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

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 2022.¹

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 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.

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 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 loans550
Investments where Future Fund retains an equity interest515
Fully exited43
Administrations and insolvencies (still in loan status)83 ²

Reconciliation since last quarterly update

Previous published number of equity investments464
Companies removed from list of equity investments ⁴-2
New Conversions53

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:

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