A new finance scheme will help technology firms “scale up” and bring innovative products to market, it has been revealed.
The report comes after the launch of the £375 million Future Fund: Breakthrough scheme on Tuesday, 20 July.
If you are a technology company, here’s what you need to know.
What is the Future Fund: Breakthrough scheme?
Administered by the British Business Bank (BBB), the Government-backed co-finance scheme is aimed at “Research & Development (R&D) intensive companies” seeking investment of at least £30 million.
The state will co-invest with private investors to help “scale-up innovations” and speed up the time it takes to bring new and innovative technology solutions to market.
Is my firm eligible?
According to the scheme details, eligible businesses must have commitments of 70 per cent of an investment round from private investors with a track record of financing innovative companies – such as venture capitalists.
Projects can include those from life sciences, quantum computing, clean technology or any other innovative sector.
Companies must have also raised at least £5 million in previous funding rounds and be based in the UK with “significant UK operations”.
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