British Patient Capital Response to the Future Fund: Breakthrough Early Impact Assessment

A new assessment of British Patient Capital’s Future Fund: Breakthrough announced today that the programme is successfully increasing later stage capital investment into deeptech and life sciences companies – the sectors it was founded to support.

It has invested and committed £111.4m of funding into 16 companies, alongside £724m of third-party capital investment as at August 2023.

The Process Evaluation and Early Impact Assessment, undertaken by Ipsos UK, also noted that British Patient Capital had potential to be more catalytic in leading new equity funding rounds, and broadening the ecosystem of potential investments.

In response, British Patient Capital has already taken action to ensure the market is better supported to enable the growth of the UK’s R&D intensive companies.

These actions, effective immediately, include:

1. The minimum round size for Future Fund: Breakthrough has been reduced from £30m to £20m.
2. Sponsor investors can include vehicles such as corporate venture capital funds which have a carry or Long-Term Incentive Plan structure in place.