Women-focussed VC to close fund

UK’s first venture capital fund dedicated to women-focussed businesses is due to close ahead of its sponsor Bank of Scotland’s Global Banking Alliance for Women Annual Summit in Glasgow.

Stargate Capital Management, a London-based emerging opportunities fund manager, is set to close its Trapezia EIS Fund, the UK’s first dedicated venture capital fund for investing in women-focussed businesses, in early November.

Among its investors and partners are property magnate Vincent Tchenguiz’s Consensus Business Group and Bank of Scotland Corporate.

Gita Patel, manager of the Trapezia Fund, said: “We are seeing quality deal flow in this fast growing and under-served market segment. We expect this fund to be fully invested within six months, and we will immediately start a follow-on fund to capture the best of the next tranche of opportunities.”

Vincent Tchenguiz said in a statement  his Group was committed to supporting the follow-on fund to achieve funding of at least £8 million.
Bank of Scotland Corporate has been committed to supporting women’s enterprise for three years through its unique Women in Business unit. Claire Logie, the unit’s director, said partnering with Stargate in the Trapezia fund enabled it to extend its range of services to support fast-growing, women-focused businesses which are currently not accessing the equity markets.