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The Future Fund launched on 20 May 2020 to support innovative UK companies that typically rely on equity investment to fund their growth.
1,190 companies received investment from the Future Fund totaling £1.14 billion from launch through to 31 January 2021. Such investments were in the form of financial instruments known as convertible loans.
The British Business Bank has now announced that, as at 31 August 2021, 158 of these loans have converted into equity shares, meaning that over 10% of Future Fund companies have already successfully reached their next equity funding round. Of those 158, 7 of the businesses are located in the South West:
3Radical Limited
Blu Wireless Technology Limited
Cloud 8 Limited
Kets Quantum Security Ltd
Perceptual Robotics Limited
Ultraleap Holdings Limited
Wildanet Limited
Ken Cooper, Managing Director, Venture Solutions, British Business Bank: "The Future Fund was created to increase the flow of capital to innovative companies at the height of the pandemic, while ensuring long-term value for the UK taxpayer. We’re delighted to see so many companies already going on to raise further private sector capital. As a shareholder in so many promising businesses, the Future Fund is well positioned to support, and benefit from their continued growth."
