Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what discussions (a) he and (b) his officials had with the British Business Bank on Wayve prior to 25 February 2026.

Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)

The British Business Bank notified the Department on the morning of 20 February 2026 that it had concluded commercial negotiations with Wayve and would be participating in its equity funding round. Ministers and officials were not aware before this date that an investment in Wayve was being contemplated.

Discussions with officials between 20 and 25 February focused on communications arrangements for the announcement of Wayve's successful fundraise and the British Business Bank's investment.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, if he will make an estimate of the level of private capital the British Business Bank expects to crowd-in from their investment in Wayve.

Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)

The British Business Bank has invested £25 million in Wayve as part of a $1.2 billion Series D funding round, at a post-money valuation of $8.6 billion. Additional capital secured in parallel brings the total value of the raise to $1.5 billion.

The Bank has an objective to “support our most promising businesses in the Industrial Strategy priority sectors to scale and stay here.” Crowding-in private capital was not the primary aim of this investment. Neither the Bank nor the Department has sought to assess the influence, if any, of the Bank’s investment in Wayve on the decisions of private co‑investors.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what assessment he has made of the potential merits of investment by the British Business Bank in Wayve.

Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)

The British Business Bank takes investment decisions independently and the Department does not seek to assess the merits of any individual transaction. The Bank is measured on the achievement of its objectives over the long term. Its two key performance indicators are the returns it achieves for taxpayers and the additional GVA (gross value-added) generated by its activities.

Wayve is a world-leading British success story and the Secretary of State welcomed the success of the company's fundraise as evidence of this.

Found: Gareth Davies, Comptroller and Auditor General, National Audit Office, Laura Brackwell, Director, National

Found: Gareth Davies, Comptroller and Auditor General, Joshua Reddaway, Director, National Audit Office, and

Found: The Comptroller and Auditor General (C&AG), Gareth Davies, is an Officer of the House of Commons and

Found: The Comptroller and Auditor General (C&AG), Gareth Davies, is an Officer of the House of Commons and

Found: The Comptroller and Auditor General (C&AG), Gareth Davies, is an Officer of the House of Commons and

Found: The Comptroller and Auditor General (C&AG), Gareth Davies, is an Officer of the House of Commons and