The British Business Bank has agreed to invest £30m to the Invest in Women Taskforce’s Women backing Women fund.
The taskforce was formed following the landmark Rose Review, which found that putting serious funding behind women entrepreneurs could not only help reduce the inequality female founders face, but also add significantly to the UK economy.
The British Business Bank initially committed £50m to the Invest in Women Taskforce, which it doubled in June.
With its new contribution to the fund of funds led by Bootstrap4F alongside Barclays, M&G, and Nationwide, its total investment in the taskforce has been brought to £130m.
Said by the bank to be the largest dedicated female-led fund of funds, the Women backing Women fund deploys capital to female and mixed-gender founding teams in the UK.
“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,” said Christine Hockley, managing director and co-head of funds at the British Business Bank.
“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.”
The fund will focus on the eight sectors singled out as growth-drivers in the government’s recent Industrial Strategy, including life sciences and digital.
“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,” said Chancellor Rachel Reeves.
“As the first female chancellor in the UK I have committed to improving economic outcomes for women.”
