APPENDIX B LIMITED

Capital raised per employee divides the equity APPENDIX B LIMITED raised in the last six months by the headcount in its most recent filed accounts. It is a rough read on how capital-intensive the business is: a high figure means the company is raising a lot relative to the number of people it employs, which is typical of hardware, biotech and other research-heavy businesses. Headcount comes from annual accounts and so lags the funding date, often by a year or more.