The
The new programme was revealed by the Chancellor of the Exchequer,
Rishi Sunak, during the budget speech this past spring. The £375 million scheme is designed to encourage private investors to co-invest with the government in high-growth firms. This UK-wide programme will deliver the funding via
British Patient Capital, a subsidiary of the
British Business Bank.
The UK government believes that these innovative firms have the ability to grow rapidly and have a significant economic impact – critical to the UK’s future prosperity and economic recovery.
Judith Hartley, CEO of British Patient Capital, commented:
“With many world-class universities and a strong track record in science and research, the UK is fertile ground for creating high-growth companies based on cutting edge technologies. Through the commercialisation of R&D, these transformative companies will help accelerate the deployment of innovative breakthrough technologies that can transform major industries; develop new medicines; support the transition to a net zero economy and strengthen the UK’s position as a science superpower. Future Fund: Breakthrough will enable these R&D intensive companies to raise the patient capital they need to fuel the later stages of their growth, and in doing so, help ensure the UK is a world leader in the industries of the future.”