We're very pleased to announce the first close of our newest and largest ever fund. So far £33 million has been committed by investors including the British Business Bank (through its Enterprise Capital Funds programme), M&G Catalyst and Big Society Capital.
We will use the fund to back one hundred new ventures over the next four years through our Tech for Good Programme (apply here!). Each venture selected for the programme will receive a £60,000 investment for 7% equity. We will then make follow-on investments into the most promising ventures that complete the programme.
We've been at the forefront of supporting tech startups that address pressing global challenges for the past decade. We're super proud of our portfolio of companies who have consistently made a positive impact on society and the environment, demonstrating the incredible potential of technology to drive positive change as well as deliver returns to investors. We've backed 177 ventures and helped create the tech for good movement in the UK through a series of ‘firsts’ including becoming the first UK VC firm to certify as a B Corp in 2015.
We've also had diversity and inclusion at the heart of our strategy. For the last three years BGV has been the top ranking UK firm for our efforts in diversity & inclusion in the global Inclusive PE & VC Index. This fund will be no different - we want to work with founders from all walks of life.
Thank you to the founders, team members, investors and many other friends of BGV who have helped us get to this point. We can't wait to get cracking and are excited about the future of tech for good!
You can read more about the fund on Sifted and the press release is available here.