Wray & Nephew launches fund to support Black businesses

One in five UK Black business owners have struggled to raise funds for their companies, according to research by rum brand Wray & Nephew, which is offering grants to Black founders as part of a renewed scheme. Campari-owned Jamaican rum brand Wray & Nephew has announced a pledge to support UK Black founders and businesses. Its Wray Forward programme, now in its third year, has been launched in partnership with Foundervine. The free programme aims to support Black founders across the UK by giving them access to funding of £3,000, £1,500 and £500 respectively, through a series of pitch nights where entrepreneurs can share ideas to grow their businesses. Research conducted by Wray & Nephew found that more than two thirds (68%) of Black entrepreneurs believe there are not enough business tools and resources available to Black entrepreneurs. One in five (20%) Black business owners said they have struggled to raise funds for their companies. Wray Forward, which first launched in 2021, will connect entrepreneurs with investors in order to help them grow their businesses. Izzy Obeng, co-founder of Foundervine, said of the initiative: “Black founders face numerous limitations, including restricted access to capital, networks and opportunities. In 2024, we’re...