Taking place in East London today, Treasury Connect will feature four sessions on access to finance, Fintech, talent and life sciences, with companies expected to be in attendance including Funding Circle and Monzo.
Chancellor Sunak will also announce that government support for UK companies, through the Future Fund, has landed taxpayers with stakes in over 150 high-growth firms.
These companies include Vaccitech PLC, which co-invented the COVID-19 vaccine with the University of Oxford, and education platform Century Tech, which uses AI to personalise learning for children.
The event’s launch follows the £375 million Future Fund: Breakthrough, which opened for applications in July to help high-growth, R&D intensive companies bring game-changing technologies to market.
“I am delighted to bring some of our biggest tech firms and investors together today to celebrate UK technology and expertise at Treasury Connect,” said Chancellor of the Exchequer Rishi Sunak, ahead of the event.
“These firms have huge economic potential and will play a critical role in our future prosperity – all while creating high-skilled jobs and boosting the economy as part of our Plan for Jobs.
“The Future Fund was set up to ensure that investment keeps flowing to our most innovative businesses, and it’s fantastic that taxpayers now have equity in these top-performing start-ups.
“Investing in these companies has the potential to accelerate innovations that will transform UK industry, develop new medicines and strengthen our position as a science superpower.”
Digital Secretary Oliver Dowden commented: “It’s fantastic to see firms and investors from around the country coming together to celebrate this golden age in UK tech.
“The tech sector has played a crucial role throughout the pandemic and these innovative firms are key to driving growth through our recovery.
“We’ve been working tirelessly to back digital businesses with pro-innovation policies such as the Future Fund and the National Data Strategy so we can create jobs, wealth and boost people’s digital skills right across the UK.”
Samir Desai, CEO and Founder of Funding Circle, added: “The Treasury Connect conference highlights the Chancellor’s ongoing commitment to the UK’s world-leading tech sector, and we applaud the way HM Treasury and the British Business Bank worked with Fintechs and Banks to support small businesses during the pandemic.
“We’re proud of the role our technology and distribution platform played in delivering this vital support, and look forward to continuing to work with the Government to help SMEs access growth finance.”
Future Fund success
Latest data, released today by the British Business Bank, shows some of these early investments have now turned into stakes in these high-growth firms, following the commencement of the Future Fund.
This includes healthcare company Cipher Surgical Limited, which has developed products for increasing visibility during abdominal keyhole surgery, reducing operating time and costs.
Additionally, Ripple Energy, a firm that allows customers to own shares of a wind farm, have benefitted from Government stakes.
“The Future Fund helped keep investment flowing to high-growth UK businesses during the pandemic,” said Catherine Lewis La Torre, CEO of British Business Bank.
“Designed to create a bridge to an innovative company’s next funding round, over £1bn of convertible loans were issued to more than 1,000 firms.
“Over 150 companies have already seen this funding convert to equity as they have gone on to successfully raise further private sector capital.
“The continued success of companies such as those supported by the Future Fund, will be essential in ensuring the UK retains its world leading position in science, innovation and technology.”
