# National Wealth Fund: portfolio, investments and team

> National Wealth Fund is a government based in United Kingdom. 25 investments on record, 11 in the last 12 months, latest Oct 2026.

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

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

# National Wealth Fund

Last cheque observed Oct 2026; 25 cheques on record.

Email

Deploying now Government

Pre-seed Seed Series A Hardtech New Materials Photovoltaic

Follow National Wealth Fund and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fnational-wealth-fund)

Deploying now

**69%** of best year **11** **cheques in 12 months**, 25 on record

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

Median round **$132M** Cheque size, as they say **$31M – $100M** Rounds led **0 of 25** Sole investor **10 rounds** Mostly in **United Kingdom, 96%**

Pitch National Wealth Fund

## National Wealth Fund highlights

- 01 11 cheques in the last 12 months
- 02 Mostly Debt and Venture: 88% of its rounds
- 03 Sole investor in 10 rounds, median $126M

## What they do

> We're a mission-driven investor with the capital, expertise and ambition to unlock the UK From their own website

- **Type:** Government (from a list, unverified)
- **Cheque size:** $31M – $100M as they say
- **Stages:** Pre-seed Seed Series A Series B Growth
- **Sectors:** Hardtech New Materials Photovoltaic
- **Based in:** Leeds, United Kingdom
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **25 appearances**

- **2026** 6 rounds
- **Oct** **[Cornish Metals](https://millionrounds.com/company/cornish-metals)** GB · Google News search **$180M** With 4 others
- **May** **[Rowden Technologies](https://millionrounds.com/company/rowden-technologies)** Seed · GB **$34M** Sole investor
- **May** **[InstaVolt](https://millionrounds.com/company/instavolt)** Debt · GB **$335M** With 2 others
- **Apr** **[Rolls-Royce SMR](https://millionrounds.com/company/rolls-royce-smr)** Debt · GB **$805M** Sole investor
- **Apr** **[Pulse Clean Energy](https://millionrounds.com/company/pulse-clean-energy)** Debt · GB **$71M** With 3 others
- **Feb** **[Pulpex](https://millionrounds.com/company/pulpex)** Venture · GB **Undisclosed** Sole investor
- **2025** 12 rounds
- **Dec** **[Gigaclear](https://millionrounds.com/company/gigaclear)** Debt · GB **$107M** With 2 others
- **Dec** **[ZeroAvia](https://millionrounds.com/company/zeroavia)** Venture · US **Undisclosed** With 5 others
- **Nov** **[Roam](https://millionrounds.com/company/roam)** Debt · GB · Firms' own news pages **$85M** With 2 others
- **Nov** **[Pentland Floating Offshore Wind Farm](https://millionrounds.com/company/pentland-floating-offshore-wind-farm)** Venture · GB **$196M** Sole investor
- **Nov** **[Highview Power](https://millionrounds.com/company/highview-power)** Venture · GB **$171M** With 2 others
- **Sept** **[Fidra Energy](https://millionrounds.com/company/fidra-energy)** Debt · GB **$804M** With 4 others
- **Sept** **[Netomnia](https://millionrounds.com/company/netomnia)** Debt · GB **$190M** With 1 other
- **Sept** **[Cornish Lithium](https://millionrounds.com/company/cornish-lithium)** Venture · GB **$47M** With 2 others
- **Aug** **[Eelpower](https://millionrounds.com/company/eelpower)** Venture · GB **$675M** Sole investor
- **Jul** **[GridServe](https://millionrounds.com/company/gridserve)** Growth · GB **$134M** With 2 others
- **Jun** **[Wessex Internet](https://millionrounds.com/company/wessex-internet)** Venture · GB **$68M** Sole investor
- **Jan** **[Connected Kerb](https://millionrounds.com/company/connected-kerb)** Venture · GB **$81M** Sole investor
- **2024** 5 rounds
- **Sept** **[XLCC](https://millionrounds.com/company/xlcc)** Debt · GB **$27M** Sole investor
- **Sept** **[GeoPura](https://millionrounds.com/company/geopura)** Debt · GB **$29M** With 3 others
- **Aug** **[Fibrus](https://millionrounds.com/company/fibrus)** Debt · GB **$132M** With 3 others
- **Jul** **[Wildanet](https://millionrounds.com/company/wildanet)** Debt · GB **$35M** With 1 other
- **May** **[Haventus](https://millionrounds.com/company/haventus)** Debt · GB **$126M** Sole investor
- **2023** 2 rounds
- **Dec** **[Pragmatic Semiconductor](https://millionrounds.com/company/pragmatic-semiconductor)** Series D · GB **$229M** With 3 others
- **Jul** **[Nexfibre](https://millionrounds.com/company/nexfibre)** Debt · GB **$327M** Sole investor

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 cheque

Pre-seed Seed Series A

Median round joined **$132M** the round, not its cheque Alone, median **$126M**

Led 0 of 25 rounds **0%**

- **Said size:** $31M – $100M
- **Sole investor:** 10 rounds
- **Last cheque:** Oct 2026

Rounds by stage said on their site

- Debt *13*
- Venture *8*
- Growth said *1*
- Seed said *1*
- Series D *1*
- Pre-seed said *-*
- Series A said *-*

Cheques by month Led Joined

Dec 2023 Nov 2026

Often in the room with

- [ABN AMRO Fund](https://millionrounds.com/fund/abn-amro-clearing) 3
- [CIBC](https://millionrounds.com/fund/cibc) 3
- [Santander](https://millionrounds.com/fund/santander) 3
- [HSBC](https://millionrounds.com/fund/hsbc) 2
- [ING Group](https://millionrounds.com/fund/ing-group) 2

**Pitching National Wealth Fund?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

Add to your CRM *→*

## Who they invest alongside

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

[**ABN AMRO Fund** Corporate VC **3** rounds together](https://millionrounds.com/fund/abn-amro-clearing)[**CIBC** VC firm **3** rounds together](https://millionrounds.com/fund/cibc)[**Santander** VC firm **3** rounds together](https://millionrounds.com/fund/santander)[**HSBC** Growth equity **2** rounds together](https://millionrounds.com/fund/hsbc)[**ING Group** Growth equity **2** rounds together](https://millionrounds.com/fund/ing-group)

## Recently backed

The latest companies National Wealth Fund put money into.

[**Rowden Technologies** $34M · May 2026](https://millionrounds.com/company/rowden-technologies)[**InstaVolt** $335M · May 2026](https://millionrounds.com/company/instavolt)[**Rolls-Royce SMR** $805M · Apr 2026](https://millionrounds.com/company/rolls-royce-smr)[**Pulse Clean Energy** $71M · Apr 2026](https://millionrounds.com/company/pulse-clean-energy)[**Pulpex** Feb 2026](https://millionrounds.com/company/pulpex)[**Gigaclear** $107M · Dec 2025](https://millionrounds.com/company/gigaclear)

## Quick answers about National Wealth Fund

### What does National Wealth Fund invest in?

National Wealth Fund invests most often at Debt and Venture (88% of the rounds on record), in sectors such as Hardtech, New Materials and Photovoltaic.

### How active is National Wealth Fund?

25 investments on record, 11 of them in the last 12 months. The most recent was in Oct 2026.

### What has National Wealth Fund invested in recently?

Its most recent investments on record: Cornish Metals (Undisclosed round, Oct 2026), Rowden Technologies (Seed, May 2026) and InstaVolt (Debt, May 2026).

### How big are National Wealth Fund's cheques?

The median round it joins is $132M. It says it writes cheques of $31M to $100M.

### Does National Wealth Fund lead rounds?

Rarely, if at all: none of its 25 investments on record names it as the lead.

### Where does National Wealth Fund invest?

Most of the companies it backs are in the United Kingdom (96%).

### Is National Wealth Fund investing now?

Yes: it is actively investing, with 11 investments in the last 12 months.

### Who does National Wealth Fund invest alongside?

Most often ABN AMRO Fund (3 rounds together), CIBC (3 rounds together) and Santander (3 rounds together).

## Raising now?

Find the investors who back rounds like yours, and keep every conversation on one fundraising board.

Find similar investorsOpen your CRM

Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=national-wealth-fund) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=national-wealth-fund)