The British Business Bank has published the diversity data of the 252 companies that have been approved for £236.2m worth of convertible loans since the scheme was launched on 20th May 2020.
There were 623 applications in total in its first month of operation.
Of the loans approved, 176 had mixed gender management teams, receiving a total of £177.4m.
Some 66 were all male, and three were all female, receiving £45.1m and £3.2m, respectively.
BAME-only and mixed ethnicity management teams accounted for 56% of funding to companies, collecting £118.5m in total.
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"It is promising to see greater levels of diversity across companies approved by the UK’s Future Fund,” said Roxana Mohammadian-Molina, CSO at Blend Network, and member of the Board of Women in Finance 2020 (pictured above).
"To see that 50% of companies approved have mixed ethnicity management teams and 79% [have] mixed gender management teams is a promising indication for change in the industry.
“However, we should note that this data applies to senior management teams — not just founders — and there remains much more to be done to support women and BAME founders, including providing mentoring opportunities and re-positioning marketing materials to champion better inclusivity in the VC industry.
"Diversity and inclusion are crucial to challenge organisations to consider problems differently and assess a wide range of unique issues and impacts that might otherwise go overlooked, and this should be even more critical for businesses in a period of economic uncertainty such as Covid-19."
Since Future Fund’s inception, more than 30 VC firms and angel groups have become signatories to the government’s Investing in Women Code, alongside the Future Fund.