The British Business Bank has agreed to make a £30 million anchor commitment, subject to final terms, to the Invest in Women Taskforce’s ‘Women backing Women’ Fund of Funds, led by Bootstrap4F and supported by Barclays, M&G and Nationwide. The initiative is seeking a first close of £130 million.
This latest commitment follows the Bank’s decision in June to double its initial £50 million pledge to the Invest in Women Taskforce, taking its existing support to £100 million for female-led funds. With the additional £30 million directed to the Fund of Funds, the Bank’s total backing will rise to £130 million. The funding is intended to widen access to capital for female investors and founders, particularly within the eight priority sectors identified in the Government’s Industrial Strategy, ranging from life sciences to digital and technology.
The ‘Women backing Women’ vehicle, described as the largest dedicated fund of funds of its kind globally, is the first UK initiative led entirely by women and centred on channelling investment into female-founded companies and mixed-gender investment teams.
Christine Hockley, Managing Director and Co-Head of Funds at the British Business Bank, said:
“On top of our existing £100 million commitment to the Taskforce, we plan to commit an additional £30 million to their Fund of Funds. 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. 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.”
Chancellor Rachel Reeves stated: “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. As the first female Chancellor in the UK I have committed to improving economic outcomes for women, from lifting the two child benefit cap to breaking down barriers and opening pathways for women to start, scale, and invest in businesses across Britain.”
Hannah Bernard, Co-Chair of the Taskforce, highlighted the commercial case for greater equity investment in women-led companies, saying: “Female-led businesses deliver 35% higher returns than male-led businesses, and play an essential role in supporting UK growth, so this is not only the right thing to do, but a commercial imperative. We need to quickly address the gender balance of both investment committees and their capital deployment, and continue to highlight the positive economic impact that women deliver.”
Debbie Wosskow, multi-exit entrepreneur and Taskforce Co-Chair, added: “Reaching first close will be a huge milestone and we’re incredible proud of the progress made so far. We have worked tirelessly to build the funding pool over the past year, the largest of its kind in the world. But c.80% of UK venture capital still goes to all-male teams. Studies show that diverse teams deliver stronger returns – so what are we waiting for?”
