British Business Bank launches £375m scheme for tech start-ups
The UK government has set up a new £375 million scheme to drive investment in innovative tech start-ups and “super charge” the post-pandemic economy.
The Future Fund: Breakthrough scheme will cover the whole of the UK
Under the UK-wide ‘Future Fund: Breakthrough’ scheme, the government is aiming to help firms looking for up to £30 million in investment.
To be eligible, businesses must have commitments of 70% of an investment round from private investors “with a track record of financing innovative companies”.
Future Fund: Breakthrough is delivered by British Patient Capital, a commercial subsidiary of the British Business Bank.
This new scheme is separate from the government’s Future Fund, now closed to new applications, which focused on immediate funding challenges during the height of the pandemic.
“Our Future Fund: Breakthrough scheme will enable innovative businesses in every corner of the UK to access the finance they need,” says Rishi Sunak, Chancellor of the Exchequer.
“Technology and innovation will be at the heart of our future economy, which is why we are investing billions in R&D to help cement our status as a world-leader in this field.”
Currencycloud co-founder, Richard Arundel, says the scheme could be a boost for London’s status as a technology hub for financial services.
“UK fintech has had an especially show-stopping year – firms have raised £4.1 billion in the first half alone, with bumper valuations galore.”
He adds: “London’s status as a global financial hub and entrepreneurial tech founders and backers make the UK a prime candidate for producing future industry giants.”
