The British Business Bank has committed £7m to a new platform enabling it to invest alongside five emerging angel syndicates. The platform will be managed by Haatch, who are an existing partner of the Bank. The initial cohort of five angel syndicates have been selected by the British Business Bank, including two female-led groups: HERMESA and Sie Ventures.
By backing syndicates, the British Business Bank is addressing the chronic underrepresentation of women in angel investing, currently at a shocking 14% in the UK.
This investment will also facilitate greater access to capital for female entrepreneurs.
Adam Kelly, managing director, funds at British Business Bank, added:
“We’re delighted to continue our work with Haatch in creating this innovative new structure, in order to enable co-investment alongside five of the UK’s promising angel syndicates, including two female led angel groups. This further commitment of £7m, takes our overall commitment to Haatch to £27m.”
Jenny Tooth OBE, executive chair, UK Business Angels Association and member of the Invest in Women Task Force added:
“We are very encouraged that this new £7m co-investment from the Regional Angels Programme, delivered through the new Haatch platform, will enable five growing Angel groups to leverage their investment potential into innovating entrepreneurs in key sectors. This development is especially important since, for the first time, the Regional Angels Programme funds will enable two proactive female investor-led Angel groups to significantly increase their capacity to invest in more women powered businesses across the UK. We hope to see this opportunity extended to further emerging Angel groups going forward.”
Read more here