Future Fund: Breakthrough
Product Description:
Future Fund: Breakthrough is a new £375m UK-wide programme which encourages private investors to co-invest in high-growth, innovative companies. Through the Future Fund: Breakthrough programme, British Patient Capital will make equity co-investments with private sector investors in later stage R&D-intensive UK companies operating in breakthrough technology sectors, such as quantum computing, cleantech, and life sciences. British Patient Capital will construct a portfolio of growth-stage breakthrough technology companies over time.
The types of companies FF:B is targeting will help accelerate the deployment of breakthrough technologies which have the potential to transform major industries, develop new medicines, support the transition to a net zero economy and strengthen the UK’s position as a science superpower. Due to high research and development costs, breakthrough technology companies typically require more capital than other companies to fuel the later stages of their growth.
Area of Expertise:
Business support through co-investments with private sector investors.
Eligibility:
Company eligibility criteria:
- The company receiving investment should be UK based (UK incorporated) with significant UK operations (meaning at least half of its overall employment base and research employees are based in the UK).
- The company must be carrying out R&D activity in the UK by meeting all three of the following criteria:
- R&D spending (as defined by pre-set accounting rules) will have been at least 10% of total operational cost base on average over the last 3 years or at least 15% in one of the past 3 years.
- Company is developing defensible intellectual property in the UK which they expect to be the company’s main revenue source.
- Company intends that 20% or more employees will be carrying our research for at least 3 years from the date of investment, in roles that require a relevant master’s degree or higher.
- The company must have raised at least £5m of equity investment from third-party investors in previous funding rounds in the last five years prior to FF:B investment.
- The company must be raising a minimum investment round size of £30m.
Districts:
- Leicester City
- Blaby
- Charnwood
- Oadby and Wigston
- Melton
- Harborough
- Northwest Leicestershire
- Bosworth and Hinckley