WorkerTech Fund Launched by Resolution Foundation
The Resolution Foundation Launches WorkerTech Fund to Boost UK Workers
The Resolution Foundation, a UK-based independent think-tank focused on improving the living standards of those on low-to-middle incomes, has announced the launch of a new fund – the WorkerTech fund. This innovative fund is dedicated to early-stage startups that utilise data and technology to improve the lives of workers in sectors with low pay and insecure employment.
The WorkerTech fund builds on five years of investments in workertech firms by the Resolution Foundation, reaching over 358,000 workers across the UK. The fund's first workertech exit occurred last year when its portfolio company Breakroom, an online employer review platform, was bought by US online employment platform ZipRecruiter.
The WorkerTech fund secured £6.75m (€7.8m) in funding at first close, with a total fundraising target of £9m. The fund targets pre-seed and seed-stage ventures of between £75,000 and £200,000. It seeks out great ideas that can benefit workers as well as having a strong business model.
Louise Marston, the foundation's director of ventures, stated that the fund prioritises positive social impact and welcomes founders from all backgrounds. The WorkerTech fund is backed by investors including the Resolution Trust, Big Society Capital, Joseph Rowntree Foundation, Ufi VocTech Trust, and Friends Provident Foundation.
The WorkerTech fund aims to positively impact hundreds of thousands of UK workers by helping them benefit from technological transitions. It plans to support startups that boost pay, address power imbalances, make training more accessible, and provide pathways to progression and better prospects. The fund aims to make up to 50 investments in the next five years.
The WorkerTech Fund of the Resolution Foundation is supported by organisations including the Omidyar Network, the Joseph Rowntree Foundation, and the Barrow Cadbury Trust. With the launch of the WorkerTech fund, the Resolution Foundation continues its mission to improve the lives of low-to-middle income families in the UK, which currently number eight million, including 12 million adults and nearly seven million children.
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