New £5m venture will stimulate social sector

A “mission-led” investment venture aimed at stimulating social entrepreneurship north of the Border has been given the green light.

Third sector lender Social Investment Scotland (SIS) said SIS Ventures would provide the tools and “mission-aligned investment” required to help early stage businesses and social enterprises grow and deliver social impact at scale.

Over the next three years, SIS Ventures hopes to set up funds to raise up to £5 million of new funding – utilising both social investment tax relief and the Enterprise Investment Scheme.

The plan is to provide debt and equity to entrepreneurs, particularly those early stage ventures that might struggle to access investment from existing sources and have a goal to deliver impact at scale.

Veteranscotsinvestorbill Crossan will be appointed chair of the venture. Board members will include David Ovens, the chief operating officer of Archangels, and Susan Aktemel, director of Homes for Good.