In 2024-25, companies raised £276 million under SEIS, up 14% on the year before, and £1,575 million under EIS, flat on 2023-24. London and the South East took 60% of EIS investment and 66% of SEIS. HMRC published the figures on GOV.UK on 21 May 2026.
That is the answer most people searching for these numbers want, so it goes first. The rest of this page adds the detail: how the totals compare with last year, where the money went, and what this dataset can and cannot tell you about UK angel activity. The figures are first estimates and HMRC will revise them, a point worth holding onto throughout.
The schemes are national. The money, mostly, isn't.
The headline figures
Start with SEIS, because that is where the movement was. In 2024-25, 2,430 companies raised £276 million through the scheme, against £242 million raised by 2,310 companies the year before: a 14% rise in money and a modest rise in company count. Within that, 1,775 companies were raising under SEIS for the first time, taking £229 million of the total. The seed end of the market, on this evidence, had a genuinely better year.
EIS is the larger and quieter story. 3,735 companies raised £1,575 million, the same cash total as 2023-24, when 3,775 companies raised it. Flat in cash terms is a slight fall in real terms, but steadiness is information too: the headline number has stopped moving while the seed scheme below it grows. First-time EIS raisers took £333 million, about a fifth of the pot, so the scheme is still admitting new companies rather than just refuelling old ones.
All of this comes from HMRC's annual statistics release on GOV.UK, published 21 May 2026.
Where the money went
The regional table is the one worth sitting with. Companies registered in London and the South East raised £948 million of EIS investment, 60% of the total. Under SEIS the concentration is sharper still: those two regions took £181 million, 66% of all SEIS money. Every other region of the UK shared what remained.
One caveat before drawing conclusions. The split is based on each company's registered office address, which is not always where the business actually operates. A team building in Leeds with a registered office at its London accountant counts as London. The true concentration is probably somewhat softer than the headline, though nobody seriously argues it away.
What the split means is a different question from what it says, and The Carry has a standing position on it: the interesting growth in UK angel capital is happening outside the capital, even while London dominates the stock. The numbers live on this page; the argument lives in the regional rebalancing of UK angel capital.
The two schemes side by side
The table above puts the headline lines next to each other. Two details underneath it deserve pulling out.
First, sector concentration. Information and Communication, which in this dataset mostly means software, took £550 million of EIS investment (35%) and £115 million of SEIS (42%). No other sector comes close. If your deal flow is software-heavy, the schemes' money is flowing with you; if it isn't, you are fishing in the smaller part of the pool, which cuts both ways on competition for deals.
Second, the pipeline. Advance assurance is the pre-clearance companies seek from HMRC before raising, a soft forward indicator of scheme demand. In 2025-26 HMRC received 3,310 EIS advance assurance applications and 4,085 for SEIS, with 72% and 76% approved so far. More SEIS applications than EIS ones is consistent with the headline pattern: the seed scheme is the busy one.
What the data does and doesn't show
These statistics measure one thing: money raised by companies under the two schemes, as reported through the compliance paperwork companies file with HMRC. That is not the same as UK angel activity. An angel cheque into a deal that never claims relief does not appear. Money into companies that fail to qualify does not appear. And not every pound inside the figures is an angel's: EIS funds and other intermediated money are in there too.
The second limitation is timing. Companies file their compliance statements after the raise, sometimes long after, so the most recent years are always undercounted at first publication. HMRC handles this by uplifting the figures from 2023-24 onwards to account for late returns, and says plainly that they are provisional and will be revised in future publications. Treat the levels as estimates and the direction of travel as the more reliable signal.
So read the release as a lagged, partial census of relief-backed investment. It is the best public measure of this market that exists. It is not a complete one.
Where the numbers come from, and a note on what this isn't
HMRC publishes these statistics every May, covering the tax year that ended thirteen months earlier. The release page on GOV.UK carries a written commentary plus downloadable tables, and the tables go deeper than any summary: amounts raised by year, by region, by sector and by size of fundraising, back through the life of each scheme. If a number matters to you, twenty minutes with the source beats any second-hand account, this one included.
And the standing note. This page reports what thousands of companies raised; it says nothing about whether SEIS, EIS or anything else fits your situation, and it is not a suggestion that scheme investing suits you. The reliefs hang on your personal tax position, the rules shift at Budgets, and early-stage companies are among the likeliest investments to lose everything. Confirm the current rules in HMRC's venture schemes guidance and take FCA-regulated advice before committing capital.
Frequently asked questions
How much was invested through SEIS in 2024-25?
Companies raised £276 million under SEIS in 2024-25, across 2,430 companies. That is a 14% increase on the £242 million raised in 2023-24. The figure is HMRC's first estimate, published on GOV.UK on 21 May 2026, and may be revised in later releases.
How much was invested through EIS in 2024-25?
Companies raised £1,575 million under EIS in 2024-25, across 3,735 companies. That is the same cash total as 2023-24, so EIS funding was flat year on year while SEIS grew. The figure is a first estimate from HMRC and subject to revision.
Which UK region gets the most EIS investment?
London and the South East, by a wide margin. Companies registered in those two regions raised £948 million in 2024-25, which is 60% of all EIS investment. Under SEIS the share was higher still at 66%. The split is based on registered office addresses, so it slightly overstates London where companies operate elsewhere.
Where do these figures come from?
From HMRC's annual Enterprise Investment Scheme and Seed Enterprise Investment Scheme statistics, published on GOV.UK on 21 May 2026. HMRC compiles them from the compliance statements companies file after raising, uplifts recent years for late returns, and labels the latest figures provisional. The release page includes downloadable tables by year, region and sector.
Do these statistics mean SEIS or EIS is a good investment?
No. They describe how much other people invested through the schemes, which says nothing about whether either scheme fits your circumstances. This article is general information, not financial advice. Tax reliefs depend on your personal position and change with each Budget, and early-stage companies carry a high risk of total loss. Confirm the current rules at GOV.UK and take FCA-regulated advice before committing capital.