Fast-growing firms working on “game-changing” 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.

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.

The companies will not apply themselves, with their lead investor instead making the connection between the business and the future fund.

The new future fund was announced at the UK Spring Budget earlier this year and will be administered by the British Business Bank’s subsidiary, British Patient Capital.

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Eligibility and Criteria.