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Registered number: OC408488
Techstars London 2016 LLP
Members' Report and
Financial Statements
For The Year Ended 31 December 2025
Techstars London 2016 LLP
Contents
Contents

| Page
--- | ---
LLP Information | 1
Members' Report | 2—3
Independent Auditor's Report | 4—6
Profit and Loss Account | 7
Balance Sheet | 8
Reconciliation of Members' Interests | 9—10
Notes to the Financial Statements | 10—12

Page 1
Techstars London 2016 LLP
LLP Information
For The Year Ended 31 December 2025
LLP Information

Designated Members | Techstars Investments Management LLC
| PBTS Europe Limited
LLP Registration Number | OC408488
Registered Office | 47 Park Lane
| London
| W1K 1PR
Auditors | Menzies LLP
| Chartered Accountants
| Statutory Auditor
| 4th Floor, 95 Gresham Street
| London
| EC2V 7AB

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Techstars London 2016 LLP
Registered No. OC408488
Members' Report For The Year Ended 31 December 2025
Members' Report
The members present their report and the financial statements for the year ended 31 December 2025.
Principal Activity
The principal activity of the partnership during the year was the provision of seed funding and mentorship to early-stage technology focused companies with a national or international reach.
Members
The designated members who held office during the year were as follows:

Techstars Investments Management LLC
PBTS Europe Limited

Results for the Year and Allocation to Members
The loss for the year before members' remuneration and profit shares was £3,488,553 (2024 - £219,677).
Members' interests
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members.
There shall be four separate classes of membership interest in the LLP representing the four separate Investment Series, which will, for the purpose of accounting for the LLP's investments and for allocations of net profit, net loss and items thereof, reflect the Capital Contributions made in respect of each of the Investment Series. Accordingly rights in respect of each Investment Series shall be held by the Members in proportion to the Capital Contribution made (or deemed to be made) by them in respect of such Investment Series.
Each Member shall contribute an Initial Capital Contribution on or prior to the date on which such member is admitted to the LLP. Upon written notice from the Designated Members the Members shall be required to make further Capital Contributions with respect to Investment Series 2, Investment Series 3 and Investment Series 4, in an amount equal to 25% of such Members aggregate Capital Contribution.
Distributions to Members are made when deemed appropriate by the Designated Members following completion of an Investment Series or, in the case of the Priority Profit Share of the Executive Member in accordance with his letter of Entitlement. AlI distributions are made in the following order and priority:
- first, to the General Members until the General Members have received an amount equal to the Capital Contribution made by them in the relevant Investment Series.
- second, 10% to the capital account of the Corporate Member and 90% to the Members in proportion to their respective Percentage Interests in such Investment Series.
Statement of Members' Responsibilities
The members are responsible for preparing the financial statements in accordance with applicable law and regulations.
Company law as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law as applied to Limited Liability Partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss for that period. In preparing the financial statements the members are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as modified by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Techstars London 2016 LLP
Members' Report (continued)
For The Year Ended 31 December 2025
Statement of Disclosure of Information to Auditors
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
Auditors
The auditors, Menzies LLP have indicated their willingness to continue in office. The designated members will propose a motion re-appointing the auditors at a meeting of the members.
Signed on behalf of the members by

Techstars Investments Management LLC Designated Member
17/08/2026

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Independent Auditor's Report
to the Members of
Techstars London 2016 LLP
Independent Auditor's Report
Opinion
We have audited the financial statements of Techstars London 2016 LLP for the year ended 31 December 2025 which comprise the Profit and Loss Account, Balance Sheet, The Reconciliation of Members' Interests and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:

- give a true and fair view of the state of the limited liability partnership's affairs as at 31 December 2025 and of its profit/(loss) for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; and
- have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our
auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on Which We Are Required to Report by Exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records or returns; or
- certain disclosures of members' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit, or
- the members were not entitled to prepare the financial statements in accordance with the small limited liability partnerships regime.

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Independent Auditor's Report (continued)
to the Members of
Techstars London 2016 LLP
Responsibilities of Members
As explained more fully in the Statement of Members' Responsibilities set out on page 2-3, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
The LLP is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
- Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) Regulations 2008);
- Financial Reporting Standard 102; and
- General Data Protection Regulations.
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the LLP is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of relevant documentation.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in the area.
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud.
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and
- Challenging assumptions and judgements made by management in its significant accounting estimates such as the step model valuation policy.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud would be the use of management override or inappropriate assumptions in accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
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Independent Auditor's Report (continued)
to the Members of
Techstars London 2016 LLP
Use of Our Report
This report is made solely to the LLP's members, as a body, in accordance with the Companies Act 2006 as applied to limited liability partnerships by Part 12 of the Limited Liability Partnerships (Accounts and Audit) (Application of companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Hallam FCCA (Senior Statutory Auditor) for and on behalf of Menzies LLP , Statutory Auditor
17/08/2026
Menzies LLP Chartered Accountants Statutory Auditor 4th Floor, 95 Gresham Street London EC2V 7AB

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Techstars London 2016 LLP
Profit and Loss Account
For The Year Ended 31 December 2025
Profit and Loss Account

| 2025 |  | 2024
--- | --- | --- | ---
| Notes | £ |  | £
Administrative expenses |  | (61,621 ) |  | (47,699 )
Other operating income |  | - |  | 2,762
OPERATING LOSS |  | (61,621 ) |  | (44,937 )
Loss on revaluation of investments |  | (3,465,843 ) |  | (174,740 )
Profit on disposal of fixed asset investments |  | 38,911 |  | -
LOSS FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |  | (3,488,553 ) |  | (219,677 )

The notes on pages 10 to 12 form part of these financial statements.
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Techstars London 2016 LLP
Balance Sheet
As At 31 December 2025
Balance Sheet

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Investments | 4 |  | 10,970,662 |  | 15,527,814
|  |  | 10,970,662 |  | 15,527,814
CURRENT ASSETS
Cash at bank and in hand |  | 1,217,755 |  | 130,820 |
|  | 1,217,755 |  | 130,820 |
Creditors: Amounts Falling Due Within One Year | 5 | (51,965 ) |  | (33,629 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 1,165,790 |  | 97,191
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 12,136,452 |  | 15,625,005
NET ASSETS ATTRIBUTABLE TO MEMBERS |  |  | 12,136,452 |  | 15,625,005
REPRESENTED BY:
Equity
Members' other interests
Members' capital |  | 2,220,000 |  | 2,220,000 |
Other reserves |  | 9,916,452 |  | 13,405,005 |
|  |  | 12,136,452 |  | 15,625,005
TOTAL MEMBERS' INTEREST
Members' other interests |  |  | 12,136,452 |  | 15,625,005
|  |  | 12,136,452 |  | 15,625,005

These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The financial statements were approved by the members on 17 August 2026 and were signed on their behalf by:

Techstars Investments Management LLC Designated Member
17/08/2026

The notes on pages 10 to 12 form part of these financial statements.
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Techstars London 2016 LLP
Reconciliation of Members' Interests
For The Year Ended 31 December 2025
Reconciliation of Members' Interests

| EQUITY
--- | ---
| Members' other interests
| Members'Capital classified as Equity | Other Reserves | Total Equity | Total members' interest
| £ | £ | £ | £
Balance at 1 January 2024 | 2,220,000 | 13,624,682 | 15,844,682 | 15,844,682
Profit/(loss) for the financial year available for discretionary division among members | - | (219,677 ) | (219,677 ) | (219,677 )
Members' interests after profit/(loss) for the year | 2,220,000 | 13,405,005 | 15,625,005 | 15,625,005
As at 31 December 2024 and 1 January 2025 | 2,220,000 | 13,405,005 | 15,625,005 | 15,625,005
Profit/(loss) for the financial year available for discretionary division among members | - | (3,488,553 ) | (3,488,553 ) | (3,488,553 )
Members' interests after profit/(loss) for the year | 2,220,000 | 9,916,452 | 12,136,452 | 12,136,452
As at 31 December 2025 | 2,220,000 | 9,916,452 | 12,136,452 | 12,136,452

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Techstars London 2016 LLP
Notes to the Financial Statements
For The Year Ended 31 December 2025
Notes to the Financial Statements
1. General Information
Statutory information
Techstars London 2016 LLP is a limited liability partnership, incorporated in England & Wales, registered number OC408488 . The Registered Office is 47 Park Lane, London, W1K 1PR.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
2.2. Other Accounting Policies
Profit allocation and distributions
Profits are divided among the members based on the profit shares as set out in the LLP Agreement at such times and in such amounts as deemed appropriate by the Designated Members following completion of an investment series.
Profits are divided and distributed in the following order and priority:
- first, to the General Members until the General Members have received an amount equal to the Capital Contribution made by them in the relevant Investment Series;
- second, 10% to the capital account of the Corporate Member and 90% to the Members in proportion to their respective Percentage Interests in such Investment Series.
Going concern
In accordance with the requirements of FRS102, the valuations at the date of the statement of financial position reflect the economic conditions in existence at that date. The most recent valuation, carried out as of 31 December 2025, shows a decrease in the overall value of the investments held. The next date at which a valuation of unquoted investments will be performed will be as of 30 June 2026. The LLP has sufficient cash balances to cover its liabilities as they fall due for at least twelve months from the approval of the accounts and on this basis the members consider it appropriate for the accounts to be prepared on a going concern basis.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
...CONTINUED
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Techstars London 2016 LLP
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.2. Other Accounting Policies - continued
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Other Investments
Other investments are recorded at fair value. Fair value is the estimated amount that would be received to sell the portfolio investment in an orderly transaction between market participants at the measurement date. In determining fair value of Investments made in connection with participation in an accelerator program, the LLP considers several factors including, cost, stage of investee company, management team, geography, and the overall inherent value created from participation in the mentorship driven accelerator program and network.
The LLP also reconsiders an investment's fair value in connection with each material equity financing. The value of the last round of financing is a factor in determining fair value, but it is not the only factor. A subsequent equity financing that includes substantially the same group of investors as the prior financing is considered in valuing prior investments unless it can be demonstrated that the financing no longer represents fair value.
Occasionally a round of financing includes a significant investment from a strategic investor paying a premium due to benefits accruing uniquely to itself. The LLP evaluates whether such a premium is representative of what the most likely buyers of the investee company would also pay upon exit, and therefore, whether the price paid by the strategic investor is deemed to be the exit price (fair value) expected from market participants.
After some period of time, cost or the latest round of financing becomes less reliable as an approximation of fair value. The LLP assesses whether fair value has changed even though there has not been a new round of financing. Examples of changes in circumstances which may indicate a change in fair value include, but are not limited to, the following:
(a) The current performance of the investee company is significantly above or below the expectations at the time of the original investment. Potential indicators of this situation will include evaluation of the investee company's success or failure in attaining certain milestones, achieving technology breakthroughs, developing proprietary technology or significantly exceeding or failing to meet targets.
(b) Market, economic or investee company specific conditions have significantly improved or deteriorated since the time of the original investment. Potential indicators of this situation will include evaluation of broad changes in the economic climate, changes in the financing markets, changes in the legal or regulatory environment in which the investee company operates, changes in the investee company's cost structure, increased or decreased risk factors faced by the investee company, or significant fluctuations in share prices of quoted investee companies operating in the same or a related industry.
(c) Substantial decreases in the value of quoted, more senior securities of the investee company, defaults on any obligations of the investee company, a bankruptcy filing, significant ownership dilution caused by recapitalization of the investee company, or liquidity concerns that are expected to be more than short term in nature are circumstances which indicate a potential impairment in value.
Financial instruments
Basic financial assets and liabilities including, including trade and other receivables, cash and bank balances, trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Valuation of unquoted investments
The principal area of estimation uncertainty relates to the valuation of unquoted investments. In determining fair value, the members consider factors including recent investment or financing transactions, the investee company's financial performance and progress against key milestones, market and economic conditions, comparable company information, the rights attaching to the securities held and the prospects for a future realisation.
The valuation of early-stage investments is inherently subjective and may be affected by changes in assumptions, market conditions or the future performance of the investee companies. Consequently, the amounts ultimately realised on disposal may differ from the values recognised in the financial statements. The carrying value of unquoted investments at the reporting date was £10,970,661.
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Techstars London 2016 LLP
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: NIL (2024: NIL)
- -
4. Investments

| Subsidiaries | Unlisted | Total
--- | --- | --- | ---
| £ | £ | £
Cost or Valuation
As at 1 January 2025 | 1 | 15,527,813 | 15,527,814
Disposals | - | (1,091,309 ) | (1,091,309 )
Revaluations | - | (3,465,843 ) | (3,465,843 )
As at 31 December 2025 | 1 | 10,970,661 | 10,970,662
Provision
As at 1 January 2025 | - | - | -
As at 31 December 2025 | - | - | -
Net Book Value
As at 31 December 2025 | 1 | 10,970,661 | 10,970,662
As at 1 January 2025 | 1 | 15,527,813 | 15,527,814

The balance of the subsidiaries represents the LLP's investment in its shares in group undertakings at the reporting date.
5. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Accruals and deferred income | 8,586 |  | 8,100
Amounts owed to group undertakings | 43,379 |  | 25,529
| 51,965 |  | 33,629

6. Post Balance Sheet Events
In January 2026, the LLP made a distribution of £908,490 to its members in accordance with the provisions of the Limited Liability Partnership Agreement (LPA). The distribution relates to profits available for distribution and was approved and executed after the balance sheet date. As the distribution occurred subsequent to the reporting date, it has not been recognised as a liability in the financial statements as at the balance sheet date but has been disclosed as a post balance sheet event.
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