Following a corporate-led mentoring process involving the likes of Bank of America, LDC and The MITIE Foundation, start-up investment has been allocated to the successful ventures.
The Tech for Good Challenge is attempting to nurture and grow social ventures which are using digital technology to impact the future life chances of young people.
Start-ups including Flip Yourself, Work Hero, State of Ambition and Discoverables were picked from a shortlist and will now be supported by the programme – run by Big Issue Invest and Nominet Trust.
Annika Small, CEO of Nominet Trust, comments, ‘Digital technology has transformed how we communicate, how we work, how we buy and sell, and how we learn.
‘The Tech for Good Challenge demonstrates how technology can also transform how we address big social problems, in this case creating greater opportunities for disadvantaged and marginalised young people.’
More on seed funding deals:
- TouchType secures seed capital
- Scottish inventor nets big backing from seed fund
- Wonga investor backs Archify with seed funding
The 11 investment which are being made come after the crop of companies completed ‘Caterpillars’ Cocoon’ – a two-day pitching process including workshops in leadership, team building and talks with thought leaders.
According to a statement, the Tech for Good Challenge is the first in a series of challenges being run by Big Issue Invest as part of its Corporate Social Venture Challenge to provide a ‘sustainable flow of investment capital and enterprise support’.
Nigel Kershaw, chief executive of Big Issue Invest, says, ‘There are a lot of good people out there using technology in exciting new ways with the potential to achieve truly great things.
‘We have succeeded in what we set out to achieve: bringing ventures and corporations together to create high-growth ventures with a far greater chance of delivering long-term social value and financial returns.’
The 11 winning ventures are:
- Flip Yourself
- Fresh Young Media
- Work Hero
- Insane Logic
- DJ and MC Academy
- State of Ambition