Big Venture Challenge winners announced
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UnLtd have announced the new cohort of Big Venture Challenge awardees today at an event in London.
The social entrepreneurs have been selected to take part in the investment accelerator programme delivered by leading social venture supporters, and providing match-funding, intensive investment readiness support and powerful connections.
The winning social ventures span sectors and regions, and provide a snapshot of ambitious early-stage social ventures seeking investment in the UK. Ventures will be supported to raise external investment in either debt or equity. Those who do will be able to access up to a further £100,000 from the Big Venture Challenge as grants and soft loans.
Nick O’Donohoe, CEO of Big Society Capital said: "Big Society Capital is delighted to see the Big Venture Challenge return in 2013. For the social investment market to grow to its projected £1bn by 2015, it will need a broad and diverse range of innovative new young companies coming through with big ambition and potential to tackle vast social problems. I'm hugely admiring of the model UnLtd and its partners have developed to accelerate these companies and get them on the first steps of the social investment ladder."
The 30 companies, which span sectors and regions, include Oomph, the market leader in providing proven exercise classes to care homes residents, established by 26 year old, Shell Livewire Entrepreneur of the year, Ben Allen. In the last 12 months, Oomph has seen falls in care homes they work with reduce by 28%. With a turnover of £150,000 last year and already reaching 15,000 residents across the North of the UK, Ben is seeking investment to scale his work across the country and abroad, expecting to hit revenues of £500,000 next year and reach over 100,000 residents by 2016.
Julie Devonshire, director of ventures at UnLtd, said: “We’re delighted to be announcing our winners of the Big Venture Challenge today. From disruptive technology applications revolutionising patient care through to employment interventions that bring work directly to those furthest from the jobs market, our winners are rising to the challenge of providing innovative solutions to some of the greatest challenges we are facing in society today. The talent and ideas of these amazing entrepreneurs are going to be unleashed by the Big Venture Challenge to provide social impact at scale and we’re really excited at UnLtd to be working with them.”
The full list of winners can be seen here.