The British Business Bank has published Future Fund diversity data, presenting a “detailed picture” of the 252 companies that have joined the scheme since its launch on 20 May.
The findings were based on data from companies across the UK, and examined the composition of the management teams by gender and ethnicity.
The data revealed that 45% of funding approved to companies for loans worth £106m were headquartered outside of London.
Meanwhile, 22% of respondents were headquartered in the South East and South West, 11% in the North, 6% in the East of England, 3% in the Midlands and 3% in Scotland, Wales and Northern Ireland.
London accounted for 55% of companies, in-line with wider market trends for equity investments. A previous British Business Bank’s finance market report showed that London received 66% of equity investment by value in 2019.
Of the 252 companies that received convertible loan agreements through the scheme, 79% of funding went to companies with mixed gender management teams.
BAME-only and mixed ethnicity management teams accounted for 56% of funding to approved companies so far, worth a total loan value of £118.5m.
Keith Morgan, CEO of the British Business Bank said: “The Future Fund plays an important role in providing funding for innovative businesses across the UK that are unable to access other forms of funding.
“While the scheme was not set up to address wider well-known structural issues in the UK’s equity finance market for smaller businesses, I’m delighted to see this early evidence of the diversity in the management teams of the Future Fund companies.”
He added: “I am also extremely pleased to see so many venture capital firms and angel groups have become signatories to the Investing in Women Code, alongside the Future Fund.”