IBB Ventures launches impact fund
The venture capitalist wants to invest 30 million euros in Berlin start-ups with sustainable business goals. Part of the money comes from the European Union.
Berlin-based venture capitalist IBB Ventures is launching an impact fund alongside its existing technology funds. The subsidiary of Investitionsbank Berlin intends to use this fund to invest 30 million euros in start-ups that are not solely focused on commercial success.
Specifically, IBB wants to use the money to support Berlin-based companies whose business activities are in line with the 17 Sustainable Development Goals (SDGs) of the United Nations and which strive to make a "positive contribution to overcoming social challenges".
IBB Ventures is providing 60 percent of the funding itself, with the remainder coming from the European Regional Development Fund. "Berlin is the start-up capital and at the same time a pioneer in the growing market of social enterprises," says Berlin Senator for Economic Affairs Stephan Schwarz: "With the new Impact Fund, we want to further strengthen this development and make even better use of the potential of our start-ups to tackle major social challenges."
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