J.P. Morgan invests £2.75 million in the Bridges Social Entrepreneurs Fund
Feb 17, 2011
Bridges Ventures today announced that the J.P. Morgan Social Finance Unit has invested £2.75 million in the Bridges Social Entrepreneurs Fund, bringing the fund to a final close of £11.75 million. The investment is the first UK-based commitment by the J.P. Morgan Social Finance Unit.
Launched in 2009, the Bridges Social Entrepreneurs Fund aims to address the funding gap often faced by fast growing social enterprises looking to deliver positive social impacts and operating sustainable business models.
Antony Ross, Executive Director at Bridges Ventures, said:
"This investment is excellent news for the social investment sector as a whole. With greater investment the sector can continue to innovate with financial solutions that help ambitious and talented entrepreneurs create powerful socio-economic growth."
John M. Buley, Jr., Managing Director of Social Finance at J.P. Morgan, commented:
"J.P. Morgan is proud to support Bridges Ventures in its efforts to help entrepreneurs grow businesses that provide social impact. Our investment in the Bridges Social Entrepreneurs Fund is the first investment in developed markets, and Bridges Ventures provides an excellent vehicle by which to deliver impact."
Bridges Ventures is a sustainable growth investor whose commercial expertise is used to deliver both financial returns and social/environmental benefits. A recent example of an innovative social investment was a £1.5m social loan to HCT Group in early 2010 from the Bridges Social Entrepreneurs Fund. The social loan enables the fund to share in the risks but also the returns of the social enterprise. HCT is a long-standing community transport business which re-invests surpluses to fund local transport services for the mobility-impaired and provides training programmes for employees and others interested in careers in the bus industry.