Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, if his Department will publish (a) the full criteria applied to applications for the Future Fund: Breakthrough scheme and (b) an annual list of successful applicants and their co-investors.

Future Fund: Breakthrough, due to launch later this summer, is a new £375m UK-wide scheme that will encourage private investors to co-invest alongside government in high-growth, innovative firms. The scheme will be run by the British Business Bank.

Future Fund: Breakthrough will provide equity finance to innovative companies that are able to attract a minimum level of investment from the private sector. Companies must be UK-based with significant UK operations, they must have a track record of investment in research and development, and applications must be led by an established venture capital investor.

More details, including the full eligibility criteria, will be published on the British Business Bank’s website at the launch of the scheme. Arrangements for publishing investments will be decided in due course.