Many people want to improve their local area, but find it hard to turn their ideas into projects. The current culture is undemocratic and top-down, making it hard for individuals and communities to get things done, and resources are frequently located in silos that hinder collaboration and are generally difficult to access.
Spacehive’s mission is to enable people to have a real say in what happens in their community, providing open access to the resources and connections that make civic change happen. Spacehive sets out to achieve its mission in three ways: empowering people to make places better, creating a more democratic culture and simplifying access to resources.
Spacehive regularly collect and report on numerous metrics against each of its three aims. These metrics include: number and value of successful (and failed) projects, number of projects in deprived areas, number of individual funders, and days taken to access funds.
We have taken an equity stake in Spacehive, investing £600k to grow the business. By growing Spacehive’s offer, the hope is that many more communities will be able to launch and fund local projects, improving their local areas and empowering themselves.
We see Spacehive as a catalytic part of market infrastructure, allowing community groups to access non-repayable finance cheaply and easily. The donations gathered through the platform allow these groups to get off the ground, delivering locally significant projects. Some of these groups may expand and go on to seek out social investment in future to complete further, more complex projects in their localities.
- Big Society Capital investment of £600k
- Co-investors: SI2 Fund and a handful of individual investors