In an AI world, invest in real businesses.

AI is making software faster and easier to build than ever. That's a genuine gift for founders - and it means the durable value is shifting to what still can't be automated: trust, taste and physical presence.

Turn Five builds and backs exactly those.

4
ventures in build
AI-proof
investments
SEIS
qualifying, pre-approved

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In short

A studio for the businesses that stay valuable alongside AI.

When software is abundant and cheap, scarcity moves to what it can't copy.

Turn Five creates and scales founder-led companies in markets where trust, taste and physical presence still win. We build each company ourselves, then stay in as backer and investor for the life of the venture.

Every venture runs the same disciplined deal structure and the same shared services, so what we learn building one compounds over time.

Our thesis
  • EmbeddedBricks & mortar only, where being there is the moat.
  • ExistingWe are not inventing new categories. We apply big picture thinking and elite execution in established categories.
  • EnduringWill it still be needed in 25 years' time? ‘Boring’ is a feature, not a bug.
Portfolio

Current opportunities.

Back the next one, or bring us the next one.

The thesis

In an AI-powered world, real businesses are the balance most portfolios are missing.

Why the companies built on trust, taste and presence are the diversification most venture and growth portfolios don't have yet.

Over the last two decades, ambitious capital has concentrated hard into software, AI and digital platforms - for good reason. These businesses can scale fast, reach global markets and compound quickly. AI is only accelerating that: barriers that used to take a team of engineers months to clear now take days, and founders can build more, faster, with less capital than ever before.

That concentration has been a genuinely good trade for a long time, and we expect it to keep paying off for the investors who back it well. But it has also left most portfolios leaning heavily on one kind of business, succeeding on one set of assumptions about how technology, competition and value creation will keep working. Real diversification means holding businesses that win for different reasons too.

That's where the businesses we build come in: markets with demand that already exists, competition that hasn't consolidated, and a moat rooted in something real - a location, a team, a relationship, work that has to happen in person. These qualities are slow to build and slow to copy, which is exactly why they hold their value - and why they behave differently in a portfolio than a software business does.

Turn Five exists to give investors direct access to that kind of company. We pick markets where a strong operator and a sharp brand are the real moat, and we give each business the studio infrastructure most seed-stage founders never get - including using AI and modern software ourselves, so the companies we build run leaner and move faster than they could alone. The result is a genuine complement to a technology-heavy portfolio, built with the same rigour, not a defensive hedge against one.

The opportunity, in three lines
  • Capital is concentratedMost portfolios lean heavily on software, AI and digital platforms.
  • Real businesses diversifyTrust, taste and presence create value on a different set of drivers.
  • Turn Five gives accessDirect investment in founder-led companies built for that balance.
Where we play

Real demand. Real gaps. Real moats.

01

Real demand

We back categories where customers are already spending and already know what they want. We are not creating demand from nothing - we are building a better business to capture demand that already exists.

02

Real gaps

Markets where the competition is fragmented, tired or under-invested, so a sharper brand, a better product and real operational discipline are enough to win share fast.

03

Real moats

Businesses anchored in something AI and software cannot replicate on their own: a location, a piece of equipment, a skilled team, a relationship, or work that has to happen in person.

The playbook

Seedstrapping.

Raise enough to build something real. Then run it like you bootstrapped it.

Seedstrapping is our word for how we fund and run every venture: raise a modest seed round to build something real, then operate it with a bootstrapper's discipline from day one.

It sits deliberately between the two usual paths. Pure bootstrapping asks a founder to grow entirely from their own revenue and savings, which is slow and can starve a good idea of the oxygen it needs early on. Traditional venture asks a business to grow into a valuation, which can push spend and headcount ahead of the fundamentals long before either is actually needed.

Seedstrapping takes the better half of both. A small SEIS round from Turn Five and our investors pays for the studio infrastructure and the first real push. From there, the business is run lean and cash-aware, building toward genuine profitability rather than the next round. AI and modern tooling make this more achievable than ever, letting a small team do work that used to need a much bigger one.

The result is a venture that only raises again if and when it chooses to - from a position of strength, not necessity.

Seedstrapping, in three lines
  • Raise a littleJust enough SEIS capital to build something real, not a war chest.
  • Run it leanBootstrapper's discipline from day one, helped by what AI now makes possible with a small team.
  • Raise again by choiceFurther rounds happen from strength, only if and when the venture wants one.

If that's how you see the next decade, let's talk.

The model

Build, share, scale.

How a studio turns one company's hard-won lessons into the next company's head start.

01

Build

We start companies, we do not just fund them. The studio runs each venture through its early years, so a founder joins a business that already works, not a blank page.

02

Share

Finance, brand, production and growth sit at studio level and are shared across every venture. What we learn building one company is shared straight into the next.

03

Scale

Once a venture's model works, the studio's shared muscle and capital let it grow faster than a standalone could, with aligned equity keeping everyone pulling the same direction.

Shared services

What every venture gets on day one.

Brand
Identity, web and content built in-house
Finance
Models, cap tables and SEIS administration
Studio
Production and media via Vertical Drop
Growth
Distribution, partnerships and launch

See how the model plays out across the portfolio.

Current opportunities

Current opportunities.

Four founder-led companies in build, each in a market that rewards trust, taste and presence. Open one to see its fundraising brochure.

Back the next one, or bring us the next one.

About

A studio, not a fund.

We do not write cheques and wait. We build.

The approach

We build the company. We don't walk away.

This isn't build-and-hand-off. We stay in as backer for the life of every venture.

Building a company from nothing is rarely a straight line. The first year or two is usually the hardest, least visible stretch - validating the idea, finding the operating model, building a team and a brand, all before there's any real evidence it will work. Most founders spend that period alone, without the infrastructure or capital to move quickly.

Turn Five exists to shorten that stretch. We are a venture builder, not a fund: we originate each business ourselves, in established physical markets where trust, taste and presence create a lasting edge, then build the brand, operating model and leadership team in-house - and stay closely involved from there, not just through the early build.

Every venture is held to the same 5+2 discipline - the potential for £5m+ in annual revenue and £2m+ in EBIT within a medium time horizon - and draws on the same shared studio infrastructure, so what we learn building one company makes the next one faster.

As a venture matures, we shift from hands-on builder to active investor and backer - still on the board, still backing every decision, never just watching from the sidelines.

In short
  • Venture builderWe originate and build each company ourselves, not just fund one a founder already started.
  • 5+2 disciplineEvery venture is targeted at £5m+ revenue and £2m+ EBIT within a medium time horizon.
  • Shared studioBrand, finance, production and growth support every venture from day one.

We build the company, then stay in it - as backer and investor, not just as builder. The studio carries the shared cost of brand, finance, production and growth, so each venture launches with infrastructure most seed companies never get.

Brand
Identity, web and content built in-house
Finance
Models, cap tables and SEIS administration
Studio
Production and media via Vertical Drop
Growth
Distribution, partnerships and launch

Two ways in: back a venture, or bring us one.

Investors

Register investor interest.

Tell us a little about you and we will share the current opportunities, the deal terms and the next round timings. No commitment, just a conversation.

This is a register of interest, not an offer of investment. SEIS investments are high risk and your capital is at risk. We will be in touch from hello@turn-five.com.

Founders

I have an idea.

We back operators building in markets where trust, taste and presence win. If you have a business worth building and want a studio behind you, tell us about it.

We read everything that comes in. If it fits the thesis, we will reach out from hello@turn-five.com to talk.

FAQ

Frequently asked questions.

Everything we get asked most about the studio, the 5+2 discipline, SEIS and what it means to invest alongside us.

About Turn Five

What is Turn Five Ventures?+

Turn Five Ventures is a venture builder that creates and launches businesses in established, fragmented physical markets.

We focus primarily on real-world categories such as food, consumer services, leisure and specialist trades. These are markets where demand already exists, but the customer experience, brand and operating model can often be significantly improved.

Our focus on physical categories is deliberate. We believe that, in a world increasingly shaped by artificial intelligence, software and automation, businesses rooted in the physical world can offer a different and potentially complementary exposure for investors.

What is 5+2?+

5+2 is Turn Five’s investment and venture-building discipline.

Each investment must have the potential to generate at least £5 million in annual revenue and £2 million in EBIT within a medium time horizon. This provides a clear benchmark for assessing whether an opportunity can become a meaningful, profitable business rather than simply a viable small enterprise.

The 5+2 framework is a target and selection criterion, not a guarantee of performance. Actual results will depend on execution, market conditions, competition, funding and management performance.

What types of businesses do you build?+

We look for businesses with:

  • Clear and proven customer demand
  • Large, fragmented physical markets
  • The potential to meet the 5+2 benchmark
  • Repeatable operating models
  • Strong potential for brand differentiation
  • Attractive unit economics
  • A credible path to regional or national scale
  • A meaningful connection to the physical world

We are particularly interested in categories such as food, consumer services, leisure, home services, healthcare services, education, logistics and specialist trades.

These are areas where customers still need products delivered, places visited, work carried out or services performed in the real world. They may benefit from technology, but they are not dependent on the assumption that software alone will capture most of the value.

Why focus on physical categories?+

This is a deliberate investment decision, not an accident of our sourcing.

Much of the venture capital market is concentrated around software, artificial intelligence and digital platforms. We understand why: these businesses can scale quickly, serve global markets and attract significant capital. However, that concentration can also create crowded markets, high valuations and exposure to a relatively narrow set of technological and competitive assumptions.

Turn Five takes a different view. We believe there is a substantial opportunity to build valuable companies in physical categories where:

  • Demand is already visible
  • Customers have established purchasing behaviour
  • Competition is often fragmented
  • Strong brands can create loyalty
  • Operational improvements can produce meaningful gains
  • Technology can improve the business without being the entire business
  • The route to revenue and profitability can be easier to understand

The fear that artificial intelligence could “eat the world” is a reasonable consideration for any investor. AI may transform industries, change employment patterns, compress margins and create entirely new winners. It may also make some software businesses less differentiated over time.

We do not claim that physical businesses are immune to technological change. They are not. AI and automation will affect them too, and the best physical businesses will use technology intelligently.

However, many physical businesses retain an important layer of real-world defensibility. They may depend on locations, equipment, supply chains, skilled labour, local relationships, customer trust, physical delivery or the execution of work that cannot be completed entirely through a screen.

For investors who already have significant exposure to technology, venture capital or AI-related assets, Turn Five may provide a way to balance that exposure with businesses connected to tangible demand and physical activity. This is not a promise of lower risk or superior returns. It is a deliberate attempt to build a portfolio with a broader range of economic drivers.

How is Turn Five different from a traditional venture capital fund?+

A traditional venture capital fund generally invests in businesses created and operated by independent founders.

Turn Five is actively involved in building each company. We identify the opportunity, develop the proposition, recruit the leadership team, establish the brand and operating model, raise the initial capital and support the company as it grows.

Investors normally invest directly into an individual portfolio company rather than into a blind pool of investments.

How is Turn Five different from a startup accelerator?+

Accelerators typically support existing founders for a limited period.

Turn Five starts earlier. We can originate the idea ourselves and remain involved throughout the company’s development. Our role is closer to that of an institutional co-founder than a short-term adviser or programme provider.

Why focus on established categories?+

We do not believe every successful venture needs to invent a new market.

Established categories offer visible demand, existing customer behaviour and comparable businesses against which the opportunity can be assessed. The challenge is to build a proposition that delivers a better product, stronger brand or more efficient customer experience than the incumbent competition.

They can also provide a clearer route to the 5+2 benchmark, because demand, pricing and operating models are easier to evaluate than in entirely unproven markets.

This is particularly relevant to our physical-market focus. We are not trying to manufacture demand for an entirely new behaviour. We are looking for existing spending that can be captured by a better-run, better-branded or more customer-focused business.

Risk

Are these investments low risk?+

No early-stage investment should be described as low risk. Investors could lose some or all of the money they invest.

Our approach is designed to reduce certain forms of startup risk by targeting markets with proven demand, understandable business models and the potential to meet the 5+2 benchmark. Physical businesses may also offer a different risk profile from highly valued technology companies, but different does not mean safe.

Physical businesses can face substantial risks, including rising labour costs, rent, inflation, supply-chain disruption, regulation, operational complexity, local competition and capital requirements.

Similarly, our focus on physical categories should not be interpreted as a guarantee that they will outperform technology or AI investments. The purpose is to provide a deliberate source of diversification, not to eliminate risk.

SEIS & who can invest

What is SEIS?+

The Seed Enterprise Investment Scheme is a UK government initiative designed to encourage investment in qualifying early-stage companies by offering eligible investors a range of tax advantages.

These may include income tax relief, capital gains tax benefits and loss relief. The availability and value of those reliefs depend on the company continuing to qualify and on each investor’s personal circumstances.

Tax relief should never be the sole reason for making an investment, and prospective investors should obtain independent tax and financial advice.

Will every Turn Five company qualify for SEIS?+

Not necessarily.

We expect many of our early-stage portfolio companies to seek SEIS advance assurance where appropriate, but advance assurance is not a guarantee that an investment will ultimately qualify. Eligibility depends on the company, the investment structure, the use of funds and the individual investor satisfying the relevant requirements.

The investment materials for each opportunity will clearly explain its anticipated SEIS position.

Who can invest?+

Opportunities may be available to eligible private investors, experienced investors and professional investors, subject to the applicable financial-promotion and investor-classification requirements.

Participation in one Turn Five company does not create an obligation to invest in future ventures.

What is the typical investment size?+

The minimum investment will vary between portfolio companies and funding rounds. We aim to make opportunities accessible to individual investors while ensuring that each company has a manageable and supportive shareholder base.

The relevant minimum, valuation and fundraising target will be set out in the investment materials for each opportunity.

How we invest & build

How are investment opportunities selected?+

Before launching a company, we assess:

  • Market size and structure
  • Customer demand
  • Competitive intensity
  • Pricing and gross-margin potential
  • Startup and working-capital requirements
  • Operational complexity
  • Regulatory considerations
  • Scalability
  • Management requirements
  • Potential to achieve the 5+2 benchmark within a medium time horizon
  • The extent to which technology can improve the business
  • The durability of the physical-world proposition
  • Likely routes to future funding or exit

We will not launch every concept we investigate. Ideas must pass a structured validation process before being presented to investors.

How involved is Turn Five after the investment?+

Turn Five remains actively involved after launch.

Depending on the needs of the company, our support may include strategy, leadership recruitment, brand development, marketing, technology, finance, fundraising, governance and operational improvement.

Each company will have its own management team and board. Turn Five’s role is to help build the infrastructure and capabilities required for that team to succeed and to support progress towards the 5+2 objective.

Who runs each portfolio company?+

Each business is led by a dedicated operator or management team with relevant commercial or sector experience.

Turn Five helps identify, recruit and support that leadership. We do not expect a single central team to operate every portfolio company indefinitely.

How does Turn Five make money?+

Turn Five will typically retain an equity interest in the companies it helps to create.

Depending on the venture and the level of ongoing support required, Turn Five may also receive clearly disclosed fees for services provided to a portfolio company. Any fees, equity arrangements and potential conflicts of interest will be explained in the relevant investment documents.

How are companies valued?+

Valuations are determined individually, taking account of the work completed before the funding round, intellectual property, market evidence, comparable businesses, the company’s stage of development and the amount of capital required.

The 5+2 framework may inform our assessment of a company’s potential, but it does not determine valuation and is not a guarantee of the company’s present or future value.

For investors

Will investors receive regular updates?+

Yes. We expect portfolio companies to provide structured investor reporting covering financial performance, operational progress, material risks, fundraising requirements and key milestones.

Where relevant, reporting may also include progress against the company’s 5+2 plan, including revenue, profitability and the assumptions supporting the medium-term target.

The precise reporting schedule will be set by each company.

Can investors contribute expertise as well as capital?+

Yes. Where useful, we welcome investors who can contribute relevant knowledge, introductions or operating experience.

There is no expectation that every investor will become actively involved, and any advisory or formal governance role must be agreed separately with the company.

When might investors receive a return?+

Early-stage investments are illiquid and should normally be approached with a long-term horizon.

A return may arise through a future sale, refinancing, secondary share transaction, dividend or other liquidity event. There is no guaranteed timeframe and no guarantee that any return will be achieved, including if a company reaches or exceeds its 5+2 target.

Can I sell my shares whenever I choose?+

Usually not.

Shares in private early-stage companies are not publicly traded and may be subject to transfer restrictions. An investor should assume that their capital will remain committed for an extended period and that a suitable buyer may never become available.

How can Turn Five complement an existing portfolio?+

Turn Five may be relevant to investors who want exposure to early-stage businesses but do not want their entire venture allocation concentrated in software, AI or digital platforms.

Our physical-category focus is intended to introduce different sources of potential value, including customer relationships, locations, operational capability, brand, skilled teams and tangible service delivery.

This does not make the investments defensive, liquid or low risk. It simply means that their performance may be influenced by a different combination of factors from a pure technology portfolio.

Investors should consider Turn Five only as part of a diversified portfolio and should assess the opportunity against their own objectives, risk tolerance, liquidity needs and existing exposures.

How can I hear about future opportunities?+

Prospective investors can register their interest with Turn Five Ventures. We will share suitable opportunities as they become available, subject to investor eligibility and the applicable financial-promotion rules.

Registering interest does not commit you to investing, and Turn Five is under no obligation to offer participation in every opportunity.

Is Turn Five giving financial or tax advice?+

No.

Information provided by Turn Five is intended to explain our ventures and their investment structure. It is not personal investment, legal or tax advice. Prospective investors should conduct their own due diligence and take advice from appropriately qualified professionals before investing.

Still have a question?