British Business Bank publishes updated list of 464 companies in which the Future Fund has an equity stake

Today the British Business Bank publishes a list of 67 additional companies in which the Future Fund holds an equity stake, taking the total to 464 as at 30 September 2022, meaning more than a third of companies have now converted to equity.¹

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 Nottingham-based PBD Biotech, that has developed a rapid screening test for both human and bovine tuberculosis, and Optellum, creators of AI-based software for early diagnosis of lung cancer that utilises the largest real-world dataset of CT scans to identify at-risk patients and help clinicians provide better cancer management and care to patients.

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.

Ken Cooper, Managing Director, Venture Solutions, British Business Bank said:

“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.”

As at 30 September 2022, there were 464 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 loans621
Equity investments where Future Fund retains an equity interest464
Fully exited39
Administrations (still in loan status)67

Reconciliation since last quarterly update

Previous published conversions400
Companies removed from list of equity investments ³-3
New Conversions67

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.


Additional 67 companies in which the Future Fund has an equity interest as at 30 September 2022:

Apperio LimitedLondon
Apps2Data (Holdings) LimitedScotland
Artisan Coffee Co LimitedSouth East
ARX Alliance LimitedLondon
Assetz Capital LimitedNorth West
Auddy LimitedLondon
Automated Intelligence LimitedNorthern Ireland
Avado Group LimitedChannel Islands
Azadyne LtdLondon
Blackbullion LtdLondon
Bonas Snacks LimitedLondon
Carbon Air LimitedNorth West
Chargifi LimitedSouth East
Cheerfy LtdSouth East
Commodities Ai LtdLondon
Cydar LimitedEast of England
Deontics LimitedLondon
Ducentis Biotherapeutics LTD.South East
Eartex LtdLondon
Gravity Co-Living LimitedLondon
Green Nation Systems LimitedLondon
Gymfinity Kids LimitedYorkshire and The Humber
Hey Habito LtdSouth East
Hoxton Analytics LimitedLondon
Iamyiam LimitedLondon
Impression Technologies LimitedWest Midlands
Intechnica Holdings LimitedNorth West
Jiminny Holdings LimitedLondon
King of Games LimitedNorth West
Krowd LimitedLondon
L'Estrange London LimitedLondon
Liberty Brewing LimitedWest Midlands
Lightful LTD.London
Market Earlybird LtdLondon
Mirico LTD.South East
Mnai Data Solutions LimitedSouth East
Modulous LimitedLondon
My Personal Therapeutics LtdLondon
Myonlineschool LtdSouth East
Nanusens LimitedSouth West
Netacea LimitedNorth West
Neurofenix LimitedWest Midlands
Nineteen21 LimitedLondon
Novocomms LimitedWest Midlands
Optellum LtdSouth East
Orka Technology Group LtdNorth West
Orri LtdLondon
PBD Biotech LimitedEast Midlands
Plyable LtdSouth East
Profinda LimitedLondon
Rainbird Technologies LtdEast of England
Rockabox Media LtdLondon
Second Home LtdLondon
Seedrs LimitedLondon
Shortbite LtdNorth West
Ski-Lifts LtdNorth West
Small Robot Company LimitedSouth West
Smartology LimitedLondon
Sofant Technologies LtdScotland
Spacious LtdEast of England
Taptripco LimitedNorth West
The Smart Request Company LtdSouth East
Thr Venture LtdSouth East
Undo LimitedEast of England
X R Games LimitedYorkshire and The Humber
Zerolight LimitedNorth East
Zoom Abroad Online LimitedLondon

¹ This includes loans converted to equity as well as where the Future Fund has exited a company for shares in another entity.

² De-merger of Intechnica Group Limited into two new entities has increased the total to 1,191.

³ One administration, one exit, and removal of original entity that has since de-merged.

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, now closed to new applications, provided UK-based companies with convertible loans, on the 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 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 billion ¹ of finance to more than 96,000 smaller businesses ².

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