Case study: Ascend programme
Funding overview
Organisation name: Foundervine
Programme name: Ascend
Funding value: £748,000
Programme objective: to address the challenges faced by underrepresented founders in accessing funding and scaling their businesses
UKSPF strand: Supporting Local Business
About the programme
The Ascend programme supports underrepresented founders - including women, ethnic minorities, and other marginalised groups - in securing investment and achieving growth. The programme was run by Foundervine.
In action
This 12-week programme addresses the significant challenges in obtaining funding by providing business and funding advice, investment relationship brokerage, tailored mentorship, and post-programme aftercare.
By offering customised support, expert mentorship, and direct investor connections, the programme helps founders overcome systemic funding barriers and scale their businesses. Its focus on diversity and inclusion makes it a unique and impactful initiative within the entrepreneurial ecosystem.
Testimonial
“What was most valuable for us, is the fact that we were able to connect with and learn from investors including what resonates with them, what is the best way to articulate our message and our story in a way that will will help us get the investment we need to grow”.
- Faraan Irfan, Founder of Saarey Music
Faraan Irfan won the People's Choice Award at the Ascend demo day for the best pitch, as voted by the audience. Connected with dedicated investors, he has now raised 43 per cent (£1.3m) of his current £3m funding round.
Solving the challenge
Ascend addresses the significant challenges faced by underrepresented founders in accessing funding and scaling their businesses. By providing customised support, expert mentorship, and direct connections to investors, the programme helps these founders overcome systemic barriers.
Its emphasis on diversity and inclusion makes it a unique and impactful initiative in the entrepreneurial ecosystem.
The funding has enabled Foundervine to expand their impact in driving successful innovation and entrepreneurship among diverse people. It has also allowed Foundervine to broaden its focus beyond minority ethnic founders to also support individuals with disabilities, sexual minorities, and women, thereby enhancing the diversity and inclusivity of the programme and driving greater social impact.
The financial backing is crucial to achieving the programme’s ambitious objectives and ensuring long-term success for participating businesses.
Impact on Londoners
The Ascend programme has significantly improved the lives of Londoners by empowering underrepresented founders to build and grow successful businesses. This initiative contributes to economic growth and community development, with the expansion of small businesses leading to job creation within the community.
Key statistics:
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More than 227 applications received for the 35 places on the programme
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created 17 new jobs 12 months into delivery
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Foundervine have over-reached their 60 per cent target for ethnic-minority founders on the programme, and has now helped 55 ethnic-minority founders
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30 per cent of businesses have raised funds from investors.
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