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Martlet Capital
Martlet Capital is an early-stage investor based in Cambridge, providing patient capital to deep technology and life science startups with high growth...
Martlet Capital
Martlet Capital is an early-stage investor based in Cambridge, providing patient capital to deep technology and life science startups with high growth potential. We seek to support entrepreneurs with value beyond capital. We have experience of helping companies scale from first-round through to exit
General information
Firm type
Private Equity
Year founded
2011
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
Cambridge
Corporate office
Cambridge, United Kingdom
Sector focus
Frequently asked questions
Who runs investment decisions at Martlet Capital?
Day-to-day portfolio management sits with the Martlet team under the ownership of EMV Capital, the London-listed deep tech investor. Specific decision-makers are not publicly named on the firm's current website. New investments are made through EMV Capital's co-investment process rather than a standalone Martlet investment committee.
How does Martlet Capital source proprietary deal flow?
Martlet built its portfolio through proximity to the University of Cambridge and the wider East of England deep tech cluster. It focused on university spinouts and startups commercializing hard-science research, giving it early visibility into companies emerging from Cambridge's physics, engineering, and life sciences departments.
Is Martlet structured as a venture firm or a family office?
Neither in the traditional sense. Martlet originally operated as a balance sheet investor without external limited partners — similar in structure to a single-family office — but its operational VC business is now owned by EMV Capital, a publicly traded company. It functions today as a portfolio management vehicle under that corporate umbrella.
Does Martlet participate in fund commitments or only direct deals?
Martlet historically made direct pre-seed and seed equity investments. It is not known to commit as a limited partner to other venture funds. Current deal activity is directed through EMV Capital's co-investment structure, which continues to do direct follow-on investments in Martlet's existing portfolio companies.
What stages does Martlet target for new investments?
Martlet no longer makes new investments from its own capital. Its balance sheet is fully deployed. Existing portfolio companies receive follow-on support arranged by EMV Capital at later seed or growth stages, but Martlet itself is not actively sourcing new seed or pre-seed deals under its own banner.
How is Martlet Capital related to EMV Capital?
EMV Capital owns Martlet's operational VC business and manages its portfolio. Martlet retains its brand and Cambridge identity, but EMV Capital controls the investment process, follow-on funding decisions, and ultimate portfolio governance. This structure was put in place after Martlet fully deployed its own balance sheet fund.
What exits has the Martlet portfolio achieved?
The firm lists trade sales to global technology companies and IPOs among its outcomes. Named exits include Abcam (AIM-listed proteomics supplier), Cambridge CMOS Sensors (acquired by ams AG), Flusso (infrared sensing, acquired by a global semiconductor company), Audio Analytic (AI sound recognition, acquired by a US smart home firm), and Frontier Developments (AIM-listed game developer).
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