Social enterprise is increasingly becoming a feature of reform in health and social care services. In England, the Social Enterprise Investment Fund (SEIF) was established by the Department of Health to support new and established social enterprises in an increasingly plural and diverse market. The purpose of the paper is to present emerging findings of investments that have been made by the SEIF. It draws on national survey data to analyse these ‘successful’ investments. In particular, it presents empirical material on the types of organisational forms receiving SEIF investment, the types of funding being received and the ways in which this funding is being applied in health and social care. The paper analyses the prospects and pitfalls of such investments in relation to reform and innovation within health and social care services.