65,000 people facing systemic inequities supported by over £1.8mil of Growth Impact Fund investments

The Growth Impact Fund, a social impact investment fund deployed to help diverse social entrepreneurs across the UK, has today (27 August) published its latest impact report. 

The Growth Impact Fund was launched by Big Issue Invest and UnLtd in 2022 in response to the Adebowale Commission, which highlighted the lack of inclusivity and equity in the investment market. It found that social investment had not met the needs of underserved populations including those from racialised minorities. 

Two years on, the Growth Impact Fund’s 2024 Impact Report illustrates how more than 65,000 people facing systemic inequities have benefitted from the Growth Impact Fund’s investments in 8 social purpose organisations across the UK – with the Fund’s investments totalling well over £1.8 million collectively. Since the report was commissioned in early 2024, this has risen to more than £2 million, with 11 investees now being supported. 

People helped by the Fund’s investments include racialised minorities, students, people in prison, long-term unemployed neurodivergent job seekers, and LGBTQIA+ young people. 

The Growth Impact Fund has addressed access barriers through its innovative approach to social investment for early-stage social entrepreneurs. 100% of the Fund’s portfolio is diverse led, and 75% of those who have received investment are new to the investment process. 

The Fund has leveraged a grant support system to encourage early-stage entrepreneurs to become ‘investment ready’, tackling the systemic barriers that social entrepreneurs face head-on.  

One investee that has benefitted from this approach is Living in Fitness, a health and fitness service for older adults, tackling social isolation, frailty and disability, and need for flexible work opportunities through running online and live classes. Founder Carl Davis initially received £15,000 from the Fund to build the organisation’s capacity for investment and was subsequently awarded £55,000 in a Revenue Participation Agreement (RPA).  

There has been huge demand for Growth Impact Fund investment. As of March 2024, the Fund received a total of 900 applications totaling £250 million of requested funding, with the majority demanding equity.  

The report also highlights how the portfolio’s collective strength lies in lived experience of the social challenge they are tackling, and the Fund’s revolutionary approach to post-investment support. 

Trishna Nath, Head of Investment at UnLtd, said: “This report showcases the Fund’s role in increasing opportunities for social entrepreneurs traditionally underserved by the investment market. By providing these individuals with access to capital and advisory support, we have empowered them to make a more significant impact on their communities and have established a blueprint for the broader social impact sector to follow.” 

Sarah Faber, Investment Director at Big Issue Invest, said: “As a Fund, we’re proud of the impact that we have made in partnership with the social purpose organisations in our portfolio. The Fund is committed to breaking the systemic barriers that founders from underserved communities face, and I’m so proud that 100% of our investments have met these criteria.” 

Read the full report here, or find out more about the Growth Impact Fund at growthimpactfund.org.uk

A SELECTION OF HIGHLIGHTS FROM THE 2024 REPORT:

• The Growth Impact Fund portfolio has reached 65,000 people facing systemic inequities in the UK.  

• The Fund has reached 12,148 people from racialised communities, including 8,383 students and young people receiving employment support through diverse recruitment programmes. 35 racialised individuals were supported into employment as a result. 

• 35 racialised individuals supported into employment as a result of recruitment services or mentoring.  

• The portfolio has reached 50,058 people facing socio-economic disadvantage, including 42 people in prison participating in an employability programme delivered at Brixton prison.  

• 41,737 people were supported to access the financial support they are entitled to.  

• The Fund reached 2,106 disabled people including 30 long-term unemployed neurodivergent job seekers supported into employment and 80 people accessing career guidance and support through inclusive recruitment processes.  

• 2,381 LGBTQIA+ students aged 13-18 were engaged through equity audits to have their say in inclusivity at their school.