Bringing together private and public sector capital, Enterprise Capital Funds (ECFs) provide equity investments for businesses in the UK.

Set up in 2006, there are now 16 ECFs in Britain worth £543.5 million. Comprising £321.2 million of government funds, a total of £203.7 million has been invested in 169 companies to date.

Managed by a number of well-known venture capital firms including MMC Ventures, Notion Capital and Passion Capital, new funds are determined by a rolling investment programme.

In 2008, management of of ECFs, along with other Department for Business, Innovation & Skill (BIS) equity funds including the Small Firms Loan Guarantee (SFLG), was transferred to Capital For Enterprise (CfEL). When CfEL become part of the British business bank in October 2013, responsibility for ECFs again shifted.

The findings, from the ICAEW’s Corporate Finance Faculty, show that a large proportion of ECF capital is still to be invested. Furthermore, the newer, and more active funds have been shown to be larger in size.

A wide range of sectors are being targeted by ECFs, evidence that the funding mechanism is an important source of capital for entrepreneurs seeking finance.

All figures sourced from the ICAEW’s Corporate Finance Faculty

Notion Capital 2

Founded: 2012

Size: £76.3 million

Focus: Cloud computing and software-as-a-service firms

Proportion from UK government: £25 million

Amount invested to date: £19.5 million (13 businesses)

Exits: 1

Status: Making investments

More on Notion Capital 2:

• Jos White’s Notion Capital makes first play from second fund
• Shutl set for US take-off after backing from e.ventures and Notion Capital
• DueDil raises $17 million round to continue ‘exponential’ growth

Longwall Ventures ECF

Founded: 2012

Size: £40 million

Focus: Science, engineering, technology business-to-business ventures at early stage

Proportion from UK government: £25 million

Amount invested to date: £3.5 million (8 businesses)

Exits: n/a

Status: Making investments

More on Longwall Ventures ECF:

• Oxford Photovoltaics raises funds from Longwall Ventures
• Longwall Ventures named as 12th ECF
• MODE Diagnostics secures funding and begins sales of screening kit

Foresight Nottingham Fund

Founded: 2013

Size: £40 million

Focus: Nottinghamshire-focused high-growth businesses

Proportion from UK government: £25 million

Amount invested to date: £2 million (2 businesses)

Exits: n/a

Status: Making investments

Passion Capital

Founded: 2011

Size: £37.5 million

Focus: Digital media and consumer technology businesses looking for seed capital

Proportion from UK government: £25 million

Amount invested to date: £18 million (39 businesses)

Exits: 4

Status: Making investments

More on Passion Capital

• Wedo links up with Passion Capital and MMC Ventures
• Coinfloor kicks off Bitcoin operations with help from Passion

Episode 1 Investments

Founded: 2013

Size: £37.5 million

Focus: Minimum viable product stage software start-ups

Proportion from UK government: £25 million 

Amount invested to date: £2.1 million (four businesses)

Exits: n/a

Status: Making investments

More on Episode 1 Investments:

• Online platform for buying new cars backed by Episode 1
• Irish e-commerce player Scurri raises €1.2 million

Panoramic ECF 1

Founded: 2010

Size: £34 million

Focus: Small and medium-sized businesses with revenues of over £1 million

Proportion from UK government: £20 million

Amount invested to date: £10.7 million (8 businesses)

Exits: 1

Status: Making investments

More on Panoramic ECF 1:

• Scottish ECF fund invests in Dog Digital
• Panoramic Growth Equity takes £1 million stake in Concorde
• Solfex Energy Systems sold to Travis Perkins

Amadeus IV Early Stage Fund

Founded: 2013

Size: £33.2 million (so far)

Focus: Disruptive technologies at the seed and early stages

Proportion from UK government: £15 million

Amount invested to date: £0

Exits: n/a

Status: Making investments

More on Amadeus IV Early Stage Fund

• Boost for UK tech start-ups following first close of Amadeus fund
• Business bank supports Amadeus
• Alex Van Someran joins Amadeus from UKTI

MMC Enterprise Capital Fund

Founded: 2008

Size: £30 million

Focus: Tech-enabled businesses which are revenue generating

Proportion from UK government: £20 million

Amount invested to date: £22.4 million (13 businesses)

Exits: 0

Status: Making investments

More on MMC Enterprise Capital Fund

• Online clothing retailer gets £1.5 million from MMC
• MMC injects £1.5 million into Interactive Investor

Dawn Capital Enterprise Fund

Founded: 2006

Size: £30 million

Focus: Traditional industries adopting innovative technologies

Proportion from UK government: £20 million

Amount invested to date: Undisclosed (12 businesses)

Exits: 0

Status: Not making investments

More on Dawn Capital Enterprise Fund

• Bathrooms.com secures Dawn support
• Mimecast secures £13 million
• Wonga rallies to raise £73 million

Oxford Technology ECF

Founded: 2008

Size: £30 million

Focus: Early-stage firms in the science/healthcare, engineering and software sectors

Proportion from UK government: £20 million

Amount invested to date: £22 million (19 businesses)

Exits: 2

Status: Not making investments

More on Oxford Technology ECF

• Oxford biotech spin-out raises £1.55 million
• Acunu attracts £2.2 million for product launch
• OrganOx nets £2.75 million

Seraphim Capital Fund

Founded: 2006

Size: £30 million

Focus: Disruptive and scalable technologies in the post-revenue, pre-profit stage

Proportion from UK government: £20 million

Amount invested to date: £25.2 million (12 businesses) 

Exits: 1

Status: Not making investments

More on Seraphim Capital Fund

• Intamac secures £2 million
• Flirting service gets £2 million from Seraphim

Sustainable Technology Fund

Founded: 2006

Size: £30 million

Focus: Cleantech ventures in waste, recycling, energy efficiency and biotech

Proportion from UK government: £20 million

Amount invested to date: £24 million (6 businesses)

Exits: 0

Status: Not making investments

More on Sustainable Technology Fund

• New manager for Sustainable Technology Fund
• Seed funding round for Lysanda

Catapult Growth Fund

Founded: 2006

Size: £30 million

Focus: Early-stage businesses in most sectors

Proportion from UK government: £18 million

Amount invested to date: £25.5 million (20 businesses)

Exits: 1

Status: Not making investments

More on Catapult Growth Fund

• Ambitious drug developer Oxford Genome Sciences closes deal
• Biofortuna closes £1.1 million transaction with Catapult

Regents Park Partners II ECF

Founded: 2014

Size: £30 million

Focus: Early-stage tech fund management arm of London Business School

Proportion from UK government: £20 million

Amount invested to date: n/a

Exits: n/a

Status: Making investments

More on Regents Park Partners II ECF

• New £30 million venture capital fund created
• London Business School fund

IQ Capital Fund I

Founded: 2006

Size: £25 million

Focus: Seed and early-stage high-tech ventures

Proportion from UK government: £16.7 million

Amount invested to date: £22.8 million (14 businesses)

Exits: 3

Status: Not making investments

More on IQ Capital Fund I

• Game on for Phonetic Arts
• Return investment for Cambridge start-up Neul
• Sirigen raises funds for commercialisation

Amadeus & Angels Seed Fund

Founded: 2006

Size: £10 million

Focus: Technology at the seed stage

Proportion from UK government: £6.5 million

Amount invested to date: £6 million (8 businesses)

Exits: 1

Status: Not making investments

More on Amadeus & Angels Seed Fund

• Linkdex in seed funding round led by Amadeus
• Amadeus and Archimedia support Qinec’s goal