The Invest in Women Taskforce has reached a milestone of £635m in commitments and has announced two new anchor partners for the targeted £130m first close of the UK’s groundbreaking female-led ‘Women backing Women’ Fund of Funds. The new partners, Nationwide and the British Business Bank, join existing partners including the UK government, major banks and institutional investors in supporting this innovative initiative.
The ‘Women backing Women’ Fund of Funds was launched in 2020 by the UK government and the British Business Bank in collaboration with the Investing in Women Code. The aim of the fund is to address the gender funding gap and support female-led businesses in the UK. According to recent research, only 1 in 3 UK entrepreneurs are women and they receive only 1p for every £1 of investment in comparison to their male counterparts. This disparity not only hinders the growth of female-led businesses but also limits the potential of the UK economy.
The Invest in Women Taskforce, which was set up to oversee the fund, has already received an overwhelming response from investors. The total commitments have now reached £635m, surpassing the initial target of £500m. This is a clear indication of the growing recognition and support for female entrepreneurs in the UK. It also reflects the increasing understanding that investing in women is not only the right thing to do but also a smart business decision.
The addition of Nationwide and the British Business Bank as anchor partners is a significant development for the ‘Women backing Women’ Fund of Funds. Nationwide, as the UK’s largest building society, has a strong track record of supporting diversity and inclusion in the workplace. The British Business Bank, on the other hand, has a wealth of experience in investing in small and medium-sized enterprises (SMEs) and promoting economic growth. Their partnership will not only provide crucial financial support but also bring valuable expertise to the fund.
Moreover, the first close of £130m is a major milestone for the fund and a testament to its potential. This will enable the fund to start making investments in female-led businesses and provide them with the much-needed capital to grow and scale. The fund will also focus on supporting businesses led by women from underrepresented groups, including Black, Asian and minority ethnic (BAME) communities, to ensure a more diverse and inclusive entrepreneurial ecosystem in the UK.
The ‘Women backing Women’ Fund of Funds is not just about providing financial support, it is also about creating a supportive network for female entrepreneurs. The fund will work closely with its portfolio companies to provide them with access to networks, mentorship, and other resources to help them succeed. This will not only benefit the individual businesses but also contribute to the growth of the wider economy.
The impact of the ‘Women backing Women’ Fund of Funds will go beyond the businesses it supports. By empowering female entrepreneurs, the fund will also inspire future generations of women to pursue their entrepreneurial dreams. This will help to break down gender stereotypes and promote a more equal society.
The success of the ‘Women backing Women’ Fund of Funds is a testament to the power of collaboration and the determination to address the gender funding gap. It is heartening to see the support from all levels of the UK government, major financial institutions, and investors. This collective effort will not only benefit female entrepreneurs but also contribute to the growth and prosperity of the UK economy.
In conclusion, the Invest in Women Taskforce has reached an impressive milestone of £635m in commitments and welcomed two new anchor partners for the ‘Women backing Women’ Fund of Funds. This landmark achievement is a clear indication of the growing recognition and support for female entrepreneurs in the UK. With the first close of £130m, the fund is set to make a significant impact in bridging the gender funding gap and empowering women to succeed in the business world. Let us all continue to support and invest in women, because when women succeed, we all succeed.
