Future Fund: Breakthrough breaks free

This is a guest post from Bishop Fleming, a Top 30 accounting firm in the UK and an award winning tax practice. Bishop Fleming are the Headline Partner for the Tech South West Awards 2021.

As announced in the Spring 2021 Budget, a new £375m Future Fund: Breakthrough scheme has been launched to help support high growth, innovative and R&D intensive firms.

The scheme allows the government to co-invest with private investors to help scale-up innovations across UK industries including life sciences and clean technology

Under the initiative, the government will help firms looking to raise at least £30m of investment, and the business must have commitments of 70% of an investment round from private investors with a track record of financing innovative companies – such as venture capitalists.

As well as life sciences, the scheme covers quantum computing and clean technology in order to help accelerate breakthrough innovations such as developing life-saving new medicines and technologies that support the UK’s transition to net zero.

Due to high research and development costs, breakthrough technology companies typically require more capital over longer time periods than other companies to bring their products to market.

The government says that the UK’s most innovative companies are key drivers of future growth and estimate that 1% growth in these firms could grow the UK economy by £38 billion.

Previously, the government launched the Future Fund to support high-growth firms during the pandemic. That scheme has now closed.

The government continues to support innovative companies through its Plan for Growth, the new Future Fund: Breakthrough being a key part.

More information can be found on the British Patient Capital website

Further information

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