A UK-wide investment programme has launched to deliver £375m of government funding to research and development (R&D)-intensive firms operating in “breakthrough” technology sectors.
The Future Fund: Breakthrough programme, which opened for investor applications on 20 July 2021, was originally announced by the chancellor of the exchequer during the Budget in March, and will be delivered by British Patient Capital – a commercial subsidiary of the UK government’s economic development bank, British Business Bank.
The fund is designed to target later stage R&D-intensive firms in breakthrough technology sectors, including quantum computing, cleantech, and life sciences, to fuel their continued growth.
Because of their potential to have a significant economic impact, the growth of these innovative companies is seen as critical by the government to the UK’s future prosperity and economic recovery.
British Patient Capital will aim, over time, to construct a portfolio of growth-stage breakthrough tech companies, and will make equity co-investments alongside private sector…