Patch is on a mission to reignite UK high streets with £3m fundraise
Patch, a company on a mission to reignite UK high streets by empowering thousands of people to “work near home”, has announced a three million pound fundraise and the launch of two new sites which will accelerate its plans to bring community-driven “neighbourhood workspaces” to every high street in the country.
Patch is transforming empty or neglected local buildings into a network of innovative, design-led community spaces on local high streets where the public can work, meet, and discover local initiatives.
This three million pound round includes investments from JamJar Investments – the fund launched by the founders of Innocent Smoothies – joined by Blue Wire Capital, Vectr7 Investment Partners LLP, Active Partners (the investors behind Soho House), and Triple Point Ventures.
A number of high street stalwarts have also backed Patch as angel investors, including Peter Roberts, Founder of PureGym; Emma Woods, former CEO of Wagamama; Jeremy Sanders, Co-Founder of Coco di Mama and Wendy Becker, former CEO of Jack Wills.
This investment will enable Patch to expand their network of spaces. More launches are planned for 2023 and beyond, with the team aiming to open up to 100 sites over the coming years.
The investment will also be used to help grow the Patch team, which is led by its Founder Freddie Fforde, and Head of Product and Creative Director Paloma Strelitz, who is also co-founder of Turner Prize-winning design studio Assemble. New additions include former VP for Blackrock Jessi Haymon Gorlov as Head of Property, The Gentlemen Baristas’ Ben Newton as Head of Operations, and James Connop, former Commercial Director Soho House, as CFO.
Freddie Fforde, Founder and CEO of Patch, comments: “Our belief is simple, that great people are everywhere and they deserve the same opportunities too often sequestered in our major cities.
“The internet has been enabling this shift to a talent-centric world for a long time but was accelerated by the pandemic. We think this creates an exciting opportunity to ‘work near home’; a more flexible model of working and living that’s accessible to all, unleashing the potential of millions of people in hundreds of towns.
“‘Work near home’ means a better balance in our lives, less commuting and more time for our neighbours, friends and family, whilst increasing our confidence in the potential of SMEs and flexible workers across the country.
“With high streets struggling, Patch has the opportunity to bring hope and good news – facilitating communities to come together, invest in each other and celebrate the very best in ‘local’.”
Peter Roberts, Founder of PureGym, comments: “We are at a pivotal moment for our high streets. We need to back bold, creative, and innovative companies like Patch if we want to reignite local areas and transform them for the better.
“There is so much talent and potential in every corner of the UK and Patch is creating a new way for that talent to thrive. I’m proud to be backing this brilliant team and can’t wait to see Patch spaces open up on every high street over the next few years.”