Tech accelerator Bethnal Green Ventures secures £1.3m
London-based 'tech for good' investor will use funding to build partnerships and develop later-stage investment products
Bethnal Green Ventures (BGV), the London-based technology accelerator, has raised £1.3m in funding from Big Society Capital, Nominet Trust and Nesta.
First opened for applications in March 2012, BGV’s accelerator focuses on supporting start-ups using technology to address major social and environmental challenges, which it calls ‘tech for good’ start-ups.
Twice a year, BGV invites 10 early stage companies to join its 12-week programme, providing £20,000, as well as access to a further £50,000, a co-work space, mentoring and support, in exchange for 6% equity.
It has invested £1.4m in 86 start-ups during its five-year history, while the 56 companies currently in its portfolio have collectively raised £23m in funding.
The funding will be used to expand BGV’s operations, building further partnerships and developing later-stage impact investment products for portfolio companies.
Paul Miller, BGV CEO, said: “Last year we expanded our offer by being able to invest up to £50,000 in great teams after the accelerator stage.
“This year we’re planning a fund to be able to back alumni and other tech for good ventures with next stage capital. This will help to plug a notable hole in seed-stage impact investment available to start-ups in the tech for good space.”
Tom Bennett, investment director at Big Society Capital, added: “Big Society Capital are delighted to be able to help fund the next stage of Bethnal Green Ventures’ growth. We look forward to working with the Bethnal Green Ventures’ team to help use technology to deliver a better society.”