Bethnal Green Ventures (BGV), the pioneering ‘tech for good’ venture capital firm, has announced the first close of its latest fund – BGV II LP, which is set to continue the firm's track record of investing in technology for good.

BGV is targeting a total raise of £50 million and to date, a total of £33 million has been committed to the fund by investors including the British Business Bank, through its Enterprise Capital Funds programme, M&G Catalyst, Big Society Capital and Peter Bristot, Managing Director of 22 Ventures.

International legal practice Osborne Clarke advised BGV with a team led by funds partner Helen Parsonage and including funds associate Nick Kristensen with legal director Elizabeth Shanahan advising on tax.

BGV will use the capital to back one hundred new ventures over the next four years through their Tech for Good Programme. Each venture selected for the programme will receive a £60,000 investment for 7% equity. BGV will then make follow-on investments into the most promising ventures that complete the programme.

Melanie Hayes, Managing Partner at BGV said: “We chose Osborne Clarke to advise on this fund based on their deep experience of the venture capital market and their strong interest in social impact. They’ve been pragmatic, responsive, professional and a delight to work with.”

Helen Parsonage said: "We are delighted to have supported BGV with this fundraise, which reflects our continuing support of a number of social impact funds and our own OC for Good focus. We wish the team all the best in deploying it."

BGV has been at the forefront of supporting innovative start-ups that address pressing global challenges for the past decade. It has backed 177 ventures through its highly regarded Tech for Good Programme and helped create the tech for good movement in the UK through a series of ‘firsts’ including becoming the first UK VC firm to certify as a B Corp in 2015.

BGV’s impressive portfolio of companies have consistently made a positive impact on society and the environment, demonstrating the incredible potential of technology to drive positive change as well as deliver returns to investors. Successful exits include science collaboration platform Overleaf and ethical smartphone company Fairphone.

Osborne Clarke has a market-leading international mid-market funds practice and is widely recognized as a leading European law firm for companies operating in the technology, media and telecoms sector, working with global businesses to fast-growth start-ups and market challengers.

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