Funding boost for angel network
Women-led angel group Mint Ventures has received funding for a series of roadshows across Scotland to help supercharge the amount of capital available to female entrepreneurs.
The group, which announced its launch in December, has received capital from Scottish Enterprise and the Scottish Government’s Scottish Technology Ecosystem Fund for the roadshows that aim to encourage more women to become angel investors, as well as helping femaleled companies to access investment.
Following International Women’s Day on March 8, it noted that the recently updated Rose Review 2022 of Female Entrepreneurship confirmed that access to finance remains the top barrier for women starting and growing their businesses, and in response the UK Business Angels Association (UKBAA) has established a Uk-wide Women Business Angel Taskforce, of which Mint Ventures is a founding member.
The latter group said its regional roadshows are part of a new programme of events across the UK to spread awareness of business angel investing for women. The initiative – Women Backing Women – aims to tap into the collective power, expertise and financial capital of females to help others
flourish in entrepreneurship, Mint Ventures said.
The roadshows are set to take place this and next month in Aberdeen, Dundee, Glasgow, St Andrews, Edinburgh and the Borders, and will offer “an opportunity to learn, ask questions and be inspired in a safespace environment”.
Mint Ventures, which was born out of the research of Women’s Enterprise Scotland, is a business angel network investing in women-led and diverse companies, and
it cites UK statistics such as females holding more than half the country’s wealth but comprising just 14 per cent of business angel investors.
Chief executive Gillian Fleming said the barriers to women becoming angel investors are cultural rather than financial. “Women clearly have the wealth and business skills, but they often don’t have access to the same networks as men.”
Victoria Carmichael, director of strategic investment at Scottish Enterprise, said: “Mint
Ventures’ focus on investing in women-ledcompaniesorthose withdiverseleadershipteamsis not only a values-led approach, it also makes great business sense. We know that diversity of thought is key to business innovation and success, making such companies much more likely to thrive and grow.”
Kate Forbes, Finance Secretary, said: “It is clear that, collectively, we must do more to address the gender gap in business participation in Scotland. That is why organisations such
as Mint Ventures are critical to our tech and wider entrepreneurial ecosystems.”
Jenny Tooth, executive chair of UKBAA, praised Mint Ventures “taking leadership across Scotland to drive out the message to women with the potential to invest – and ensure this important source of finance enables more Scottish female founders to achieve their growth ambitions”.