EMV Capital, a UK venture capital firm specialising in deep tech and life sciences, has taken over as the investment manager for Martlet Capital, a seed-stage venture capital firm based in Cambridge.

Originally launched in 2011 as the investment arm of aerospace and defence technology producer Marshall Group, Martlet Capital became an independent entity in 2021. EMV Capital and its parent company, NetScientific, invested in Martlet Capital during this transition.

With this acquisition, EMV Capital will manage Martlet Capital’s portfolio of 53 deep tech and life sciences companies, valued at £23.3 million. This portfolio will be integrated into a new subsidiary of NetScientific, named Martlet Capital Management Limited, boosting EMV Capital’s total assets under management to £49.3 million.

EMV Capital is considering launching two new funds under the Martlet Capital brand: the Martlet Growth Fund and Martlet Capital Fund II. However, Martlet Capital is not expected to make substantial new investments until these follow-on funds are established.

Ilian Iliev, Managing Director of EMV Capital, stated, “This important fund management mandate and acquisition of the Martlet business significantly increases the fee income and critical mass of our funds practice. We also gain ‘work in progress’ for the potential launch of two further funds under the Martlet brand and a supportive Martlet investor base.”

He also expressed gratitude to Robert Marshall and the Martlet team for their collaborative approach in executing the transaction. Iliev added, “Independently, EMV Capital has a long history in Cambridge, and I look forward to our work together to deliver returns for Martlet Capital shareholders and EMV Capital, and to further leverage and grow the Martlet brand.”