Saturday, July 2, 2022
BusinessMint Ventures get Scottish Enterprise money to encourage more women into business

Mint Ventures get Scottish Enterprise money to encourage more women into business

(L-R) Mint Ventures Co-Founder and CEO Gillian Fleming, Co-Founder and Chair Lynne Cadenhead and Co-Founder and Director Carolyn Currie.
Mint Ventures, a women-led angel group which is democratising angel investment, has received funding from Scottish Enterprise and the Scottish Government’s Scottish Technology Ecosystem Fund for a series of regional roadshows to encourage more women to become angel investors, as well as helping women-led companies to access investment.
Just ahead of International Women’s Day yesterday (Tuesday 8 March), the recently updated Rose Review 2022 of Female Entrepreneurship confirmed that access to finance remains the number one barrier for women starting and growing their businesses.

In response to this, the UK Business Angels Association (UKBAA) has established a UK-wide Women Business Angel Taskforce, of which Mint Ventures is a founding member.

Mint Ventures’ regional roadshows are part of a new programme of events across the UK to spread awareness of business angel investing for women.

This programme – ‘Women Backing Women’ – is a transformational initiative to tap into the collective power, expertise and financial capital of women to help other women start and grow their businesses.

Taking place throughout March and April in Aberdeen, Dundee, Glasgow, St Andrews, Edinburgh and the Borders, and collaborating with a number of Scottish business angel groups, the events will offer potential women investors and entrepreneurs alike an opportunity to learn, ask questions and be inspired in a safe-space environment.

Participants will get an overview – in plain English – of angel investment and how it can support more women-led companies and those with diverse leadership teams to grow and scale.

Launched in 2021, and borne out of the research of Women’s Enterprise Scotland, Mint Ventures is a business angel network investing in women-led and diverse companies.

It was set up to address inequalities in the investor and investee landscape. For example:

*Women hold more than half the UK’s wealth but make up just 14% of business angel investors

*Women in the UK start their businesses with 53% less capital than men do

*Only 14% of all capital raised in the UK goes to women-led businesses

*UK women are 50% less likely to receive venture capital funding than male-led businesses

*Only 1% of venture capital raised in the UK (or 1p in every £1) goes to women-led businesses

Part of Mint Ventures’ mission is to democratise angel investing and make it more accessible.

Membership is open to men and women, who can become investors for as little as £2,000 per annum.

Gillian Fleming, CEO of Mint Ventures said: “This funding will help us reach even more women who are either looking to become investors or seeking investment for their companies.

“The barriers to women becoming angel investors are cultural, not 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 is challenging perceptions of who can be an investor and democratising access to these opportunities.

“With International Women’s Day having just taken place, there’s never been a better time to highlight this.”

Secretary for Finance and the Economy, Kate Forbes, said: “Encouraging more women to become angel investors and, in turn, helping women-led businesses access vital investment, will give more women the resources they need to grow their businesses.

“I am pleased that the Scottish Government’s Ecosystem Fund, in connection with the Scottish Technology Ecosystem Review, is able to support an expansion of Mint Ventures’ activity in this important area.”

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