Support for R&D innovation in sectors such as life sciences, medicine, computing and clean technology
The new Breakthrough Future Fund will provide an additional £375m of funding to further support innovation R&D in sectors such as life sciences, medicine, computing and clean technology.
The fund is aimed at incentivising collaboration between entrepreneurs and private investors, by co-investing up to 30% of the capital requirement.
Qualifying companies will be those looking to raise a minimum of £30m to scale up and accelerate growth and must have already raised at least £5m in previous funding rounds.
The fund is aimed at UK-based companies intending to commit 20% or more of the workforce to research activities for at least three years from the date of investment, in roles that require a relevant master’s degree or higher.
It will continue to be administered by British Patient Capital (part of British Business Bank) and applications have now opened.
For more information, investors should email breakthrough@bpcinv.co.uk.
Read ACCA's technical factsheet on accounting for the Future Fund.