Capital that moves the outcome, not just the market.
We invest early in companies whose product is the impact itself — cleaner energy, wider access to care, fairer work — and we hold ourselves to a measurable result, not a marketing claim.
- StagePre-seed to Series A
- Cheque$250k – $2m
- ThesisImpact first, commercially durable
- Holding period7–10 years
What we mean when we say impact
“Impact” is not a sector label or a colour on a brochure. We use three tests, and a company has to pass all three before we wire money.
The outcome is the business
The company exists to solve a specific problem for a specific group of people — not a side effect of a profitable product. If you removed the impact, there would be no company left to invest in.
Our money changes the outcome
Our capital has to buy something the company could not easily buy elsewhere: time to reach a harder market, a pilot with a public payer, a measurement system it could not fund alone.
The result can be counted
We agree on two or three outcome metrics before the deal closes and track them every quarter. If a number cannot be measured without a survey that costs more than the programme, it is the wrong number.
Where we invest
Four themes, chosen because the outcome is measurable and the buyer already exists — a household, an employer, a health system or a public budget.
Climate and energy
Cleaner power, efficiency for small buildings, industrial heat, and the unglamorous infrastructure that makes decarbonisation pay for itself.
Health access
Care that reaches people outside the hospital: diagnostics closer to the home, chronic-condition support, and tools for the clinical workforce.
Financial inclusion
Credit, savings and insurance designed for people and small firms that the mainstream system prices out or ignores.
Decent work
Skills, payroll and compliance tools that turn informal work into work with a contract, a wage record and a path forward.
How a deal runs
From first call to first impact report in about twelve weeks. No black box, no silent pipeline.
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First call — 30 minutes
What the company does, who pays for it, and the one outcome it exists to move. If we are not the right fund, we say so on the call.
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Impact diligence — 4 weeks
We map your theory of change, test whether the outcome would happen anyway, and pick the two or three metrics you will report for as long as we are a shareholder.
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Commercial diligence — parallel
Unit economics, retention, regulatory exposure, cap table. Impact does not excuse a broken business model, and a good model does not excuse unmeasured impact.
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Close and a 90-day impact plan
Money lands, then a short written plan: baseline numbers, reporting cadence, and the decisions the board will make with the data.
What we look for
A short list, so you can self-select before you apply.
- A product or service already sold to at least a handful of paying customers
- An outcome a third party would recognise — a payer, a regulator, a clinician, a customer's own budget
- Founders who can name their two impact metrics without opening a deck
- A path to revenue that does not depend on grants forever
- Willingness to report quarterly, including the quarters that look bad
What we won't do
We do not invest in tobacco, gambling, weapons, predatory lending, or anything whose growth depends on a vulnerable customer staying confused. We also do not invest where the only evidence of impact is a founder's story.
Read before you invest or apply
Three plain-language guides. They are the same material we take limited partners and founders through, minus the jargon.
Impact investing meaning: what it is, what it isn't
The definition that survives contact with a deal, and the five questions that separate impact from ESG and from philanthropy.
Read the guide →Impact investing funds: how they work and how to read one
Who runs a fund, who pays for it, how long your money is locked up, and the eight questions that expose a weak impact thesis.
Read the guide →How to start impact investing: a first-allocation plan
A practical sequence from defining the outcome you care about to a due-diligence checklist and a reporting routine you will keep.
Read the guide →Questions we get every week
Do you take a board seat?
Usually one seat on a three- or five-person board, and always information rights. We are a small fund, so we are hands-on with a handful of companies and deliberately quiet with the rest.
Will you accept a lower financial return for impact?
We target market-rate returns and accept that some deals will land at the low end of the range because the impact is real and the market is thin. We do not run a charity book: every company in the fund has to be able to stand on its own revenue.
What if we do not have impact metrics yet?
Most companies do not, and that is fine at first call. By the time we close, we will have built the baseline together. What we will not accept is a metric that nobody plans to collect.
Do you invest outside your four themes?
Occasionally, when the outcome is unusually clear and the buyer is real. Send it anyway; a clear no is more useful to you than silence.
Can I invest in the fund?
The fund takes commitments from individuals and institutions who meet the eligibility rules in their own jurisdiction. Write to us through the form and we will send the current materials.
Building something that measurable improves lives?
Send us your impact thesis and your numbers. We answer every application within ten working days.