The Week’s Big 9
1. New rules of the road for stakeholder capitalism. More than 50 business leaders and investor groups are seeking White House backing for structural reforms in the capital markets to address the economic recovery, racial equity and climate change. B Lab and the U.S. Impact Investing Alliance are leading the advocacy efforts and calling for a White House Initiative on Inclusive Economic Growth in the National Economic Council. Argues B Lab’s Andrew Kassoy, “You can’t have stakeholder capitalism if you don’t have stakeholder governance.” Onward.
The Week’s Agent of Impact
Kathryn Finney, Genius Guild. The entrepreneur and investor’s answer to systemic economic exclusion of Black, Indigenous and other people of color: build an ecosystem that intentionally fosters their participation. Finney, who has a background in both fashion and epidemiology, previously founded DigitalUndivided, which supports female founders, and The Donnie Fund, which provides micro investments to thousands of Black women-owned businesses. Genius Guild will build and invest in Black-led companies serving Black communities on the way to global scale (see, “Genius Guild scores $5 million financing to back Black-led tech ventures”). Finney points to the success of Richelieu Dennis’ Sundial Brands, the parent company of Shea Moisture, which was acquired by Unilever. “We know that products and services that first achieve success by serving Black communities often reach significant scale as they expand outside of our community,” Finney writes on Medium.
The Week’s Dealflow
BlackRock Real Assets closes $4.8 billion green energy fund. With backing from 100 institutional investors, Global Renewable Power Fund III targets what BlackRock sees as a $10 trillion investment opportunity in the transition to net-zero energy. About 80% of all global electricity capacity installed last year was renewable, according to IRENA.
The Week’s Talent
Founding partners Suprotik Basu and Amer Baig are leaving Blue like an Orange to focus on health sector resilience and COVID recovery… Bella Gangnes, ex- of Lighter Capital, joins Founders First Capital as director of investments… Caitlin McLaughlin, ex- of PNC Financial Services Group, joins Lafayette Square as chief people officer… MaryKate Bullen departs New Forests for a new opportunity in forestry investment.
The Week’s Jobs
Arctaris Impact Investors is recruiting a director of community impact and engagement… Community Investment Management is searching for both U.S. and emerging market-focused investment officers and other roles… Notley seeks a vice president of business development in Austin… Equality Fund is recruiting a senior manager of investment strategy in Ontario… Blue Haven Initiative is looking for a strategic analyst… REDF is hiring a senior loan associate in L.A. or San Francisco.
Editor's Picks
Podcasts | April 9, 2021
Impact Briefing: Week of April 9th
Host Monique Aiken speaks with B Lab’s Andrew Kassoy about why impact-driven businesses and investors are stepping up their policy advocacy.
Mexico City, Mexico | Photo credit: Bruno Doinel
ESG | April 7, 2021
Companies in emerging markets are getting on board with board diversity
For any investor who has initiated a conversation about a company gender diversity, particularly in the boardroom, does any of this sound familiar? …
Stages of growth and flowering of a daisy, blue sky background, life concept
Entrepreneurship | April 7, 2021
Crowdfunding’s awesome month
ImpactAlpha, April 7 – “Regulation crowdfunding” investments raised $60 million last month, led by offerings like Arlan Hamilton’s Backstage Capital and online digital …
Top Stories
BlackRock Real Assets closes $4.8 billion green energy fund
Clean Energy | April 9, 2021
Stakeholder-economy coalition presses White House for ‘new rules’ for American capitalism
Policy Corner | April 8, 2021
MassMutual backs Reinventure Capital fund for diverse founders
Dealflow | April 8, 2021
Two battery tech startups secure seed funding from Clean Energy Ventures
Clean Energy | April 8, 2021
Jamie Dimon calls for a carbon tax, the end of the carried interest loophole and a modern-day Marshall Plan
Corporate Impact | April 8, 2021
Egyptian startup funds put North African tech innovation on the map
Africa | April 8, 2021
Crowdfunding’s awesome month
Entrepreneurship | April 7, 2021
Companies in emerging markets are getting on board with board diversity
ESG | April 7, 2021
Bain Capital Double Impact backs personal-care brand Hand in Hand
Dealflow | April 7, 2021
Kiva closes $32.5 million fund to promote financial inclusion for refugees
Dealflow | April 7, 2021
How these wealthy families are driving outperformance on impact
Catalytic Capital | April 6, 2021
The Reconstruction
Kathryn Finney of Genius Guild | Photo credit: kathrynfinney.com
Agents of Impact | April 9, 2021
Kathryn Finney, Genius Guild
ImpactAlpha, Apr. 9 – The entrepreneur and investor’s answer to systemic economic exclusion of Black, Indigenous and other people of color: Build an ecosystem …
ChargerHelp's Evette Ellis and Kameale Terry
Agents of Impact | April 2, 2021
Evette Ellis and Kameale Terry, ChargerHelp
ImpactAlpha, Apr. 2 – The co-founders of South Los Angeles-based electric-vehicle charging repair startup ChargerHelp could be on a poster for the Biden administration’s …
Dealflow | April 1, 2021
Harlem Capital closes $134 million second fund to back diverse entrepreneurs
ImpactAlpha, April 1 — New York-based venture firm Harlem Capital aims to invest in 1,000 companies led by women and minority founders over …
Image by Claudio Schwarz / Pulled from Community Credit Lab website
Community Finance | April 1, 2021
Sacrificing returns? These community investors ask if they’re sacrificing impact.
The time is now for the impact investing sector to reflect on how it does business, how it frames success, and begin to …
ChargerHelp's Evette Ellis and Kameale Terry | Photo: ChargerHelp
Clean Energy | March 31, 2021
ChargerHelp raises $2.8 million to repair EV chargers with good green jobs
ImpactAlpha, Mar. 31 – The U.S. will need to add roughly 20 million electric-vehicle charging stations by 2030, per McKinsey. The South Central L.A.-based …
Past VC Include event | Photo: Oluwaseye Olusa
Return on Inclusion | March 30, 2021
How women and VCs of color are finding impact alpha with first-time funds
ImpactAlpha, Mar. 30 – Shayna Harris and Noramay Cadena of Chicago and L.A.-based Supply Change Capital are backing women and entrepreneurs of color who …
Community Finance | March 30, 2021
Five ways that lenders can interrupt racism and provide restorative-justice capital in our communities
Can community development financial institutions be anti-racist? Don’t answer too quickly. For those familiar with the history of CDFIs, specifically created to align …
Climate and Clean Tech | March 30, 2021
MaC Venture Capital raises $110 million for culture-change startups
ImpactAlpha, March 30 — LA-based early-stage venture firm MaC Venture Capital aims to see women and people of color represented in society, business …
Daryn Dodson, Illumen Capital
Podcasts | March 29, 2021
The Reconstruction: Overcoming racial bias to optimize asset management for returns – and impact
ImpactAlpha, Mar. 29 – Money managers at the world’s sovereign wealth and pension funds and university and foundation endowments seek to optimize portfolios to …
Corporate Venture Capital | March 29, 2021
Greenwood scores $40 million from top financial institutions to bank Black and Latino Americans
ImpactAlpha, March 29 — Greenwood, Black-led neobank founded by former Atlanta mayor Andrew Young, rapper Michael ‘Killer Mike’ Render, and Bounce TV’s Ryan …
Agents of Impact | March 26, 2021
Arlan Hamilton, Backstage Capital
ImpactAlpha, March 26 – Venture capitalists love to invest in disruption. Arlan Hamitlon is disrupting venture capital. She created Backstage Capital in 2015 …
Dealflow | March 15, 2021
General Catalyst aims latest SPAC at Black tech founders
ImpactAlpha, March 15 – Listings of special purpose acquisition companies, or SPACs, hit a record in February, raising more than $27 billion. Venture capital …
Climate Finance
Clean Energy | April 9, 2021
BlackRock Real Assets closes $4.8 billion green energy fund
ImpactAlpha, April 9 – With backing from 100 global institutional investors, Global Renewable Power Fund III will take advantage of what BlackRock sees …
PC: SciTechDaily.
Clean Energy | April 8, 2021
Two battery tech startups secure seed funding from Clean Energy Ventures
ImpactAlpha, April 8 — Boston-based Clean Energy Ventures invests in clean energy technologies that can eventually displace 100 million tons of CO2 emissions …
Pierre Etienne Franc. PC: FCH.
Clean Energy | April 6, 2021
FiveT’s Hydrogen Fund rakes in €260 million to finance green hydrogen infrastructure projects
ImpactAlpha, April 6 — Green hydrogen, produced with renewable energy through a chemical process called electrolysis, could provide a source of clean fuel …
Clean Energy | April 5, 2021
ZeroAvia aims to decarbonize air travel with hydrogen-powered engines
ImpactAlpha, April 5 — Before the COVID-related declines in air travel, aviation was on pace to be one of the biggest remaining carbon …
Climate Finance | April 1, 2021
Stewardship challenge: How to press fundamental change at ExxonMobil?
ImpactAlpha, April 1 – Some climate-focused investors say they have dumped shares of ExxonMobil as they purge fossil fuel companies from their portfolios. …
Africa | April 1, 2021
Root Capital secures $35 million from DFC to expand lending to rural agribusinesses
ImpactAlpha, April 1 — The U.S. International Development Corporation, formerly known as OPIC, is investing $35 million in the Cambridge, Mass.-based social lender …
Edisun Microgrids | Photo: Business Wire
Green Infrastructure | March 31, 2021
Transformation of electricity grids shows this isn’t your grandparents’ infrastructure upgrade
ImpactAlpha, Mar. 31 – The giant infrastructure investment plan to be unveiled by U.S. President Joe Biden today is expected to include as …
ChargerHelp's Evette Ellis and Kameale Terry | Photo: ChargerHelp
Clean Energy | March 31, 2021
ChargerHelp raises $2.8 million to repair EV chargers with good green jobs
ImpactAlpha, Mar. 31 – The U.S. will need to add roughly 20 million electric-vehicle charging stations by 2030, per McKinsey. The South Central L.A.-based …
Clean Energy | March 31, 2021
FTC Solar files for an initial public offering
ImpactAlpha, March 31 — The global solar energy market is expected to reach $223.3 billion by 2026, up from $52.5 billion in 2018. …
Clean Energy | March 25, 2021
With climate goals looming, gap grows between fossil fuel leaders and laggards
ImpactAlpha, March 25 – European oil and gas majors are leaving their North American counterparts behind. Total, Galp Energia, Equinor, BP and Royal …
Climate Finance | March 24, 2021
Despite climate pledges, Goldman Sachs continues fracking finance
Photo by Sobrevolando Patagonia
Photo credit: Farmcrowdy
Africa | March 24, 2021
African agtech is boosting yields, protecting resources and raising incomes
ImpactAlpha, March 24 – Field drones. Harvesting robots. Big Data-driven farm insights. Innovative technological applications in agriculture can have a profound impact on farmers’ …
Catalytic Capital
Catalytic Capital | April 6, 2021
How these wealthy families are driving outperformance on impact
ImpactAlpha, Apr. 6 – Investors willing and able to prioritize impact over financial returns were behind some of today’s highest-impact innovations. Catalytic investment strategies, …
Catalytic Capital | March 23, 2021
Rethinking economic development for an inclusive recovery
ImpactAlpha, March 23 – Policy makers are embracing bottom up strategies to address interlocking challenges if COVID-19, inequality and racial justice. The $1.9 …
Catalytic Capital | March 9, 2021
Impact investors turn to revenue-based financing to bridge capital gaps for founders of color
ImpactAlpha, Mar. 9 – As Kim Folsom likes to say, Founders First is majoring in the minors. Rather than produce a few tech unicorns …
Photo credit: SunFunder
Africa | March 8, 2021
SunFunder reaches $70 million close for Solar Energy Transformation Fund
ImpactAlpha, March 8 – SunFunder’s Solar Energy Transformation Fund backs solar companies improving energy access across Africa and Asia. The off-grid solar finance company’s …
Jigar Shah | Photo credit: Miljøstiftelsen ZERO/Flickr
Catalytic Capital | March 4, 2021
Generate’s Jigar Shah tapped to rev up the Department of Energy’s loan office
ImpactAlpha, March 4 – The lending program, mostly moribund for the past four years, “is back in business,” declared Energy Secretary Jennifer Granholm. …
Catalytic Capital | March 4, 2021
Greening sovereign debt to tackle converging crises
ImpactAlpha, Mar. 4 – A majority of low-income countries may need to restructure their loans or seek fresh ones in a brewing sovereign …
Catalytic Capital | March 1, 2021
Joint SDG Fund allocates $41 million to catalyze strategic financing for the SDGs
ImpactAlpha, March 1 — The United Nations’ Joint SDG Fund is aiming to bring together Wall Street and the growing focus on ESG, …
Surdna Foundation's Don Chen | Photo credit: Surdna Foundation
Catalytic Capital | February 25, 2021
Surdna Foundation’s Don Chen on mobilizing resources and redefining risk
ImpactAlpha, Feb. 25 – Philanthropic foundations tend to be cautious and slow-moving beasts. One signal of the urgency of the current moment: the billion-dollar …
Catalytic Capital | February 24, 2021
ImpactAssets 50 showcases an increasingly diverse impact ecosystem
ImpactAlpha, Feb. 24 – Worker ownership. Small business relief. Impact real estate. Climate solutions. This year’s Impact Assets 50 showcases a diversity of …
Catalytic Capital | February 17, 2021
‘Pay for success’ can help the Biden administration build back better
With Democrats now in control of both the House and Senate, the Biden Administration has a once in a generation opportunity to “build …
A farmer drying coffee beans in the sun. Antigua, Guatemala | Photo credit: Odessa25
Catalytic Capital | February 11, 2021
A little incentive goes a long way to change lending for small farmers in Latin America
ImpactAlpha, Feb. 11 – Change the incentives, change the results. Those results are dramatic for the $11.5 million in loans that agricultural lender Root …
Agrifood Tech | February 4, 2021
Halving U.S. food waste is a $14 billion annual investment opportunity
ImpactAlpha, Feb. 4 – Investors have discovered food waste. Imperfect Foods last month raised $95 million to distribute foods deemed too ‘ugly’ for …
Agents of Impact
Bold leaders. Taking action. Driving impact.