Thanks to a partnership between Hatch and UBS 19 entrepreneurs have received a share of £57,550 in grant funding to invest into their growing businesses.
These entrepreneurs are all graduates of Hatch Launchpad and Incubator programmes and, thanks to this funding from UBS, will be able to turn their dreams for their organisations into a reality.
Funding for underrepresented entrepreneurs is a key aspect of Hatch’s support.
Typically only 1% of UK venture capital goes to businesses with all-female teams, and access to finance is a major reason why ethnic minority entrepreneurs stop working on their business idea.
The Hatch Fund was established in 2022 to provide grant funding to business founders from diverse backgrounds, enabling them to overcome barriers to growth typically faced by these groups in the startup sector, and is supported by Hatch’s partners.
From jewellery businesses all the way to youth engagement initiatives, a wide range of organisations across the UK benefited from this round of the fund with grant amounts of up to £5,000.
Lilato Madiri, founder of NHAKA, participated in Hatch’s January Launchpad this year and was awarded £1,000 through this fund.
She said: “Participating in the UBS x Hatch Enterprise Launchpad increased my confidence by grasping the business knowledge required to tackle launching my business. Winning the Hatch Fund decreased the gap between my business idea and turning it into a reality!
“Much of what feels impossible or is in reality difficult to obtain is largely due to access and who gets to access it. Everyone in the Launchpad is fab, committed to learning, sharing ideas and the team are dedicated to walking through every bit of the process with you. And as a Community Manager it was nice to be on the receiving end of that optimism and care!
“I am incredibly excited for what lies ahead, and I can’t wait to bring NHAKA and all it stands for to the world, and that has been made possible by winning this grant!”
Sarah Payne, Head of UBS UK Social Impact and Philanthropy, said: “UBS is proud to partner with Hatch Enterprise to support impactful founders from underrepresented backgrounds to launch and grow organisations that will transform lives and communities.
“We’re delighted to have supported this group of ambitious UK founders with investments into their impact ventures through the Hatch Fund and congratulate them on everything they have already achieved. We look forward to seeing how our support will boost the positive impact they are having and wish them every success as they continue to grow and scale.”
We know how hard it is for founders to access capital, even more so if you’re a woman or from an ethnic minority, and are proud of what the Hatch Fund has achieved to date. Funding to underrepresented founders totalled at £766,890 in our first two years, and thanks to the support of our partners we look forward to seeing this total grow.
We’re constantly impressed by the innovation and the passion of the founders who come onto Hatch programmes, and look forward to seeing all that these grant recipients achieve as a result of this extra support.
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