British Business Bank publishes updated list of 712 companies in which the Future Fund has an equity interest

Press release 25 April 2024

Today the British Business Bank publishes a list of 31 additional companies in which the Future Fund holds an equity interest, taking total equity holdings to 712 as at 31 March 2024.

The rate of conversions in Q4 2023/4 was lower compared to the previous quarter, with 31 new equity interests. In contrast, the number of insolvencies this quarter was higher than the previous quarter, with 29 new insolvencies added. This sustained level of corporate activity is in part due to outstanding Future Fund loans nearing their three-year maturity date. All of the companies with outstanding loans have been contacted to set out the options available to them. As at 31 March 2024, 143 loans had been granted an extension of up to two years.

Companies in which the Future Fund now holds an equity interest include Cambridge-based PlaqueTec, a biosciences company identifying specific biomarkers to advance precision medicine for coronary artery disease (CAD), Leeds-based SatSense that provides precise and up-to-date ground movement data via satellite to millimetre accuracy, and Treos Bio, a clinical stage biotechnology company using data science and proprietary biomarkers to develop personalised immunotherapy treatment for cancer.

The Future Fund was created to ensure a flow of capital, at the height of the pandemic, to companies that would otherwise have been unable to access government support schemes, while ensuring long-term value for the UK taxpayer. We are pleased to see companies continuing to raise further private sector capital, which will allow the Future Fund to benefit from their progress Ken Cooper Managing Director, Venture Solutions, British Business Bank

Launched on 20 May 2020, and open for applications until 31 January 2021, the Future Fund issued 1,190 companies with convertible loans worth £1.14bn in total. Third-party investors were required to at least match the Future Fund’s investment.

The Future Fund supported UK companies that typically rely on equity investment to fund their growth. By creating a bridge to the next equity funding round, the Future Fund supported these companies through a period of considerable economic disruption and now the recovery.

The scheme used a recognised financial instrument known as a convertible loan. Unlike an equity investment, there wasn’t a requirement under the convertible loan to value the company or the price of its shares, at a time when company valuations had been significantly impacted by Covid-19. Instead, the convertible loans are designed to convert into equity either at the next equity funding round or if the company is acquired through a sale or IPO.

Breakdown of the total portfolio as at 31 March 2024


As at 31 March 2024

Number of investments (Original loan value)

Previous Quarter

Number of investments

Change since previous quarter

Number of investments

Loans 211 £191m 260 -49
Equity interests 712 £705m 696 16
Cash realisations 66 £63m 62 4
Insolvencies 202 £177m 173 29
Total 1,191 £1,137m 1,191  

* Up to 31 March 2024, 143 loans had been extended by up to two years. Of these, 29 loans subsequently changed category to “equity interest”, “cash realisation” or “insolvency”. This table shows the composition of the portfolio as at 31 March 2024.

Reconciliation of equity interests since last quarterly update



Previous published number of equity interests


Companies removed from list of equity interests


New conversions of loans into equity interests




Explanatory notes:

Loans: the number of Future Fund investments in the form of a convertible loan.

Equity interests: the number of Future Fund investments in the form of a share. These arise primarily as a result of a convertible loan converting into shares following a financing event. Equity interests also arise following a sale or an IPO in which investors, including Future Fund, receive share consideration in the form of shares in the acquiring entity.

Cash realisations: the number of Future Fund investments that have been realised for cash as a result of a company being acquired. Consequently, the Future Fund no longer holds an Equity Interest or a Loan in those companies.

Insolvencies: the number of Future Fund investments in respect of companies which have entered administration, liquidation or another formal insolvency process as disclosed in Companies House filings.

Please note that the original number of Future Fund investments increased from 1,190 to 1,191 as a result of a demerger of one company.

The British Business Bank will update the list of companies in which the Future Fund has an Equity Interest and the list of companies which have entered insolvency at the end of each financial quarter.

Further information on the Future Fund is available.

Further Information

If you are a journalist and have a media enquiry, please contact [email protected].

Notes to editors

Future Fund

The Future Fund was established to support the UK’s innovative businesses affected by Covid-19. These businesses were unable to access other government business support programmes, such as CBILS, because they are either pre-revenue or pre-profit and typically rely on equity investment. The Future Fund closed to new applications on 31 January 2021 and the last loans were issued in June 2021. The Future Fund provided UK-based companies with convertible loans on condition that third-party investors at least match the government’s commitment. The convertible loans are designed to convert into equity at the next equity funding round. The Future Fund was developed by the government and delivered by the British Business Bank.

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank’s core programmes support over £12.4bn1 of finance to more than 90,000 smaller businesses2 .

As well as increasing the supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.

The British Business Bank is also responsible for administering the government’s three Coronavirus loan schemes and its Future Fund, together responsible for delivering £80.4bn in finance to 1.67m businesses. These schemes are now closed to new applications.

British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. Wholly owned by HM Government, the Bank and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found on our website.


  • 1

    Figures as at end March 2023

  • 2

    Figures as at end March 2023