On the 21st May, 2026, HMRC released the data for the 2024/25 period.
1.1 Enterprise Investment Scheme
In the tax year 2024 to 2025, 3,735 companies raised a total of £1,575 million of funds under the EIS scheme. Funding has remained consistent since 2023 to 2024, the previous year, when 3,775 companies raised £1,575 million.
Around £333 million of investment was raised by 1,145 new EIS companies in 2024 to 2025.
In 2024 to 2025, companies from the Information and Communication sector accounted for £550 million of investment (35% of all EIS investment).
Companies registered in London and the South East accounted for the largest proportion of investment, raising £948 million (60% of all EIS investment) in 2024 to 2025.
1.2 Seed Enterprise Investment Scheme
In 2024 to 2025, 2,430 companies raised a total of £276 million of funds under the SEIS scheme. Funding in 2024 to 2025 has increased by 14% from 2023 to 2024 when 2,310 companies raised £242 million. This continued increase is likely due to expansion of the limits of the scheme in April 2023 which allows companies to raise more investment and allows more companies to qualify.
Around 1,775 of the companies were raising funds under the SEIS scheme for the first time in 2024 to 2025, representing £229 million of investment.
In 2024 to 2025, companies from the Information and Communication sector accounted for £115 million (42% of all SEIS investment).
Companies registered in London and the South East accounted for the largest proportion of investment, raising £181 million (66% of SEIS investment) in 2024 to 2025.
1.3 Advance assurance requests
Enterprise Investment Scheme
In 2025 to 2026, 3,310 AAR applications for EIS were received and 2,365 (72%) have been approved so far. The number of applications has increased from 2024 to 2025 when 3,185 AAR applications were received and 2,435 (76%) approved.
Seed Enterprise Investment Scheme
In 2025 to 2026, 4,085 AAR applications for SEIS were received and 3,090 (76%) have been approved so far. The number of applications has increased from 2024 to 2025, when 3,285 AAR applications were received and 2,785 (85%) approved.
EIS Association’s overview on the 2025 HMRC data
Christiana Stewart-Lockhart, Director General of Enterprise Investment Scheme Association, commented:
“The data tells a story of resilience and genuine regional momentum. After two years of decline, EIS investment has stabilised, and SEIS continues to rise, signalling that the schemes continue to back Britain’s most ambitious businesses.
There was a 11% increase in the number of Knowledge Intensive Companies (KICs) benefitting from the EIS with a total of 525 companies. This figure is expected to grow in 2026-27 as the impact of the government’s recent doubling of funding limits starts to take effect.
Particularly encouraging is the spread of investment beyond London, with the EIS investment in the North East doubling, and the East Midlands seeing a 125% increase in investment through the SEIS. Elsewhere, we also saw growth of EIS investment in most regions including the North West, the West Midlands, and the South West. This is a clear sign that these schemes are increasingly working for the whole of the UK.
However, the number of individuals investing through the EIS is down 7%, and further awareness is needed.”
Joanna Jensen, Chair of Enterprise Investment Scheme Association, commented:
“Today’s data tells the story of two schemes heading in different directions. Early stage SEIS continues to go from strength to strength, with investment up 14%, clear proof that the reforms introduced in 2023 are working, and that appetite for backing Britain’s earliest-stage companies remains strong. EIS is a different picture. Investment has held flat, and the number of investors backing British growth businesses through the scheme has fallen again to around 33,000, from roughly 40,000 just two years ago.
EIS remains one of the most successful schemes of its kind anywhere in the world, but a shrinking investor base is not the mark of a scheme reaching its potential. The challenge is not the scheme itself but awareness. Far too few of the 2 million people earning six-figures who could be supporting British business through EIS know the opportunity exists.
That is why we will keep making the case for a coordinated effort to raise awareness, and why the modernisation of EIS secured in the Autumn Budget, the first meaningful changes in over a decade, matters so much. Those changes are not yet reflected in this data, and we expect them to make a real difference in the years ahead. Britain does not lack ambitious founders or good ideas. What it needs is more people putting capital to work behind them.”
Where can I read statistics from more recent years?
We have insights on each year of HMRC data since 2020. You can also explore a snapshot of the market and other key data. Check that all out here.