Future Fund: Breakthrough will launch in early Summer 2021 as a new £375m scheme to encourage private investors to co-invest with government in high-growth innovative firms.
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 R&D costs, breakthrough technology companies typically require more capital than other companies to fuel the later stages of their growth.
Future Fund: Breakthrough will target these companies seeking a minimum of £20m and will crowd in private sector investment to support their growth.
Future Fund: Breakthrough will be delivered by the British Business Bank, via its commercial subsidiary British Patient Capital.
Key features
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 is available on the British Business Bank website