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Goodman Derrick provides pro bono support to new community interest company Extend Ventures

Goodman Derrick’s corporate team has been pleased to provide its support to new community interest company Extend Ventures, on a pro bono basis.  Extend has been founded to increase access to early stage funding for diverse entrepreneurs, including venture capital funding and government funds, though data driven reporting and profile raising activity.

The company uses data analysis to demonstrate the return on investment achieved by investors in minority-founded companies to encourage more of such investment. 

In relation to government funds, a recent survey from Extend Ventures and YSYS found that almost half of BAME-owned companies didn’t plan to access state support or didn’t think they would qualify for it. Tom Adeyoola, a co-founder of Extend Ventures, says:

There is definitely a tradition of, well, we don’t get government handouts. What’s the point in trying?” He adds that many people have been “locked out” of the growth of Britain’s venture capital and technology industry because of “closed networks”.

Jessica Nugent, corporate lead for Goodman Derrick commented:

Extend’s purpose is really important. The lack of investment in diverse entrepreneurs and start ups is staggering and changing this will have huge social and economic benefits. Our clients and others have been working hard to raise awareness not only of the inequality in how and where VC, angel and other early stage funds are invested, but also of the returns on investment that can be achieved by investing in diverse enterprises.”

For further information

Jessica Nugent, Partner, Corporate, +44 (0)20 7421 7975, jnugent@gdlaw.co.uk   

Paul Herbert, Partner, Commercial, +44 (0)20 7421 7922, pherbert@gdlaw.co.uk

Stephanie Brobbey, Senior Associate and CSR and ProBono Committee lead, +44 (0)20 7421 7984, sbrobbey@gdlaw.co.uk

James Caulfield, Head of Business Development, +44 (0)20 7421 7968, jcaulfield@gdlaw.co.uk

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