social venture hands out cashFebruary 2003
A disc-jockey management service and an energy advice business have become the first projects to receive funding from a new UK-based social venture capital company.
Trust the DJ, which manages more than 30 disc jockeys, will receive £1.1m ($1.9m) from Bridges Community Ventures, while a further £125,000 will be invested in the telephone-based advice service Simply Energy.
HSBC, Merrill Lynch, and The Royal Bank of Scotland were among corporate investors who, with private investors, provided half of the £40million raised. The government provided the remaining £20m.
Bridges Community Ventures was launched in May 2002 by the private equity groups Apax and 3i, in response to the recommendations of the UK government’s Social Investment Task Force, which identified the need for more venture capital to be made available to deprived communities and groups.
Bridges aims to invest in businesses in parts of England identified by the government as among the most deprived, and plans up to 45 similar investments over the next few years.
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