Innovate UK grant holders: how many go on to raise equity?
Innovate UK grants fund early research and development, and investors often watch grant holders. This post counts how often a company that raised a priced round had held a grant first, which is Bradshaw's "grant, then equity" signal. The award amount is an offer, not money paid.
Companies that raised, and held a grant first
Take every company whose first priced round came from 1 Jan 2024: 4,721 companies. For 804 of them, 17%, an Innovate UK award had started before that round.
Measured from the latest award before the round, a quarter of these companies raised within 6 months, half within 17 months and three quarters within 38 months. Measured from the first award the median gap was 42 months, because many companies held several awards.
Download the gap distribution (CSV)
The gap is spread widely. The largest group, 24%, raised 12 to 23 months after their latest award, and 22% raised 0 to 5 months after it. Measured from the latest award the median gap is 17 months, so for most companies the grant came well before the round.
What the gap suggests
The gap between grant and round is often long. 37% of these companies raised within a year of their latest award, 24% raised in the second year, and 39% raised more than two years later. Grants tend to fund the research that makes a company investable, and the equity follows once the technology is proved.
Grants are also one route among several. 83% of the companies that raised a first priced round held no Innovate UK award before it, so a grant is neither a requirement for investment nor a guarantee of it.
The figures do not show that a grant leads to a raise. Companies with strong technology may win grants and attract investors for the same reasons, and the count starts from companies that raised, so it does not say how many grant holders go on to raise.
Based on Companies House share allotment filings read by Bradshaw.
How Bradshaw reads a funding round from a share allotment filing
Questions and answers
Do Innovate UK grant holders go on to raise equity?
Some do. Of 4,721 companies whose first priced round in Bradshaw's data came from 1 Jan 2024, 804 (17%) held an Innovate UK award that started before it. The count starts from the companies that raised, so it does not show what share of all grant holders go on to raise. Data to 28 Oct 2026.
How long after an Innovate UK grant do companies raise equity?
For companies that raised after holding an award, the median gap from the latest award to the round was 17 months, with the middle half between 6 and 38 months. From the first award the median gap was 42 months. Data to 28 Oct 2026.
Is a grant a sign that a company will attract investors?
A grant is one signal among many. 17% of the companies that raised a priced round had held an Innovate UK award first, which shows that grant holders appear among companies raising priced rounds, not that a grant causes a later raise. Data to 28 Oct 2026.
How does Bradshaw find Innovate UK awards for a company?
Bradshaw matches the published Innovate UK award lists to Companies House company numbers and leaves out withdrawn awards. Awards that cannot be matched to a company number are not counted.