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We want meaningful change. 

Open Letter:

The Rt Hon Jeremy Hunt MP

Chancellor of the Exchequer 

HM Treasury

1 Horse Guards Road

Westminster, London SW1A 2HQ

 

Rachel Reeves

Shadow Chancellor of the Exchequer

Address Unit 8a, Bramley Centre, 

Leeds 

LS13 2ETV

 

Friday 22nd March, 2024


 

Dear Jeremy and Rachel,

 

We are writing to you as a collective group of founders and investors who, after careful consideration, have become deeply concerned with how taxpayer money is being invested through Limited Partners in the UK. 

 

There have been many many examples of reviews (The Rose Review), voluntary codes (Investing in Women Code), and Taskforces (the newly launched Taskforce for women-led businesses and UK Government Taskforce for High Growth Female Entrepreneurs) set up to shine a light on these in the hopes that when presented with the facts, investors would change their investing behaviour. They have not. 

 

Over the last 10 years in spite of huge efforts, there has been no change in the amount of funding given to female and underrepresented founders. This indicates that there is a deeper level of systemic bias at work in the system, which we would like to see addressed.

 

As taxpayers, we are deeply concerned that taxpayer-funded investments are not being utilised to their full potential due to systemic biases and unaddressed discrimination within the UN financial system. These investments should be directed towards funds and initiatives that are promoting diversity, inclusion, and gender equity in entrepreneurship and investment.

 

We urge you to review the current investment practices and ensure that taxpayer money is being channeled more equitably.

 

Therefore, we feel now is the time to ask that:

 

  • The UK Treasury and the FCA set a target of at least 30% investors of the underrepresented gender (with significant ownership) on investment committees by 2030

  • The Department for Business and Trade and the Treasury allocate at least £1bn in additional funding to women and ethnic-minority founded businesses

  • All UK VCs, LPs and Innovate UK to track and report investment/funding by gender and ethnicity and report on value and volume of investments annually

 

By redirecting investments towards initiatives that support and empower female and other underrepresented communities of entrepreneurs and investors, we can unlock significant economic potential, drive innovation, and foster a more inclusive and prosperous economy for all in the United Kingdom.

 

We are seeking a response as soon as possible, in order to unlock the £250 billion of economic value that women led businesses and female investors could add to the UK economy. 

 

The current state of the UK financial capital system fails to acknowledge and capitalise on the wealth of knowledge, experience, and talent within the female investor and entrepreneur community. 

 

The statistics regarding gender equity in the UK are alarming and indicate a systemic issue that needs to be urgently addressed:

 

  • 90% of VC money currently goes to all-male teams. (Dealroom)

  • Women make up only 17.7% of those with significant ownership of venture capital firms, which in turn limits the flow of capital to female founded businesses. (Ada Ventures)

  • Less than 2% of venture capital funding goes to all-female founder teams, with this percentage remaining stagnant for a decade. (British Business Bank)

  • Up to £250 billion in new value could be added to the UK economy if women started and scaled new businesses at the same rate as men.(The Rose Review) 

  • The lack of investment translates to a loss of $4.4 trillion in missed revenue for women and minority-owned business enterprises. (Morgan Stanley)

  • Only 14% of the 36,800 angel investors in the UK are women. (UKBAA)

  • Businesses founded or co-founded by women perform better over time, generating 10% more in cumulative revenue over five years. (BCG).

  • Women-owned startups deliver twice as much per dollar as men. (BCG)

 

These figures reflect a dire situation where our economic growth potential is hindered by our failure to harness the significant economic contribution that women and other underrepresented groups can make as investors and entrepreneurs. The UK ranks 19th in the world in gender equality, significantly trailing many of our European peers (Economist, 2024). Harnessing the economic prowess of women entrepreneurs and investors could inject up to £250 billion into the UK economy, representing a substantial growth opportunity that we cannot afford to overlook.

 

To sign and support, please complete this form (and we will add your name to the list).

 

Sincerely,

Hephzi Pemberton

Founder, CEO & Angel Investor

Honordex

June Angelides MBE

VC Investor

Samos Investments

Sam Smith

NED, Angel Investor

Sumer Group Ltd

Alina Lapusneanu

Co-Founder & CEO

FISKL

Roxanne Goodman

Founder

Female Founder Finance

Chay Pearce-Cochrane

Partner; Angel Investor

EY

 

Ren Yi Hooi

Founder & CEO

Lightning Reach

 

Amber Ghaddar

Founder and Managing Director

The 200Bn Club

 

Lydia Gregory

CEO & Cofounder

Figaro.ai

 

Jess McCarten

Head of Ops 

Sie Ventures

Lynn Anderson Clark

CEO & Co-Founder

The Know

Emmie Faust

Founder

Female Founders Rise

 

Elissa Grey

NED, Board Advisor, Angel Investor

Female Founders Rise

 

Tess Cosad

Founder & CEO

Bea Fertility

 

CatherineAnn Reid

Founder

Doqit

Kalkidan Legesse

Founder & CEO

OWNI

 

Thuria Wenbar

CEO and co-founder

Evaro
 

Joanne Dewar

NED, Angel

Jubilat

 

Gabrielle Patrick

CEO & General Counsel

Knabu.me

Francesca Bean

Journalist

BBC

 

Hussein Kanji

Partner

Hoxton Ventures

 

Sara Tateno

Co-Founder & Co-CEO

Happity

 

Sridevi Vegasana

Founder and CEO

klip Global Ltd

 

Geeta Sidhu-Robb

CEO and Founder

WCorp

Caroline Hughes

Co-Founder

Womankind Ventures & Hive Founders

Meg Blight

Angel Investor, ex CVC

Startup Amplifier

Olivia Parkes

Founder & CEO

itoms

Tudorita Poenaru

Founder

RCCT CIC

Jill Pay

Chair

The Gender Index

Carla Ottersen

Co-Founder

Hot Shoe Media Ltd

Roei Samuel

CEO

Connectd

Andreea Daly

Founder

SaaSy Software Ltd & SaaSy Money Ltd

Danae Maragoutakis

Founder, CEO

Yoxly

Magda Daniloaia

Senior Product Manager

OWGTM

Andre Bentley

Tech Recruiter

Ellena Shroff

General Manager

Rachel Swann

Steph Cork

Founder

Sunflower Homes

Gareth Ellis

Owner and Lead Copywriter

Cloud Nine Writing

Hannah Samano

Founder & CEO

Unfabled

Olivia Tilley

Lucia Crisan

Roxanne Gates

Rebeca Guzmán Vidal

Founding Partner

Cúrate Ventures

Kate Jillings

Founder

ToucanTech (ToucanTech.com)

Hatim Siyawala

Founder & Director/Investor

Siya Tech Ventures

Daniel Forde

Founder

Forde Services LTD

Lucy Rees

Director

The Comms Studio

Georgia Fleet

Founder & CEO

Zonova Animal Health

Sverre Dueholm

CEO

comundo

Kevin Withane

Founder & CEO/Investor

Diversity X

Phoebe Sennett

Associate

Taylor Wessing

Tara Attfield-Tomes

Founder

EAST VILLAGE.

Shaun Phillips

Founder

Chat Automator

Esme Verity

Founder

Considered Capital

Charlie Goodman

Partner

Employee Benefits Collective LLP

Anna Logacheva

Founder

Inkeepit

Nicky Sedgley

Emma Sinclair

Founder, CEO & Angel Investor

Enterprise Alumni

Hailey Eustace

Founder & Angel Investor 

Commplicated 

Lois Day

Managing Partner

3SV/IP Group

 

Nicola Horlick

Founder & CEO, Angel Investor

Money & Co

 

Tamara Lohan

Founder & CEO

Mr & Mrs Smith

Ed Fidoe

Founder & CEO

London Interdisciplinary School (LIS)

Kiran Bhagotra

Founder & CEO

ProtextBox

David B Horne

Founder, CEO & Angel Investor

Addthenmultiply

 

Tamara McMillen

Board Advisor and CRO

CRO Connected

 

Kelli Fairbrother

Co-founder and CEO

Xigxag

udorita Poenaru

Founder

RCCT CIC

 

Helen Burnell

Partner

Shoosmiths LLP

 

James Thomas

Angel Investor

 

Rebecca Kelly

Founder & CEO

Venue Scanner

 

Ozohu Adoh

CEO

Epara

 

Katy Tuncer

Founder

Horizon37

 

Heather Black

Founder & CEO

Supermums

Vanela Bushi

Partner

H Tree Capital

 

Tara Cemlyn-Jones

CEO

www.25x25.com

 

Charlene Armour

Founder

Armour (Global) Ltd

 

Emilie Bellet

Founder

Vestpod

 

Sophie Thurner

Co-CEO

beatvest

 

Kath Easthope

Co-founder and COO

Boardwave

 

Afiya Chohollo

CoFounder

CloudFO 

 

Kashasai Elangkumaran

Ceo and Founder

Caass limited 

Alexandra Farrell

CEO and Founder

Autometry

Angela Vinci

Co-founder & CPTO

Savi

Kristian Jones & Anji Gowing

Co Founders

MagicSauce.Online

Jenny Ervine

Founder and Angel Investor

Claire Barnett

CEO & Co-Founder

YourHaven

Amy Williams

Founder/CEO

Fem Foundry

Vanessa Lovatt

Founder

Forte Futures

Hazel Mulhare

Partner

Erevena

Simon Norris

Partner & COO

Equality Group

John Zafar

Chairman

Inclusive Employers

Victoria Wylde

Marketing Manger

Gander Limited

Inês Carvalho

Entrepreneur

Aquaterra

Grace Thompson

Jemima Bunbury

CEO & CoFounder

BLEND Fashion

Felix Meller

Founder

Agora Talent

Charlotte Marlor

Senior Consultant

IMPOWER

Emelia East

Head of Delivery

Wagestream

Kelly M Whitfield

Founder & CEO

KLIK UK (SaaS) Ltd

Hatim Siyawala
Founder & Director/Investor 

Siya Tech Ventures

Monik Pham

Partner

Pact

Julie Cook

Founder

Eco Green Living Ltd

Chido Hession

Consultant

Equality Group

Joan Okoye

Business Owner

Anna Sofat

Founder

Addidi Angels

Mia Jones

Audrey Mandela

Co-Founder

Multimap

Jacqueline Allison

Solicitor

Jayne McGlynn

Corporate Lawyer

Julia Phillips

Director

Julia Andrews Property Management

Holly Donohue

Fractional CPO

Product Rebel

Mary Lin

Founder, co-CEO

Odin

Lucy Killerby

CEO and Founder

Talent Spaces

Roxane Sanguinetti

Co-Lead, Investor

Alma Angels

 

Sarah Turner

Founder & Angel Investor

Angel Academe

 

Dawn Marriott

Partner

Hg Capital

Andreea Constantinescu

Managing Partner

Planet First Partners

 

Ladi Greenstreet

Co-CEO

Diversity VC

 

Alexandra Depledge

Founder & CEO

Resi

 

Zandra Moore

CEO

Panintelligence

Chris Lowe

Founder & Investor

NOTWICS

 

Jenni Emery

Founder and Investor

Altair Advisory LLP

 

Liza Tullidge

Founder & CEO

Maven

 

Kate Pljaskovova

Founder & CEO

Fair HQ

 

Sarah Daniel

Co-founder and Co-CEO

Be More Savi

Rohit Nanda

Founder & CEO

Palgrave Consulting

 

Julie Park

Founder & CEO

VAT Consulting

 

Lucy Morgan 

Founder 

coldharbour.io

 

Nimrita Dadlani

Founder & CEO

Pivot

 

Joanne Roxburgh

Chief Operating Officer

Skilled Education

 

Lucy Morgan 

Founder & CEO

Coldharbour

 

Smita Pillai

Angel Investor

 

Renee Watson

Founder & CEO

Curiosity Box 

Check Warner 

Partner 

Ada Ventures 

 

Jana Hlistova

Founder

The Purse Ltd

 

Caley-Maria Cavan

Student

LSE

 

Helena Cavan

Founder

Milestone detox ltd

Stephanie Drax

Founder / CEO

Leapfrog Remedies

 

Jessica Wakefield

Headhunter

Edward Nicholson

FinTech Innovation Programme Lead

Accenture

Eunice Baguma Ball

Co-founder

Ishango.ai

Sarah Whale

Founder

Profit Imoact

Alexander McLeod

University of Warwick

Rosie Millen

Founder

Miss Nutritionist

Jessica Lindvall

Law

HFW

Sophie Winwood

CEO

WVC:E

Sasha Graham

CEO

Equality Group

Lily Elsner

CEO & Co-Founder

Jack Fertility

Bridgit Richards

Founder

Power On

Ed Hardy

CEO

Tuza

Olivia Stannah

Founder

Tuza

Lois McGuinness

Gala Jackson-Coombs

Business Director

The Corner

Effie Kanyua

Founder

We Are Warriors PR and LILA Assistant

Anna-Sophie Hartvigsen

Founder

Female Invest

Francesca Opoku-Gyamfi

Planner

Michelle Lira

Global Client Director

Zara Nanu MBE

Founder and CEO

Gapsquare and WorkVue

Mya Dowdall

Student

Emma Cox

Founder

Dirty Wknd Ltd

Miles Angell

Co-founder & Creative Director

Angell Brothers

Dominique Mullally

Director

D Mullally Consultancy Ltd

Andrea MacDonald

Female Founder

Avenir

Erika Bahr

Founder, CEO

Daxe

Dale Amanda Heron

Director

Little Heron

Diane Blaxland

Director

Blaxland Consulting Ltd

Natasha minter

CEO

Modelme

Christelle Tumba

Senior Customer Success Manager

Natalie Connor

Head of Legal and Expansion

Crowdcube

Maggie Bolger

CEO

M+ADS

Sandra Hatugari

Founder, MD

Follett Parker

Add your signature

2X

Women-owned startups deliver twice as much per dollar as men. (BCG)

90

90% of VC money currently goes to all-male teams. (Dealroom)

10

Number of years VC investment has remained at 2% for only female-founded ventures. (BBB)

SIGNATORIES

Bringing about this change is a huge economic and innovation opportunity. We need to redesign the system to unlock the huge potential of female and underrepresented founders and investors.

Hephzi Pemberton, CEO & Founder, Honordex & #notwithmymoney

Supporters

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