The British Enterprise Financial institution has agreed to speculate £30m to the Put money into Girls Taskforce’s Girls backing Girls fund.
The taskforce was shaped following the landmark Rose Evaluate, which discovered that placing critical funding behind ladies entrepreneurs couldn’t solely assist scale back the inequality feminine founders face, but in addition add considerably to the UK financial system.
The British Enterprise Financial institution initially dedicated £50m to the Put money into Girls Taskforce, which it doubled in June.
With its new contribution to the fund of funds led by Bootstrap4F alongside Barclays, M&G, and Nationwide, its complete funding within the taskforce has been delivered to £130m.
Mentioned by the financial institution to be the most important devoted female-led fund of funds, the Girls backing Girls fund deploys capital to feminine and mixed-gender founding groups within the UK.
“The British Enterprise Financial institution goals to unlock potential throughout the financial system by guaranteeing that the total spectrum of UK entrepreneurs have entry to finance, together with feminine founders,” stated Christine Hockley, managing director and co-head of funds on the British Enterprise Financial institution.
“This is the reason the British Enterprise Financial institution is working intently with organisations just like the Taskforce to construct the UK’s pool of feminine traders, taking essential motion to enhance entry to finance for feminine entrepreneurs.”
The fund will give attention to the eight sectors singled out as growth-drivers within the authorities’s latest Industrial Technique, together with life sciences and digital.
“Development is that this authorities’s primary mission and I’m backing female-powered enterprise not solely as a result of it’s essential for our financial system however as a result of it’s the proper factor to do,” stated Chancellor Rachel Reeves.
“As the primary feminine chancellor within the UK I’ve dedicated to enhancing financial outcomes for girls.”
