Innovate UK Loans Ltd—UKRI subsidiary est. 2017 pilot, business-as-usual since 2022. Provides patient, flexible debt funding for late-stage innovation projects with clear commercialisation pathway. 191 borrowers, £163m committed (pilot+ongoing). Strong SME focus across manufacturing/digital (70%+ portfolio). No personal guarantees; mortgage debenture security. Partnership with Innovate UK Business Growth advisory.
Investment Focus
Investment Thesis
Late-stage R&D funding for UK-registered SMEs. £100k-£5m loans (actual range narrower in recent rounds). Focus: future economy areas (net zero, health, digital, advanced manufacturing). Experimental development only, not feasibility. Portfolio approach across tech/markets. Avoid: fundamentl research, early-stage dev, marketing, commercial activities. Margin: 7.4% interest deferred. 58/191 borrowers leveraged £110m private capital post-funding.
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