Future Fund Update: British Business Bank Publishes Report on COVID Program Designed to Help Early Stage Firms

The Future Fund was one of several programs designed by the UK government to backstop firms during the COVID crisis. Managed by the British Business Bank, the Future Fund was created to help early-stage ventures which frequently need ongoing cash injections to get to profitability. The concern was the UK would lose a generation of entrepreneurial firms if a path to sustainability was not provided. Under the terms of the Future Fund, government funding was matched with private capital for convertible securities with total investments at 1,191 and £1.137 billion.

For Future Fund-supported firms, the money went into the real economy, supporting jobs and purchases.

The British Business Bank reports that total equity holdings now stand at 661 firms as 75 new companies have converted the debt into equity (as of September 30, 2023).

As one may expect, the number of failures continues to increase, with 17 new firms listed as insolvent. In total, 146 firms have gone bust, representing a loss of £138 million. At the same time, the UK government has become the shareholder in some firms that have garnered traction.

65 investments of the convertible debt have been extended for up to two years.

British Business Bank Managing Director, Venture Solutions,  Ken Cooper, explained that the Future Fund was created to ensure a flow of capital at the height of the pandemic while aiming for 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 progress.”

Investment crowdfunding platforms participated in the program as well, listing issuers approved for the Future Fund for matching investors. A recent report indicated that these companies are performing better overall.

As at 30 September 2023
Number of investments (Original loan value)
Previous Quarter
Number of investments
Change since previous quarter
Number of investments
Loans 329* £298m 420 -91
Equity interests 661 £652m 591 70
Cash realisations 55 £48m 51 4
Insolvencies 146 £138m 129 17
Total 1,191 £1,137m 1,191  

*As of 23 October 2023, 65 loans have been extended by up to two years.

The list of companies in which the UK holds an equity interest is available below.

Company Region
2PD Limited North East (England)
Aashni & Co LTD London
Adverttu Limited London
Agplus Holdings Limited London
Alpha Sonic Systems Ltd London
Ampersand Health Limited London
Amplyfi Ltd Wales
Arctoris Ltd South East (England)
Astronautx Limited South East (England)
Avealto Limited London
Baanx Group Ltd London
Bemyeye Holdings Limited London
Billon Group Limited London
Breathe International Ltd London
Cambridge Molecular Diagnostics Ltd East of England
Canverse Games Ltd South East (England)
Capitalrise Finance Limited London
Cpress Management Limited South East (England)
Crab Clinical Informatics Ltd East of England
Cross-Flow Energy Company Limited Wales
Diagnostics.Ai Ltd London
Electronrx Limited East of England
Farillio Limited London
Global Hospitality & Events Limited London
Halalbooking Ltd London
Harri Technologies (UK) Limited London
Helperby Therapeutics Group Limited London
Homehapp Limited London
Homeppl Ltd London
Intelesant Limited North West (England)
Investuk (Group) Limited London
Iothic Ltd East of England
Iotic Labs Limited London
Juno Bio Limited London
Klipboard Limited London
Krispyhouse Ltd London
Luminous Group Limited North East (England)
Maggie and Rose Limited London
Manigo Services Ltd London
MFP Trading Ltd London
Micrima Limited South West (England)
Molinare TV & Film Limited London
Money-4 Limited London
Navitas Group Limited East Midlands (England)
Neuro-Bio Ltd South East (England)
Novocomms Limited West Midlands (England)
Novoville Limited London
Nplmarkets Limited London
Ocean Ten Media Ltd South East (England)
O-Teas Limited London
Passby Technologies Limited London
Pcap Limited London
Pencil Biosciences Limited North West (England)
Project J Ltd South East (England)
Quantum Financial Holdings Limited London
Redcloud Technologies Limited London
Residently Holdings Limited London
Restaurant Developments Limited South East (England)
Screencloud Limited London
Screenhits Limited London
Silcrow Labs Limited London
Sirkka Networks Limited London
Solo Coffee Ltd London
Sports12 Education Ltd London
Tagvenue Limited London
TD Tom Davies Limited London
The Sure Chill Company Limited Wales
Tom and Teddy (Holdings) Limited South West (England)
Uniphy Limited Yorkshire and The Humber
Verdel Instruments Ltd South East (England)
Vidivet Limited North West (England)
Vizolution Limited Wales
World Wide Generation Ltd London
Zzish Limited London

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