LSE's investment complemented its leadership of a group featuring four other UK universities that will partner company builder Zinc to convert research into companies.

London School of Economics and Political Science (LSE) backed a £3m ($4m) seed round for UK-based impact company builder Zinc on Wednesday.

The round also featured venture firm LocalGlobe, investment firm Atomico and a range of unspecified angel investors.

Launched in 2017, Zinc scouts potential startup founders for a nine-month training program that prepares them to form new companies. Each initiative is themed by a global societal challenge that is relevant to developed countries.

The initial cohort of 17 startups focused on women’s mental and emotional health, while Zinc’s next intake will aim to improve former industrial economies that have suffered from automation and globalisation.

Zinc will use the funding to schedule additional entrepreneurial intakes that build on the experience of its inaugural program.

Julia Black, pro-director for research at LSE, is a co-founder of Zinc. LSE is preparing to lead a group of universities – Oxford, Manchester, Sussex and Sheffield – which intend to enrol research projects in the program.

Black said: “As a founder of Zinc, we are really pleased to also be investing in this round, as part of this unique combination of investors.

“It is exciting to be combining the insights, expertise and resources of top universities with the creativity of entrepreneurs and the potential of new digital solutions.”