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A newly launched organisation is aiming to encourage innovation and attract significant new investment in the UK's cultural and creative sector.

Figurative is a new independent organisation that brings together Arts & Culture Finance (ACF) and New Philanthropy for Arts & Culture (NPAC).

ACF was previously part of innovation charity Nesta.

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While both the ACF and NPAC websites remain live, over time all their content and operations will be brought together as Figurative.

The new organisation aims to attract investment by raising and managing new social investment funds, while supporting the sector to diversify its funding streams.

In a statement, it said it was seeking to create partnerships with cultural and creative organisations and public, private and philanthropic funders to "unlock the sector’s potential for economic and social impact".

Richard Brass, Chair of Figurative’s Board, said: "There is real momentum behind collective efforts to find novel, pragmatic solutions to the challenges facing the cultural and creative sector.

"Figurative is already delivering models of financial and organisational support that are genuinely transformative for their beneficiaries, and I firmly believe that we can help put the sector on a strong footing as it moves forward."

"Collaboration is at the heart of what we do. We want to hear from organisations and individuals with big ideas – so I urge anybody with an interest in our work to get in touch!"

Building on experience

ACF currently manages £30m of capital supporting 55 organisations, including the Royal Shakespeare Company (RSC) via three social impact funds – the Arts Impact Fund, the Cultural Impact Development Fund and the Arts & Culture Impact Fund.

The RSC also worked in collaboration with ACF to develop its conditional philanthropy fundraising model, as well as co-producing an accompanying impact framework designed to identify and track social outcomes.

This year, NPAC's match-giving campaign The Big Give raised £2.85m for 238 arts organisations across the UK, with around half of the funds raised coming from new contacts, or first contributions from existing contacts.

The organisations have also been involved in innovation programmes, with ACF leading on Nesta's Digital R&D Fund for the Arts and Amplified, both of which supported arts organisations to engage with new technology.

Commenting on the role of the new organisation, Figurative CEO, Fran Sanderson, said: "Without making a strong case for why the arts matter, we’re limiting our potential impact as a sector, and interest as a productive home for investment capital.

"That’s why we’re committed to bringing new ideas to the table about how we measure and value the positive impacts of creative activities.

"This isn’t about reducing cultural experience down to a set of numbers; it’s about working together towards a common language to express the numerous ways in which culture is a force for good."