Capital Pilot has made its first 50 investments through its debut Boost Fund 1, half of them going to female-led start-ups.
So far, Boost Fund 1 has invested £2.5m, half of its £5m capital.
Capital Pilot, which launched Boost Fund 1 back in June, points out that 30 per cent of founders backed to date come from an ethnic minority background, while 40 per cent of businesses in the fund are based outside of London, in keeping with Capital Pilot’s ethos of not being so metropolitan.
Boost Fund 1 says it remains on track to complete 100 investments within six months, which would make it the leading UK start-up investment fund by volume.
Investments are selected using the firm’s data-driven “investability” rating system, which combines data analytics and human assessment of a business model and team.
The fund was launched to provide access to capital for businesses that have traditionally been underrepresented in the UK start-up scene.
Richard Blakesley, founder and CEO of Capital Pilot, said: “From the outset, we were confident that by removing human bias in the investment selection process the Boost Fund would build a more diverse portfolio of start-up founders.
“It’s hugely encouraging to see that at just the halfway point, the fund already has a considerably higher representation of female founders, ethnic minority entrepreneurs, and businesses based outside of the capital than the industry average.”
Jo Living, co-founder and COO of portfolio company Aura Fertility, added: “From my perspective, the alarmingly low levels of VC investment flowing to female entrepreneurs illustrates the enormous challenge women and underrepresented founders are faced with when raising funds – from unconscious bias to old boys’ networks.”