New £375m investment scheme for high-growth firms opens for application
The government has today opened a new £375m pot of funding to invest in fast-growing firms across the sectors such as life sciences and clean tech.
To be eligible for the so-called “Future Fund: Breakthrough” scheme, businesses looking to raise at least £30m must have 70 per cent of an investment round already committed by private investors.
Chancellor Rishi Sunak said the scheme would help “innovative businesses… access the finance they need to scale up and bring their transformational technologies to market.”
He also announced that London would host a “Treasury Connect” tech summit in September.
The new programme is styled as the successor to the “Future Fund”, which helped provide financial support for small businesses during the pandemic.
It has provided more than £1bn of convertible loans to 1,190 businesses over the last year.
The new plan is part of the government’s new Plan for Growth, which has set out £14.9bn spending on research and development, the highest level for four decades.
It was first announced during March’s budget and like its predecessor will be administered by the British Business Bank (BBB).
Sunak said: “Technology and innovation will be at the heart of our future economy which is why we are investing billions in R&D to help cement our status as a world-leader in this field.
“Above all, our investment will incentivise collaboration between our most ambitious entrepreneurs and private investors, helping to commercialise breakthrough products such as new medicines and green technologies that could change our lives for the better – all while creating high-skilled jobs that help boost the UK economy.”