3i, a UK-based private equity firm, has invested GBP5m at first close into Bridges Ventures Fund III.
Private equity firm committed a further GBP5m subject to the overall fund size achieved at final close which follows investments by 3i in Bridges’ previous 2 funds.
The funds have invested over GBP75m in 34 companies which focus on achieving social impact in underserved areas in education & skills, in environment and in health & well-being, said 3i.
3i Group communications director Patrick Dunne said that Bridges Ventures has a proven model which they have successfully scaled. It is also especially pertinent at a time like this to be investing in something which not only delivers good financial returns but also achieves such significant social impacts.