Non-UK top companies

The Government has announced an extension to the Future Fund. The fund will now close for new applications on Sunday 31st January 2021.

 

New eligibility criteria: access to the Future Fund for companies in non-UK accelerator programmes

This is a specific amendment to the existing Future Fund scheme that the Chancellor of the Exchequer launched on 20th April 2020. The new eligibility criteria will allow companies:

  • which have a substantial economic presence in the UK – i.e. 50% or more of its revenue comes from the UK, or 50% or more of its employees are based in the UK

BUT

  • whose participation in non-UK accelerator programmes means they no longer have an ultimate parent company in the UK

to apply for the Future Fund.

Access to the Future Fund can help these innovative UK companies through the current period of disruption and the recovery, so they are able to continue their growth and reach their full economic potential.

The change will help support innovative UK companies that, until now, didn’t qualify for the Future Fund because they had to register in an overseas jurisdiction to participate in an accelerator programme. Being accepted to an accelerator programme can be highly competitive, and some of the UK’s highest-potential companies have benefited from the rigour, mentoring, investment and networks of accelerators overseas. It has been decided that these innovative UK companies with good potential should not be excluded from the scheme.

The companies must still meet the Future Fund eligibility criteria, which includes having:

  • raised at least £250,000 in third-party funding in the last five years
  • a substantial economic presence in the UK

Only companies that can attract at least 50% of the total amount in eligible matched funding will receive investment from the scheme.

The overall approach to the Future Fund remains the same. The initial application will begin in the online portal, but there will be a number of additional, and unavoidable, manual processes to make sure we complete the appropriate due diligence. There are further eligibility criteria of which the company will need to provide evidence.

Read our Future Fund FAQs for non-UK top companies