Octopus launches £50m Titan fundraise

The five Titan funds invest in high-growth, early-stage businesses. The launch follows a £50m fundraise in the last tax year for the VCT, which allowed investors to put money into the Titan funds as well as Octopus's Apollo funds, which are debt-focused.

The Titan share offer is expected to remain open until 2 September 2014, or until the fundraising capacity is reached.

In February, unquote" reported that Octopus set out to raise £70m in the tax year for several of its VCTs (AIM, Apollo and Titan); the shortfall was because of Octopus closing early so one vehicle could pursue a deal, according to Mike Piddock of Octopus.

Octopus was founded in 2000, with its Titan VCTs launched during the last six years. Currently the VCTs have a portfolio of 38 investments including Zoopla Property Group and TouchType, the business behind typing app SwiftKey.

One of Octopus's better-known investments, luxury lingerie retailer Myla, was sold earlier this year in a deal that saw the VCT "not make any money but get out a reasonable price," according to Piddock. Octopus had backed the business in 2005 as part of a group of investors that took control of Myla when it ran out of cash.

According to Octopus, the Titan VCTs 1-4 have paid out more than £20m in dividends to shareholders so far this year. The firm manages in excess of £3bn of funds on behalf of more than 50,000 investors.

Howard Kennedy is providing legal advice to Octopus.

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• Topics
• UK / Ireland
• Venture
• Octopus Investments