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Future Fund: Breakthrough – a new government co-investment scheme

Author: ICAEW Insights

Published: 17 Mar 2021

March 2021: A new scheme for government and private sector co-investment in R&D-intensive companies will launch this summer.

Full details will be published about Future Fund: Breakthrough by the British Business Bank

Official guidance

  1. Future Fund: Breakthrough on british-business-bank.co.uk
  2. Budget 2021 measures on Gov.uk

Purpose and form of funding

The scheme, with initial fund size of £375m, will support and accelerate the growth of R&D-intensive businesses.

The scheme will involve direct co-investment whereby the British Business Bank will take equity in larger funding rounds led by private investors.

How it works

The scheme will be delivered by the British Business Bank, via its commercial subsidiary British Patient Capital.

Application will be led by established venture capital investors.

Headline terms

Minimum investment round size of £20m.

Eligible companies

UK-based companies that:

  • are focused on R&D (breakthrough technologies which can transform major industries, develop new medicines, and support the UK transition to a net zero economy)
  • have significant UK operations

For companies that participated in the now-closed Future Fund, this will have no bearing on their eligibility for, or affect the likelihood of obtaining funding through Future Fund: Breakthrough

Other business finance support

Additional information