The UK government is investing £1.4m into the Amplify Venture, a programme to help underserved London-based founders.
Amplify Venture is aiming to tackle the funding balance in the UK’s venture capital industry. It cited statistics that show for every £1 of UK venture capital investment, less than 1p is invested into entirely female-founded businesses.
Launched by Capital Enterprise, OneTech, Foundervine and Startup Discovery School, the Amplify Venture programme aims to help 120 firms by March 2025.
“These individuals have weathered significant challenges, are often marginalised and underfunded, and are now poised for transformation,” said Emma Obanye, CEO of OneTech.
Successful applicants to the programme will receive access to workshops, networking, mentoring and community events.
“We recognise that society faces many challenges both in the present and the future,” said Gosbert Chagula MBE, co-founder of Startup Discovery School.
“One of those is ensuring that the full spectrum of entrepreneurial talent across the London startup ecosystem is fully utilised both through access to funding and training and skills.”
Accelerators planned by the programme include one to “futureproof” businesses and one for sustainability.
Amplify Venture’s funding comes from the government’s UK Shared Prosperity Fund, which is part of the Levelling Up initiative.
Izzy Obeng, CEO of Foundervine, said: “Together, we’ll amplify the voices that have been overlooked for far too long and help scale groundbreaking new ventures.”
Obeng is a member of Ada Ventures’ regional angel investor programme.