Social investment organisation Big Society Capital has changed its name to Better Society Capital to “better reflect its mission” to boost financial support for tackling social issues.

The organisation was created under the Labour administration of the early 2000s and launched under the coalition government in 2012 amid then Prime Minister David Cameron’s Big Society agenda.

“I wish it continued success in creating a better society under its new name,” said former Labour PM Gordon Brown.

Better Society Capital says the new name “is a clearer articulation” of its mission to boost social investment “while retaining the track record” in this area.

Since it was launched the social investment market has grown more than tenfold from £800m to more than £9bn.

“Better Society Capital has now been working to bring investors alongside us to tackle social problems for over twelve years, and we have seen remarkable success from the organisations that we have been able to support,” said the organisation’s chief executive Stephen Muers.

“This evolution to Better Society Capital provides opportunity to reaffirm our mission and open up new opportunities to help maximise value for government, private investors, and the social purpose organisations who need it.”

Its chair Robin Hindle Fisher added: “Better Society Capital achieved an enormous amount in its first twelve years and I am excited about the contribution it can make to the market’s growth in the future.

“For us to do this it is important that we define our role in the sector clearly and ensure that our outward messaging is as true to our mission as possible.

“I am confident that this change of name will unlock opportunities for Better Society Capital, and in turn for the organisations we fund and the investors we partner with, while making the UK a better place to live.”

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