Posted on 16th September 2009
Bridges Social Entrepreneurs Fund, which plans to invest in scalable social enterprises, has this week seen its funds almost triple to £8.6m after commitments from the Office of the Third Sector (OTS) to invest £5m and the Esmée Fairbairn Foundation to invest £750,000.
This is the first government investment aimed specifically at “high growth” social enterprises. Angela Smith MP, Minister for the Third Sector, said she hoped the investment would help the social enterprise sector “increase its impact and assure its sustainability.”
The Bridges Social Entrepreneurs Fund was launched in November 2008 and has received £2.85m in other investment from individuals and foundations. It will invest up to £1.5m in selected social enterprises, through hands-on, equity-like capital. It aims to establish a track record of financial and social returns, and attract additional investment into the sector.
The fund is an initiative of the Bridges Charitable Trust and is managed by Bridges Ventures.
Antony Ross, director at Bridges Ventures, said, “These additional funds will enable us to support a wider group of social entrepreneurs to grow their businesses. We currently have several exciting opportunities in the pipeline and hope to be announcing our first investment shortly.”
The fund is open for investment. For more information visit the Bridges Ventures website.
