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Disabled Children benefit from new £500,000 Social Investment

18 May 2011

Disabled Children benefit from new £500,000 Social Investment

• Less than one in 10 families with disabled children receives care from their Local Authority.*
• Social investment consortium invests £500,000 into social enterprise Cool2Care, expanding support services for families with disabled children across England.

Cool2Care, a social enterprise which supports families with disabled children and young people, has received £500,000 of new investment to expand its services.

The finance worth £500,000 is a blended form of debt and grant-based investment and comes from a consortium of three social investors: Big Issue Invest, Venturesome and CAN. Big Issue Invest has committed £200,000 of structured debt from its ‘Social Enterprise Investment Fund’; Venturesome is investing £150,000 in similarly structured debt; CAN Breakthrough is investing £150,000 in the form of venture philanthropy-backed grant.

Of the estimated 770,000 disabled young children in the UK, less than one in 10 receives care from their Local Authority. This leaves many families struggling with the demands of raising a disabled child. Parents can suffer physical and mental exhaustion without respite or struggle to maintain or find employment - all of which can result in potential family breakdown. Disabled young people can be socially excluded, lonely and denied access to services.

Cool2Care founder and CEO Phil Conway says the investment means up to 5,000 families can receive flexible one-to-one support. He says:  "This will give parents regular help with caring, offering them short breaks and improving their ability to raise the young person at home. It can improve family relationships and in some cases help parents access training or employment. Each young person receives friendship, help with basic tasks and a chance to engage in the local community."

Nigel Kershaw, CEO of Big Issue Invest and Chairman of The Big Issue says:  "There has been a lot of talk about social enterprise and the Big Society. I believe Cool2Care is a great example of both. It will make a huge difference to disabled children and their parents’ lives through a truly transformative model of care and support."

John Kingston, Director of CAF Venturesome adds:  "Cool2Care is an example of a growing social enterprise that recognises the need to blend earned income with grants. We are particularly delighted to be working in an investment consortium with Big Issue Invest and CAN Breakthrough, demonstrating the increasing maturity of the social investment market in the UK."

Andrew Croft, chief executive of CAN:  "As outlined by the Government’s own social investment strategy, venture philanthropy like Breakthrough can play a catalytic role in attracting greater investment for ambitious social enterprises like Cool2Care. This collaborative social investment is a real force for good and an example we hope other investors will follow."

The service from Cool2Care allows families flexibility and choice in who helps to look after their child. Each PA is thoroughly checked and screened to be suitable to work with a disabled child. Training is provided to enable every PA to have the skills and confidence to provide excellent support. The service is personalised to match the individual needs of the young person, and the varying demands of family life.

The finance for the Cool2Care investment is a model of the Government’s recently launched Social Investment Strategy to encourage greater flow of capital, philanthropy and community investment into the social sector. Its aim is to ensure social ventures can access the capital they need to grow, allowing them to do more to help build a bigger, stronger society.

* Research from the Department of Health and Contact A Family (charity no. 284912)

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