SwiftDX is a Cambridge based molecular diagnostics company which has developed a DNA testing technology that is quick, simple to use and cost-effective.
An iFD and Isosceles team worked alongside the Swift DX management team throughout the Future Fund process and ensured the successful completion of the funding round.
We now ask Account Director, Andrew Taylor, about the specifics of the application.
Isosceles’ client SwiftDX secures funding under the Future Fund
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SwiftDX is undertaking pioneering research and development in the detection of diseases and will be using the funds from the Future Fund and matching investors to continue its R&D program, including the final development and commercial launch of its first product.
Step-by-step: How to apply for the Future Fund
Step 1 The investor, or lead investor of a group of investors, proves they meet the eligibility criteria and provides key investment details.
Step 2 The company confirms the accuracy of the investment application details provided, before submitting the full application via the online portal.
However, if applying for a UK company from a non-UK based accelerator programme, there will be several additional processes to implement to ensure the British Business Bank can complete the appropriate level of due diligence.
Step 3 Once an application is approved, all parties will execute an agreement and meet the certain conditions outlined in the agreement before the funds are released.
Top tips to achieve a seamless submission
Here are several tips to ensure your application is processed as efficiently as possible:
- Disclose all investor data on the portal application.
- Check the name on the application is correct for all parties involved.
- Provide a clear passport image for the person completing the application.
- Provide evidence to demonstrate that at least £250,000 of external equity investment has been raised in the past five years.
- Provide the registry documents that show the ownership and directors of a corporate investor if the investor is located overseas.
- Provide the appropriate supporting evidence if the investor is regulated.
- If an investor is a fund, ensure that it is named as the investing party.
- For an investing company, provide details of the person who will be signing the CLA on behalf of the investor to facilitate the signing process.
- If state aid has been received, provide details of the nature of the aid funding available for submission.
- Make use of the Future Fund helpline – there will always be unexpected niggles in the process and resolving these sooner rather than later will ensure funds are received quickly.
Importantly, it should be noted that all applications will be assessed against UK Government investment standards to reduce the risk of damaging the scheme’s integrity or credibility.
Background: The Future Fund
The Chancellor of the Exchequer announced on 20 April the launch of the new Future Fund to support the UK’s innovative businesses affected by COVID-19.
Designed specifically for companies currently ineligible for existing government support programmes, such as CBILS, the Future Fund aims to support businesses that are pre-revenue or pre-profit and typically rely on equity investment.
Updates to the scheme (Tuesday 30 June)
As mentioned in our previous blog on the scheme, following an amendment to the initiative on Tuesday 30 June, UK companies from accelerator programmes outside the UK are now eligible for support.
The adjustment to its remit now means that the Future Fund allows a greater number of eligible firms to benefit under the scheme.
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According to the latest figures released by the British Business Bank (4 August), 537 companies have been approved for £534m worth of Convertible Loan Agreements since the Future Fund scheme was launched in May.
The initiative for innovative companies will be open until the end of September 2020.