British Business Bank pumps investment into exciting new companies across the region
The British Business Bank the government-owned development bank helping to making finance markets work better for smaller businesses, has published a list of 67 additional companies 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 Oxford-based Optellum, which has developed 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, and the Bristol-based Artisan Coffee Company.
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.
Other companies which have secured Future Fund equity funding include Impressions Technologies Limited, Coventry. The company has developed HFQ technology which enables cost-effective & sustainable light-weighting in ultra high strength aluminium for electric vehicles, aircraft and other structural components, and Neurofenix Limited of Stratford-Upon-Avon. Its NeuroBall is transforming neurological rehab. NeuroBall enables clinicians and their patients to maximize upper extremity rehab in the clinic and at home.
Oxford-based Ducentis BioTherapeutics is a pre-clinical stage company aiming to develop novel therapies for inflammation and autoimmune disease and Harwell Campus-based Mirico has developed high performance gas sensing intelligence using unique Laser Dispersion Spectroscopy (LDS) in any weather conditions. In July Mirico raised £2 million to accelerate roll out of its greenhouse gas emissions monitoring solutions. Shell Ventures and New Climate Ventures participated in the funding round alongside all existing institutional investors (Longwall Ventures, Foresight Williams, UK Innovation & Science Seed Fund, and STFC Innovations).
Oxford-based Plyable, is a world’s leading custom composite mould producer. Earlier this month it raised has raised £2.85 millio. The fund-raise was led by Maven Capital Partners one of the UK’s most active investors in growing businesses, alongside Solvay Ventures, existing investor Forward Partners has also returned to participate in this round. The transaction includes a £1.85 million investment from the Maven VCTs.
