British Business Bank commits £30m to Invest in Women Taskforce ‘Women backing Women’ fund
The British Business Bank has agreed to commit an anchor investment of £30m (subject to final terms) to The Invest in Women Taskforce ‘Women backing Women’ Fund of Funds led by Bootstrap4F alongside institutional supporters Barclays, M&G, and Nationwide. The fund is targeting a first close of £130m.
In June, the British Business Bank doubled its initial £50m commitment to the Invest in Women Taskforce, bringing their commitment to £100m into female-led funds through its existing programmes. The £30m to the Fund of Funds will take the Bank’s funding to a total of £130m. These investments will expand access to funding for female investors and entrepreneurs, with a focus on the eight growth-driving sectors of the government’s Industrial Strategy – from life sciences to digital & technology – that underpin UK growth.
The ‘Women backing Women’ fund – thought to be the largest dedicated fund of funds in the world – is the first female-led initiative of its kind, focused on deploying capital into female founded businesses and mixed investment teams in the UK.
Christine Hockley, managing director and co-head of funds, British Business Bank, said, “On top of our existing £100m commitment to the Taskforce, we plan to commit an additional £30m to their Fund of Funds. The British Business Bank aims to unlock potential across the economy by ensuring that the full spectrum of UK entrepreneurs have access to finance, including female founders. This is why the British Business Bank is working closely with organisations like the Taskforce to build the UK’s pool of female investors, taking important action to improve access to finance for female entrepreneurs.”
Rachel Reeves, chancellor of the exchequer, said, “Growth is this government’s number one mission and I am backing female-powered business not only because it’s critical for our economy but because it is the right thing to do. As the first female chancellor in the UK I have committed to improving economic outcomes for women, from lifting the two child benefit cap to breaking down barriers and opening pathways for women to start, scale, and invest in businesses across Britain.”
Hannah Bernard, co-chair of the Invest in Women Taskforce, said, “Female-led businesses deliver 35% higher returns than male-led businesses, and play an essential role in supporting UK growth, so this is not only the right thing to do, but a commercial imperative. We need to quickly address the gender balance of both investment committees and their capital deployment, and continue to highlight the positive economic impact that women deliver.”
Debbie Wosskow, multi-exit entrepreneur and co-chair of the Invest in Women Taskforce, said, “Reaching first close will be a huge milestone and we’re incredibly proud of the progress made so far, with more than £70m deployed by partner programmes this year. We have worked tirelessly to build the funding pool over the past year, the largest of its kind in the world. But c.80% of UK venture capital still goes to all-male teams. Studies show that diverse teams deliver stronger returns – so what are we waiting for?”