UK registered SMEs that are transforming food production towards net zero can apply for a share of up to £5 million in grant support. This must align with a series A investment. The grant funding is from the Industrial Strategy Challenge Fund.
Programme: Innovate UK
Award: Share of up to £5 million
Opens: 2nd Nov 2020
Closes: 13th Jan 2021
This competition will support UK registered micro, small and medium-sized enterprises (SMEs). The SMEs must be aspiring to transform food production through experimental development projects that are closer to market.
Your UK registered SME will receive:
As well as investment, the lead investors in the pool can provide you with commercial acumen, such as:
You must develop precision technologies and data driven solutions that make a significant step towards realising net zero food production systems by 2040.
Your proposal must demonstrate the ambition to finalise a late stage innovation with the potential to grow and scale your business through successful negotiation of investment from a lead investor associated with the competition. You must provide a coherent project plan which integrates into your business strategy.
You must demonstrate how your project meets the overall aims of the ISCF Transforming Food Production Challenge, which are to:
Your project must focus on one or more of the following:
This competition is not funding projects involving:
This competition is open to single applicants only.
To apply your organisation must:
Your project must:
Grant Funding Costs
ISCF has allocated up to £5 million to fund innovation projects in this competition. Your project can have total eligible costs between £1 million and £3 million.
Your funding request must not exceed the limits below. For experimental development projects which are nearer to market, you could get grant funding for your eligible project costs of:
Aligned Private Investment
You must agree the private investment through a lead investor and reach heads of terms by 3 June 2021.
The aligned private investment:
The investment can be in the form of either direct equity investment or a convertible loan. It must come from a single lead investor from the pool of investors associated with this programme. The lead investor may decide to syndicate with other investors from within or outside of the pool.