What was their challenge?
In 2023, Hogan Lovells collaborated with the Growth Impact Fund (GIF), a joint venture between UnLtd, Big Issue Invest and Shift, to advance its mission of supporting underrepresented founders creating positive social or environmental impact.
Diverse-led social businesses offer some of the most effective solutions to addressing inequality and are best placed to support underrepresented communities. There is often an imbalance of power in investment scenarios between the funder and investee, and GIF is working to ensure that its investees have proper legal representation to ensure their position is protected.
Diverse-led social businesses offer some of the most effective solutions to addressing inequality and are best placed to support underrepresented communities. There is often an imbalance of power in investment scenarios between the funder and investee, and GIF is working to ensure that its investees have proper legal representation to ensure their position is protected.
What was the support you provided / offered
Hogan Lovells has a longstanding record of providing pro bono legal advice to underrepresented founders and social entrepreneurs through its social business practice, HL BaSE, working to address legal issues that are a barrier to scale and sustainability. During 2023, HL BaSE advised the first five GIF investees. HL BaSE provided 746 hours of legal advice to the investees, worth £493,575.
What was the impact or outcome of support?
One investee was Neuropool, which works to address the unemployment crisis among autistic adults in the UK through inclusive recruitment services, helping over 200 neurodivergent professionals gain employment. HL BaSE advised Neuropool on a £300,000 investment from GIF, helping them build a community of over 12,600.
HL BaSE also advised:
- Lightning Reach, a financial support portal providing access to a range of personalised financial support, empowering users to build financial resilience and wellbeing. GIF invested £250,000 in Lightning Reach.
- DWRM, who help universities to broaden their prison education offering, ensuring students can continue studies post-release, and support people in prison to engage with the proven benefits of education during a sentence. DWRM received £150,000 from GIF.
- Harry Specters, a social enterprise and award winning chocolatier providing paid employment, work experience and training opportunities for young autistic people. Founded as a means of supporting their autistic son, the company now employs 12 Neurodiverse individuals and has provided over 200 autistic people with free training and work experience. Harry Specters received almost £260,000 from GIF.
- Inclusion Labs, whose digital platform assists schools in improving their inclusion efforts, through identifying and prioritising DEI activities. Inclusion Labs received £200,000 from GIF.
HL BaSE also advised:
- Lightning Reach, a financial support portal providing access to a range of personalised financial support, empowering users to build financial resilience and wellbeing. GIF invested £250,000 in Lightning Reach.
- DWRM, who help universities to broaden their prison education offering, ensuring students can continue studies post-release, and support people in prison to engage with the proven benefits of education during a sentence. DWRM received £150,000 from GIF.
- Harry Specters, a social enterprise and award winning chocolatier providing paid employment, work experience and training opportunities for young autistic people. Founded as a means of supporting their autistic son, the company now employs 12 Neurodiverse individuals and has provided over 200 autistic people with free training and work experience. Harry Specters received almost £260,000 from GIF.
- Inclusion Labs, whose digital platform assists schools in improving their inclusion efforts, through identifying and prioritising DEI activities. Inclusion Labs received £200,000 from GIF.
“GIF is designed to support and invest into diverse-led social businesses. Access to quality legal support and guidance is often a huge barrier for so many entrepreneurs, particularly those from marginalised backgrounds, especially when they are accessing investment for the first time. Our partnership with Hogan Lovells has been vital in the delivery of this fund. They have provided expect pro bono advice and support, enabling so many social businesses to deliver lasting change through their work.”