ImpactAlpha, October 10 – The city of Bristol, U.K. has a hopeful vision for its 500,000 residents: it strives to be “a fair, healthy and sustainable city and a city of hope and aspiration, where everyone can share in its success” by 2050.
Currently, 16% of city residents live in the “most deprived” areas of the U.K.; 20% of children are in low-income households, and 30% of students are considered disadvantaged.
A new impact investing fund is on a mission to shift these statistics in alignment with Bristol’s One City plan, launched this year. City Funds has reached a £10 million first close to invest in initiatives aligned to four themes: economic inclusion; environmental transformation to achieve carbon neutrality and zero-waste; access to healthy and affordable food, particularly for children; and community resilience.
Impact investor Big Society Capital and the Bristol City Council backed the fund.
“To tackle deep-rooted challenges such as inequality and poverty, we need thriving and inclusive local communities,” Big Society Capital’s Anna Shiel said in a statement. “This is why we are championing place-based investment, and why we have chosen Bristol as our first partner.”