The British Fashion Council (BFC) and venture capital firm Venrex have come together to launch the Venrex BFC Fashion I investment fund. This innovative fund aims to provide support to early-stage and growth-stage fashion businesses that challenge traditional approaches. The BFC will contribute its extensive network, convening power, and engagement with creative talent, while Venrex brings its expertise in recognizing successful businesses. The funding for the fund will be provided by Venrex, and in return, the BFC will receive fees and a portion of the returns to reinvest in fashion education and talent programs, thus diversifying its revenue streams.
Already, three companies have received investments from the Venrex BFC Fashion I fund. One of these companies is Intimately, a brand that focuses on creating adaptive intimates for disabled women. They have redesigned bras, underwear, and sleepwear using innovative fastening technology. Another company, Vollebak, is revolutionizing clothing by leveraging science and technology to address major challenges such as climate change, sustainability, space travel, and disease resistance. Their garments include solar-charged jackets and T-shirts made from worm food. The third company, Digital Village MMO Metaverse (DV), is redefining how society interacts with the internet as a community. Their aim is to seamlessly integrate digital assets and lifestyles into the Metaverse, all while adhering to ethical principles.
Mark Esiri, a partner at Venrex, has expressed his confidence in the creative sectors of the UK and their entrepreneurial potential. He believes that while not all fashion start-ups align with the high-growth models of venture capital, this fund will complement the BFC’s significant leadership role in the industry. Stephanie Phair, the Chair of the BFC, recognizes the evolving landscape of the fashion industry and the importance of supporting businesses with different and disruptive business models. The fund intends to reinvest a portion of its returns into nurturing future talent.
The idea for this collaboration has been in the works for several years, originating from a roundtable event in 2019 hosted by the BFC and Sian Westerman, a BFC Non-Executive Director. This event shed light on the various funding models available for different types of businesses and underscored the significance of talent identification schemes and programs for highly creative enterprises that may not seek rapid growth.
This partnership between the BFC and Venrex marks a crucial milestone in fostering innovation and supporting the growth of non-traditional fashion businesses. The Venrex BFC Fashion I fund, with its access to funding, expertise, and industry connections, has the potential to shape the brands of the future and empower the future leaders of the fashion industry.
Useful links:
– British Fashion Council website
– Venrex website
