MJ Hudson is pleased to announce that it advised Code First Girls Limited (“CFG”) in relation to the spin-out of the business and assets of the not-for-profit community interest company Entrepreneur First C.I.C. (the “CIC”), and on the subsequent closing of its Series A equity financing round of circa. £4.5 million, which was led by Active Partners. Other notable backers included several high-profile female angels including the CEO and Founder of Peanut, the CEO of notonthehighstreet.com, a former director of Bumble, the CEO and founder of the UpGroup, a former VP of Monzo, and COO of MoneyBox.
Code First Girls is a female-founded, fast-growing UK business that supports women into coding education and employment for free, helping to close the gender gap in the traditionally male-dominated tech industry. Currently women make up just 21% of the UK’s tech industry and black women less than 3% - the funding round will combat this by helping CFG to provide one million opportunities for women to learn to code for free and enter the industry over the next five years. By providing free coding courses for all women and supporting them into employment at some of the world’s biggest companies, CFG is facilitating social mobility, boosting the diverse tech talent pool and addressing the tech skills gap.
Anna Brailsford, CEO of CFG said “I am delighted at having closed this funding round. It gives us the basis on which we can now provide one million opportunities for women to learn to code for free and enter the industry, driving a huge £1 billion in economic opportunities for women and a boost for the entire tech sector. This was a complex transaction with many different stakeholders involved. Karma and the MJ Hudson team were invaluable, and I am very grateful to them in helping us co-ordinate and deliver a solution which worked for all parties and in proactively driving the transaction to completion.”
“We are delighted to have assisted Anna and Code First Girls in this critical stage of its development. The transaction will enable CFG to unlock its potential by expanding its offering on a much wider scale. Their mission is a critical one in providing access to tech jobs for thousands of women and ensuring Britain’s tech ecosystem is supported by the very best. We look forward to supporting CFG in its future endeavours” said Karma Samdup, Co-Managing Partner and Head of Venture Capital at MJ Hudson.
The MJ Hudson team was led by Karma Samdup and supported by David Harris (Senior Associate) and Rosie Marston (Senior Associate). Pinsent Masons LLP represented Active Partners and Bates Wells & Braithwaite London LLP, advised the CIC.
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