The British Business Bank commissioned Ipsos MORI to undertake an interim evaluation of the Enterprise Capital Fund (ECF) programme. This interim evaluation provides supporting evidence on the effectiveness of the ECF programme in meeting its objectives.
Key findings from the report
The Enterprise Capital Funds programme is the largest domestic backer of Venture Capital funds in the UK
- 665 companies supported from across 36 funds
- Over £1.72bn committed to date
Download the Report ECF Interim Evaluation 2021
The British Business Bank commissioned Ipsos MORI to undertake an interim evaluation of the Enterprise Capital Fund (ECF) programme.
The average size of an ECF is £47m
Total funding raised is £1.9bn
£4.5bn of equity funding raised by the ECF-backed firms
62% of fund managers supported went on to raise successor funds
The majority of our fund managers agreed their fund would not have closed without support from the ECF programme Placeholder Name Occupation / Organization
‘Equity gap’ being tackled through increased levels of VC investment into UK early-stage companies
Our partners are more likely to invest at earlier stages than other VC investors in the market
- Types of ECF investee companies:
- 63% seed or start-up
- 25% early-stage
- 13% later stage
Enterprise Capital Funds have a significant impact on business growth
The average size of an ECF is £47m
This generated £2.2bn in additional sales
Their turnover grew at an annual rate of 76%
Helped create highly skilled jobs with 51% of salaries in the top quartile of the UK (£37,000).