Applications open for Future Fund: Breakthrough Scheme
From today, the Government’s new “Future Fund: Breakthrough” scheme will be open for applications. The £375 million fund seeks to support high-growth, innovative firms with their development of “breakthrough technologies which can transform major industries.”
Under the new scheme (which is separate from the Government’s previous Future Fund scheme), the Government will make equity co-investments alongside private investors. The scheme will be delivered through the British Patient Capital (a subsidiary of the British Business Bank).
Key features of the new scheme are as follows:
- Targeted towards R&D intensive companies operating in breakthrough technology sectors.
- Companies must be UK-based with “significant UK operations” (meaning at least half of the company’s overall employment base and half of its research employees are based in the UK).
- Minimum total investment round: £30 million (including the scheme capital).
- Previous third-party funding of £5 million (in the last five years) is required.
Full scheme details and eligibility criteria can be found on the British Patient Capital website (https://www.britishpatientcapital.co.uk/future-fund-breakthrough/).
Applications must be submitted by the “lead investor” and can be initiated through the British Patient Capital website.
For more information please contact our Corporate Team.