Britain’s state-backed economic development bank has thrown its weight behind one of the country’s most enduring venture capital problems, committing an initial £1 million to co-invest with Angel Academe in female-led businesses across the United Kingdom.
The British Business Bank’s capital, announced today, will sit alongside private money raised by Angel Academe and its EIS fund, which is managed in partnership with crowdfunding-turned-fund-manager SyndicateRoom. The vehicle invests exclusively in high-growth companies with at least one female founder, writing cheques at seed and Series A. The first deals under the new arrangement are expected before the end of June.
The headline figure may look modest set against the sums sloshing around the wider venture market, but the symbolism is anything but. Female founders in the UK still receive less than two per cent of all venture capital deployed, a stubborn statistic that has barely shifted in a decade despite a procession of well-meaning initiatives, codes and pledges. Angel Academe was a founding signatory of the Investing in Women Code, and today’s commitment marks one of the more concrete moves yet from a state institution to put taxpayer-backed capital where the rhetoric has long been.
For an Angel Academe portfolio that already includes Béa Fertility, the at-home conception platform, supply chain transparency outfit Provenance and consumer data privacy business Data Wøllet, the British Business Bank’s involvement amounts to a meaningful seal of approval. Institutional money tends to follow institutional money, and the bank’s imprimatur could prove more valuable to the funds’ fundraising efforts than the cheque itself.
Graham Schwikkard, chief executive of SyndicateRoom, was unambiguous about the thesis. “It’s not a lack of talent, it’s a lack of access,” he said. “This £1m isn’t just capital, it’s a signal to the market that female-led businesses are some of the most undervalued assets in the UK right now. We’re looking for the next sector-defining companies that others are simply missing.”
Sarah Turner, who founded Angel Academe and serves as its chief executive, struck a similar note. “We don’t have a pipeline problem; we have a funding problem,” she said. “By partnering with the British Business Bank, we’re able to put more capital into the hands of women who are building the future of healthcare, data, and commerce.”
Nancy Liu, senior investment manager at British Business Bank Investments, framed the commitment in growth terms rather than purely as an equity question. “The gender investment gap isn’t just a matter of equality, it’s also a barrier to potential growth and innovation in the UK,” she said. “Female founders remain significantly underfunded and the British Business Bank aims to unlock potential across the UK by ensuring diverse entrepreneurs have access to finance, including female founders.”
The funding gap is particularly pronounced in technology and healthcare, where ticket sizes are larger and capital intensity higher — and where, perhaps not coincidentally, the dearth of female cheque-writers on the other side of the table has been most loudly criticised. Whether £1 million of public money proves the catalyst for a meaningful shift, or simply another data point in a long-running debate, will depend on what the bank chooses to do next.
The Angel Academe EIS Funds form part of SyndicateRoom’s stable of tax-efficient investment vehicles, which also includes the Carbon13 SEIS Fund, the Access EIS Fund and the SR Carry Back EIS Fund. SyndicateRoom has now deployed capital into more than 200 British businesses since its launch.
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British Business Bank pledges £1m to close gender funding gap through Angel Academe partnership
