Future Fund takes equity stake in another 53 companies
The British Business Bank’s Future Fund has an equity stake in 515 companies in total, with another 53 added to the list, including peer-to-peer lending platform Proplend.
The fund, launched on 20 May 2020, was open for applications until 31 January 2021. It has just published the names of 53 companies it holds an equity stake in. The fund issued 1,190 companies with convertible loan agreements worth £1.14bn in total.
It fully exited 43 companies and there were 83 companies that went into administration or insolvency while still in loan status. There are also 12 administrations and insolvencies related to companies where the fund has an equity stake.
“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, 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.”
Read more: Half of Future Fund recipients say scheme saved business
The companies in which the Future Fund now has an equity stake in also include biotech company Roslin Technologies, online pharmacy Phlo Technologies and life sciences company Magnitude Biosciences.
The fund, which publishes an updated list at the end of each financial quarter, has exited two companies over the period.
Read more: JustUs among 108 more firms in which future fund holds a stake
An evaluation of the fund, conducted by RSM UK Consulting last year, found that 48 per cent of the recipients said the scheme saved their business.