# Business Growth Fund: portfolio, investments and team

> Business Growth Fund is a private equity based in United Kingdom. 259 investments on record, 15 in the last 12 months, latest Sept 2026.

Source: https://millionrounds.com/fund/bgf (Millionrounds; every figure on the page links to its filing or article)

United Kingdom · [Investor](https://millionrounds.com/investors)

# Business Growth Fund

Last cheque observed Sep 2026; 259 cheques on record.

Email

Deploying now Private equity

Seed Series A Series B Deep Tech Life Sciences

Follow Business Growth Fund and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fbgf)

Deploying now

**39%** of best year **15** **cheques in 12 months**, 259 on record

Since the last cheque **47** days **00** hrs **00** min **00** sec

Median round **$9.8M** Rounds led **3 of 259** Sole investor **156 rounds** Mostly in **United Kingdom, 85%**

Pitch Business Growth Fund

## Business Growth Fund highlights

- 01 15 cheques in the last 12 months
- 02 Mostly Venture and Growth: 75% of its rounds
- 03 Sole investor in 156 rounds, median $7.6M

## What they do

> BGF is the most active equity investor in the UK and Ireland, providing long-term, minority investment to growing companies. From their own website

- **Type:** Private equity (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Seed Series A Series B Growth Pre-IPO
- **Sectors:** Deep Tech Life Sciences
- **Based in:** Birmingham, United Kingdom
- **Cold pitches:** Accepted

## The record

Every round we can evidence, newest first **259 appearances**

- **2026** 12 rounds
- **Sept** **[Open Cosmos](https://millionrounds.com/company/open-cosmos)** Growth · GB · ETF Partners **$346M** With 11 others
- **Sept** **[Reactive Technologies](https://millionrounds.com/company/reactive-technologies)** Debt · GB **$22M** With 2 others
- **Jul** **[Luffy AI](https://millionrounds.com/company/luffy-ai)** Series A · GB **$11M** With 2 others
- **Jul** **[MoA Technology](https://millionrounds.com/company/moa-technology)** Series C · GB · Agri Investment Fund **$30M** With 10 others
- **Jul** **[Mach42](https://millionrounds.com/company/mach42)** Seed · GB **$9.4M** With 3 others
- **Jul** **[TidalSense](https://millionrounds.com/company/tidalsense)** Venture · GB **$19M** With 1 other
- **Jun** **[TRIMTECH Therapeutics](https://millionrounds.com/company/trimtech-therapeutics)** Seed · US **$14M** With 1 other
- **Jun** **[CroíValve](https://millionrounds.com/company/croivalve)** Series B · IE **$20M** With 4 others
- **Apr** **[Sunswap](https://millionrounds.com/company/sunswap)** Grant · GB **$806K** With 4 others
- **Apr** **[FluoRok](https://millionrounds.com/company/fluorok)** Grant · GB **$806K** With 2 others
- **Feb** **[Descycle](https://millionrounds.com/company/descycle)** Grant · GB **$2.6M** With 4 others
- **Feb** **[Techspert](https://millionrounds.com/company/techspert)** Venture · GB **Undisclosed** With 3 others
- **2025** 17 rounds
- **Nov** **[T-Therapeutics](https://millionrounds.com/company/t-therapeutics)** Series A · GB · Silicon Canals **$32M** With 4 others
- **Nov** **[Granite Digital](https://millionrounds.com/company/granite-digital)** Venture · IE **$10M** Sole investor
- **Nov** **[TMT ID](https://millionrounds.com/company/tmt-id)** Venture · GB **$40M** Sole investor
- **Sept** **[Enhanc3D Genomics](https://millionrounds.com/company/enhanc3d-genomics)** Series A · GB **$5.4M** With 1 other
- **Sept** **[Xampla](https://millionrounds.com/company/xampla)** Series A · GB · Firms' own news pages **$14M** *Led*
- **Aug** **[FluoRok](https://millionrounds.com/company/fluorok)** Grant · GB **$2.0M** With 2 others
- **Jul** **[Paddle](https://millionrounds.com/company/paddle)** Debt · GB **$25M** With 4 others
- **Jul** **[Opus Safety](https://millionrounds.com/company/opus-safety)** Venture · GB **Undisclosed** Sole investor
- **Jul** **[Minus Waste Solutions](https://millionrounds.com/company/minus-waste-solutions)** Venture · CA **Undisclosed** Sole investor
- **Jun** **[Ceryx Medical](https://millionrounds.com/company/ceryx-medical)** Venture · GB **$6.8M** With 3 others
- **May** **[Cronofy](https://millionrounds.com/company/cronofy)** Venture · GB **$20M** With 1 other
- **May** **[TaperedPlus](https://millionrounds.com/company/taperedplus)** Grant · GB **$362K** With 1 other
- **Apr** **[FundThrough](https://millionrounds.com/company/fundthrough)** Series B · CA **$25M** With 2 others
- **Apr** **[Nuada](https://millionrounds.com/company/nuada)** Grant · GB **$2.8M** With 2 others
- **Mar** **[Maxion Therapeutics](https://millionrounds.com/company/maxion-therapeutics)** Series A · GB **$75M** With 3 others
- **Mar** **[Phlux Technology](https://millionrounds.com/company/phlux-technology)** Series A · GB **$12M** With 4 others
- **Feb** **[OrganOx](https://millionrounds.com/company/organox)** Venture · GB **$160M** With 1 other
- **2024** 38 rounds
- **Dec** **[Abselion](https://millionrounds.com/company/abselion)** Series A · GB **$8.4M** With 1 other
- **Nov** **[pixlbio](https://millionrounds.com/company/pixlbio)** Venture · GB **$136K** With 2 others
- **Nov** **[Recite Me](https://millionrounds.com/company/recite-me)** Venture · GB **$5.8M** With 1 other
- **Nov** **[Sulmara](https://millionrounds.com/company/sulmara)** Venture · GB **$19M** Sole investor
- **Nov** **[Miracle Design & Play](https://millionrounds.com/company/miracle-design-and-play)** Venture · GB **$7.6M** Sole investor
- **Nov** **[Operam Education Group](https://millionrounds.com/company/operam-education-group)** Venture · GB **Undisclosed** With 1 other
- **Nov** **[Echion Technologies](https://millionrounds.com/company/echion-technologies)** Venture · GB **$13M** With 1 other
- **Nov** **[Forefront RF](https://millionrounds.com/company/forefront-rf)** Series A · GB **$21M** With 2 others
- **Nov** **[Invest in Women Taskforce](https://millionrounds.com/company/invest-in-women-taskforce)** Venture · GB **$314M** With 3 others
- **Oct** **[Unyte Health](https://millionrounds.com/company/unyte-health)** Grant · CA **$3.8M** Sole investor
- **Oct** **[Shift Bioscience](https://millionrounds.com/company/shift-bioscience)** Seed · GB **$16M** With 2 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

We hold **88** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the UK company register, which it must file accurately by law

- **Companies House:** 07514847, since 2011

## What they claim to have backed

From their own portfolio page (on their website)

**0** of 3 we have independently watched raise

B-Corp Principles for Responsible The Diversity VC Standard

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## The cheque

Seed Series A Series B

Median round joined **$9.8M** the round, not its cheque Alone, median **$7.6M**

Led 3 of 259 rounds **1%**

- **Sole investor:** 156 rounds
- **Last cheque:** Sept 2026

Rounds by stage said on their site

- Venture *119*
- Growth said *24*
- Series A said *19*
- Seed said *17*
- Series B said *11*
- Pre-IPO said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Parkwalk](https://millionrounds.com/fund/parkwalk) 18
- [Innovate UK](https://millionrounds.com/fund/innovate-uk) 12
- [Octopus Ventures](https://millionrounds.com/fund/octopus-ventures) 8
- [Foresight Group](https://millionrounds.com/fund/foresight-group) 6
- [Scottish Enterprise](https://millionrounds.com/fund/scottish-enterprise) 6
- [Barclays Ventures](https://millionrounds.com/fund/barclays-ventures) 5

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## Who they invest alongside

The investors most often in the same rounds as Business Growth Fund. A count of rooms they were both in, not a relationship either has claimed.

[**Parkwalk** VC firm **18** rounds together](https://millionrounds.com/fund/parkwalk)[**Innovate UK** VC firm **12** rounds together](https://millionrounds.com/fund/innovate-uk)[**Octopus Ventures** VC firm **8** rounds together](https://millionrounds.com/fund/octopus-ventures)[**Foresight Group** Private equity **6** rounds together](https://millionrounds.com/fund/foresight-group)[**Scottish Enterprise** Government **6** rounds together](https://millionrounds.com/fund/scottish-enterprise)[**Barclays Ventures** Corporate VC **5** rounds together](https://millionrounds.com/fund/barclays-ventures)[**Future Planet Capital** VC firm **5** rounds together](https://millionrounds.com/fund/future-planet-capital)[**HSBC** Growth equity **5** rounds together](https://millionrounds.com/fund/hsbc)[**LocalGlobe** VC firm **5** rounds together](https://millionrounds.com/fund/localglobe)[**Enterprise Ireland** Government **4** rounds together](https://millionrounds.com/fund/enterprise-ireland)[**IP Group** VC firm **4** rounds together](https://millionrounds.com/fund/ip-group)[**Kindred Capital** VC firm **4** rounds together](https://millionrounds.com/fund/kindred-capital-vc)

## Recently backed

The latest companies Business Growth Fund put money into.

[**Open Cosmos** $346M · Sept 2026](https://millionrounds.com/company/open-cosmos)[**Luffy AI** $11M · Jul 2026](https://millionrounds.com/company/luffy-ai)[**MoA Technology** $30M · Jul 2026](https://millionrounds.com/company/moa-technology)[**Mach42** $9.4M · Jul 2026](https://millionrounds.com/company/mach42)[**TidalSense** $19M · Jul 2026](https://millionrounds.com/company/tidalsense)[**CroíValve** $20M · Jun 2026](https://millionrounds.com/company/croivalve)

## Quick answers about Business Growth Fund

### What does Business Growth Fund invest in?

Business Growth Fund invests most often at Venture and Growth (75% of the rounds on record), in sectors such as Deep Tech and Life Sciences.

### How active is Business Growth Fund?

259 investments on record, 15 of them in the last 12 months, and it led 3. The most recent was in Sept 2026.

### What has Business Growth Fund invested in recently?

Its most recent investments on record: Open Cosmos (Growth, Sept 2026), Reactive Technologies (Debt, Sept 2026) and Luffy AI (Series A, Jul 2026).

### How big are Business Growth Fund's cheques?

The median round it joins is $9.8M.

### Does Business Growth Fund lead rounds?

Sometimes: it led 3 of its 259 investments on record (1%).

### Where does Business Growth Fund invest?

Most of the companies it backs are in the United Kingdom (85%), Canada (8%) and Ireland (5%).

### Is Business Growth Fund investing now?

Yes: it is actively investing, with 15 investments in the last 12 months.

### Who does Business Growth Fund invest alongside?

Most often Parkwalk (18 rounds together), Innovate UK (12 rounds together) and Octopus Ventures (8 rounds together).

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