Application Guidance

Advice for investors and companies applying to the Future Fund

Since the Future Fund opened for applications just over a week ago on May 20th, we’ve been delighted with all the positive feedback that we’ve received from both investors and companies in regard to the speed and efficiency of the application process.

The British Business Bank has been closely monitoring the platform’s operations and as such we thought it would be helpful to share some of these insights with advice to help future applicants.

All of the information we request is required, and this will save you time as your application is processed.

To ensure your application is processed as swiftly as possible, please consider the following:

  • If an investor is a fund, make sure you provide the details of the party that will execute the CLA, including name and address of the fund and the party who will be executing on behalf of the fund (if different to the fund itself).
  • Please check the “Private Investors” definition as per the Glossary and take legal advice if required.
  • Provide supporting evidence to demonstrate that at least £250k of third-party equity investment has been raised in the past 5 years (investment cannot be accepted from individuals who are; founders, employees, consultants or connected persons).
  • Make sure the amounts to be invested by the third-party investors have been totalled correctly and the amount requested as the matched funding amount provided by the Future Fund is correctly recorded.
  • Check the name and contact details on the applications are correct for the appropriate parties and are spelled correctly.
  • Getting it right first time (the initial submission): Provide all of the investor data asked for as part of the portal application when you first apply, in particular with respect to any other investors in the syndicate.

    For example, we require the date of birth of all individual investors (to ensure we correctly identify the persons concerned), the date and country of incorporation and residential (for individuals) or registered address (for companies).

    If an investor is a fund, make sure you provide the details of the party that will execute the CLA, including name and address of the fund and the party who will be executing on behalf of the fund (if different to the fund itself).

    For parties that have received state aid in the past, please tick the “State Aid” box as part of the application and have the details of the nature of the state aid funding available for submission.

    Please check the “Private Investors” definition as per the Glossary and take legal advice if required.Provide information to confirm the nominated solicitor, in particular a Solicitors Regulation Authority number, or practicing certificate number if in Northern Ireland or Scotland.

  • Be Accurate: Check the name and contact details on the applications are correct for the appropriate parties and are spelled correctly.Check the email address and telephone number for all parties are correct. Make sure the amounts to be invested by the third-party investors have been totalled correctly and the amount requested as the matched funding amount provided by the Future Fund is correctly recorded.
  • Be prepared to provide other information during the application: Provide a clear passport image for the representative completing the application.

    Provide supporting evidence to demonstrate that at least £250k of third-party equity investment has been raised in the past 5 years (investment cannot be accepted from individuals who are; founders, employees, consultants or connected persons).

    Provide the nominated solicitors client account details when requested.If an investor is located overseas please provide the registry documents that show ownership and directors as required, and if a regulated investor supply the supporting evidence.

    For an investing company, please provide details of the individual who will be signing the CLA on behalf of the investor to facilitate the signing process.Should any of the 4 variable terms (interest rate, conversion discount, headroom amount and valuation cap) of the CLA be proposed to be amended by the Investee and the Investors, please have the details of the proposed amendments available for submission when requested during the process.

    Note: the interest and discount rates cannot be lower than 8% and 20% respectively. If no headroom amount or valuation cap is agreed, they will default to zero and void, respectively.

    Should your application be successful, the CLA will be issued to all parties for signature based upon the details provided by you. Please do not download the CLA from the website as this will not be valid.

We understand that there may be changes that may need to be made during the application process.  Please note changes will have timing implications to the processing of your application and in some cases (such as the inclusion of a new investor or a change in the lead investor or investee), may require resubmission of your application.