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Water | Roodgally Senatus
With each bottle sold, UK retailers aim to backstop water entrepreneurs in emerging markets (Q&A)
That bottle of water you just bought in London may connect you to an investment in a startup providing drinking water in Uganda, Zambia or the Democratic Republic of Congo.  The corporate foundations of a handful of UK-based food and…
Impact Investing | Ian Fuller and Andrea Dobson
Investing foundation endowments through a racial equity lens (Q&A)
Careers | ImpactAlpha
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Designing actionable and inclusive impact convenings

Dealflow

Latest impact investments across asset classes and geographies

Must-reads on ImpactAlpha

Impact Investing | Ian Fuller and Andrea Dobson

Investing foundation endowments through a racial equity lens (Q&A)
Africa | Roodgally Senatus

With each bottle sold, UK retailers aim to backstop water entrepreneurs in emerging markets (Q&A)
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A climate tech exit for Heaten returns cash to Azolla Ventures and other investors

The Brief

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October 7, 2024 | ImpactAlpha
The Brief: Corporate foundations as catalytic investors in water solutions

Greetings Agents of Impact! 🔌 PluggedIn: Financing resiliency with Natalia Arjomand of SecondMuse. On today’s Plugged In, ImpactAlpha’s Sherrell Dorsey speaks with Natalia …

Today’s brief

Featured: Investing in Water

With each bottle sold, UK retailers aim to backstop water entrepreneurs in emerging markets (Q&A). That bottle of water you just bought in London? It might help a startup get the debt and equity it needs to provide drinking water in Uganda, Zambia or the Democratic Republic of Congo. The corporate foundations of a handful of UK-based food and drink retailers, including Co-op Group, Elior UK, Aqua Libra and Britvic, are providing grants that serve as first-loss capital in a nonprofit investment fund for emerging market enterprises expanding access to clean water and sanitation, as well as wastewater treatment and plastic waste recycling. Small businesses often languish in the "missing middle" between microfinance institutions and commercial lenders. Co-op, one of the UK’s largest retailers, contributes £1 for every liter of bottled water it sells to the Water Unite Impact fund. Elior UK, a food services company in London, does the same. Bottled water, of course, is itself implicated in privatization, groundwater depletion, plastic waste and other water challenges around the world. “Water is connected to everything we do as a business. It’s vital for food production and essential to our operations,” Elior’s Charlotte Wright tells ImpactAlpha. Clients are seeking evidence of the company’s commitment to addressing climate change, reducing pollution, managing waste and alleviating water stress, she says. “It’s clear that demonstrating our dedication is crucial for strong client relationships.”

Dealflow: Energy Transition

A climate tech exit for Heaten returns cash to Azolla Ventures and other investors. Norway-based Heaten was in the early stages of making high-temperature industrial heat pumps when it scored an investment from Azolla Ventures two years ago. Luxembourg-based private equity firm Advent International is now acquiring Heaten for an undisclosed amount via its AI Alpine fund. It’s a rare exit for the climate tech sector, which has been fretting over a lack of liquidity to plow into new deals (see, “Needed: Climate tech exits to keep the ‘circular capital economy’ spinning”). Azolla, launched by the nonprofit Prime Coalition, uses blended finance to accelerate climate tech commercialization. It invested in Heaten to help the company deploy customer pilots, preceding the full launch of Azolla’s $239 million fund. Heaten raised a total of €8 million ($8.8 million) from Azolla, Nysnø Climate Investments, Shell Ventures and family office Valinor.

Impact Voices: Inclusive Economy

Investing foundation endowments through a racial equity lens.  It’s been four years since Black Lives Matter catalyzed support for racial equity from American foundations. Corporate commitments have waned, including in the face of political pushback. But for many foundations, racial equity is now an even greater focus (see for example, “Philanthropy has the right and responsibility to counter attacks on DEI”). Mission-related investments that use untapped funds in endowments are a flexible tool to create impact on a much larger scale than grants alone, says Andrea Dobson of the Winthrop Rockefeller Foundation. In a conversation with Ian Fuller of Westfuller Advisors, a registered investment advisory firm in New York, Dobson explains that racial equity is becoming a lens through which all investments are seen, rather than a carveout. “The terminology of lens investing has brought about a shift in thinking in the sector,” she says. That has helped investors envision “how gender justice and racial equity can be integrated [across] the full scope of a portfolio.”

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