ObjetivosThe programme will invest in and support entrepreneurs who are tackling the problem of poverty premium. Through the new programme and accelerator, Wayra UK will support grassroots entrepreneurship in Greater Manchester and attract start-up talent, investment and business mentors from outside of the region.
HistoriaWayra Fair by Design will be funded and supported by the Fair By Design Fund, a partnership between Big Society Capital, the Joseph Rowntree Foundation, Finance Birmingham and Ascension Ventures.
The fund has £8 million ready to deploy and is seeking to raise up to £20 million to invest into companies tackling the poverty premium, both within the accelerator and in separate investments across the UK.
Wayra UK is part of Telefónica Open Future_, the open innovation programme that integrates the different initiatives of the whole Telefónica Group related to entrepreneurship and innovation.
Wayra UK gives direct funding, acceleration and pre-acceleration services (such as co-working space, connectivity services, mentoring, access to Wayra UK’s network and knowhow, training in entrepreneurship and business skills) to selected start-ups. Since its launch in 2012, Wayra UK start-ups have raised over $140m in third-party investment.
The Fair By Design Fund will be managed by Finance Birmingham and Ascension Ventures, bringing nationwide reach and infrastructure for companies looking to address the poverty premium – when it costs more to be poor.
The Fund will invest in companies seeking loans and equity funding from Seed through to Series A and beyond, and will share Ascension Ventures and Finance Birmingham’s co-investment philosophy, seeking deal-flow and co-investment opportunities from other funds, VC’s and angel investors. The Fund has £8m ready to deploy, and is seeking to raise up to £20m.