SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
YOUR DIVERSIFIED EIS PORTFOLIO | 2017
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
We believe private investors should have
access to the same quality of investment
funds as Angels and VCs.

When we reviewed the market, we
discovered there were only single-sector
funds available, and they offered only
small portfolios to an investor on
average, only 6 or 7 investments per fund.

We wanted to offer investors a different
option. With the rise of passive
investing, and the fact that passive funds
consistently outperform the majority
of actively managed funds in the main
market, we were surprised to find there
were no passive EIS funds already
available. So we built one.

Fund Twenty8 seeks to build its investors
a truly diversified, sector-agnostic
portfolio of no fewer than 28 companies,
while providing access to EIS tax reliefs.
James Sore
Chief Investment Officer, SyndicateRoom
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
GET THE
ULTIMATE IN
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DIVERSIFICATION
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
DIVERSIFICATION
This is the concept at the very heart of Fund Twenty8: to
build a broad portfolio of early-stage companies, helping
manage early-stage risk through diversification while
allowing you to take advantage of generous EIS tax reliefs.
While similar-sized funds normally invest in just a few
companies, covering a limited number of sectors, Fund
Twenty8 makes no fewer than 28 investments per fund,
per year, offering truly sector-agnostic diversification.




SMART MONEY
Nested within SyndicateRoom, the UK's premier equity
investment platform, Fund Twenty8's algorithmic
approach draws on data from the investment decisions
of sophisticated lead investors to determine which
companies to back.




FUND STATISTICS

Fund Twenty8's final portfolio is a testament to its
mission: to deliver investors a large, diversified portfolio
of no fewer than 28 investments.
Now in its fourth fund, Fund Twenty8 has in total
attracted over 400 investors who together have invested
in more than 50 companies across 13 sectors to date.
Fund Twenty8-2017's final portfolio consists of 32
companies covering 11 sectors. You can see its full
portfolio breakdown on page 8.
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
MAXIMUM
FUND SIZE
10m
APPLICATIONS
CLOSE
1st April 2019
MINIMUM
SUBSCRIPTION
10,000
(10,000 multiples thereafter)
TARGET
RETURN (inc EIS)
20%+ IRR
TARGET
INVESTMENT PERIOD
12 months
TARGET
HOLDING PERIOD
3 to 7 years
MINIMUM HOLD
PERIOD FOR EIS RELIEF
3 years
INVESTMENT
FUND TYPE
HMRC-Approved Fund
INVESTOR
TYPE
Elective Professional
Investors
FUND TWENTY8
AT A GLANCE
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
* EIS Income Tax relief is available to eligible investors at a maximum rate of 30% on investments of up to 1m in any tax year (this amount
increases to 2m if at least 1m has been invested in knowledge-intensive companies).
** LOSS RELIEF: An investor incurring a loss on disposal of shares on which EIS Income Tax relief has been obtained can claim loss relief
providing up to 61.5% Income Tax relief in total for a 45% taxpayer. Capital Gains Tax relief may also be available as an alternative to Income
Tax relief.
Up to 30% Income Tax relief*
100% Inheritance Tax (IHT) exemption on qualifying investments after two years
(and if held at time of death)
Capital Gains Tax (CGT) deferral relief
(up to three years prior to investment and up to one year in advance)
Growth free of CGT
Offsetting of capital losses up to 45%**
Carry back to previous tax year
(for Income Tax relief )
EIS TAX RELIEF
OVERVIEW
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
PORTFOLIOBREAKDOWNFund Twenty8-2017
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
ENVIRONMENT &
RENEWABLES
2 companies
ENGINEERING &
MANUFACTURING
2 companies
MEDIA &
TELECOMMUNICATIONS
1 company
TRAVEL & LEISURE
4 companies
MARKETPLACES &
E-COMMERCE
1 company
SOFTWARE &
COMPUTER SERVICES
8 companies
FINANCIAL SERVICES
1 company
TECHNOLOGY, HARDWARE
& EQUIPMENT
2 companies
PHARMACEUTICALS
& BIOTECH
5 companies
LIFE SCIENCESMEDTECH
4 companies
HEALTHCARE
2 companies
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
6%
Last year, 2.5bn disposable cups were thrown away in
the UK alone roughly 38 per person. For every one
cup recycled, 399 ended up in landfill or the oceans.
Bockatech has developed EcoCore, a patented,
recyclable material that is cheaper, greener and more
reliable than the single-use plastic currently used for
coffee cups, airline trays and noodle pots.
BOCKATECH LTD

TOTAL RAISED // 873,576
INVESTMENT BY FUND // 138,690
LEAD INVESTOR // Anonymous

Interpac has developed a cardboard corrugator which
does not rely on steam, making it a fraction of the size
and cost of conventional machines. The machine is
sufficiently small and low-cost to move production to the
point of need, significantly reducing transport costs along
the supply chain.
INTERPAC

TOTAL RAISED // 638,644
INVESTMENT BY FUND // 139,360
LEAD INVESTOR // Ian Marchant (Business Angel)
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
The significant investment we received
is helping us to develop further our
EcoCore technology that's now
powering innovation in sustainable plastic
packaging for everything from to-go coffee
to pot noodles and household paint.

Chris Bocking
CEO & FOUNDER, BOCKATECH
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
Greenspur has developed an innovative electro-magnetic
generator for wind turbines, eliminating the need for a
gearbox, improving efficiency and lowering maintenance
costs for the $100bn+ global wind energy market.
GREENSPUR RENEWABLES
LIMITED
TOTAL RAISED // 666,240
INVESTMENT BY FUND // 107,200
LEAD INVESTOR // Chris Heminway
Naked Energy aims to address the world's need for zero-
carbon heating, cooling and electricity with the launch
of its revolutionary solar collector, Virtu. The company's
patented technology maintains solar cells at a uniform
temperature, leading to superior performance compared
to existing solar panels.
NAKED ENERGY LIMITED
TOTAL RAISED // 1,192,692
INVESTMENT BY FUND // 118,510
LEAD INVESTOR // Karen McClellan
6%

SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
Naked Energy raised significant capital
last year to power the commercial
launch of Virtu the most space-efficient
solar collector on the planet. Now in
production and delivering commercial-
scale projects, we've also signed a channel
partnership agreement with a global
energy consultancy and are developing an
international pipeline of projects.

Christophe
Williams
CEO & CO-FOUNDER, NAKED ENERGY
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
Pekama is a platform connecting IP firms globally
to improve their workflow, increasing efficiency and
profitability. Pekama provides lawyers with the data they
need to make informed decisions about prospective
partners and allows them to optimise their reciprocal
revenue streams, thereby helping them focus on their
domestic clients, all the while building a more sustainable,
and profitable, business.
PEKAMA

TOTAL RAISED // 404,962
INVESTMENT BY FUND // 26,001
LEAD INVESTOR // David Gammon
3%

SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
Ambicare seeks to improve people's lives with its
innovative home-use LED treatments for skin conditions.
The business has developed two distinct product lines,
both of which are clinically proven and convenient to
use, for the treatments of two specific dermatological
conditions: non-melanoma skin cancer and acne.
AMBICARE HEALTH LIMITED

TOTAL RAISED // 495,286
INVESTMENT BY FUND // 60,702
LEAD INVESTOR // Longbow Capital
34%
Cipher Surgical is bringing OpClear to the market:
an innovative, new technology aiming to transform
laparoscopy better known as keyhole surgery. The
disposable OpClear product allows surgeons to clean
the lens of their laparoscope without disrupting the
surgery to improve visibility and patient safety overall.
CIPHER SURGICAL LIMITED

TOTAL RAISED // 2,443,961
INVESTMENT BY FUND // 114,570
LEAD INVESTOR // Xi'an Lijun Pharmaceutical Co. Ltd
Arcis Biotechnology is enabling earlier, more accurate
cancer detection, with products that allow users to
quickly and conveniently convert 'raw' biological material
to processed nucleic acid that is ready for investigation.
ARCIS BIOTECHNOLOGY
HOLDINGS LIMITED

TOTAL RAISED // 1,354,361
INVESTMENT BY FUND // 119,595
LEAD INVESTOR // Andrew Parker
EnteroBiotix is pioneering treatments for diseases
associated with imbalances of gut-dwelling microbes,
based on the science and clinical success of a medical
treatment called faecal microbiota transplantation.
ENTEROBIOTIX LIMITED


TOTAL RAISED // 1,664,695
INVESTMENT BY FUND // 138,228
LEAD INVESTOR // Equity Gap
HEALTHCARE
MEDTECH
PHARMACEUTICALS & BIOTECH
PHARMACEUTICALS & BIOTECH
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
Since raising, we have been working to
finalise our new product specification and
have managed to secure an advanced
order worth 100,000. Our current
expectation is for the product to be
launched in the Summer of 2019.

Graeme Low
CEO, AMBICARE
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
MGB Biopharma is a clinical-stage company developing a
new class of drugs to treat a broad range of infections. Its
lead compound, MGB-BP-3, has been found to be rapidly
bactericidal against all strains of C. difficile, a leading
cause of life-threatening infections worldwide. The
company has recently initiated a Phase IIa clinical trial in
patients with C. difficile infection.
MGB BIOPHARMA LIMITED

TOTAL RAISED // 1,286,873
INVESTMENT BY FUND // 88,742
LEAD INVESTOR // Archangels
Gelmetix (formerly Gelexir) has developed a high-tech gel
that can be administered, via a non-invasive procedure,
into the gaps between degenerating spinal discs to
relieve chronic lower-back pain.
GELMETIX HEALTHCARE LIMITED

TOTAL RAISED // 1,208,841
INVESTMENT BY FUND // 121,253
LEAD INVESTOR // Jonathan Milner
Metrion Biosciences is a pharmaceutical contract
research organisation specialising in the field of 'ion
channel' biology. Based at Granta Park, Cambridge,
Metrion delivers high-quality ion channel drug
discovery and safety profiling services to the life
sciences industry.
METRION BIOSCIENCES LTD

TOTAL RAISED // 598,875
INVESTMENT BY FUND // 92,125
LEAD INVESTOR // Keith McCullagh
Lightpoint Medical has developed intra-operative
molecular imaging and sensing technologies with the
potential to detect cancer in real time during surgery,
reducing the need for repeat operations.
LIGHTPOINT MEDICAL LTD

TOTAL RAISED // 3,832,399
INVESTMENT BY FUND // 119,872
LEAD INVESTOR // Oxford Technology Management
MEDTECH
PHARMACEUTICALS & BIOTECH
PHARMACEUTICALS & BIOTECH
PHARMACEUTICALS & BIOTECH
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
Our Phase IIa trial will mark a significant
milestone in the progress of MGB-BP-3.
We believe that having a bactericidal
antibiotic like MGB-BP-3 available, which
is able to kill bacteria before sporulation,
will clearly offer a differentiated treatment
option for patients with life-threatening
infections caused by resistant or hyper-
virulent C. difficile.
Miroslav Ravic
CEO, MGB BIOPHARMA
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
One out of every four handwritten inpatient medication
charts contains at least one mistake. PatientSource
is a software that enables medical records to be
stored electronically. Being a clinician-led company,
PatientSource has been able to gain the approval of
frontline clinical staff, something with which many other
vendors in the sector have struggled.
PATIENTSOURCE LTD

TOTAL RAISED // 293,845
INVESTMENT BY FUND // 72,889
LEAD INVESTOR // Dr Ala Sankaran
Pertinax develops novel materials to prevent and treat
infection. Its initial target market is antimicrobial wound
care, where there are growing concerns about existing
technologies over safety (regarding materials like silver),
efficiency (in how the antimicrobials are delivered over
time) and sustainability (improper dosage of antibiotics
accelerates human resistance).
PERTINAX PHARMA LIMITED

TOTAL RAISED // 806,482
INVESTMENT BY FUND // 117,202
LEAD INVESTOR // Mercia Fund Managers
Molecular Warehouse aims to create a world where
preventable diseases are actually prevented and chronic
conditions are controlled, by giving people the power of
personalised diagnostics. The company's solution allows
people to perform medical diagnostic tests on their
smartphones rapidly and cheaply, anywhere, anytime.
MOLECULAR WAREHOUSE LTD

TOTAL RAISED // 1,036,650
INVESTMENT BY FUND // 139,360
LEAD INVESTOR // Oxford Technology Management
HEALTHCARE
MEDTECH
MEDTECH
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
Metrion Biosciences is building a world-
class business in ion channel drug
discovery. With Fund Twenty8's support,
in 2018 we expanded marketing and
achieved a 53% increase in fee-for-service
revenues.

Keith McCullagh
CHAIRMAN, METRION BIOSCIENCES
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
SupaPass (the trading name of MBASO) is a B2B
entertainment app giving content owners their own
paywalled subscription service, enabling them to market
directly to their audience and monetise their content.
MBASO LIMITED

TOTAL RAISED // 406,632
INVESTMENT BY FUND // 114,128
LEAD INVESTOR // Oliver Dowson
3%
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
Ask Inclusive Finance (AskIf) is a social enterprise
providing loan funding and support to small business
borrowers, specialising in small- and medium-sized
enterprises (SMEs) that have been unable to secure
funding from mainstream lenders.
ASK INCLUSIVE FINANCE LIMITED


TOTAL RAISED // 677,971
INVESTMENT BY FUND // 117,501
LEAD INVESTOR // Andrew Mullinger
3%

SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
Cambscuisine owns and operates nine highly-rated
Cambridge pubs and restaurants, offering a variety of
dining styles across the Cambridgeshire casual dining
market. The company has grown steadily since 2001,
establishing an outstanding reputation for the quality of
its sites within the Cambridge area.
CAMBSCUISINE GROUP LTD

TOTAL RAISED // 748,997
INVESTMENT BY FUND // 119,401
LEAD INVESTOR // James Spragg
13%
LuckyTrip is a travel inspiration app that uses your budget
and preferences to find you a complete trip in one tap.
Built with millennials in mind, the app leverages a global
inventory combined with curated content to create trips
within a user's budget and preferences. It is currently the
fastest-growing travel inspiration app in Europe.
LUCKYTRIP LTD
TOTAL RAISED // 598,681
INVESTMENT BY FUND // 81,918
LEAD INVESTOR // Piyush Shah
Dubbed 'the Netflix of UK standup' by Engadget, NextUp
is a subscription video on-demand service which
showcases and celebrates the diversity of live stand-
up comedy whilst supporting comedians, venues, and
everyone in-between.
NEXTUP COMEDY LTD

TOTAL RAISED // 363,502
INVESTMENT BY FUND // 44,476
LEAD INVESTOR // Velocity (investment firm)
Pass the Keys manages properties offered for short-term
lettings through platforms like Airbnb. Already operating
in ten UK cities, Pass the Keys aims to help property
owners access the sharing economy in a cost-efficient,
convenient way.
PASS THE KEYS LIMITED
TOTAL RAISED // 1,340,478
INVESTMENT BY FUND // 120,824
LEAD INVESTOR // Talis Capital
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
The raise has enabled us to finish four
rooms at The Crown & Punchbowl
in Horningsea, we're on site at The
SmokeWorks Tap, which is going to be a
new bar, and we've also done quite a bit
of work within the infrastructure of the
business The fundraise, and indeed the
overfunding, have been very useful a
real necessity within the business in order
for us to grow.
Oliver Thain
FOUNDER, CAMBSCUISINE
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
Our mission is to create opportunities in
every corner of the world for hosts, guests
and entrepreneurs.

Alex Lyakhotskiy
CEO, PASS THE KEYS
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
Driftrock is a software platform already working with
companies like BMW, Open University and Heineken
to drive stronger return on investment from digital
marketing by bringing together their online and offline
consumer data.
DRIFTROCK LIMITED

TOTAL RAISED // 792,954
INVESTMENT BY FUND // 94,786
LEAD INVESTOR // Ascension Ventures
25%

Cyance provides predictive marketing SaaS products,
together with regulatory-compliant international data
solutions and services.
CYANCE LIMITED


TOTAL RAISED // 317,607
INVESTMENT BY FUND // 98,168
LEAD INVESTOR // Peter Brooks
Liopa is the company behind LipRead technology, which
uses the front camera on a phone to decipher speech
from lip movements.
LIOPA LTD


TOTAL RAISED // 589,622
INVESTMENT BY FUND // 55,727
LEAD INVESTOR // Techstart NI
Founded in 2016, MeasureMatch is an online network of
tech and data service providers, connecting companies
looking to outsource work with the professionals
qualified to complete it.
MEASUREMATCH


TOTAL RAISED // 375,490
INVESTMENT BY FUND // 52,229
LEAD INVESTOR // Paul Frampton
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
2Mee's service, Facee, literally makes brands 'customer
facing' by allowing them to generate a live face message
using any camera-enabled device and send it as a general
broadcast or to any individual or subset of customers
with known common interests, geographical locations or
needs all at a lower cost than rich notifications.
2MEE LTD


TOTAL RAISED // 398,720
INVESTMENT BY FUND // 67,000
LEAD INVESTOR // David McGuffie
Trading as MyFix Apps, infloAi gives companies a
sustainable way to monetise their online presence by
curating digital content for blogs, websites and social
media channels, with machine-learning technology that
can aggregate text, images and video from any public
website.
MYFIX APPS LIMITED


TOTAL RAISED // 689,613
INVESTMENT BY FUND // 119,763
LEAD INVESTOR // Richard Tufft
Trading as Nomad AI, Kulea is a marketing automation
software company enabling companies of any size to
enhance their sales and marketing.
NOMAD AI LTD

TOTAL RAISED // 401,576
INVESTMENT BY FUND // 92,171
LEAD INVESTOR // Gavin Disney-May
Cambridge-based Sensize has built a system for
monitoring supply chains worldwide using the latest in
Internet of Things (IoT) technology.
SENSIZE LIMITED


TOTAL RAISED // 479,885
INVESTMENT BY FUND // 115,575
LEAD INVESTOR // Michael Brunner
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
Mayku aims to give independent creators the power to
make professional products from home. Its tabletop
machine, the FormBox, enables you to create custom
moulds in any material concrete, soap, wax, chocolate
using suction from your own vacuum cleaner.
MAYKU LIMITED

TOTAL RAISED // 1,803,179
INVESTMENT BY FUND // 117,585
LEAD INVESTOR // Robert Devereux
Mimica is the creator of hi-tech food labels that tell
you exactly when your food spoils. These food labels
are designed to adjust to temperature variations along
the supply chain and into the home, making them an
accurate indicator of freshness.
MIMICA LAB LTD

TOTAL RAISED // 919,400
INVESTMENT BY FUND // 90,450
LEAD INVESTOR // R/GA Ventures
6%

SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
Mimica can tackle large inefficiencies in
the food supply chain with a low-cost
product based on real innovation.
R/GA Ventures
LEAD INVESTOR, MIMICA LAB
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
As an early-stage investor, I invest in the
founders, their idea and my assessment
of their ability to execute. Alex and Ben
passed all three tests with flying colours.
Robert Devereux
INVESTOR, MAYKU
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
FIND OUT
MORE ABOUT THE FUND
www.syndicateroom.com/fund-twenty8
APPLICATIONS
CLOSE
1st April 2019
SYNDICATEROOM | FUND TWENTY8 | 2017 PORTFOLIO
IMPORTANT NOTICE
The information in this document is incomplete, and is subject to updates, revision, verification and amendment. This document does not
constitute, or form part of, any offer to subscribe to the Fund, nor shall it (or any part of it) or the fact of its distribution form the basis of, or be
relied upon in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. Recipients of this document
who are considering subscribing into the Fund are reminded that any such subscription must be made only on the basis of the information
contained in the formal offering document relating to the Fund, which may be different from the information contained in this document.
Investing in early-stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution, and it should be done
only as part of a diversified portfolio. SyndicateRoom is targeted exclusively at sophisticated investors who understand these risks and make
their own investment decisions.
Tax relief depends on an individual's circumstances and may change in the future. In addition, the availability of tax relief depends on the
company invested in maintaining its qualifying status.
Past performance is not a reliable indicator of future performance. You should not rely on any past performance as a guarantee of future
investment performance.
Issued and approved by Syndicate Room Ltd, which is authorised and regulated by the Financial Conduct Authority (No. 613021) registered in
England and Wales (No. 07697935) and has its Registered Office at The Pitt Building, Trumpington Street, Cambridge CB2 1RP. Please be aware
that your capital is at risk and that your investment may go down as well as up in value.
The Pitt Building
Trumpington Street
Cambridge CB2 1RP
www.syndicateroom.com
@SyndicateRoom