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 2023Number of investments (Original loan value) |
Previous QuarterNumber of investments |
Change since previous quarterNumber 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) |
| TWYN HOLDINGS LIMITED | London |
| 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 |