Future Fund: Breakthrough Process Evaluation and Early Impact Assessment

The British Business Bank commissioned Ipsos UK to undertake an early assessment of the Future Fund: Breakthrough (FF:B) programme, managed by British Patient Capital (BPC). FF:B was established in 2021 to target the venture capital (VC) funding gap faced by growth stage R&D intensive companies in the UK.

The report’s main findings include:

• There is a clear rationale for FF:B in tackling the later stage funding gap constraining UK R&D intensive companies.
• FF:B is on course to deliver on its financial targets, in the process meeting its objectives of increasing deal sizes in innovative later stage R&D intensive companies.
• FF:B is playing a significant role in supporting R&D expenditure in innovative companies, enabling them to increase employment, undertake R&D activities and support the commercialisation of products.