The Government has announced the launch of the Future Fund: Breakthrough funding programme and is now open for applications.
What is the Future Fund: Breakthrough?
The £375 million funding programme aims to aid tech start-ups who are highly innovative and can accelerate the deployment of breakthrough technologies, develop new medicines, and support the UK’s transition to a net-zero economy.
The programme will be funded through the British Patient Capital (BPC), a subsidiary of the British Business Bank.
The funding programme will involve co-investment by BPC (by way of equity) and private investors targeting R&D intensive companies looking in the UK looking to scale up in industries such as quantum computing, life sciences and clean technology.
Key features of the Future Fund: Breakthrough
Investors will have to meet certain requirements including:
NB: The funding programme is separate from the government’s Future Fund (applications for this are now closed) and companies’ participation in the Future Fund shall not have an impact on their eligibility nor affect their likelihood of obtaining funding under this programme.