Creative UK is launching a new Creative Industries investment fund. The fund will aid the UK in reaching its goals of growing the creative sector by £50 billion and generating a million new creative jobs by 2030. The Creative Growth Finance II fund, which consists of £35 million, will provide the necessary financial investments needed to reach these targets.
According to Creative UK Chief Executive Caroline Norbury, creative industries within the UK have grown over 1.5 times faster than other sectors and currently employs 2.3 million UK citizens. However, Norbury acknowledges that talented creatives struggle to attain the capital they need to succeed. Norbury states that Prime Minister Rishi Sunak spoke on how to grow the economy; the creative industries must also grow.
“The potential of the Creative Industries risks being unfulfilled if the creators and innovators whose talents power our growth are unable to access the capital and financing they require. That’s where Creative UK comes in,” says Norbury. “We know that with the right investment, the power of the sector to drive growth and innovation across all corners of the UK can be truly transformative.”
Partnership With Triodos Bank
Triodos Bank partnered with Creative UK to launch the fund. Phillip Bate, Director of Business Banking at Triodos Bank UK said, “Four years on from the launch of the first Creative Growth Finance fund, our partnership with Creative UK has gone from strength to strength and continues to support companies at the forefront of innovation. For a bank only focused on financing projects with a positive impact, we can see the social importance of these organisations to the UK. Creative UK’s expertise has been key to helping us grow our funding of this important sector.”
The CGF II is a successor to the original Creative Growth Finance fund, which launched in 2019 and has provided over 30 creative companies with over £17 million in funding. One such company is Screenshot Media, a brand that creates short-form content for young adults ages 18-24.
“It’s not easy raising money for a company within the creative sector and especially not a media company. I think there’s an age-old stigma around media that it’s a really high-risk business, and it is. But at the same time, it’s also really scalable if you do it right – there are quite amazing media companies that have popped up in the last 10 years,” says Shira Jeczmien, CEO of Screenshot Media. “The fact that Creative UK understands the creative industries and is so clued up in that space was incredibly appealing when seeking investment.”
Creative UK works across numerous sectors including film and TV, virtual production, narrative-based video games, advertising and software. Check if your company is eligible here.