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At the fund, we believe that innovation can come from many different types of organisations - whether private sector or public sector, for-profit or non-profit. To that end, the fund offers a range of financing types, including grants, loans (including convertible debt), and equity investments.

The fund expects applicants to present a clear rationale for the type of financing they apply for. We would normally expect for-profit companies with a commercial pathway to scale to apply for debt or equity. For-profit institutions requesting grants must give compelling rationale on why they are requesting grants rather than risk capital such as equity or debt, e.g. why the innovation can be considered as a public good that benefits society, or why grants are appropriate for this stage or specific use of funding. For The fund’s largest commercial investments, equity will only be offered on comparable terms with other investors (on a 'pari passu' basis).

More information for applicants on financing types can be found on the page “what type and amount of financing should I apply for”