The UK Government's Future Fund opens for applications on Wednesday 20 May 2020. The scheme will provide matched funding to innovative high growth startups and scale-ups in the UK.
Details of how the scheme will be implemented, and the eligibility criteria for both investors and companies, were published yesterday on the British Business Bank website. Guidance on application process and a summary of the details that are now available are set out in our briefing note which can be accessed here.
Taylor Wessing, along with a number of other law firms, worked with the Government Legal Department in advising the government on the new fund, which delivers an unprecedented solution in an expedited time frame.
Angus Miln, partner and head of Taylor Wessing's Corporate Technology group, leads the Future Fund team working alongside colleagues from across the firm.
Commenting on the recent announcement, Angus Miln said: "It is great to see HM Treasury delivering on its promise to open the scheme in May. The information published yesterday is helpful, in line with the advice and guidance that we have provided to clients to date, and will be welcomed by the market. That said, the detailed eligibility criteria will limit the universe of potential applicants and both companies and investors will be keen to understand how the government's minimum 21 day review period for applications plays out in practice."
