A social impact vehicle launched by Big Issue Invest in 2022 has made investments to support more than 65,000 people experiencing systemic inequity, according to its annual report. The Growth Impact Fund was co-launched with social entrepreneurs foundation UnLtd, responding to the Adebowale Commission, which identified a lack of inclusivity and equity in the investment market. More than 65,000 people have benefitted from £2 million (US$2.64 million) of investments in 11 social purpose organisations across the UK – including racialised minorities, students, people in prison, long-term unemployed neurodivergent job seekers, and LGBTQIA+ young people. The fund leverages a grant support system to encourage early-stage entrepreneurs to become ‘investment ready’, Big Issue Invest said. Investees include Living in Fitness – a health and fitness service for older adults that tackles social isolation, frailty and disability, and the need for flexible work opportunities through online and live classes. As of March 2024, the fund had received a total of 900 applications totalling £250 million of requested funding, with the majority demanding equity. “The fund is committed to breaking the systemic barriers that founders from underserved communities face, and … 100% of our investments have met these criteria,” said Sarah Faber, Investment Director at Big Issue Invest. Investors in the Growth Impact Fund include Bank of America, Big Society Capital, Macquarie, Greater Manchester Combined Authority, University of Edinburgh, Joseph Rowntree Foundation, and Charities Trust.
