The new board of the Greater London investment Fund (GLIF), who will support the Mayor’s vision to grow and support the SME ecosystem in the capital, has been announced.
The Chairman of the newly-launched GLIF will be serial entrepreneur, investor and Funding London board member David Prais. Joining David will be Maggie Rodriguez-Piza, CEO of Funding London, and Pauline Barnett, philanthropist, entrepreneur and member of Funding London board.
Other board members are Debbie Jackson, Interim Executive Director at the GLA; Kevin Chong, Co-Head, Emerging Companies UK/EU at Investec; Richard Tray, Founder Partner at Traycer LLP; and Sarah Abrahams, head of Growth Finance business, Grant Thornton.
The new board members bring a wide range of skills, experience and perspective to support London’s SMEs. In particular, the board consists of expertise in SME lending, angel investing and venture capital. Members will be responsible for guidance and oversight of current projects and targets, along with advising on strategy, future projects and advocating for the GLIF in the wider SME market.
The GLIF was launched at City Hall the Mayor of London in May. The GLIF has been developed specifically to target businesses which have had difficulties in securing crucial investment.
As well as investing in 170 companies, the new fund will secure at least another £103m in private sector investment and create 3,500 new jobs in the capital.
The bulk of the money for the new fund comes from European Union sources: £35m] from the European Regional Development Fund (ERDF) programme, overseen by City Hall and the London Economic Action Partnership (LEAP); and £50m is from the European Investment Bank (EIB).
The GLIF will focus on industries identified as important for the capital’s economy by the Mayor in his Economic Development Strategy. These include cultural and creative industries, financial and business services, life sciences, low carbon and environmental goods and services, tech and digital, and tourism.
Maggie Rodriguez-Piza, CEO of Funding London and co-founder of LCIF, said: “All members of the GLIF board members embody the spirit of the SME ecosystem here in London. Together they bring a wealth of talent, expertise and energy to what will be a dynamic board. We are very fortunate to have David, Pauline, Debbie, Kevin, Richard and Sarah, join our new board and I am very much looking forward to what we can achieve together.”
Rajesh Agrawal, Deputy Mayor for Business, said: “I’m delighted to welcome the members of the new Greater London Investment Fund board. I’m really looking forward to seeing how their combined experience and insight will make a huge impact on funding for small businesses across the capital.”