'Women Backing Women' fund announces first close at £130m

Women Backing Women has closed an initial £130m fund, halfway to its £250m target, with backing from Barclays, Nationwide, the British Business Bank and M&G.

The fund-of-funds will support female-led and mixed-gender investment teams that back female-founded startups in the UK.

Bootstrap4F, the team now leading the vehicle, will start deploying capital after earlier leadership changes and concerns over communication.

The effort is designed to direct more capital to women investors and women entrepreneurs, helping close persistent gender gaps in venture funding.