The Future Fund now has stock interests in 67 more companies, bringing its total equity holdings as of 30 June 2023 to 591, according to a list published by the British Business Bank.
Corporate activity increased in Q1 2023 compared to the prior quarter by 67 additions, which raised the conversion rate. But there were 18 more bankruptcies in this quarter, resulting in a higher total number of insolvencies.
The Future Fund was established on May 20, 2020, and it accepted applications until January 31, 2021. It provided 1,190 UK enterprises with convertible loans totalling £1.14bn. It served as a bridge during the economic downturn, assisting businesses that depended on equity investment for expansion and their resilience and recovery.
Companies in which the Future Fund now has an equity stake include Belfast-based B-Secur Limited, a biosensing algorithm business that specialises in EKG interpretation; C-Capture Limited, a University of Leeds spinout with patented technology providing a safe, affordable way to remove carbon dioxide from emissions; Istesso, a drug discovery business creating novel therapies for fibrosis and autoimmunity conditions; and Transcend Packaging Limited, a sustenance packaging business.
British Business Bank Venture Solutions managing director Ken Cooper says: “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.
“The Future Fund is now entering the maturity phase, which signals three years since the first loans were executed. The comparative increase in activity this quarter is in part due to outstanding loans nearing their maturity, as we contact companies with outstanding loans in advance to set out the options available to them.”
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