Back in May, the UK government announced a £500m initiative, the Future Fund, in partnership with the British Business Bank that would be used to propel the growth of select innovative start-ups to spearhead the recovery of the economy.
The Treasury recognised that the UK’s up and coming tech companies, along with similar industry disruptors, like Chip, were paramount to rebuilding the economy in the wake of the COVID-19 outbreak.
The Chancellor of the Exchequer, Rishi Sunak, said:
Our start-ups and innovative firms are one of our great economic strengths, and they will help spur our recovery from the pandemic.
The Future Fund will support firms across the UK to get through the pandemic by stimulating investment, so that they can continue to break new ground in technology and innovation.
Being accepted in the Future Fund means anything we raise in this round will be matched by the government, allowing us to continue full steam ahead with our 2020-21 roadmap.
The scheme will issue convertible loans between £125,000 to £5 million to innovative companies, which translates into equity during our next raise, which happens to be running right now (!!!), with the launch of our biggest funding round ever.
Our goal is to become the next unicorn, and now with our ticket into the Future Fund, we’re well on our way.
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