, ERPs). AI becomes a feature of the workflow, not a destination. 3. **Regulation & Trust:** In regulated industries, "good enough" is not acceptable. Vertical AI builds the compliance guardrails (HIPAA, GDPR) that generalist models ignore. 4. **Ecosystem Effects:** As more users in a vertical join, the data advantage compounds, making the model smarter for that specific industry. - **2002-2004:** Following the dot-com crash, this vintage produced LinkedIn, Facebook, and YouTube as internet infrastructure matured. - **2009-2011:** Following the Global Financial Crisis, the mobile/cloud shift produced Uber, Airbnb, Stripe, and Slack. 1. **Vertical AI & Orchestration:** Doubling down on the application layer where AI meets specific industry workflows and the middleware that makes it work. 2. **Fintech 2.0:** Backing the infrastructure of the new multipolar financial system - stablecoins, cross-border rails, and programmable money. 3. **Efficiency & Arbitrage:** Supporting our portfolio in leveraging AI to break the link between revenue and headcount, and acquiring legacy businesses to transform them via intelligence arbitrage. 4. **Discipline:** Remaining "reasonable for a long time," avoiding the hype while staying fully engaged in the innovation. 1. Michael Burnett’s Substack: https://michaelburnett3.substack.com/ 2. AI in 2026: A Tale of Two AIs | Sequoia Capital, accessed January 15, 2026, https://sequoiacap.com/article/ai-in-2026-the-tale-of-two-ais/ 3. State of Software 2025: Rethinking the Playbook - ICONIQ, accessed January 15, 2026, https://www.iconiqcapital.com/growth/reports/2025-state-of-software 4. Iconiq's State of Software in 2025: Forward Deployed Engineers Up 12x; 55% of GTM is Now in Post-Sales; 2025 Is Crushing 2024 For Funding | SaaStr, accessed January 15, 2026, https://www.saastr.com/iconiqs-state-of-software-in-2025-much-smaller-teams-55-of-gtm-is-now-in-post-sales-2025-is-crushing-2024-for-funding/ 5. State of Software 2025: Rethinking the Playbook, accessed January 15, 2026, https://cdn.prod.website-files.com/65d0d38fc4ec8ce8a8921654/68b8696eb46a99918d197637\_ICONIQ\_Analytics\_State\_of\_Software\_2025.pdf 6. Velocity emerges from stealth with $10M to power the velocity of money - Fuel Ventures, accessed January 15, 2026, https://www.fuel.ventures/velocity-emerges-from-stealth-with-10m-to-power-the-velocity-of-money 7. Damisa secures £2.25 Million pre-seed to build the fastest and most secure stable-coin payment experience yet | Fuel Ventures | Early-Stage VC Funding for High-Growth Tech Startups, accessed January 15, 2026, https://www.fuel.ventures/damisa-secures-2-25-million-pre-seed 8. Damisa raises £2.25M to simplify stablecoin-powered cross-border payments - Tech.eu, accessed January 15, 2026, https://tech.eu/2025/04/10/damisa-raises-ps225m-to-simplify-stablecoin-powered-cross-border-payments/ 9. Allasso wins $3m investment to bring AI-ready, data-enabled and complete analytics to options trading and beyond | Fuel Ventures, accessed January 15, 2026, https://www.fuel.ventures/allasso-wins-3m-investment-to-bring-ai-ready-data-enabled-and-complete-analytics-to-options-trading 10. Allasso Raises $3 Million in Funding | The SaaS News, accessed January 15, 2026, https://www.thesaasnews.com/news/allasso-raises-3-million-in-funding 11. Fuel Ventures Leads £4M Investment in Prosper to Transform Wealth Management, accessed January 15, 2026, https://www.fuel.ventures/prosper-4million 12. London's fintech startup Prosper secures £4M led by Fuel Ventures | Vestbee, accessed January 15, 2026, https://www.vestbee.com/insights/articles/prosper-secures-4-m 13. Top 15 Franchise Startup Investors in United Kingdom in September 2025 - Shizune.co, accessed January 15, 2026, https://shizune.co/investors/franchise-investors-united-kingdom 14. PayControl | Payment Infrastructure for Enterprises, accessed January 15, 2026, https://paycontrol.xyz/ 15. PayControl Raises $1.7M Seed Funding - LeadsOnTrees, accessed January 15, 2026, https://www.leadsontrees.com/news/paycontrol-raises-17m-seed-funding --- ## URL: https://www.fuel.ventures/michael-burnett ### Title: Michael Burnett ### Page ID: 9035799 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [Investors](/investors "Investors") - [Advisers](/advisers "Advisers") - [Founders](/founders "Founders") - [Portfolio](/our-portfolio "Portfolio") - [Talent](/talent "Talent") - [Team](/our-team "Team") - [Fueling Insights](# "Fueling Insights") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - Resources - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") - [News](/news "News") - [EIS Tax Relief](/eis-eligibility-criteria "EIS Tax Relief") - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts "Venture Capital Trusts") - [SEIS Tax Relief](/seis-tax-relief-guide "SEIS Tax Relief") --- ## URL: https://www.fuel.ventures/deaku-closes-480k-pre-seed-round-led-to-replace-fragmented-creator-tools-with-one-intelligent-ai-powered-platform ### Title: Deaku closes £480K pre-seed round to replace fragmented creator tools with one intelligent AI-powered platform ### Page ID: 9056692 ### Content: Deaku closes £480K pre-seed round to replace fragmented creator tools with one intelligent AI-powered platform [**Deaku**](https://deaku.app/home), an intelligent workspace designed to power the Creator Economy, has raised £480K as part of a recent funding round led by Fuel Ventures. The round includes participation from prominent creators including Rob Landes, Charles Berthoud, Rob Van Impe and Mario Joos \- the strategist behind many of Mr Beast’s viral videos.   Founded by childhood friends Oscar Ferguson and Harrison Chapman, the raise marks an important step in Deaku’s mission to provide the “missing infrastructure layer” of the Creator Economy - a rapidly-growing market that’s currently valued at $250b worldwide. While traditional media has had decades to build systems and standards, the Creator Economy - now supporting millions of professional creators globally - remains fragmented, with creators and production teams relying on multiple disconnected tools.   Deaku is building the backbone of the Creator Economy, replacing these disconnected tool stacks with one intelligent, purpose-built connected workspace. The platform brings together strategy, analytics, collaboration and AI in a single system, helping creators and marketing teams move faster, create better content, and monetise more effectively. The platform’s core differentiator lies in its intelligent, context-aware infrastructure. By housing strategy, data, communication and content in one environment, Deaku enables AI systems that understand each creator’s unique style, analytics and workflow - removing guesswork and allowing creators to move faster and more strategically.  Deaku was born out of the founders’ first-hand experience building inside the Creator Economy. Ferguson, a former NHS doctor, initially moved into content to help counter the spread of medical misinformation online, partnering with childhood friend Chapman, who had built a video production business working with some of the world’s largest YouTubers. As they scaled their own workflows, they encountered the same challenge faced by creators everywhere: a costly, fragmented stack of tools that didn’t connect. Deaku was created to replace these disconnected tools and provide much-needed infrastructure for creators with one intelligent workspace built specifically for creator-led businesses.  The new capital will be used to accelerate product development, expand the engineering team, strengthen support capabilities and fund go-to-market initiatives, including partnerships with leading creator-economy voices. *"The Creator Economy has grown at extraordinary speed, but the infrastructure hasn’t kept up. Creators are forced to patch together multiple tools that don’t speak to each other. Deaku changes that. We’re building the connected workspace that creators and teams actually need - one system that understands their strategy, their data and their workflow."* *“What stood out to us was Oscar and Harrison’s combination of first-hand insight into the challenges the industry is facing and product vision. They’re not just building another creator tool - they’re laying the operational foundations for how modern creator-led businesses run. Deaku is positioned to become a foundational platform in this rapidly-growing sector, and we’re excited to support its growth.”* Deaku is an intelligent, connected workspace built for the Creator Economy. The platform brings together content strategy, analytics, collaboration, communication and AI into a single system designed specifically for creators, marketing teams and production companies. By replacing fragmented software stacks with one purpose-built infrastructure layer, Deaku enables creators to work more efficiently, strategically and at scale. If you are an entrepreneur looking for investment, please apply [**here**](/submit-pitch) And to keep updated on all things Fuel please follow: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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Most start-up businesses fail. **2\. You are unlikely to be protected if something goes wrong** The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection [**here**](https://www.fscs.org.uk/what-we-cover/investments/%5d). Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection [**here**](https://www.financial-ombudsman.org.uk/consumers). Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in **high-risk investments.** Read more about it [**here**](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest). The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website [**here**](https://www.fca.org.uk/investsmart). Some of the most exciting Marketplaces, Software & Platform companies Climate-tech start up working with progressive client partners to reduce carbon emissions AI-native compliance platform helping home healthcare providers maintain quality standards at scale. Launches and scales creator-led software brands — Bending Spoons for creators Enterprise AI governance and control platform giving organisations real-time visibility, policy-driven oversight. Health technology using conversational AI to improve patient engagement and clinical assessment for chronic disease The world's first truly intelligent AI recruiter: finds, screens, and connects hiring teams with the best candidates Leading asset allocation technology helping institutional investors build better portfolios through cutting-edge analytics Uses AI to resolve complex integrations with adaptive process automation, enabling operations teams to automate any process across any app with 80% less effort. Proactively identifies workplace burnout risk factors and nudges employees towards healthier behaviours Passenger intelligence platform unlocking millions in untapped loyalty and ancillary revenue for airlines, hotels and booking websites via a custom AI personalisation engine. Makes household bills simple, cheaper and automatic for renters — bundles utilities and recurring bills Manufacturing management system for the built world — one platform to reduce risk and drive efficiency across production, quality and site delivery. Precision AI platform for law firms, modular plug-and-play solutions for document review and analysis Time-saving productivity tools for accounting and audit professionals AI-powered engine setting traps for financial scammers and returning precision intelligence Enterprise SaaS transforming financial services through AI-powered automation of document processing Ecosystem empowering barbers to save time, earn more and unlock their potential Largest UK consumer website for money saving coupons and codes. Everything you need to sell software and automate recurring billing operations. Platform that helps event organisers shift unsold tickets, last minute, while passing on discounts to consumers. Marketplace connecting students and parents with high-quality, pre-vetted tutors iPad PoS Software that allows you to manage thousands of stores at a fraction of the cost. Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - Seed (EIS) - Pre-Seed (SEIS) --- ## URL: https://www.fuel.ventures/51tocarbonzero ### Title: 51toCarbonZero ### Page ID: 9530997 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/affinity-labs ### Title: Affinity Labs ### Page ID: 9531062 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/allocation-strategy ### Title: Allocation Strategy ### Page ID: 9531225 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/aloma ### Title: Aloma ### Page ID: 9531255 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/ambr-ai ### Title: Ambr AI ### Page ID: 9531257 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/arcube ### Title: Arcube ### Page ID: 9531258 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/arrival ### Title: Arrival ### Page ID: 9531259 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/artic-works ### Title: Artic Works ### Page ID: 9531263 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/aviel-intelligence ### Title: AVIEL Intelligence ### Page ID: 9531380 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/banqora ### Title: Banqora ### Page ID: 9531418 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/barbr ### Title: Barbr ### Page ID: 9531419 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/bastion ### Title: Bastion ### Page ID: 9531420 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/blocktype ### Title: Blocktype ### Page ID: 9531421 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/bsktpay ### Title: Bsktpay ### Page ID: 9531422 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/curvo ### Title: Curvo ### Page ID: 9533053 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/cyb3r-operations ### Title: Cyb3r Operations ### Page ID: 9533075 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/datasapien ### Title: DataSapien ### Page ID: 9533077 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/deaku ### Title: Deaku ### Page ID: 9533078 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/deeligence ### Title: Deeligence ### Page ID: 9533079 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/distillery ### Title: Distillery ### Page ID: 9533080 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/dosen ### Title: Dosen ### Page ID: 9533081 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/egregious ### Title: Egregious ### Page ID: 9533093 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/everybody-counts ### Title: Everybody Counts ### Page ID: 9533142 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/flatpeak ### Title: Flatpeak ### Page ID: 9533155 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/flowla ### Title: Flowla ### Page ID: 9533156 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/floxmind ### Title: Floxmind ### Page ID: 9533157 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/gotmoves ### Title: GotMoves ### Page ID: 9533160 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/great-lab ### Title: Great Lab ### Page ID: 9533161 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/greenspark ### Title: Greenspark ### Page ID: 9533162 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/hiiker ### Title: Hiiker ### Page ID: 9533209 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/holidayfox ### Title: HolidayFox ### Page ID: 9533298 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/homemove ### Title: Homemove ### Page ID: 9533299 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/hotel-manager ### Title: Hotel Manager ### Page ID: 9533300 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/iliad ### Title: iliAD ### Page ID: 9533302 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/incredible ### Title: Incredible ### Page ID: 9533303 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/inframind ### Title: Inframind ### Page ID: 9533315 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/infranomics ### Title: Infranomics ### Page ID: 9533316 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/instep-ai ### Title: Instep AI ### Page ID: 9533318 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/intelligent-core ### Title: Intelligent Core ### Page ID: 9533320 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/intriq ### Title: Intriq ### Page ID: 9533321 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/juniver ### Title: Juniver ### Page ID: 9533355 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/karavel ### Title: Karavel ### Page ID: 9533377 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/keldyn ### Title: Keldyn ### Page ID: 9533378 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/kepler-2 ### Title: Kepler ### Page ID: 9533379 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/listabl ### Title: Listabl ### Page ID: 9533380 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/loc-ai ### Title: Loc AI ### Page ID: 9533381 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/lumi ### Title: Lumi ### Page ID: 9533382 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/lumo-energy ### Title: Lumo Energy ### Page ID: 9533383 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/misti-ai ### Title: Misti AI ### Page ID: 9533384 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/moverly ### Title: Moverly ### Page ID: 9533394 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/mytender ### Title: MyTender ### Page ID: 9533396 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/naytal ### Title: Naytal ### Page ID: 9533414 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/norvana ### Title: Norvana ### Page ID: 9533415 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/nu-credits ### Title: Nu-credits ### Page ID: 9533427 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/numonic ### Title: Numonic ### Page ID: 9533428 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/oqu-ai ### Title: Oqu AI ### Page ID: 9533429 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/otio ### Title: Otio ### Page ID: 9533432 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/p3mo ### Title: P3MO ### Page ID: 9533433 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/palqee ### Title: Palqee ### Page ID: 9533435 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/paycontrol ### Title: PayControl ### Page ID: 9533436 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/pesto ### Title: Pesto ### Page ID: 9533438 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/planninghub ### Title: PlanningHub ### Page ID: 9533439 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/playe-2 ### Title: Playe ### Page ID: 9533440 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/productive-machines-2 ### Title: Productive Machines ### Page ID: 9533441 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/rehuman ### Title: Rehuman ### Page ID: 9533450 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/riskblocs ### Title: Riskblocs ### Page ID: 9533485 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/robominder ### Title: RoboMinder ### Page ID: 9533511 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/roomix ### Title: Roomix ### Page ID: 9533512 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/safe-workplace ### Title: Safe Workplace ### Page ID: 9533514 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/sagittal ### Title: Sagittal ### Page ID: 9533515 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/saleslynk ### Title: SalesLynk ### Page ID: 9533516 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/satorus-group ### Title: Satorus Group ### Page ID: 9533517 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/scribe ### Title: Scribe ### Page ID: 9533526 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/sencillo ### Title: Sencillo ### Page ID: 9533528 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/serene ### Title: Serene ### Page ID: 9533531 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/shop-home-styles ### Title: Shop Home Styles ### Page ID: 9533533 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/famnest ### Title: Famnest ### Page ID: 9533536 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/slinger ### Title: Slinger ### Page ID: 9533540 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/soker-data ### Title: Soker Data ### Page ID: 9533543 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/souk ### Title: Souk ### Page ID: 9533544 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/stairpay ### Title: Stairpay ### Page ID: 9533561 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/stoa ### Title: Stoa ### Page ID: 9533563 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/supportwave ### Title: Supportwave ### Page ID: 9533564 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/synthax ### Title: Synthax ### Page ID: 9533565 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/theodosian ### Title: Theodosian ### Page ID: 9533566 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/tradeaire ### Title: TradeAIre ### Page ID: 9533568 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/trudenty ### Title: Trudenty ### Page ID: 9533569 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/tyten ### Title: Tyten ### Page ID: 9533573 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/vabble ### Title: Vabble ### Page ID: 9533574 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/valinor ### Title: Valinor ### Page ID: 9533575 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/vanellus ### Title: Vanellus ### Page ID: 9533578 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/vinny ### Title: Vinny ### Page ID: 9533579 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/vouchsafe ### Title: Vouchsafe ### Page ID: 9533580 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/vrfy ### Title: Vrfy ### Page ID: 9533582 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/wealthai ### Title: WealthAI ### Page ID: 9533583 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/woven ### Title: Woven ### Page ID: 9533584 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/abingdon ### Title: Abingdon ### Page ID: 9533621 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/adzact ### Title: Adzact ### Page ID: 9533623 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/arbolus ### Title: Arbolus ### Page ID: 9533627 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/augmetec ### Title: Augmetec ### Page ID: 9533628 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/beyonk ### Title: Beyonk ### Page ID: 9533629 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/boulevard ### Title: Boulevard ### Page ID: 9533630 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/brizy ### Title: Brizy ### Page ID: 9533632 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/cg-hero ### Title: CG Hero ### Page ID: 9533634 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/chaser ### Title: Chaser ### Page ID: 9533637 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/chosen ### Title: Chosen ### Page ID: 9533639 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/contentcal ### Title: ContentCal ### Page ID: 9533640 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/creoate ### Title: Creoate ### Page ID: 9533641 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). For more details, please contact us or refer to the website: [https://www.fscs.org.uk](https://www.fscs.org.uk) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [Investors](/investors) - [Advisers](/advisers) - [Founders](/founders) - [Portfolio](/our-portfolio) - [Talent](/talent) - [Team](/our-team) - [Fueling Insights](#) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - Resources - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) - [News](/news) - [EIS Tax Relief](/eis-eligibility-criteria) - [Venture Capital Trusts](/an-introduction-to-venture-capital-trusts) - [SEIS Tax Relief](/seis-tax-relief-guide) --- ## URL: https://www.fuel.ventures/cult-mia ### Title: Cult Mia ### Page ID: 9533642 ### Content: Fuel Ventures Limited is an appointed representative of **Palace Ventures Limited**, who are authorised and regulated by the Financial Conduct Authority with firm reference number 433291. **IMPORTANT NOTICE:** Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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It should be done only as part of a diversified portfolio. Any investments are targeted exclusively at investors who understand the risks of investing in early stage businesses and can make their own investment decisions. Any pitches for investment are not offers to the public. The value of an Investment may go down as well as up and an Investor may not get back the full amount invested and may therefore lose some or all of their Investment. The tax treatment referred to on this website depends on the individual circumstances of each investor and may be subject to change in the future. In addition, the availability of any tax reliefs depends on investee companies maintaining their qualifying status. While the Financial Services Compensation Scheme (FSCS) may protect certain investment opportunities, it does not extend coverage to Venture Capital Trusts (VCTs). 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