Birmingham-based VC firm Midven, in partnership with The 51% Club, has announced a new initiative, The Fortuna Fellowship, the first-of-its-kind accelerator. It will see five startups led by women receive up to £2 million in investment. This initiative aims at nurturing the next wave of high-growth female-led startups.
The Fortuna Fellowship is open to female-led businesses in the early stages of development with a strong potential for growth. Applications will open on 1 January and founders must demonstrate a unique and innovative solution, a scalable business model, a compelling equity story, and some level of traction.
This announcement of this accelerator comes at a time when female-led startups, including UK-based Measurable Energy and German startup Passionfroot raised investments.
The 12-month programme
Being delivered in partnership with The 51% Club, a peer community to help the region’s female founders scale, and other key partners, the Fortuna Fellowship will see the successful founders embark on a 12-month growth programme.
With £1 million from the West Midlands Co-Investment Fund, which is managed by Midven, part of Future Planet Capital, already secured as part of the programme’s commitment to local female entrepreneurs.
What will the startups get?
Each startup will get a high-level mentor supporting them as they take part in a tailored programme of workshops and masterclasses delivered by industry experts. A central advisory board will provide them with guidance from industry leaders in areas such as product testing, manufacturing, go-to-market strategy, exporting, and investment.
The cohort of founders will benefit from weekly ‘office hours’ with one-on-one sessions with the investment team for personalised support, monthly co-working, and an immersive innovation residential. At the end of the 12-month programme, the founders will secure a share of up to £2 million equity investment, subject to raising matching co-investment, investment committee approval, due diligence, and a formal contract.
Bridges gender gap in VC funding
Despite some progress, the gender gap in venture capital funding for female-founded startups persists in 2024. While there have been incremental improvements, women entrepreneurs continue to face significant challenges in securing the necessary capital to grow their businesses. While the exact percentage varies slightly from region to region, a general trend shows that women-founded startups receive less than 3% of global venture capital investment. In Europe, women-founded companies are estimated to receive around 3-4% of VC investment.
The initiative by Midven alongside The 51% Club empowers female founders get a share of investment to fuel their ambitions via this accelerator programme.
Rupert Lyle, Fund Principal for the West Midlands Co-Investment Fund at Midven, which is part of Future Planet Capital, said: “We are excited to launch the Fortuna Fellowship and provide a platform for talented female founders to thrive. Our goal is to empower these entrepreneurs and help them achieve their full potential with a programme that’s designed to accelerate the growth of their businesses. This is unlike anything delivered before in the region and we want this to be a platform for more female-led businesses to thrive. Ahead of launching applications in January, we are reaching out to the region’s ecosystem to come on board as investors and partners in this game-changing accelerator.”
Founder Tara Attfield-Tomes, who is also co-chair of The Lifted Project – a Treasury-backed initiative to increase the flow of capital to female-led businesses, added: “I am so proud to be partnering with Midven to launch The Fortuna Fellowship and I know the vital role that this will play in starting to address the gender investment gap. I have heard the “2% of VC funding going to women” stat for far too long and I’m determined to work alongside brilliant partners like Midven who want to see the dial move for once and for all.”
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