British Business Bank publishes updated list of 400 companies in which the Future Fund has an equity stake

Today the British Business Bank publishes a list of 65 additional companies in which the Future Fund holds an equity stake, taking the total to 400 as at 30 June 2022, meaning 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 Impact Recycling which has developed a breakthrough plastic recycling technology which separates post-consumer mixed rigid plastic waste, and LettUs Grow, an aeroponics company that enables plants to go twice as fast as hydroponics using less water, fertiliser and no pesticides.

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 June 2022, there were 400 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 703
Equity investments where Future Fund retains an equity interest 400
Fully exited 33
Administrations (still in loan status) 54
Total 1,190

Reconciliation since last quarterly update

Previous published conversions




New Conversions




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