Investing to support skills development across the world
The City & Guilds Group announces £7.5m investment in its social purpose
17 September 2015
The City & Guilds Group has announced it is investing £7.5m in its social purpose, following the creation of two new impact funds – the Skills Development Fund and the New Venture Fund.
The Skills Development Fund will invest £5m in projects and communities to create long-term, sustainable change by improving skills. Recipients will be expected to deliver measurable impact to the education and training sector, employers and/or individuals.
Speaking about the Skills Development Fund, Corporate Relations Director at the City & Guilds Group, Mikki Draggoo explains: ‘We often talk about how the City & Guilds Group is all about ‘making money to make a difference’ and that is exactly what this investment demonstrates. The Skills Development Fund will allow us to make a unique contribution and add value to initiatives that could be life-changing for people and transformative for communities across the world.’
A further £2.5m will be invested through the New Venture Fund, which will seek to support innovation in the way skills education is delivered today, by investing in growing, post-revenue companies and entrepreneurs. It will provide funding in return for an equity stake in the companies, and recipients will also benefit from the City & Guilds Group’s expertise and resources to help their ideas get off the ground.
John Yates, New Ventures Director at the City & Guilds Group, will be responsible for the £2.5m New Venture Fund. ‘This Fund is all about supporting innovation and entrepreneurship by helping grow the businesses of entrepreneurs who are committed to skills development,’ he said.
‘We are particularly keen to hear from Founder-entrepreneurs across the world who are delivering education technology to support young people in their transition from education to employment, or in their pursuit of their next career step. For us, it is not just about providing money, but also support from across the City & Guilds Group to give successful recipients the best possible chance of success.’
Adding to this, Group Chief Executive Chris Jones said: ‘Everything we do is about developing skills to fuel business and economic growth. These two new funds do that in a big way by unlocking opportunities to support global skills development.’
The new funds will be drawn down on a case-by-case basis following a thorough due diligence process. Interested parties can get in touch with expressions of interest using the following email addresses:
• For the Skills Development Fund: firstname.lastname@example.org
• For the New Venture Fund: email@example.com