Today, the British Fashion Council (BFC) and London-based venture capital firm Venrex have announced their investment fund, Venrex BFC Fashion I. The fund aims to support the growth of the business ecosystem in the fashion sector.
The BFC’s mission is to strengthen British fashion globally as a leader in responsible creative businesses. A key element of the BFC’s strategy is partnering on this fund, to further enable a vibrant business ecosystem in the fashion sector, providing access to finance for seed, early stage, or growth stage for a broad range of businesses.
The Investment Fund was a key recommendation following an Investors Roundtable co-hosted by the BFC and Sian Westerman, BFC Non-Executive Director, in 2019. The roundtable concluded that multiple funding models exist for different types of businesses, and that there are many opportunities to develop businesses who are at the intersection of creativity, innovation and commerce.
“Highly creative businesses should not necessarily be pushed to high growth but can benefit from talent identification schemes and programmes”.
The Fund marries the BFC’s network, unique convening power and ability to engage with leading creative talent with Venrex’s long-standing track record in identifying winning businesses. The BFC will use the fees received to further invest in fashion education and talent programmes.
Commenting on The Investment Fund, Sian Westerman, BFC Non-Executive Director said:
“The Venrex BFC Fashion I recognises the importance for fashion start-ups who are at the intersection of creativity, innovation and commerce to have access to capital and commercial expertise as well as much-needed support to allow their sustainable growth, build upon creative talent and bring to bear commercial expertise. It’s fantastic that the Fund will align with the BFC’s core mission to support talent in creating responsible creative businesses, with the goal to expand even more an already thriving fashion ecosystem.”
So far, Venrex BFC Fashion I has invested in three companies: Intimately, Vollebak and Digital Village.
Intimately is an adaptive intimates brand for disabled women. Intimately has redesigned bras, underwear, and sleepwear with the newest fastening technology to ensure those living with disabilities can easily get dressed. The brand doesn’t sacrifice fashion for function, believing everyone deserves to feel confident in stylish intimates designed for them.
Vollebak is building the future of clothing, using science and technology to tackle the most important challenges of our time – from climate change and sustainability, to space travel and disease resistance. Already 2x winners of TIME Best Inventions, their clothing includes Solar charged Jackets that store and re-emit sunlight, t-shirts that turn into worm food, hoodies designed to outlive the owner, and the first gear for Mars.
The Digital Village MMO Metaverse (DV) is redefining the construct of society and how we interact with the internet as a community. The DV aims to redefine how our time online echoes back into our physical lifestyles and adapt it to the ethical mindset of the connectivity between humans and technology. The purpose of The DV is to become a welcoming ecosystem that allows everyone to create in Web3 and integrate their digital assets and lifestyles seamlessly and ethically into the Metaverse. This comprehensive and diverse ecosystem will enable members to showcase, wear, use, and exchange their digital assets with their communities.
Businesses within the BFC ecosystem beyond the BFC Network will be able to apply for investment by the Venrex BFC Fashion I.
Photo Credit: Vollebak Instagram
