Scaleup programmes
Back to programmesProgramme
British Business Bank: Enterprise Capital Fund
Finance and Risk Capital
Impact for scaleups
1,137
Companies backed
48%
Investment outside of London
£2.5bn
Total investment capacity of the programme
£51.5m
ECF Size
Key sectors
The British Business Bank is the largest domestic backer of venture capital funds in the UK. Established in 2006, the Enterprise Capital Funds (ECF) programme helps those looking to operate in the UK market to raise venture capital funds specifically targeting early-stage small businesses with long-term growth potential.
The programme’s primary objective is to address the ‘equity gap’ by increasing the availability of early-stage equity finance to high-potential UK companies and to lower the barriers to entry for fund managers entering the venture capital market. It does this by combining private and public money to make equity investments in high-growth businesses. It is working with 37 fund partners across the UK to achieve this.
As of 30th of June 2025, the Enterprise Capital Funds (ECF) programme has supported 50 funds, committing £2.5 billion in total capital, of which £1.7 billion has been drawn, backing 1,137 innovative scaling businesses across the United Kingdom, with around 48 per cent of investment made outside London. The British Business Bank continues to invest alongside private capital in each fund, aligning public and private interests to improve outcomes for investors and the wider economy. Since inception, the ECF initiative has played a pivotal role in developing the UK’s venture ecosystem, helping 39 fund managers raise their first institutional fund, many of whom have subsequently gone on to raise follow-on funds.
The average ECF size is approximately £51.5 million, reflecting the scale and maturity achieved since the programme’s launch. The British Business Bank operates the scheme as a rolling investment programme, typically making three to four new commitments each year through a competitive process. In March 2025, the Bank announced a cornerstone commitment of up to £50 million to Elbow Beach’s Climate Impact Fund 2 under the ECF banner, supporting early-stage businesses that deploy technology to deliver both efficiency gains and measurable climate impact.
Current fund managers include: Active Partners, Ada Ventures, Amadeus Capital, Bethnal Green Ventures, Catapult Ventures, Concept Ventures, Dawn Capital, Edge Investments, Eka Ventures, Elbow Beach, Entrepreneur First, Epidarex Capital, Episode1 Ventures, Foresight Group, Form Ventures, Imbiba, IQ Capital, JamJar Investments, Longwall Ventures, Mercuri, Notion Capital, Osney Capital, Outward VC, Panoramic Growth Equity, Passion Capital, Pentech, Redrice, Seraphim Capital, SuperSeed, Sure Valley Ventures, Sussex Place Ventures, Thena Capital, VGC Partners, Whiterock Finance, Zinc Ventures, and 7percent Ventures
