Future Fund takes equity stake in another 67 companies
The British Business Bank’s Future Fund now has an equity stake in 464 companies, including peer-to-peer lending platform Assetz Capital.
The fund has published the names of 67 additional companies it has a stake in as of 30 September 2022, which means than more than a third of companies it issued convertible loan agreements to have converted to equity.
In October 2020, Assetz Capital completed a £1.5m fundraise, after the government’s Future Fund matched its overfunded crowdfunding round on Seedrs of over £750,000.
The Future Fund was launched in May 2020 issuing convertible loan agreements worth £1.14bn to 1,190 companies. The aim was to create a bridge to the next equity funding round for these businesses, helping them through the pandemic period.
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“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,” said Ken Cooper, managing director, venture solutions at the British Business Bank.
“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.”
The fund has also fully exited 39 companies, according to the most recent update.
The list of companies is updated at the end of each financial quarter.
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