Angel Investors Club joins Angels@Essex platform to support BAME, Sharia-compliant and ethical businesses

Ambitious businesses led by BAME entrepreneurs can now bid for new funding opportunities after the Angel Investors Club (AIC) joined the University of Essex’s Angels@Essex investment platform.

The link between AIC and Angels@Essex is ideally timed as new research by the British Business Bank has indicated Black male entrepreneurs are one of the groups hit hardest by COVID-19.

Angels@Essex is an invitation-only investment platform that links angel investors to entrepreneurs with innovative ideas and is part of the Government-designated University Enterprise Zone at the University of Essex.

AIC’s mission is to open up and generate greater participation in the market for business founders from BAME backgrounds. AIC also provides support for businesses who are interested in Sharia-compliant investments and ethical investments.

John Stenhouse, from the Angels@Essex team, said: “This collaboration is part of the University Enterprise Zone’s ongoing work to support founders and investors from BAME backgrounds by encouraging participation and providing support for individuals who identify with these groups.

“Our Angels@Essex platform can also benefit from AIC’s specialist knowledge and experience, including offering ethical and Sharia-compliant investments for the digital age. Their specialist investors and advice are a welcome addition to the already growing number of investors attracted by the innovation offered on the Angels@Essex platform.

“We recognise the value that diversity brings so we want to attract and support people from different backgrounds and cultures to flourish.” 

More about the Angel Investors Club.

Ali Kazmi, AIC Chief Executive, said: “Ethical investments are investments that align with your personal beliefs. An ethical investor looks for companies that share a similar ethical framework and can demonstrate a commitment to their values. An ethical investment might be made for a number of reasons, whether environmental, social, political, or religious. For instance, you might invest in a scale-up business that produces green energy or make a Sharia-compliant investment.

“Sharia-compliant investments are investments that are considered to be ethical and socially responsible. These investments are governed by the requirements of Sharia law and the Muslim religion, but you don’t need to be Muslim to make a Sharia-compliant investment. Sharia-compliant investments aim to promote greater social justice and maintain accountability, fairness, and transparency.”

More about the University of Essex

The University of Essex is one of the most international universities in the world, according to the Time Higher Education World University Rankings. It has close to 140 countries represented in its student community and attracts leading academics from around the world. Over 40% of its students come from Europe, Asia, Africa, North America, South America and Australia.

Supporting diversity and entrepreneurship

The partnership between Angels@Essex and AIC responds to the latest research by the investment sector.

In October, the British Business Bank, the government-owned business development bank, published a landmark study: “Alone, together: Entrepreneurship and Diversity in the UK”.

The report examined the profound effects ethnic and economic background, gender and place have on entrepreneurial opportunities and outcomes.

It found businesses in the East of England have fared well compared to the rest of the UK during Covid-19, but have still suffered redundancies, turnover and profit reductions with the highest impact being on BAME enterprises. The report also highlighted the underrepresentation of women in the entrepreneurial sector.

In response the British Business Bank is prioritising:

• Providing Start-Up Loans and mentoring support to entrepreneurs across the UK.
• In its venture capital programmes (Enterprise Capital Funds and British Patient Capital), it will continue to seek out fund managers with networks beyond the norm, and assess approaches to diversity as an integrated part of its due diligence process.
• As a signatory to the Investing in Women Code, it will continue to work with others to increase transparency in this area.
• It will continue to address regional imbalances in finance through regionally targeted investment funds, its regional angel investment programme and its regional network team.

John said: “Our partnership with AIC is exactly in line with other leading organisations in the investment sector, such as the British Business Bank, who recognise the UK’s economic success depends on supporting the ambition of entrepreneurs from all backgrounds and all regions.”