Sunak expands £500m fund for UK startups hit by coronavirus

Sunak expands £500m fund for UK startups hit by coronavirus

Kalyeena Makortoff 29/06/2020

Chancellor extends Future Fund to include firms that have moved their HQs abroad

The chancellor is expanding a £500m fund for UK startups hit by the coronavirus crisis, to ensure firms that shifted their headquarters abroad can still access the scheme.

The Future Fund will now benefit companies that are seen as British in all but name, having moved their parent company to tap US investors or take advantage of so-called accelerator programmes. Accelerators like US-based Y Combinator often ask firms to set up a US entity in order to access financing, mentorships and expert networks overseas.

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