Jamie Hartzell talking at Good Deals 2010
It has been a challenge to raise investment for a non-profit, but it means that every penny of surplus we make will be put back into the business
Jamie Hartzell, managing director Ethex
Ethical investment platform Ethex has secured £250,000 from a consortium of five foundations, enabling it to move forward in opening up ethical investment to the retail investor.
The consortium of foundations consists of the Esmée Fairbairn Foundation, LankellyChase Foundation, Friends Provident Foundation, Barrow Cadbury Trust and the Tudor Trust.
As Ethex is a non-profit organisation, it is unable to take on equity funding. Instead, the five trusts are supporting Ethex with a participatory loan, repayable only when Ethex hits agreed income targets.
'We can move forward with confidence in building Ethex to have an impact at national level,' said Ethex managing director Jamie Hartzell. 'It has been a challenge to raise investment for a non-profit, but it means that every penny of surplus we make will be put back into the business.'
The funding means Ethex can now take on staff and complete the development of its website, scheduled for full launch in October.
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