British Business Bank publishes updated list of 515 companies in which the Future Fund has an equity stake

Press release 26 January 2023

Today the British Business Bank publishes a list of 53 additional companies in which the Future Fund holds an equity stake, taking the total to 515 as at end of December 2022. 

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

Companies in which Future Fund is now a shareholder include Oxford Nanosystems, creating advanced coating technologies for enhanced heat transfer, Roslin Technologies, a biotech company improving protein production for cultivated meat and the transition towards more sustainable food systems, Phlo Technologies, an online pharmacy, both based in Scotland, and Magnitude Biosciences, a life sciences company in Durham.

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 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 so many of those companies now going on to raise further private sector capital, which will allow the Future Fund to benefit from their continued growth. Ken Cooper Managing Director, Venture Solutions, British Business Bank

As at end of December 2022, there were 515 convertible loans that converted into equity shares and in respect of which the Future Fund continues to hold an equity interest.

Breakdown of total book

Convertible loans


Investments where Future Fund retains an equity interest


Fully exited


Administrations and insolvencies (still in loan status)

83 ²



Reconciliation since last quarterly update

Previous published number of equity investments


Companies removed from list of equity investments ⁴


New Conversions




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 at the next equity funding round, converting at a discount to the price per share agreed between companies and investors in the funding round.

The British Business Bank will update the list of companies in which Future Fund has a shareholding at the end of each financial quarter.

Further information on the Future Fund is available.

On 6 July 2021 the British Business Bank published data giving a final, comprehensive picture of how the Future Fund has supported businesses during the pandemic.

¹ This includes loans converted to equity as well as equity holdings that result from an exit in which Future Fund received shares in another entity as consideration. It also includes equity investments in 12 companies in administration and insolvency.

² As noted above, there are a further 12 administrations and insolvencies in respect of companies where the Future Fund investment is in equity status

³ The number of investments increased from 1,190 to 1,191 as a result of a demerger.

 Two full exits, i.e. where Future Fund no longer holds any equity


Additional 53 companies in which the Future Fund has an equity interest as at end December 2022:

Company Region
Acre 1144 Limited South East
Acre Platforms Limited London
Apobec Discovery Ltd West Midlands
Arctic Shores Limited North West
Biorelate Limited North West
Bmll Technologies Limited London
Bricklane Technologies Ltd London
Bunk App LTD. London
Cambridge Oncology Ltd East of England
Cellen Life Sciences Limited London
Contentive Group Limited London
Cospace Group Limited East of England
Cred Investments Holdings Limited London
Dines App Ltd London
Dma Link Limited London
Edgify Ai LTD. London
Elemental Concept 2016 Limited London
Beckley Psytech Limited London
Enro Holdings Limited London
Equilibrium Markets Limited West Midlands
Eternum Ltd London
Exerceo Training Ltd London
Fosjento Holdings Ltd London
Fronted Holding Ltd London
Grid Smarter Cities Ltd North East
Immerse Learning Limited London
Intelligent Data Technologies Limited South East
Iotech Systems Limited North East
Lightwaverf Ltd West Midlands
Magnitude Biosciences Limited North East
Maistro Limited South West
Mercaux, Inc. Other
Methera Global Communications Limited London
Onedome Ltd London
Oxford Nanosystems Ltd South East
Pardus Holdings Limited London
Phlo Technologies Ltd Scotland
Photonic Measurements Limited Northern Ireland
Powervault Ltd London
Proplend Ltd London
Roslin Technologies Limited Scotland
Sanitary OWL Ltd London
Sheep Included Ltd London
Shepper Limited London
Solar Options For Schools Limited East of England
Spinview Global Limited London
Stack Content Discovery Limited London
Steama Company Limited North West
Sync Capital Holdings Limited London
Talent Cloud Solutions Limited London
The Lakes Distillery Company PLC North East
Torro Ventures Ltd London
Travel Assets Group Limited South East

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 as of 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 £12.2 billion1  of finance to more than 96,000 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 £80.4 billion in finance to 1.67 million 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 at the British Business Bank.

  • 1

    Figures as at end March 2022

  • 2

    Figures as at end March 2022