The British Business Bank has published Future Fund data that gives a detailed picture of the 745 companies that have been approved for £770.8m worth of Convertible Loan Agreements since the scheme was launched on 20th May. There have been 1,243 applications in total since the scheme was launched.

The data reveals, 42% of funding approved to companies for convertible loan agreements worth £320.6m have their headquarters located outside of London. Of the total amount of £770.8m, 16% is to companies headquartered in the South (South East and South West), 11% in the North (North West, North East and Yorkshire and the Humber), 8% in the East of England, 3% in the Midlands (East Midlands and West Midlands) and 2% in the Devolved Nations (Scotland, Wales and Northern Ireland). London accounts for 58% of companies, in-line with the wider market trends for equity investments. The British Business Bank’s 2019/20 Small Business Finance Markets report showed that London received 66% of equity investment by value in 2019.

Of the 745 companies that have been approved and received their Convertible Loan Agreements for signature, 81% of funding is to companies with mixed gender senior management teams. Since the launch of the Future Fund more than 30 venture capital firms and angel groups have become signatories to the Government’s Investing in Women Code, alongside the Future Fund.

As part of its commitment to sign HM Treasury’s Investing in Women Code, the Future Fund will supply HM Treasury with statistics on founder gender. HM Treasury intends to publish the inaugural Investing in Women Report later this year.

Black, Asian and minority ethnic (BAME) only and mixed ethnicity management teams account for 65% of funding to companies that have been approved for Convertible Loan Agreements so far, worth £459.2m.

The British Business Bank will publish a report examining the state of Entrepreneurship in the UK in the autumn. This will include data on ethnicity in addition to gender and location.

Future Fund data by gender of company senior management team (self-reported by applicant)

Management Team No. of
convertible loans
approved
Value of
convertible loans approved
All female team 9 £12.2m
All male team 189 £126.5m
Mixed gender team 516 £591.8m
Chose not to provide data 31 £40.2m
Grand Total 745 £770.8m

Future Fund data by ethnicity of company senior management team (self-reported by applicant)

Management
Team
No. of convertible loans approved Value of convertible loans approved
All BAME team 40 £29.0m
All white team 289 £249.8m
Mixed ethnicity team 355 £430.2m
No info given 61 £61.7m
Grand Total 745 £770.8m

 Future Fund data by location where company applying to Future Fund is based

No. of convertible loans approved Value of convertible loans approved
East Midlands 7 £7.7m
East of England 56 £65.4m
London 420 £450.2m
North East 22 £19.7m
North West 40 £43.0m
Northern Ireland 8 £7.1m
Other 1 £0.5m
Scotland 13 £5.4m
South East 88 £109.2m
South West 30 £17.9m
Wales 13 £6.4m
West Midlands 23 £18.6m
Yorkshire and the Humber 24 £19.7m
Total 745 £770.8m

The Future Fund uses an online platform based on a recognised financial instrument, and a set of standard terms with published eligibility criteria. The process provides a clear, efficient way to make funding available as widely and as swiftly as possible without the need for lengthy negotiations.

Official statistics report senior management team composition because Future Fund is available to many companies beyond early stage. Our analysis of the company founder data, where available, shows it tracks above market figures for gender diversity.