Remember the Future Fund? Here’s where the UK government’s money went

When UK chancellor Rishi Sunak announced that the UK government would be investing in Covid-struck startups via a new fund, the Future Fund, he started a big debate.

Some thought the government shouldn’t be investing in startups at all. Others weren’t convinced that the government should be investing in the kind of startup struggling to raise last summer. And some criticised the fund for failing to cater to the needs of diverse and regional founders. 

Now, 15 months on, the British Business Bank has finally released a list of 158 startups in which the Future Fund holds an equity stake so far.

In total, the Future Fund issued 1,190 companies with convertible loan notes totalling £1.14bn. The startups listed below are just those which had successfully raised further funding rounds by August 31. 

We highlight 11 of the businesses backed by the government, followed by the full list. 

11 notable names backed by the Future Fund

Zeelo

Green transport is in the spotlight — and London-based Zeelo is hoping it stays there. It runs electric commuter bus services for customers who would otherwise rely on their cars to get them to work or school. In August it raised a $12m funding round, led by ETF Partners, with participation from InMotion Ventures.

Vaccitech

Founded by now world-famous scientists Sarah Gilbert and Adrian Hill in 2016, Vaccitech developed the technology used to create the AstraZeneca Covid vaccine. In March this year it raised a $168m Series B, and in April this year, the Oxford-based startup debuted on Nasdaq. 

Snoop

Norwich-based money saving mobile app Snoop flags when customers are spending more money than they need to on bills, and identifies opportunities for them to save money too. It was founded in 2019 and raised a £15m Series A funding round in July.

Tickr / CIRCA5000

Green investment app Tickr, which recently rebranded to CIRCA5000, allows users to invest in impact-oriented companies and offset their carbon emissions via its mobile app. The Liverpool-based company raised £2.5m in February, in a round led by Ada Ventures. And it’s one to watch, say investors.

Spill

It’s boom time for mental health apps, and London-based Spill is picking up plenty of customers as a result. Its app makes it easy for employees to figure out if they need — and if so, book — therapy sessions. It’s used by companies like Bulb, Typeform, Depop and Citymapper and in January raised a £2m seed round. 

In this opinion piece, founder Calvin Benton shares how to prevent and cure burnout in your team.

Motorway

Used cars are big business — in the UK alone, it’s a £60bn market — and investors are taking note. In June, London-based Motorway raised £48m in June in a round led by Index Ventures. It operates a marketplace where car owners can upload their vehicles and car dealers can bid at a daily auction, and was selling around 4k cars each month in the summer. 

Monese

Digital banking app Monese was looking to raise a funding round, which would value it at £1bn, just before the pandemic struck. Its inclusion on the Future Fund list confirms that it has raised since then — but hasn’t yet announced how much. 

Kano Computing

Kids computer kit startup Kano, founded by Alex Klein, nephew of well-known VC Saul Klein, hasn’t turned into quite the rocketship investors hoped for. It raised a $28m Series B in 2017 — and then things went quiet. It reportedly lost $13.7m in 2019, and its last announced funding was a $1m cheque from Microsoft in July 2020. 

Funderbeam

London-based Funderbeam is bringing much-desired liquidity to startup employees and early-stage investors in Europe. It allows them to trade their shares on its marketplace, and helps startups raise money too. It raised a €3.3m round in April led by Tim Draper. 

Cervest

Cervest, one of Sifted’s 100 sustainability startups to watch, uses AI to analyse data on ‘climate risk’ — like weather events. That helps its customers, which include corporates and governments, manage and adapt to that risk. The London-based startup was founded in 2016 and raised a $30m Series A in May led by Draper Esprit. 

Beamery

Recruitment software startup Beamery helps companies source, hire and retain people. It reportedly hit a valuation of around $800m when it raised a $138m funding round in June, led by the Ontario Teachers’ Pension Plan Board. 

The full list