8 DECEMBER2023W MAN LEADERGLOBAL W MAN LEADERGLOBAL NEWS BITESBethnal Green Ventures (BGV), a London-based venture capital firm, has announced the inaugural closure of its largest fund to date, at £33 million, in a landmark move for the tech for good industry. The £50 million fund will assist up to 100 entrepreneurs over the next four years through its flagship Tech For Good Programme.The British Business Bank, M&G Capital, Big Society Capital, and individuals such as Peter Bristot, Managing Director of 22 Ventures are among the LPs taking part.Founder and CEO Paul Miller OBE announced that under the Tech For Good Programme, each selected firm will get a £60,000 investment for 7 percent equity, with BGV making follow-on investments of up to £1 million at pre-seed into the most successful enterprises. The fund intends to invest at least half of its resources in female-founded firms, demonstrating its commitment to diversity in the IT sector.BGV, which was created in 2015, has previously raised £6 million in smaller funds, largely through SEIS and EIS funds. BGV-backed startups include Fairphone, LettUs Grow, and Piclo. The business was the first UK VC firm to be certified as a B Corp in 2015, helping to shape the tech for good movement in the UK.Melanie Hayes, Managing Partner of BGV, stressed the significance of social and environmental effect in addition to financial success, noting, "The companies at the top of the FTSE and Nasdaq in 10 to 20 years time will be those that can demonstrate their positive social and environmental impact."The fund is now accepting applications for the Spring 2024 Programme, with a deadline of January 7, 2024. BGV intends to complete the transaction by May 2024, marking an important step toward nurturing significant and diversified technological advancements. BGV LAUNCHES EURO 50M FUND THROUGH TECH FOR GOOD PROGRAMMENEWS BITES
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