EMV Capital CEO Dr. Ilian Iliev joined Steve Darling from Proactive to provide a comprehensive update on the firm’s strong performance in 2024 and its strategic roadmap as it heads into 2025. Despite persistent macroeconomic headwinds, EMV Capital demonstrated notable resilience and growth, reporting a 33% increase in assets under management—a significant milestone that underscores market validation for its multifaceted investment model.
Iliev attributed much of the year’s success to the company’s expanding fund management division, which has become a key pillar of the business. A major highlight was EMV’s acquisition of the highly respected Cambridge-based Martlet Capital, a move that broadened EMV’s reach in early-stage and university spin-out investments. Additionally, the firm launched an evergreen investment fund designed to provide continuous capital for innovation-focused ventures. These efforts, Iliev noted, have positioned EMV Capital as a critical player in the evolving UK deep tech ecosystem.
Central to EMV’s identity is its “venture build” model, which combines capital investment with hands-on support. In 2024, the firm invested approximately £400,000 in cash and another £500,000 in in-kind strategic services across its portfolio. This model yielded strong returns, generating an estimated £8.5 million increase in fair value. Notable portfolio companies include Sofant Technologies (RF semiconductor innovation), DeepTech Recycling, and WandaHealth, each operating at the intersection of high-growth sectors such as defense, AI infrastructure, and medtech.
Iliev highlighted that EMV’s investment approach goes beyond capital deployment. The company also generates recurring revenue from fund management fees, corporate finance advisory services, and strategic value creation efforts provided to its portfolio companies—ensuring long-term sustainability and resilience even during turbulent market cycles.
Looking ahead to 2025, EMV Capital plans to launch a new fund with a particular focus on university spin-outs and early-stage deep tech startups. The firm is positioning itself to capitalize on what Iliev called a “once-in-a-generation shift in the venture capital landscape,” as global economies realign priorities around innovation, sustainability, and strategic technology autonomy.
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