Future Fund: Breakthrough Header

Future Fund: Breakthrough is an investor led programme, which means funding applications can only be made by a qualifying lead investor and cannot be made by companies.

The fund is designed to provide equity funding to innovative, R&D-intensive UK companies operating in breakthrough technology sectors (such as quantum, clean tech, and life sciences). These are sectors which typically have a longer lead time to product commercialisation.

The fund is focused where there is the greatest need for intervention to increase the investment round size.

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.

The Frequently Asked Questions contain more information.

This is a highly targeted programme, designed to address the equity funding gap for growth stage R&D intensive companies, it is therefore not suitable for all companies.

The British Business Bank’s Finance Hub contains a wide range of impartial information on all the finance options available to smaller business. This includes detailed information on equity finance options.

The fund managers with which British Patient Capital has invested can be viewed on Our Portfolio page. All the British Business Bank’s partners can be viewed on its website.