# Innovate UK: portfolio, investments and team

> Innovate UK is a vc firm based in United Kingdom. 704 investments on record, 141 in the last 12 months, latest Oct 2026.

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

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

# Innovate UK

Last cheque observed Oct 2026; 704 cheques on record.

Email

Deploying now VC firm

Grant Venture Seed Blockchain Manufacturing

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Deploying now

**78%** of best year **141** **cheques in 12 months**, 704 on record

Since the last cheque **9** days **00** hrs **00** min **00** sec

Median round **$1.2M** Rounds led **1 of 704** Sole investor **198 rounds** Mostly in **United Kingdom, 98%**

Pitch Innovate UK

## Innovate UK highlights

- 01 141 cheques in the last 12 months
- 02 Mostly Grant and Venture: 56% of its rounds
- 03 Sole investor in 198 rounds, median $634K

## What they do

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** Not stated
- **Sectors:** Blockchain Manufacturing
- **Based in:** Swindon, United Kingdom
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **704 appearances**

- **2026** 113 rounds
- **Oct** **[MoniRail](https://millionrounds.com/company/monirail)** Grant · GB · Google News search **$67M** *Led*
- **Oct** **[Adaptavate](https://millionrounds.com/company/adaptavate)** GB · Turquoise International **$5.4M** With 2 others
- **Oct** **[Go Eve](https://millionrounds.com/company/go-eve)** Grant · IE · Tech.eu **$1.0M** Sole investor
- **Oct** **[Stride](https://millionrounds.com/company/stride)** Seed · GB · Tech.eu **$6.1M** With 4 others
- **Oct** **[Affinity Labs](https://millionrounds.com/company/affinity-labs)** Pre-seed · GB · Pulse 2.0 **$2.0M** With 13 others
- **Oct** **[Alchera Technologies](https://millionrounds.com/company/alchera-technologies)** Seed · GB · Tech.eu **$3.6M** With 6 others
- **Sept** **[52North](https://millionrounds.com/company/52north)** Seed · GB · Startups Magazine **$4.3M** With 6 others
- **Sept** **[OneClickComply](https://millionrounds.com/company/oneclickcomply)** Seed · GB · Mercia Asset Management **$1.3M** With 5 others
- **Sept** **[Dragonfly Advanced Materials](https://millionrounds.com/company/dragonfly-advanced-materials)** Seed · GB · Northstar Ventures **$1.3M** With 1 other
- **Sept** **[Ryft](https://millionrounds.com/company/ryft)** Series B · GB · Gresham House Ventures **$27M** With 7 others
- **Sept** **[Magnitude Biosciences](https://millionrounds.com/company/magnitude-biosciences)** Seed · GB · EU-Startups **$1.8M** With 4 others
- **Sept** **[KVector](https://millionrounds.com/company/kvector)** Seed · GB · Mercia Asset Management **$5.1M** With 4 others
- **Sept** **[OdorPi](https://millionrounds.com/company/odorpi)** Pre-seed · GB · Ventureburn **$950K** With 2 others
- **Sept** **[Big Picture Bio](https://millionrounds.com/company/big-picture-bio)** Pre-seed · GB **$2.0M** With 1 other
- **Sept** **[AstronauTx](https://millionrounds.com/company/astronautx)** Grant · GB **$1.2M** With 2 others
- **Sept** **[SolarSub](https://millionrounds.com/company/solarsub)** Seed · GB **$1.8M** With 4 others
- **Sept** **[SageTech](https://millionrounds.com/company/sagetech)** Seed · GB **$3.3M** With 2 others
- **Sept** **[Strolll](https://millionrounds.com/company/strolll)** Debt · GB · Firms' own news pages **$4.9M** With 5 others
- **Sept** **[Ki 13](https://millionrounds.com/company/ki-13)** Seed · GB · Carbon13 **$5.0M** With 7 others
- **Sept** **[Fuse Diagnostics](https://millionrounds.com/company/fuse-diagnostics)** Pre-seed · GB **$1.3M** With 1 other
- **Sept** **[Dragonfly Advanced Materials](https://millionrounds.com/company/dragonfly-advanced-materials)** Pre-seed · GB **$669K** With 1 other
- **Sept** **[Anemo Labs](https://millionrounds.com/company/anemo-labs)** Venture · GB **Undisclosed** With 1 other
- **Sept** **[Cloud Cycle](https://millionrounds.com/company/cloud-cycle)** Venture · GB **$3.1M** With 1 other
- **Sept** **[Productive Machines](https://millionrounds.com/company/productive-machines)** Venture · GB **$1.7M** With 3 others
- **Sept** **[Pure Capture Innovations](https://millionrounds.com/company/pure-capture-innovations)** Pre-seed · GB **$718K** With 4 others
- **Sept** **[Athernal Bio](https://millionrounds.com/company/athernal-bio)** Grant · GB **$949K** Sole investor
- **Aug** **[Breedr](https://millionrounds.com/company/breedr)** Series B · GB · Ventureburn **$27M** With 5 others
- **Aug** **[Advanced Electric Machines (AEM)](https://millionrounds.com/company/advanced-electric-machines-aem)** Growth · GB · Northstar Ventures **$22M** With 6 others
- **Aug** **[Kubos Semiconductors](https://millionrounds.com/company/kubos-semiconductors)** Grant · GB · Turquoise International **$2.1M** With 4 others
- **Aug** **[EcoNomad Solutions](https://millionrounds.com/company/economad-solutions)** Venture · GB **$311K** With 2 others
- **Aug** **[Medly AI](https://millionrounds.com/company/medly-ai)** Seed · GB **$8.0M** With 2 others
- **Aug** **[Climingo](https://millionrounds.com/company/climingo)** Pre-seed · GB · Carbon13 **$394K** With 3 others
- **Aug** **[Versatile RobotX](https://millionrounds.com/company/versatile-robotx)** Pre-seed · GB **$1.3M** With 1 other
- **Aug** **[Dragonfly Technology Limited](https://millionrounds.com/company/dragonfly-technology-limited)** Grant · GB **$955K** With 3 others
- **Jul** **[PolyBox](https://millionrounds.com/company/polybox)** Seed · GB · Northstar Ventures **$936K** With 1 other
- **Jul** **[Dogtooth Technologies](https://millionrounds.com/company/dogtooth-technologies)** Growth · GB · Firms' own news pages **$19M** With 6 others
- **Jul** **[Perceptual Robotics](https://millionrounds.com/company/perceptual-robotics)** Venture · GB **$5.3M** With 1 other
- **Jul** **[Adamo Foods](https://millionrounds.com/company/adamo-foods)** Grant · GB **$12M** With 3 others
- **Jul** **[PolyBox.app](https://millionrounds.com/company/polybox-app)** Pre-seed · GB **$535K** With 1 other
- **Jul** **[BugBiome](https://millionrounds.com/company/bugbiome)** Grant · GB **$672K** 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 **6** 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.

## The cheque

Grant Venture Seed

Median round joined **$1.2M** the round, not its cheque Alone, median **$634K**

Led 1 of 704 rounds **0%**

- **Sole investor:** 198 rounds
- **Last cheque:** Oct 2026

Rounds by stage said on their site

- Grant *199*
- Venture *170*
- Seed *164*
- Pre-seed *66*
- Series A *36*
- Series B *20*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [SFC Capital](https://millionrounds.com/fund/sfc-capital) 54
- [Scottish Enterprise](https://millionrounds.com/fund/scottish-enterprise) 26
- [Future Planet Capital](https://millionrounds.com/fund/future-planet-capital) 23
- [Northstar Ventures](https://millionrounds.com/fund/northstar-ventures) 23
- [Crowdcube](https://millionrounds.com/fund/crowdcube) 22
- [Parkwalk](https://millionrounds.com/fund/parkwalk) 22

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## Who they invest alongside

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

[**SFC Capital** Angel network **54** rounds together](https://millionrounds.com/fund/sfc-capital)[**Scottish Enterprise** Government **26** rounds together](https://millionrounds.com/fund/scottish-enterprise)[**Future Planet Capital** VC firm **23** rounds together](https://millionrounds.com/fund/future-planet-capital)[**Northstar Ventures** VC firm **23** rounds together](https://millionrounds.com/fund/northstar-ventures)[**Crowdcube** VC firm **22** rounds together](https://millionrounds.com/fund/crowdcube)[**Parkwalk** VC firm **22** rounds together](https://millionrounds.com/fund/parkwalk)[**Development Bank of Wales** Government **18** rounds together](https://millionrounds.com/fund/development-bank-of-wales)[**UK Research and Innovation** VC firm **18** rounds together](https://millionrounds.com/fund/uk-research-and-innovation)[**MassChallenge** Accelerator **15** rounds together](https://millionrounds.com/fund/masschallenge)[**Mercia Asset Management** VC firm **14** rounds together](https://millionrounds.com/fund/mercia-ventures)[**Oxford Science Enterprises** VC firm **14** rounds together](https://millionrounds.com/fund/oxford-science-enterprises)[**SBRI Healthcare** Government **14** rounds together](https://millionrounds.com/fund/sbri-healthcare)

## Recently backed

The latest companies Innovate UK put money into.

[**Adaptavate** $5.4M · Oct 2026](https://millionrounds.com/company/adaptavate)[**Go Eve** $1.0M · Oct 2026](https://millionrounds.com/company/go-eve)[**Stride** $6.1M · Oct 2026](https://millionrounds.com/company/stride)[**Affinity Labs** $2.0M · Oct 2026](https://millionrounds.com/company/affinity-labs)[**Alchera Technologies** $3.6M · Oct 2026](https://millionrounds.com/company/alchera-technologies)[**52North** $4.3M · Sept 2026](https://millionrounds.com/company/52north)

## Mentioned on podcasts

Episodes that name Innovate UK in their description, not their title.

- [Startup Europe](https://millionrounds.com/podcasts/sifted) 24 Jan 2025 · 47 min The 101 of angel investing with Jenny Tooth Mentions [Innovate UK](https://millionrounds.com/fund/innovate-uk) Apple Podcasts
- [UKTN: The Podcast](https://millionrounds.com/podcasts/uktn) 7 Nov 2023 · 30 min How the early-stage gender funding gap stifles UK tech growth – Merian Ventures’ Priya Guha Mentions [Future Planet Capital](https://millionrounds.com/fund/future-planet-capital)[Innovate UK](https://millionrounds.com/fund/innovate-uk)[Reach](https://millionrounds.com/fund/reach) Apple PodcastsShow page
- [The Healthtech Podcast](https://millionrounds.com/podcasts/healthtech-podcast) 20 Jul 2020 · 11 min #114: Grant funding in healthtech 💰 Mentions [Innovate UK](https://millionrounds.com/fund/innovate-uk) Apple PodcastsShow page
- [The Healthtech Podcast](https://millionrounds.com/podcasts/healthtech-podcast) 28 Nov 2019 · 1h 1m Episode 51: The Story of Infinity Health and Hospital Productivity 🏥 Mentions [Innovate UK](https://millionrounds.com/fund/innovate-uk) Apple PodcastsShow page

## Quick answers about Innovate UK

### What does Innovate UK invest in?

Innovate UK invests most often at Grant and Venture (56% of the rounds on record), in sectors such as Blockchain and Manufacturing.

### How active is Innovate UK?

704 investments on record, 141 of them in the last 12 months, and it led 1. The most recent was in Oct 2026.

### What has Innovate UK invested in recently?

Its most recent investments on record: MoniRail (Grant, Oct 2026), Adaptavate (Undisclosed round, Oct 2026) and Go Eve (Grant, Oct 2026).

### How big are Innovate UK's cheques?

The median round it joins is $1.2M.

### Does Innovate UK lead rounds?

Sometimes: it led 1 of its 704 investments on record (0%).

### Where does Innovate UK invest?

Most of the companies it backs are in the United Kingdom (98%).

### Is Innovate UK investing now?

Yes: it is actively investing, with 141 investments in the last 12 months.

### Who does Innovate UK invest alongside?

Most often SFC Capital (54 rounds together), Scottish Enterprise (26 rounds together) and Future Planet Capital (23 rounds together).

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