British Business Bank publishes updated list of 464 companies in which the Future Fund has an equity stake
Press release
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. Read footnote text 3
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.
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3
This includes loans converted to equity as well as where the Future Fund has exited a company for shares in another entity.
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. Ken Cooper Managing Director, Venture Solutions, British Business Bank
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 loans | 621 |
|---|---|
| Equity investments where Future Fund retains an equity interest | 464 |
| Fully exited | 39 |
| Administrations (still in loan status) | 67 |
| Total | 1,191 Read footnote text 4 |
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4
De-merger of Intechnica Group Limited into two new entities has increased the total to 1,191.
Reconciliation since last quarterly update
| Previous published conversions | 400 |
|---|---|
| Companies removed from list of equity investments Read footnote text 5 | -3 |
| New Conversions | 67 |
| Total | 464 |
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.
Appendix
Additional 67 companies in which the Future Fund has an equity interest as at 30 September 2022:
| Company | Region |
|---|---|
| Apperio Limited | London |
| Apps2Data (Holdings) Limited | Scotland |
| Artisan Coffee Co Limited | South East |
| ARX Alliance Limited | London |
| Assetz Capital Limited | North West |
| Auddy Limited | London |
| Automated Intelligence Limited | Northern Ireland |
| Avado Group Limited | Channel Islands |
| Azadyne Ltd | London |
| Blackbullion Ltd | London |
| Bonas Snacks Limited | London |
| Carbon Air Limited | North West |
| Chargifi Limited | South East |
| Cheerfy Ltd | South East |
| Commodities Ai Ltd | London |
| Cydar Limited | East of England |
| Deontics Limited | London |
| Ducentis Biotherapeutics LTD. | South East |
| Eartex Ltd | London |
| Gravity Co-Living Limited | London |
| Green Nation Systems Limited | London |
| Gymfinity Kids Limited | Yorkshire and The Humber |
| Hey Habito Ltd | South East |
| Hoxton Analytics Limited | London |
| Iamyiam Limited | London |
| Impression Technologies Limited | West Midlands |
| Intechnica Holdings Limited | North West |
| Jiminny Holdings Limited | London |
| King of Games Limited | North West |
| Krowd Limited | London |
| L'Estrange London Limited | London |
| Liberty Brewing Limited | West Midlands |
| Lightful LTD. | London |
| Market Earlybird Ltd | London |
| Mirico LTD. | South East |
| Mnai Data Solutions Limited | South East |
| Modulous Limited | London |
| My Personal Therapeutics Ltd | London |
| Myonlineschool Ltd | South East |
| Nanusens Limited | South West |
| Netacea Limited | North West |
| Neurofenix Limited | West Midlands |
| Nineteen21 Limited | London |
| Novocomms Limited | West Midlands |
| Optellum Ltd | South East |
| Orka Technology Group Ltd | North West |
| Orri Ltd | London |
| PBD Biotech Limited | East Midlands |
| Plyable Ltd | South East |
| Profinda Limited | London |
| Rainbird Technologies Ltd | East of England |
| Rockabox Media Ltd | London |
| Second Home Ltd | London |
| Seedrs Limited | London |
| Shortbite Ltd | North West |
| Ski-Lifts Ltd | North West |
| Small Robot Company Limited | South West |
| Smartology Limited | London |
| Sofant Technologies Ltd | Scotland |
| Spacious Ltd | East of England |
| Taptripco Limited | North West |
| The Smart Request Company Ltd | South East |
| Thr Venture Ltd | South East |
| Undo Limited | East of England |
| X R Games Limited | Yorkshire and The Humber |
| Zerolight Limited | North East |
| Zoom Abroad Online Limited | London |
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5
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 Read footnote text 1 of finance to more than 96,000 smaller businesses Read footnote text 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.
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1
Figures as at end March 2022
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2
Figures as at end March 2022
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