Bristol based Tech for Good business raises £3 million investment
Neighbourly has raised £3 million in Series A investment to accelerate the growth and impact of the Neighbourly platform.
Since launching the platform in 2014, the tech for good company has worked with corporate partners like Aldi, M&S, Lidl, Danone, M&G Investments, Cadent and RSA Insurance, to support more than 16,000 local good causes across the UK and Ireland that help an average of 350 people each per week.
As the UK market leader in community investment and engagement, the Neighbourly platform has helped disburse £13 million in microgrants, deliver 70,000 hours of employee volunteering time, redistribute 50 million meals and save 80,000 tonnes of CO2.
The investment, which has come from independent asset management group Guinness Asset Management, comes at a time when businesses are increasingly needed to deliver sustainable social value as part of their overall strategy, which has been accelerated by the impact of Covid-19 and the climate crisis.
Over the last 18 months, Neighbourly has seen a significant increase in demand from businesses wanting to deliver and measure social impact at a local level, as well as from local good causes wanting to make that connection.
The Series A investment follows three years of strong growth and will help accelerate product development, expand the team and respond to demand for international expansion. As part of the investment, Guinness Fund Manager Ashley Abrahams will join the board of directors alongside the existing team.
Steve Butterworth, CEO of Neighbourly, said: “We are delighted to welcome Guinness to the Neighbourly team and for Ashley to join us on the board. He immediately understood the Neighbourly proposition and the value it delivers for businesses and local good causes alike, against the backdrop of the rapidly evolving ESG landscape.
“Our strong belief is that businesses must prioritise the proven power of local good causes, who are the backbone of our communities. A thriving community and resilient population of hyper-local causes is vital to the success of both society and the economy.”
Ashley Abrahams, Fund Manager at Guinness Asset Management, said: “Guinness is extremely pleased to be supporting Neighbourly during this exciting time of growth, expansion, and product development. Neighbourly has a unique proposition that can make a real difference to local community engagement, is ideally placed to address key components of the corporate ESG agenda and help businesses deliver long term sustainable growth that is beneficial for all stakeholders.
“Steve and the team have been very successful in driving the company forward over the last three years and we very much look forward to working with them as they embark on the next stage of their growth.”
Glen Waters, Head of PwC Raise | Ventures, said: “We are thrilled to have delivered an exceptional result in finding the right investor for such a first-class team and business. Neighbourly has a unique proposition that can deliver measurable impact and a platform that can help tackle essential ESG challenges. Guinness Asset Management will be a great partner for Neighbourly and its investment will help management to continue to invest in the platform and the team, realising the phenomenal market opportunity and growth potential.”