UK-based Nesta Investment Management has held the first close of its investment fund for social ventures at £17.6m.
Nesta Impact Investments, which has a final target of £25m, has received support from Omidyar Network, Big Society Capital and Nesta.
The fund will focus on backing social ventures in areas such as:
- health and wellbeing of ageing population;
- education and employability of children and young people; and
- social and environmental sustainability of communities.
Nesta Impact Investments is managed by Nesta Investment Management, a wholly owned subsidiary of Nesta which is authorised and regulated by the Financial Services Authority.