The British Business Bank has published an updated list of firms in which it holds equity. According to the bank, there are 44 additional companies now on the list bringing the total to 696 individual firms – as of December 31, 2023. The shares were engendered by the Future Fund – a COVID relief program. Launched on May 20, 2020, and open for applications until January 31, 2021, the Future Fund issued 1,190 companies with convertible loans worth £1.14 billion in total.
During COVID, policymakers were concerned about companies not being able to access capital markets to receive needed funding to keep the lights on. Several lending programs were offered, but debt financing was not deemed to be sufficient for early-stage firms, which typically need equity capital or alternatives. There was a significant risk that the UK would lose a generation of startups and innovative young firms if they were unable to access the capital markets. Thus, the Future Fund was created to provide access to capital. The program required a match from private investors, and several crowdfunding platforms participated in the funding for convertible securities with the expectation that many of the investments would inevitably convert, thus making the UK government a shareholder in private firms. The 44 new firms were added to the list due to conversions.
The British Business Bank continues to hold shares in operating companies, but some have become insolvent. According to the bank, insolvencies during the quarter were higher than in the previous quarter, with 27 new insolvencies added.
The convertibles issued under the Future Fund are nearing their three-year maturity date. The Bank says that all of the companies with outstanding loans have been contacted to set out the options available to them. As of 12 January 2024, 97 loans have been extended by up to two years.
Ken Cooper, Managing Director, Venture Solutions, British Business Bank, said they are pleased that so many Future Fund companies are now pursuing additional capital in the private market, meaning they are progressing.
The list of Future Fund-financed companies in which the Bank now holds shares is available below.
| Company | Region |
| Actelligent (U.K.) Company Limited | London |
| Artvisor Ltd | London |
| Bikmo Limited | North West |
| Blackford Group Limited | Scotland |
| Blue International Holdings Limited | South West |
| Byhiras Group Limited | London |
| Character Counts Ltd | London |
| Crowd Connected Limited | South East |
| Crypta Labs Limited | London |
| Cumulus Neuroscience Limited | Northern Ireland |
| Docuchain Limited | London |
| Enteral Access Technologies Ltd | North West |
| Exacttrak Limited | London |
| Fenestra Holdings Ltd | London |
| Futuresoft Limited | London |
| Hydda Limited | South East |
| Immense Simulations Limited | London |
| Klevio Ltd | London |
| Lumen Research Ltd* | London |
| Map of Agriculture Group LTD. | North West |
| Mapstand Limited | London |
| Market Analytics Technology Ltd | London |
| Meniga Limited | London |
| Miappi Limited | London |
| Mishipay LTD. | London |
| MODA INDUSTRIES LIMITED | South East |
| Nexus Frontier Tech Limited | London |
| Nhouse Commercial Limited | East of England |
| Nomisma Solution Ltd | London |
| Optimor Limited | East of England |
| Phlow Zone Ltd | London |
| Polecat Intelligence Limited | Republic of Ireland |
| Proscenium Entertainment Group Limited | London |
| Real Handful Ltd | North West |
| Realeyes (Holdings) Limited | London |
| Secondmind Limited | London |
| Shaping Cloud Ltd | North West |
| Sibelius Ltd | South East |
| Simplestream Limited | London |
| Smilepod Group Limited | South East |
| The Fashion Incubator Limited | South East |
| The Gut Stuff Limited | East Midlands |
| Ventive Ltd | London |
| Wheely Ltd | London |
