Four social ventures, tackling issues such as elderly care, poor educational standards and financial exclusion, have become the first organisations to receive backing from Nesta Impact Investments.

The £25 million social impact fund invests in life-changing innovations that address the major challenges faced by older people, children and communities in the UK. The fund is backed by Big Society Capital, Omidyar Network and Nesta.

The organisations, which have received a combined total of £2 million in funding, are:

Oomph! (‘Our Organisation Makes People Happy’!)

An award winning social enterprise improving the health and quality of life of older adults in care homes. Oomph! designs and runs fun, interactive, group exercise classes within care homes and in the community, such as ‘chair cheerleading’ (pictured above).

Ffrees Family Finance

A digital current account that helps families to save as they spend. Customers receive Ffrees points when they purchase through their account from Ffrees’ network of providers. These points are placed into a separate savings account, which customers can then redeem as cash.

Movellas

A creative story sharing community for teenagers with over 85,000 free stories available to read online, all written by teens for teens.

Sherston Software

A company developing innovative educational software designed to motivate children and boost their educational performance.

To find out more on four organisation which have received funding, or how to apply for funding for your social venture, visit www.nestainvestments.org.uk