- The fund has welcomed additional backers to the Growth Impact Fund, joining existing major partners of the fund Bank of America and Access – the Foundation for Social Investment, to join their mission to fund entrepreneurs from underrepresented backgrounds
- Big Issue Invest, UnLtd and Shift have renewed their call for applications from organisations from across the UK in line with the news of further investment in the fund
Wednesday 18th January, 2023- A social impact investment fund developed by Big Issue Invest (BII), UnLtd and Shift, aimed at social enterprises and organisations from underrepresented backgrounds, has welcomed a host of further investors onboard, as the fund’s completed on its first close of £8.2m towards its £25M target size.
The fund has welcomed the following additional backers: Big Society Capital,Greater Manchester Combined Authority, the University of Edinburgh, Scope,Trust for London, Joseph Rowntree Foundation, Charities Trust,Barrow Cadbury Trust and Nick Marple, the renowned philanthropist.
The backers will join the existing major partners of the fund Bank of America and Access – the Foundation for Social Investment, who were both announced as coming onboard last year.
In tandem with the announcement, BII, UnLtd and Shift have renewed their call for applications from UK based entrepreneurs looking to grow in line with the news of further investment in the fund.
The landmark fund aims to tackle inequality and promote racial justice by being built around the needs of entrepreneurs historically locked out of social investment, as highlighted by theAdebowale Commission on Social Investment in 2022.
The fund has been designed and developed with social entrepreneurs of diverse genders, ethnicities, ages, and those with disabilities. The fund offers flexible and patient capital for social businesses to grow their impact, ringfencing a minimum of 50% of funding for leaders from underrepresented backgrounds.