Peer-to-peer lender Invest and Fund has been named among firms that have converted future fund loans into equity stakes.
Data from the British Business Bank (BBB) shows 158 convertible loans approved under the scheme have now been moved into equity.
The state-backed bank said this meant the companies have successfully raised further private sector capital through an equity funding round.
“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,” Ken Cooper, managing director of venture solutions at the BBB, said.
“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.”
More than 1,190 companies were approved for convertible loans worth £1.14bn under the future fund, which was launched in May 2020 as part of the government’s measures to support businesses during the pandemic.
P2P lenders including CapitalRise, Crowd2Fund, Assetz Capital, JustUs, FutureBricks, Propio and Invest and Fund have raised at least £4.3m, according to Peer2Peer Finance News research.