Fast-growing firms working on “gamechanging” technology, including in areas such as life sciences and clean energy, are being invited to apply for a slice of a £375m fund aimed at fostering innovation in the UK.
The future fund: breakthrough scheme will involve the government committing to co-invest alongside private enterprise to give extra impetus to businesses looking for cash to take nascent technologies to the next step.
In an effort to make the UK a “science superpower”, the Treasury will favour industries such as quantum computing, life sciences and clean technology, in an effort to spur breakthroughs that can “solve some of society’s greatest challenges”.
Just what the tech sector is currently suffering from. An absence of speculative capital.
To qualify, firms will have to be UK-based and seeking at least £30m to fund further development.
Private companies will have to make up the bulk of the investment, with applicants required to show that they have already secured commitments for 70% of their funding round.
Applicants must show that they have previously been able to raise £5m without state help, indicating that they are already growing significantly.
Seriously, what shortage of Series B – or even Series C – capital is there?