FF:B 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 fund will not invest in companies looking to develop or employ products with a short time-to-market, recognising that a strong private sector market for investment in these sectors already exists.
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.
FF:B will only invest in funding rounds of at least £30m in size, including FF:B capital. The maximum FF:B share is 30%, meaning that the minimum amount of private sector funding in a potentially eligible round needs to be £21m. FF:B will invest on the same terms as the sponsor investor.