Funding Circle takes Investing in Women Code above 200 backers
Funding Circle has helped push the government-backed Investing in Women Code (IWC) signatories beyond 200.
The code, launched in July 2019 and run with the British Business Bank, is a commitment to support female entrepreneurship in the UK by improving women’s access to the advice, resources and finance needed to build a business.
Backers include many banks as well as alternative lenders such as former peer-to-peer brand Funding Circle, which signed up this year.
It was set up after access to finance was identified as the biggest disparity between female and male entrepreneurs by NatWest Group chief executive Alison Rose’s review of female entrepreneurship in 2019 (the Rose Review).
Member firms supply the data published today in the code’s annual progress report as part of a commitment to improve transparency and create an industry benchmark for investment in female entrepreneurs.
Read more: Pollen Street Capital among leaders launching ‘Invest in Women Hub’
Its latest annual report found 35 per cent of all venture capital deals made by IWC signatories were in female-founded companies last year, compared to the market average of 27 per cent.
Business and trade secretary and minister for women and equalities Kemi Badenoch suggested with equal access to funding and support, female entrepreneurs could add £250 billion to the economy.
“It’s excellent that members of the Investing in Women Code are leading the way in addressing the finance gap between male and female entrepreneurs, ensuring that the UK is the best place in the world to start a business, regardless of gender,” she said.
Read more: More women invested in alternative loans in 2020
Meanwhile, analysis by comparison website Money.co.uk has named Uttlesford, a local authority in Essex, as the best region in the UK for female entrepreneurs.
The website analysed a number of factors, including the number of self-employed women in each area, as well as the challenges they have to overcome.
Uttlesford rated highly in all three categories, just ahead of North Devon and Babergh in Suffolk.
“It has been a difficult few years for entrepreneurship in the UK, with the pandemic and cost of living crisis,” James Andrews, senior personal finance expert at money.co.uk, said:
“That can be made worse for women, with challenges beyond the economy holding you back. This is most apparent in the North of England, where women face higher barriers than elsewhere in the UK.
“On the other hand, some local authorities, particularly in the South of England & Wales, appear to be a hotbed of female enterprise. So there are examples that could be replicated elsewhere in the UK to help more women achieve success across the nation.”
