The Treasury has announced a 1.25 billion bailout package targeted at startups and innovative small- and medium- sized business, to keep the UK’s tech and life sciences industries afloat as COVID-19 bites.

There are two parts to the bailout package.

The first is a co-investment fund called the Future Fund, which will make up to 500 million available to venture-backed early-stage startups.

The remaining 750 million funding tranche of the £1 billion package is targeted at small-to-medium enterprises (SMEs) focused on research and development, and thus likely to be burning cash. That funding will be available through the UK’s innovation agency, Innovate UK.