EMV Capital (AIM:EMVC, FRA:NTK1) CEO Dr Ilian Iliev talked with Proactive's Stephen Gunnion about the company’s investment strategy, portfolio performance and how EMV Capital continues to build value despite challenging global market conditions.
Iliev explained that EMV Capital has maintained assets under management above £100 million in 2025, at a time when many venture funds have seen declines. He said this resilience reflects the strength of the company’s portfolio, which is focused on deep tech, life sciences, data and AI, all underpinned by strong fundamentals. According to Iliev, the integration of Martlet Capital is now fully complete, enabling greater diversification and allowing capital to flow across EIS investments, syndicates and the Cambridge innovation cluster.
A key focus of the discussion was EMV Capital’s venture building model, which has turned £900,000 into more than £10 million over three years. Iliev said the company looks beyond hype cycles to identify businesses with proven technology and product-market fit that require restructuring or strategic support to unlock growth. As he put it, “It’s a very common sense, very kind of bread and butter sort of approach to business, which looks at strong focus on cash, strong focus on IP and strong focus on key value inflexion points.”
Iliev also outlined how EMV Capital assesses investment opportunities across sectors such as digital health, satellite communications, sustainability and antibiotic resistance, consistently prioritising intellectual property strength, market size and visibility on upcoming value milestones. He added that EMV Capital uses its balance sheet sparingly, aiming to unlock third-party co-investment while remaining capital efficient.
Looking ahead, Iliev highlighted multiple potential catalysts over the next 12–18 months, particularly from venture building activities and new opportunities emerging from Cambridge, supported by a strengthened leadership team.
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