Bethnal Green Ventures secures £1.8m to accelerate tech-based social start-ups
Investment from Social Incubator Fund matched with funds from Nesta and Nominet Trust
Social enterprise accelerator for tech start-ups Bethnal Green Ventures has been named as one of the first recipients of the government’s Social Incubator Fund.
The £900,000 government boost is set to support Bethnal Green Ventures as it prepares to incubate up to 80 early-stage companies over the next four years.
Launched in 2011, the accelerator has supported 12 companies to date and with the new government funding in place, which supplements an additional £900,000 investment from partners Nesta and Nominet Trust, the Bethnal Green Ventures plans to take on 20 firms per year, with applications for the summer 2013 programme opening on March 6.
Offering each of the tech-based social start-ups a £15,000 investment in a return for a 6% stake in their companies, Bethnal Green Ventures will offer each new firm mentoring, legal and administrative support from their base at Nesta, Chancery Lane.
The Social Incubator Fund’s investment in Bethnal Green Ventures was announced today in conjunction with the scheme’s support for newly formed accelerator for tech-based social enterprises Wayra UnLtd, marking the schemes first two investments.
Paul Miller, partner at Bethnal Green Ventures commented: “Our aim is to provide investment and support to people who really understand social challenges so that they can build social, technology ventures to improve the lives of millions of people.
“With this backing from the Cabinet Office, Nesta, Nominet Trust and Google Campus we’ll be able to do that for 20 new ventures a year, giving more people the opportunity to turn their ideas into reality.”