The UK government-owned UK business bank is creating a £500 million economic package (approximately $674 million) to support diverse and undervalued fund managers and founders around the country.
£500,000 will be set aside for women-led venture funds. That is, the BBB is currently committed to investing at least £100 million (approximately $135 million) in the government’s Women’s Task Force to support women-led ventures. Meanwhile, £400 million (approximately $539 million) will support more diverse fund managers and early stage companies, helping to boost the talent pipeline to provide opportunities for people from disadvantaged backgrounds to investors. The package will begin rolling out in 2026.
“The initiative announced today is aimed at reducing the significant gap between underrated founders and investors’ venture capital investments,” the BBB said in a press release announcing the investment last week. “It covers at least 50% of investments going to female fund managers.”
That comes as the UK continues to push forward to attract and retain talent into the venture ecosystem. “Breaking barriers to opportunity will help drive growth as part of the government’s change plan,” the press release stated. It covers a variety of strategies to promote the country’s economic growth.
For women and people of color, UK venture teams can be as discouraged as about 13% of UK venture teams have women at the advanced level, while minorities have less than 2% venture funds (in the 2023 report, they invest in women with less than 2% (about 3 cents) of less than 2% ($1.35).
Source link
