Following the success of the Future Fund, an investment fund set up by the UK Government to alleviate funding challenges that equity-backed UK companies faced due to Covid-19, The Future Fund: Breakthrough was recently announced during the Government’s Autumn Statement.
The Future Fund: Breakthrough is a £375 million pound fund backed by the Government, which forms part of the broader government intention of developing and promoting the UK’s technology sector. The fund will co-invest with private investors in UK based research and development intensive companies operating in breakthrough technology sectors (such as quantum computing, clean technology and life sciences). The aim of the Future Fund: Breakthrough is to accelerate the deployment of innovative technologies helping to transform major industries within the UK.
The increased focus on the use of technology in supply chains, along with Brexit necessitating a pivot towards manufacturing more products domestically, means that there is a potential opportunity for UK companies who meet the eligibility criteria to access the finance required to scale and bring new products to the market.
A company that wishes to utilise the Future Fund: Breakthrough must satisfy the following criteria to qualify, the company must:
Any investment from the Future Fund: Breakthrough will be progressed via investors (either new or existing). The investors will be required to make a new investment into the company alongside the Future Fund: Breakthrough, and the application will be submitted by the investors rather than the company. If you would like to discuss the Future Fund: Breakthrough or other opportunities for investment in your company, please contact our Technology Solicitors below.