British Business Bank publishes updated list of 591 companies in which the Future Fund has an equity interest

Press release 27 July 2023

Today the British Business Bank publishes a list of 67 additional companies in which the Future Fund holds an equity interest, taking total equity holdings to 591 as at 30 June 2023.

The rate of conversions in Q1 2023/4 increased compared to the previous quarter, with 67 new additions. Similarly, the number of insolvencies continued to grow in this quarter, with 18 new insolvencies added. This comparative increase in corporate activity is in part due to outstanding Future Fund loans nearing their three year maturity date as well as wider economic conditions.

Companies in which the Future Fund now holds an equity interest include Belfast based B-Secur Limited, a biosensing algorithm company that specialises in EKG interpretation; C-Capture Limited, a spinout from the University of Leeds that has patented technology offering a safe, low-cost way to remove carbon dioxide from emissions; Istesso, a drug discovery company developing novel treatments for autoimmunity and fibrosis conditions; and Transcend Packaging Limited, a sustainable packaging company based in Wales.

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. The Future Fund is now entering the maturity phase, which signals three years since the first loans were executed. The comparative increase in activity this quarter is in part due to outstanding loans nearing their maturity, as we contact companies with outstanding loans in advance to set out the options available to them. 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 £1.14 billion 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 30 June 2023


As at 30 June 2023

Previous Quarter

Change since previous quarter




Equity interests




Cash realisations












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 at the end of each financial quarter.

Starting from this quarter, the British Business Bank will provide a list of companies which have entered Insolvency.

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.

Notes to editors

About 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 the end of March 2022

  • 2

    Figures as at the end of March 2022