Press release October 31, 2019
Venturefondshelptscale-upsmet groeiplannen op weg
The Borski Fund has raised 21 million euros to invest in scale-ups with a woman at the helm. The Borski Fund is the first Dutch venture capital fund focusing on stimulating female entrepreneurs in the Netherlands. ABN AMRO, ING, and Rabobank have jointly committed to the fund. Each bank is investing five million euros.
International and national data show that scale-ups led by female entrepreneurs struggle to access growth capital. The Borski Fund is changing this and sees opportunities. With this new funding, the ambition is to invest in companies that need growth capital, for example, to work on innovations in HR and Femtech. Over the next five years, 15-20 companies can be further supported.
The Next Women, an entrepreneurial network focused on female entrepreneurs, and StartGreen Capital, the largest sustainability fund manager in the Netherlands, manage the Borski Fund. Simone Brummelhuis is the founder of The Next Women and also the initiator and fund director of the Borski Fund. “Venture capital investors are predominantly men, who often tend to invest in like-minded individuals. Consequently, there are women who do not approach these parties at all, meaning women do not always receive the venture capital they deserve.”
This new source of funding will be used to stimulate the power of female entrepreneurs and diverse teams and help their companies grow. “The ambition to one day open a venture fund under the banner of The Next Women has always been there. We have since seen that there is plenty of interest and sufficient deal flow. Now, together with Laura Rooseboom of StartGreen Capital, it is time for the next step with the Borski Fund. I am glad it has finally happened!”
Daphne de Kluis, CEO of Commercial Banking at ABN AMRO: “In practice, we see that female entrepreneurs have more difficulty accessing capital. Of all start-up and scale-up financing, only a few percent goes to female entrepreneurs. We are pleased to contribute to the Borski Fund and are convinced that the fund will make a positive contribution to female entrepreneurship in the Netherlands.”
Annemein Kolk, Director of Business Banking at ING in the Netherlands: “Female entrepreneurs deserve more attention from investors and banks. Research shows that although women generally receive less capital than male entrepreneurs, they still generate more than twice as much revenue on the invested capital. By giving these entrepreneurs more financial room through the Borski Fund, potential that currently remains untapped is being mobilized.”
Jan van Nieuwenhuizen, Director of Wholesale at Rabobank: “It is a good step that the three major Dutch banks have jointly committed to the Borski Fund. In addition to the strong business case that will yield returns, the fund provides a boost to female entrepreneurship in the Netherlands. There are certainly opportunities here that are currently underutilized.”
In addition to the three major banks, Van Lanschot, family offices, and a large number of informal investors are also investing. The latter will also be involved with the companies in which the Borski Fund will invest. The fund aims to attract even more investors in the coming year.
Read more about the Borski Fund on the website www.borskifund.com
