London – April 20, 2020 – In response to market uncertainty created since the outbreak of the COVID-19 pandemic, the UK government announced a new package providing financing to UK startups in the form of a convertible loan, which is invested directly by the government and matched by private investors.
At HM Treasury’s request, global law firm Goodwin assembled a task force of the leading law firms in the UK working with emerging companies and their investors. The four firms are Goodwin, Cooley, Taylor Wessing and Orrick.
“Britain is a global leader when it comes to innovation,” Chancellor of the Exchequer Rishi Sunak said in a statement. “Our startups and businesses driving research and development are one of our great economic strengths and will help power our growth out of the coronavirus crisis.”
“This package will be a lifeline for many UK startups,” noted Aaron Archer, lead partner for Cooley working on the task force. “The scheme will go a long way to ensure the UK remains the preeminent European location for emerging companies and venture capital and one of the most attractive places in the world for the very best talent in technology and life sciences. Whatever we can do to ensure that remains the case, we will.”
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