British Business Bank Delivers £375m Scheme for Tech Start-ups

The UK government announced that it has launched a new £375 million Future Fund: Breakthrough scheme to drive investment in innovative tech start-ups looking to raise at least £30 million. The UK government believes these high growth, innovative and R&D intensive start-ups will bring game-changing technologies to market and super charge the post-pandemic economy.

Future Fund: Breakthrough is delivered by British Patient Capital, a commercial subsidiary of the British Business Bank. To be eligible, businesses must have commitments of 70% of an investment round from private investors with a track record of financing innovative companies such as venture capitalists.

The Chancellor of the Exchequer Rishi Sunak said: "Our Future Fund: Breakthrough scheme will enable innovative businesses in every corner of the UK to access the finance they need to scale up and bring their transformational technologies to market — all while creating high-skilled jobs and boosting the economy as part of our Plan for Jobs. 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 Arundal, 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."