Great to see the UK Government following up on the incredibly popular Future Fund with a new matched funding scheme aimed at VC backed scale-ups in breakthrough technologies.
However, the £20m minimum funding round size will prevent most start ups accessing the scheme and the Government may also want to look at further creative means of support for these companies (e.g. by way of an expansion of SEIS/EIS) to increase liquidity at seed stage and help drive the economic recovery in the UK.
Future Fund: Breakthrough will be delivered by the British Business Bank, via its commercial subsidiary British Patient Capital. Future Fund: Breakthrough will crowd in private sector investment to support the growth of the companies. This new scheme is separate from the government’s Future Fund, now closed to new applications, which addressed the immediate funding challenge that innovative, equity backed, UK companies faced due to Covid-19.
https://www.british-business-bank.co.uk/ourpartners/future-fund-breakthrough/
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