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An EIS fund is a managed investment vehicle that raises finance from individuals for the purpose of investing in select EIS-eligible ventures.
'EIS' stands for Enterprise Investment Scheme, an HMRC-run scheme that helps younger, higher-risk businesses raise finance by offering investors generous tax reliefs

How the scheme works.
EIS is designed so that your company can raise money to help grow your business. It does this by offering tax reliefs to individual investors who buy new shares in your company.
Under EIS , you can raise up to £5 million each year, and a maximum of £12 million in your company's lifetime.

A note for Investors

Of course, if you're looking looking to invest in EIS-eligible opportunities, you can always take matters into your own hands and handpick your own individual investments through a platform such as SyndicateRoom.

The drawback of this method is that it leaves all the due diligence to you, meaning that you will need to spend time researching your options and deciding how much to invest.
While time-consuming, this can be an immensely exciting and rewarding process, particularly if the company you invest in goes on to be the next unicorn.