Future Fund: Breakthrough is a new £375m UK-wide scheme which will encourage private investors to co-invest with government in high-growth, innovative firms.
The programme will launch in early summer of 2021, key features will include:
- £375m initial fund size
- Focused on R&D intensive companies
- Minimum investment round size of £20m
- Must be a UK based company with significant UK operations
- Application to be led by established venture capital investors
These R&D intensive companies, accelerate the deployment of breakthrough technologies which can transform major industries, develop new medicines, and support the UK transition to a net zero economy.
Due to high research and development costs, breakthrough technology companies typically require more capital than other technology companies to fuel the later stages of their growth.
Future Fund: Breakthrough will be delivered by the British Business Bank, via its commercial subsidiary British Patient Capital. Future Fund: Breakthrough will crowd in private sector investment to support the growth of the companies.
This new scheme is separate from the government’s Future Fund, now closed to new applications, which addressed the immediate funding challenge that innovative, equity backed, UK companies faced due to Covid-19. Participation in the Future Fund will have no bearing on eligibility for, or affect the likelihood of obtaining funding from, Future Fund: Breakthrough.
Further information will be issued on the launch of Future Fund: Breakthrough. Sign-up to receive British Business Bank updates and news.