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British Business Bank publishes updated list of 464 companies in which the Future Fund has an equity stake

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The British Business Bank has published a list of 67 additional companies (see below) 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.

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 £1.14bn 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.

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 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
 
Reconciliation since last quarterly update  
Previous published conversions 400
Companies removed from list of equity investments (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 – the full list is available here.

Further information on the Future Fund is available here

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. This is available here

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