Key Quantum Investor Serendipity Capital Announces Annual Results

Insider Brief

• Serendipity Capital reported strong financial results for 2024, with a 25.7% increase in NAV per share and continued outperformance of venture capital benchmarks.
• The firm expanded its portfolio of critical technology investments, with companies like Quantinuum, Deep Labs, and EFM achieving key milestones, while new investments such as Fortaegis secured early commercial success.
• Strategic growth included leadership appointments, the expansion of its senior advisor network in quantum and semiconductors, and the opening of its first international office in London.

PRESS RELEASE — Serendipity Capital today announces its annual results for the year ended 31 December 2024. The firm delivered outstanding financial performance in the period, alongside significant strategic progress in the face of challenging macroeconomic conditions. In the period, Serendipity Capital delivered meaningful outperformance against its benchmarks and strengthened its investment and operational capabilities. As the firm marks its five-year milestone, it remains committed to generating substantial long-term value for its shareholders by addressing the investment gap in critical technologies.

Serendipity Capital has continued to outperform venture capital benchmarks. Over the past year, NAV per share increased by 25.7%, demonstrating the strength of the group’s investment strategy and execution. Since inception, the firm has delivered an Internal Rate of Return (IRR) of 27.2% and a Multiple on Invested Capital (MoIC) of 2.4x, significantly exceeding venture capital industry averages and ranking within the top decile of its investment cohort. At the end of the period, the group’s valuation reached $490m.

The portfolio continues to show material financial and operational progress, driven by high-growth, dual-use critical technology investments. Quantinuum has continued to establish itself as a global leader in quantum computing, making substantial innovations over the year as well as signing partnerships with numerous groups including Microsoft, Mitsui and HSBC.

Elsewhere in the portfolio, Mirato, Encompass and Deep Labs all delivered record revenues, with the latter winning its largest contract to date, while boutique global growth asset manager EFM delivered exceptional AUM growth on the back of very strong investment performance. Fortaegis, a more recent addition to the portfolio, hit several key milestones in the period, developing its first product prototype and securing its first commercial revenue after just 12 months in operation.

In 2024, the firm made excellent additions to both the leadership team and the advisory network, enhancing its capabilities and expertise in critical areas. Dame Ruth Cairnie and Colin Bell joined the Board, bringing extensive expertise in corporate governance, national security and financial services. Additionally, the group grew its senior advisor network, with the arrival of leading experts in quantum, semiconductors, and telecommunications reinforcing the firm’s ability to assess and capture high-value investment opportunities. Furthermore, the opening of the group’s first international office in London further strengthened the firm’s presence in a key investment market.

Heading into 2025, Serendipity Capital remains focused on expanding its investment footprint and further accelerating the strategic growth of the firm. With a strong alignment between macroeconomic trends and our thematic focus, the firm is confident in its ability to deliver sustained value creation for its shareholders.

Ewen Stevenson, Chair, said: “2024 was a year of significant progress for Serendipity Capital. Economic uncertainty and heightened geopolitical tensions have reinforced the urgent need for investment in critical technologies and infrastructure, such as AI and quantum computing. Yet, chronic underinvestment in these areas has persisted. Our portfolio is well-positioned to bridge this investment gap, with our deep expertise and strategic approach allowing us to identify and capitalise on proprietary opportunities. We are confident in our ability to drive long-term value creation for our shareholders while accelerating the deployment of these essential technologies.”

Rob Jesudason, CEO, said: “Our portfolio continues to deliver strong performance, with NAV per share increasing by 25.7% and key investments – such as Quantinuum, Deep Labs, and EFM – achieving significant milestones. Our disciplined approach to capital allocation has prioritised high-quality investments like Fortaegis and Moth, both of which are well positioned for substantial valuation gains in 2025. Our proprietary origination model and deep network of experts allow us to access opportunities ahead of the rest of the market. As we scale the business, our focus remains on executing our strategy, maximising returns and ensuring we capitalise on the growing momentum in the critical technologies underpinning our economic and national security.”