They also received investment from BD Giving, who are working to celebrate social entrepreneurs in Barking and Dagenham in London and were interested in the way that they could partner with GIF to develop a local pipeline.
Attracting two such different funders into the second close reveals how many different organisations identify with its ambitions are of tackling inequality, both in access to capital and in the UK more broadly.
Susan Clear, Director of Social Impact Investing for the Macquarie Group Foundation said: “This is the first social impact investment the Foundation is making in the UK and demonstrates the expanding impact of our community efforts in this market. With a focus on investing in organisations led by underserved entrepreneurs, the Growth Impact Fund aligns with the Foundation’s mission to drive social impact work for Macquarie, and support our people, businesses and communities to build a better future.”
Continue reading for free
Registration is free and takes less than 30 seconds.
Our supporters make Big Issue’s work possible. Join us to see the impact we’re having together and discover more ways to help people facing poverty access income, opportunity and support.
“We always knew that impact was as important as return” said Irina, Barking and Dagenham resident and Community Steering Group member. “When we had about twenty investment proposals to consider, we started to realise that the potential for learning and the relationship we could build were more important than we had initially thought. We chose Growth Impact Fund for our community because the investment felt more like a partnership.”
Sarah Faber, Investment Director at Big Issue Invest, said: “It’s a testament to the design and work behind the fund that we have attracted support from such varied funders from a global organisation like Macquarie to a local community organisation such as Barking and Dagenham Giving. Both funders care about the change we are looking to achieve and are keen to learn from our work.”
Mathu Jeyaloganathan, Head of Investment at UnLtd, said: “Attracting investment from Macquarie and BD Giving is a significant achievement for the Growth Impact Fund. We are excited to be working with them in the future to support our enterprises.”
Advertising helps fund Big Issue’s mission to end poverty
The Fund has made a £250,000 investment in Lightning Reach, a platform that makes it easy for people to find and apply for a wide range of personalised support in one place. To date, Lightning Reach has facilitated over £6m in grants to individuals in need of financial assistance and registered over 60,000 users.
Almost £260,000 was invested in chocolate company Harry Specters, which provides paid employment, work experience and training opportunities for young autistic people. Founded in 2011, the company now employs 12 Neurodiverse individuals and has provided over two hundred autistic people with free training and work experience.
Social enterprises interested in the Growth Impact Fund can visit growthimpactfund.org.uk to learn more and register their interest or email enquiriesGIF@bigissueinvest.com.
[1] Social Enterprise UK, Capitalism in Crisis?, September 2019
Advertising helps fund Big Issue’s mission to end poverty
