Information for investors

The Future Fund scheme has now closed for new applicants.

The Future Fund provides convertible loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.

The minimum aggregate loan amount is £250,000. The maximum amount of the Government matched loan is
£5 million. There is no cap on the amount that the matched investors may loan to the company.

This page provides information relevant to investors on how to apply for the Future Fund, who is eligible and what information will be needed to complete an application.

Please read our Future Fund FAQs for investors

How to apply

Create account

  • The investor, or lead investor of a group of investors, creates an account on the website to be able to sign in and make applications.

Create an account

Check eligibility

  • The investor, or lead investor of a group of investors, provides information regarding the investment and confirms their eligibility.

Submit application

  • The investor, or lead investor of a group of investors, submits their application in connection to an eligible company, and the company (statutory director or the company secretary) then confirms it is happy for the application to be submitted.

Eligibility criteria

To be eligible for the scheme, each of the investor(s) and the company must meet specific criteria.

The investor must fall within any of the following categories:

  • An “investment professional” within the meaning given to that term in article 19 of the FPO
  • A high net worth company, unincorporated associated or high-value trust falling within article 49(2) of the FPO
  • A “certified sophisticated investor” or a “self-certified sophisticated investor” within the meaning given in articles 50 and 50A respectively of the FPO
  • A “certified high net worth individual” within the meaning of article 48 of the FPO
  • An equivalent professional, high net worth, institutional or sophisticated investor in accordance with applicable law and regulation in such investor’s home jurisdiction
  • An association of high net-worth or sophisticated investors within the meaning of article 51 of the FPO
  • Capable of being classified as a “professional client” within the meaning given in the glossary to the FCA Rules

Note: all other investors must fall within one of the above categories for them to be eligible to invest in the convertible loan agreement. It is the responsibility of other investors to ensure they are eligible.


“FCA Rules” means the FCA’s handbook of rules and guidance

“FPO” means the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

To be eligible for the scheme, the company must meet the following criteria:

  1. The company must have raised at least £250,000 in equity from third-party investors in previous funding rounds in the last five years (from 1 April 2015 to 19 April 2020, inclusive).
  2. If the company is a member of a corporate group, it must be the ultimate parent company.
  3. The company does not have any of its shares or other securities listed on a regulated market, a multilateral trading facility, a recognised investment exchange and/or any other similar market, stock exchange or listing venue.
  4. The company must be a UK-incorporated limited company or be eligible to apply as a non-UK parent company (see specific eligibility criteria in the FAQs for non-UK parent companies).
  5. The company must have been incorporated on or before 31 December 2019 (or if you are a non-UK jurisdiction company, this criterion applies only to at least one UK subsidiary operating company).
  6. At least one of the following must be true for the company (if you are a non-UK jurisdiction company, this criterion applies to your group): (i) half or more employees are UK-based; (ii) half or more revenues are from UK sales.

If you are applying as a non-UK jurisdiction parent company, the company must also meet the following criteria:

  1. The company must have participated in an accelerator programme, on or before 19 April 2020, and participation in the accelerator mandated incorporation of the ultimate parent company in a non-UK jurisdiction (see the definition of “accelerator programme” in the FAQs for non-UK parent companies).
  2. The company must have received investment from the accelerator programme on or before 19 April 2020.
  3. The company must be the ultimate parent company of a group which contains at least one subsidiary operating company incorporated in the UK on or before 31 December 2019.
  4. If the group (or any entity within the group) was in existence before the company was incorporated, the ultimate parent company of the group (or the sole entity, if applicable) must have been incorporated in the UK.

Note: for non-UK companies, to protect the use of public funds, all applications will be assessed against UK Government investment standards on specific jurisdictions by reference to factors such as sanctions, tax transparency, and the cost and complexity of implementation.

The UK Government will also take into account concerns around the proper use of public finances and wider public policy risks, as well as whether investment would undermine the integrity or public credibility of the Future Fund. Once we have assessed the eligibility of the non-UK company and the compatibility of its jurisdiction of incorporation and corporate form with the scheme, we will be in touch.

Investors and companies should note that the company should use the proceeds of the convertible loan agreement solely for the purposes of operating expenditure and/or capital expenditure in respect of its own business and must not use the proceeds of the convertible loan agreement to:

  • repay any borrowings from a shareholder or a shareholder related party (other than the repayment of any borrowings pursuant to any bank or venture debt facilities)
  • pay any dividends or other distributions
  • for a period of 12 months from the date of the relevant convertible loan agreement, make any bonus or other discretionary payment to any employee, consultant or director of the company other than as contracted prior to the date hereof and as paid by the company in the ordinary course of business
  • pay any advisory or placement fees or bonuses to any corporate finance entity or investment bank or similar service provider on monies advanced by the Future Fund, or
  • lend to, invest in, or otherwise provide finance to companies or persons that are not part of the company’s group.

The company will also undertake in the convertible loan agreement not to use or permit the use of the proceeds of the convertible loan agreement (whether directly or indirectly) to make loans to other businesses alongside the Future Fund as part of the Future Fund Scheme.

Information investors will need to supply

  1. Applicant’s personal information – information on the individual completing the application, including an upload of the individual’s photo identification (passport, driving licence or identity card)
  2. Investor’s details – information on the investor making the match funding application
  3. Other investors’ details – information on all other investors who will be making up the match funding (only required for investors applying as a group)
  4. Investment information – the full amount of proposed funding and the ability to confirm (subject to awareness where this is not a personal confirmation) that this funding is not wholly or partly derived from the proceeds of another Future Fund application
  5. Company information and contact details – information on the company receiving the loan and contact details of a statutory director or the company secretary

Data and documents provided will be used for Know Your Customer (KYC)/Anti-Money Laundering (AML) and general fraud checks as part of the full application.

If providing information about other investors, data and documents provided by the lead investor relating to other investors may be used for PEP and Sanctions screening.

Before completing an application, please ensure that all those on whom you will provide personal data as part of the application process (i.e. other investors, company statutory director or company secretary) have consented to you doing so, and that they are aware that it may be used for PEP and Sanctions screening and that we may contact them, using the information you provide in order to progress the application.

Participating investors are advised to take independent legal advice in order to understand the full implications of participating in the Future Fund.

A director of the company will also be asked to provide a signed confirmation concerning certain facts about the company’s issued share capital and that it has the appropriate authorisations, waivers and approvals in place, to fulfil its obligations in respect of the convertible loan agreements, including its ability to issue equity on conversion. The director and the company may wish to take legal advice about this confirmation.

Note: there may be tax implications for investors using this scheme, and so applicants should take appropriate financial advice.

Access to investment

Tracking diversity and inclusion

The application form asks a number of questions on diversity and inclusion to help us monitor the diversity of the portfolio of loans backed by the Future Fund scheme.

Investing in Women Code

The Future Fund is a signatory to HM Treasury’s Investing in Women Code. We encourage angel syndicates, venture capital firms and banks to also sign the code.

Right to change application process and eligibility and allocation criteria

The Future Fund retains its right to alter the application process, eligibility criteria and allocation criteria at any time, with details of any such changes posted on this website.

Information we capture

As part of the application process, we will collect information about the investors, the companies and companies’ nominated solicitors. We will also collect some personal information about key individuals.

We will use the information we collect to monitor the allocation of funds by the Future Fund and ensure that funds are allocated to eligible companies. We reserve the right to share all data for research purposes with other Government departments and agencies acting on our behalf. Data and documents provided will be used for KYC/AML and general fraud checks as part of the full application.

See our privacy notice for further details on how we look after and use your personal data.