Nesta, the UK’s charity for bringing innovative ideas to life, has announced four projects for its £25 million social impact fund, Nesta Impact Investments (NII).
The four projects represent the first investments in the portfolio. NII was launched in November 2012 and is being backed by Big Society Capital, Omidyar Network, and Nesta.
A total of £2 million in funding will be made to the organizations. They include Oomph! (Our Organisation Makes People Happy!), a wellness company for seniors, Ffrees Family Finance, a novel banking system designed to be accessible to people regardless of their income levels, Movellas, an online story sharing community to improve literacy skills amongst teenagers, and Sherston Software, an educational software to motivate children and boost their educational performance.
NII puts between £150,000 and £1 million in organizations whose innovations aim to improve the lives of seniors, children, and communities across the UK. It hopes to invest in 15 organizations over the next three years.
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