TheGrowth Impact Fund, developed by Big Issue Invest and UnLtd, announces its second close at £1.75m
Today (Tuesday 17th October) an innovative social impact investment fund aiming to reach diverse-led Social Purpose Organisations has received £1.5m from the Macquarie Group Foundation, which drives social impact work for Macquarie Group and £250k from Barking and Dagenham Giving (BD Giving), a community-led impact investment fund.
The news comes as the fund confirmed its second close and provided a further £500,000 in investment to two social purpose organisations, taking the Fund’s total investments made to £1m.
The Growth Impact Fund is a targeted £25m evergreen fund, investing in early and growth stage organisations led by underserved entrepreneurs, developed by Big Issue Invest (BIIFM) and UnLtd: The Foundation for Social Entrepreneurs.
Before COVID, Social Enterprise UK’s State of Social Enterprise 2019 survey found that Black and ethnic minority-led social enterprises were applying for and receiving finance at just one quarter the level for the rest of the social enterprise sector. Growth Impact Fund is working to address the barriers these (and other) underserved entrepreneurs face and give them access to capital and this second close means that they will be able to reach more of these impactful entrepreneurs.
In its latest round of fundraising GIF attracted investment from Macquarie, which was attracted by the combination of deploying funds in a meaningful and structured way to social entrepreneurs with the least access to funding, and a realistic investment return.