Twelve universities across the UK have teamed up to launch Impact 12, a multi-million pound impact investment fund.
Developed by Social Investment Scotland (SIS), an impact investor and responsible finance provider based in Edinburgh, in partnership with the University of Oxford, University of Cambridge, Northampton, Coventry and eight universities including the MICRA project (Aston, Birmingham, Cranfield, Keele, Leicester, Loughborough, Nottingham and Warwick), the fund will support mission-led academic social enterprises driven by beneficial social or environmental impact, rather than just profit.
Impact 12 aims to accelerate the development and success of impact social enterprises from universities. It will support social enterprises with innovative financing tailored to their needs, including equity investment and debt. The fund will be launched later this year with an initial fundraising target of £ 8million. The raised capital will be deployed to support up to fifteen social enterprises at partner universities, with both seed funding and follow-on funding over the next ten years.
Impact 12 will be managed by SIS Ventures, a wholly owned subsidiary of SIS, which provides the tools and investments necessary to help early stage businesses grow and make social impact at scale. SIS Ventures will soon recruit a senior investment manager dedicated to Impact 12 whose initial objective will be fundraising.