I think this is really bad. Specifically because of the way that it burns the SEIS allowance. I would be tempted to call HMRC and explain what the accelerator

I think this is really bad. Specifically because of the way that it burns the SEIS allowance. I would be tempted to call HMRC and explain what the accelerator are doing, that they are using the investment incentive as a service charge for themselves, and to ask them to clarify whether or not this is allowed and the degree to which it creates an issue for your company.