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December 1, 2023

Bethnal Green Ventures Unveils £33M Fund to Propel 'Tech for Good' Startups

London-based VC firm championing 'tech for good,' has electrified the scene with the initial closing of colossal fund

In the dynamic of venture capital, Bethnal Green Ventures (BGV) is making waves with its latest announcement. The London-based VC firm, renowned for its commitment to 'tech for good,' has just marked the initial closing of its largest fund to date—ringing in at an impressive £33 million.

Led by the visionaries Melanie Hayes and Paul Miller, BGV's ambitious fund is set to propel up to 100 startups over the next four years. How? Through its flagship Tech For Good Programme, each chosen venture receives a £60,000 investment for a 7% equity stake. But the support doesn't stop there. BGV plans follow-on investments of up to £1 million at pre-seed stage into the most promising ventures that successfully navigate the program.

Paul Miller OBE, Founder, CEO, and Managing Partner at BGV, shares, "The fund target is £50 million, and we're hoping to do a final close by May 2024." This signals not just an investment but a commitment to nurturing innovative solutions that can shape a positive impact on society.

What sets this fund apart? It's not just about the numbers; it's about diversity and impact. BGV is determined to make at least half of its investments in ventures founded by women. The invitation is open for founders to apply, with the deadline for the Spring 2024 Programme set for January 7, 2024.

Melanie Hayes, Managing Partner of BGV, emphasizes, "We firmly believe the companies at the top of the FTSE and the Nasdaq in 10 to 20 years time will be those that can demonstrate their positive social and environmental impact as well as their financial success. It's our job to find and support those companies when they're just starting out."

Adding weight to this endeavor is the support of the British Business Bank, M&G Capital, Big Society Capital, and notable individuals like Peter Bristot, the Managing Director of 22 Ventures. Ken Cooper, Managing Director, Venture Solutions, British Business Bank, highlights the significance, stating, "Our commitment to Bethnal Green Ventures builds on that success and introduces a new funding option for pre-seed and seed stage technology businesses across the UK that use technology to solve pressing social and environmental issues."

In a landscape often driven by financial gain, BGV stands as a beacon, proving that venture capital can be a force for positive change. As applications open and the fund aims for new heights, the impact of 'tech for good' is poised to resonate far beyond the startup sphere, shaping a future where success intertwines with societal and environmental benefits.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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