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The British Business Bank, owned by the UK government, is creating a \u00a3500 million (around $674 million) economic package to help<\/a> support diverse and underrepresented fund managers and founders in the country.\u00a0<\/p>\n Fifty million pounds will be set aside for female-led venture funds, which means the BBB has now committed at least \u00a3100 million (around $135 million) to supporting female-led ventures and the government\u2019s Invest in Women Taskforce<\/a>. Meanwhile, \u00a3400 million (around $539 million) will go to backing more diverse fund managers and supporting early-stage companies, as well as helping to boost the talent pipeline to provide those from disadvantaged backgrounds the opportunity to become investors. The package begins deployment in 2026.\u00a0<\/p>\n \u201cThe initiative announced today aims to reduce the significant gap in venture capital investment for underrepresented founders and investors,\u201d the BBB said in a press release announcing the investment last week. \u201cIt will target at least 50% of investment going to female fund managers.\u201d\u00a0<\/p>\n It comes as the U.K. continues its push to attract and sustain talent to its venture ecosystem. The press release states that \u201cbreaking down barriers to opportunity will help drive growth as part of the government\u2019s Plan for Change,\u201d which encompasses various strategies to help drive economic growth in the country.\u00a0<\/p>\n For women and people of color, the UK venture landscape can often be as disheartening as it is in the U.S. Around 13% of venture teams in the UK have women at a senior level, while dismal amounts of venture funding goes to minorities (less than 2% for Black founders <\/a>as of a 2023 report, and 2 pence (around 3 cents) for every \u00a31 ($1.35) invested goes to women.\u00a0<\/p>\n<\/div>\n