The programme makes equity co-investments with private sector investors in growth stage R&D-intensive British companies operating in breakthrough technology sectors. The minimum total investment round size is £30m. The maximum Future Fund: Breakthrough share of an investment round is 30%.

It is a separate programme to the now closed Future Fund that provided convertible loans, valued up to £5m, to a broad range of innovative companies to address the funding challenges caused by Covid-19.

Key Features

• Focused on R&D intensive companies
• Minimum total investment round size of £30m
• Companies must have raised at least £5m in previous funding rounds
• Companies must be UK based with significant UK operations
• The application must be made by a lead investor

Through the commercialisation of R&D, breakthrough technology companies accelerate the deployment of innovative technologies, that can transform major industries, develop new medicines, and support the transition to a net zero economy, building on the UK’s position as a science superpower.

Due to high research and development costs, breakthrough technology companies typically require more capital than other technology companies to fuel the later stages of their growth.

The lead investor is the investor applying to Future Fund: Breakthrough and can be a new or existing investor. The lead investor does not have to be the largest investor in the round but is expected to contribute a significant amount to the investment round and meet the lead investor criteria.

Potential lead investors may begin an application from the ‘For investors’ page of this website.

For full details, including both company and lead investor eligibility criteria, please see the ‘For companies’ and ‘For investors’ pages on this website.