Social impact fund backed by the University of Edinburgh reaches key milestone
The Growth Impact Fund, developed by Big Issue Invest and UnLtd and supported by the University of Edinburgh has announced its third round of investments helping social businesses grow their impact, as it reaches the milestone of £1 million invested.
The Growth Impact Fund, developed by Big Issue Invest and UnLtd and supported by the University of Edinburgh has announced its third round of investments helping social businesses grow their impact.
A social impact investment fund developed by Big Issue Invest (BIIFM) and UnLtd, has 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 £25m evergreen fund, investing in early and growth stage organisations, delivered by UnLtd: The Foundation for Social Entrepreneurs and BIIFM, to help create a more equitable Britain. The Fund has attracted close to £10 million of capital so far, including a £1 million investment from the University of Edinburgh's Social Investment Fund.
What does social investment mean?
Social investment means investing in organisations, fund and projects that deliver a social benefit alongside a traditional financial return, such as organisations working to dismantle poverty or by supporting social enterprises to upscale their work.
In 2019 the University committed to a social investment and entrepreneurship strategy, aiming to support organisations delivering positive impact for communities, with a particular focus on communities across Scotland and the UK.
The University of Edinburgh's Social Investment Fund
We're proud to support the Growth Impact Fund, which has reached the key milestone of £1 million invested within its first year and has given real support to diverse-led organisations. Startups like Lightning Reach and Harry Specters are demonstrating that social enterprise and innovation can tackle inequalities and vastly improve the lives of individuals in marginalised communities."
Tackling the cost of living crisis head on
The Fund has made a £250,000 investment in Lightning Reach, a platform that has facilitated over £6m in grants to individuals in need of financial assistance and registered over 60,000 users. Data from the Office Of National Statistics (ONS) suggests that most deprived areas of England are the hardest hit by the cost of living crisis, with 58% of people spending less on essentials than other parts of the country. By providing individuals with access to financial support, Lightning Reach is tackling the cost-of-living crisis head-on.
It relieved my stress; I was getting really stressed out about how I am going to pay. It reduced the number of days that I had to wait to top up the account to make sure the payment was made. The grant really helped me in that month to get me through
Celebrating neurodiverse talent
According to UK Government statistics, less than 3 in 10 adults with autism are in employment. Harry Specters produces luxury chocolates whilst making a contribution towards addressing employment needs for a significantly underserved community, and has received a £259,482 investment from the Growth Impact Fund.
The company employs autistic adults throughout its organisation, and also offers work experience to autistic young people at school and college to help them to access employment in the future. Founded by Mona and Shaz in 2011 as a means of supporting their autistic son, the company now employs 12 Neurodiverse individuals and has provided over two hundred autistic people with free training and work experience.
Zoey Clenshaw joined Harry Specters in 2021, working across the sales, customer services and admin functions. Despite her skills and degree in performing arts, Zoe struggled to find and maintain employment. At Harry Specters she has become ‘The Office Octopus’ handling a variety of different tasks.
As a late-diagnosed autistic woman I had previously struggled to hold down a job due to sensory and social difficulties. Now after just over 2 years working at Harry Specters I have been able to leave an abusive marriage, live confidently by myself, and thrive in a working environment where I am understood and accepted for who I am.’ The investments coincide with the release of the Fund’s annual report for its first year highlighting the need for social purpose organisations in the UK to have access to financial investment and the wider social benefits of this.
One year of impact
Big Issue Invest and UnLtd have published the Growth Impact Fund's first annual report. Applications for funding has highlighted a growing need for inclusive and accessible products, and programmes of support.
Our first four investees are a testament to our belief that equitable access to finance to those typically marginalised from social investment can transform society –We're proud to be offering support to social purpose organisations that are paving the way for business as a force for good.
We quickly identified both organisations as being aligned with our mission of tackling inequality in the UK. Lightning Reach platform has massive potential to support people experiencing financial hardship. Harry Specters creates employment opportunities for neurodivergent young people who would face barriers to work ordinarily. We would love for these investments to spur more collaboration between charitable organisations and are excited to watch them both grow.
Read the Growth Impact Fund's annual impact report.
Social enterprises interested in the Growth Impact Fund can visit Big Issue Invest's website to learn more, or email enquiriesGIF@bigissueinvest.com.
Growth Impact Fund (external)
Related links
- Socially positive investments
- Edinburgh Innovations Enterprise Hub
- Responsible investment at the University of Edinburgh
- Growth Impact Fund (external)