Law firm Osborne Clarke has advised Bethnal Green Ventures on its £33m first close of new fund to back 100 tech for good startups.
The international firm, which has its headquarters in Finzels Reach, Bristol, has advised the venture capital firm on the first close of its latest fund BGV II LP, which is set to continue the firm's investment in technology for good.
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BGV is targeting a total raise of £50m and to date, a total of £33m has been committed to the fund by investors including the British Business Bank, through its Enterprise Capital Funds programme, M&G Catalyst, Big Society Capital and Peter Bristot, managing director of 22 Ventures.
Osborne Clarke advised BGV with a team led by funds partner Helen Parsonage and including funds associate Nick Kristensen with legal director Elizabeth Shanahan advising on tax.
Melanie Hayes, managing partner at BGV said: “We chose Osborne Clarke to advise on this fund based on their deep experience of the venture capital market and their strong interest in social impact. They’ve been pragmatic, responsive, professional and a delight to work with.”
Ms Parsonage added: "We are delighted to have supported BGV with this fundraise, which reflects our continuing support of a number of social impact funds and our own OC for Good focus. We wish the team all the best in deploying it."
BGV will use the capital to back 100 new ventures over the next four years through its Tech for Good Programme. Each venture selected for the programme will receive a £60,000 investment for 7% equity. BGV will then make follow-on investments into the most promising ventures that complete the programme.
