20th December 2018 Ascension Team

Fair By Design End of Year Round Up

2018 has been a busy year for us at the Fair By Design (FBD) Fund. FBD’s goal is to eradicate the ‘Poverty Premium’ or the extra costs of being poor in the UK. Our colleagues at the FBD Campaign have recently devised a roadmap on how this will be achieved.

The FBD Fund works alongside the campaign, investing early-stage in exceptional entrepreneurs with scalable tech solutions that tackle aspects of the premium. The ventures will need to deliver material savings to low income and vulnerable UK households, as well as an ability to scale rapidly in their respective markets. This is done across key areas including fuel poverty, financial exclusion, digital exclusion and food poverty, where those premiums are most felt.  

12 months in, the FBD team has been truly inspired to meet hundreds of entrepreneurs from diverse backgrounds who share this conviction and understand the opportunities and challenges behind scaling an impact business.

We’d like to take this chance to raise a toast to these fantastic teams and their support systems from key mentors to accelerator programs and co-investors.

We are very grateful for all the support you have given the FBD team this year from considering fund investments, making introductions, finding deal flow, offering to mentor, or simply giving us your time and thoughts during due diligence stages. Finding businesses with a direct impact on the Poverty Premium and exceptional, mission-driven founders, with the ambition and ability to scale their venture, is no mean feat but we have taken on the challenge and are already making progress:

We are delighted that, in 2018, alongside some great co-investors, we have deployed capital into 7 businesses that we are incredibly excited about.

We are delighted that, in 2018, alongside some great co-investors, we have deployed capital into 7 businesses that we are incredibly excited about.

Introducing the new members of the Fair By Design Family:

1)     Switchee – is a smart thermostat and asset management platform for large social landlords which reduces energy costs for social housing tenants. Co Investors: Mustard Seed, AU Capital Partners, Clearly So

2)    Wagestream – gives employees the power to stream their earned wages into their accounts whenever they need it through a simple, instant app, helping users avoid high interest pay-day loans. (Co-investors: Village Global, QED, LCIF)

3)    Incuto – is modernizing Credit Unions with its SaaS platform, making it easier and faster for individuals to access fair loans. (Co-investors: Northstar Ventures)

4)    JobSkilla – tackles digital exclusion by providing unemployed people with access to funded training programs through its free online platform.

5)    We Are Digital – delivers financial and digital inclusion training to ensure that individuals can access products and services previously inaccessible to them. (Round is still closing)

6)    Emrgnt – develops and operates intelligent local energy systems, delivering cost savings to building products owners and cheaper electricity and heat bills to domestic customers. (Co-investors: Angels)

7)    Kraydel – tackles social isolation for elderly and vulnerable people, helping them stay independent for longer through its smart connectivity platform and ancillary digital services. (Co-investors: Hambro Perks, RGA, Pentech Ventures)

Please ask us if you would like an introduction.

We wish everyone a happy Christmas and New Year.

The Fair By Design Fund team.

If you want to find out more please get in touch