BGF has reported a strong year of investment and exit activity in 2025, underpinned by breakthrough portfolio realizations, robust trading performance and continued support for founders in the UK and Ireland.
The growth capital investor returned more than £600m during the year, a cash multiple of more than two times, and paid shareholders a £75m dividend. Performance was driven by a number of high-profile exits, most notably the sale of OrganOx, which delivered BGF’s highest return ever.
BGF had backed OrganOx (pictured) with six follow-on investments and the exit valued the company at $1.5 billion, resulting in proceeds of £175 million. The transaction is one of the largest medtech exits ever in the UK. Other exits during the year included green technology specialist Monodraught and PVC sliding window manufacturer Victorian Sliders, both of which delivered significant returns.
Portfolio performance remained strong throughout the year. Companies in BGF’s growth portfolio grew revenue by more than 10 percent on average, while EBITDA growth exceeded 20 percent, reflecting resilient trading conditions and operational progress despite a challenging macroeconomic environment.
Investment activity was also robust. BGF deployed £416 million in 2025, including 23 new growth investments, five early-stage investments and 45 follow-on rounds. This equated to £280m for new growth deals, £25m for early stage companies and £111m for follow-on capital.
Notable new investments included £15m in Nottingham-based Cronofy to support product development and international expansion; a £30 million investment in London-based TMT ID to accelerate US growth and improve its mobile identity and fraud prevention technology; and £15m will support Scottish housebuilder Cruden to support sustainable housing delivery and regional expansion.
The 2025 deal activity also coincided with a key strategic milestone for BGF, which announced a £3 billion commitment to invest in UK businesses over the next five years. The commitment represents an increase on the £2.3 billion invested between 2020 and 2024 and includes at least £300 million earmarked for women-led businesses, underlining BGF’s focus on inclusive growth and expanding access to capital.
The company strengthened its leadership and advisory capabilities through a number of senior appointments during the year. Anita Dougall joined the board as a non-executive director, bringing entrepreneurial and data-driven growth expertise. Tracy Bownes was appointed head of value creation to deepen operational support for portfolio companies, while Tom Pearson joined as head of data and AI. Indro Mukerjee also joined BGF’s Deep Tech & Climate Advisory Board, bringing technical insights into innovation-led growth.
BGF managing director Andy Gregory said the results reflected the strength of the company’s regional model and its long-term approach to growth capital.
“2025 was a strong year for BGF with groundbreaking exits and continued support for founders across the UK and Ireland,” he said. “Our performance reflects our ability to deploy flexible capital at scale while providing practical support to help businesses grow, create jobs and contribute to long-term economic growth.”
Since its launch in 2011, BGF-supported companies have achieved £7.1 billion in sales growth, £1 billion in export growth and created more than 27,000 jobs, demonstrating the impact of patient capital on the real economy.
The BGF’s social impact department also expanded its activities in 2025. The BGF Foundation announced its largest funding commitment to date, with £820,000 committed to new multi-year partnerships, follow-on funding and staff grants. The foundation worked with more than 30 UK charities during the year, providing unrestricted funding, strategic advice and pro bono support, while staff-led volunteering increased by more than 60 per cent in the last three years.
Looking forward, BGF will celebrate its 15th anniversary in 2026. To coincide with this milestone, the company plans to launch a ‘Celebration of Entrepreneurship’, showcasing the achievements of BGF-backed founders and the role that long-term growth capital has played in scaling businesses across the UK and Ireland.
