July 21, 2021 | News
A new £375m scheme to drive investment in the UK’s most high growth, innovative and R&D intensive firms opens today (Tuesday 20 July) – in a move designed to supercharge the UK’s post-pandemic economy.
Under the UK- wide Future Fund: Breakthrough scheme the government will commit £375 million of funding to fast-growing firms looking to raise at least £30 million of investment. To be eligible, businesses must have commitments of 70% of an investment round from private investors with a track record of financing innovative companies – such as venture capitalists.
The scheme will span across the UK’s world class industries including life sciences, quantum computing and clean technology and accelerate the deployment of breakthrough innovations that could solve some of society’s greatest challenges – from developing life-saving new medicines to technologies that support the UK’s transition to net zero. It is part of the government’s multibillion-pound investment in research and development to help build a future economy, create skilled jobs and cement the UK’s status as a scientific superpower.
The Chancellor Rishi Sunak also announced that he will host a Treasury Connect tech conference in East London in September to bring together the CEOs and senior leaders of the UK’s biggest tech firms and investors.
For more information on eligibility and criteria please see the British Business Bank