Return on Inclusion | June 12, 2024

Raven Group lands backing for its outcomes-based finance fund

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

Vancouver-based Raven Group launched in 2018 to steer capital to Indigenous businesses and communities in Canada and the US. The organization is looking to raise C$50 million (US$37.5 million) for an outcomes-based finance fund that designs financial instruments with communities for health and climate-related initiatives.

Christensen Fund, a San Francisco-based nonprofit focused on Indigenous communities, made a $2 million, seven-year program-related investment.

Trust-based finance

Moving at the pace of trust” is crucial for funders directing capital to Indigenous communities. Raven’s approach brings together community leaders and members to create “community-driven outcomes contracts,” or CDOCs.

“The convening employs community learning to build trust-based relationships inclusive of Indigenous protocols and ceremony,” Christensen explained in a post.

Before launching the fund, Raven piloted CDOCs for energy access, housing upgrades and diabetes management projects, including a $5.1 million, two-year deal to install geothermal energy and retrofit housing for the Fisher River Cree Nation and Peguis First Nation.

Boann Social Impact, which has a C$135 million investment mandate from the Canadian government’s Social Finance Fund, has also backed the Outcomes fund.

Raven last year closed a C$100 million fund to invest in Indigenous-led startups.