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Expon Capital - Impact Report 2021

  1. 1. IMPACT REPORT 2021
  2. 2. This confidential presentation (“Presentation”) is a preliminary document being issued by Expon Capital sàrl for information and discussion purposes only. As premarketing material, It provides summary information and does not constitute an offer or an invitation to invest in any securities, fund or company. Any investor who subsequently invests must rely on the terms of and information contained in a final form of a private placement memorandum and the definite investment agreements, which alone will form the basis for the investment. Expon Capital recommends that any investor takes their own legal and/or financial advice before acting upon anything in this Presentation Summary. This Presentation and the information contained herein is confidential and proprietary and is being provided by Expon Capital to the recipient with the understanding that the recipient will observe and comply with the terms and conditions set forth in this paragraph and the paragraphs below. This Presentation has been prepared by Expon Capital for informational purposes and is being furnished on a confidential basis. This Presentation and the data contained herein are confidential and may not be reproduced, redistributed, provided or disclosed to others in whole or in part without the prior written authorization of Expon Capital sàrl. Any distribution or reproduction of this Presentation in whole or in part, or divulgence of any of its contents to any person other than to whom it was originally delivered, is unauthorized. The information provided herein is preliminary in nature. The accuracy and veracity of such information has not been verified by Expon Capital and no representations or warranties are made by Expon Capital as to the accuracy or completeness of the information contained herein. Expon Capital shall have no liability whatsoever for any representations (expressed or implied) contained in, or any omissions from, this Presentation, or any other written or oral communications transmitted to the recipient. This Presentation contains information and summaries of certain documents and other information. A revised Presentation and/or a more detailed private placement memorandum may be circulated in the future. The summaries herein do not purport to be complete. This Presentation includes certain forward-looking statements regarding the expected performance for future periods, and actual results for such periods may materially differ from such forecasts or statements. Such forward-looking statements involve risks and uncertainties, including risks associated with changes in market conditions, changes in the overall economy and industry and changes in consumer and commercial demand and regulatory factors. The recipient of this information is cautioned not to place undue reliance upon these forward-looking statements, which speak only as to the date they are made and are subject to change. This Presentation has not been approved by an authorized person for the purposes of FSMA, by the United States Securities and Exchange Commission or any other regulatory authority in any jurisdiction. DISCLAIMER
  3. 3. 2021 marks 4 years since the final close of our European Growth fund, Expon I. We detailed our reasons for founding Expon Capital in our Manifesto. It has remained the bedrock of our firm, defining our purpose and the positive impact we expect to have. We have always held the conviction that returns and impact should work together and re-inforce each other. In fact, being impact-focused can make it easier to attract top talent and help generate better returns. Over the past years, we have been thrilled to witness a rising ecosystem of purpose-driven startups in Europe as well as the emergence of 15 new impact-focused VC funds. It has been a comforting journey to see our conviction gradually become mainstream. Effecting change at scale will require everyone’s participation. At Expon Capital, we continue to learn and grow together as an impact team. In 2018, we adopted the United Nations’ Sustainable Development Goals (SDGs) as guidance to define our “Purpose” criteria. In 2019, we refined our approach and started using the 169 targets of the SDG goals in our investment thesis. This is a challenge for any lean investment team, but we’ve refined it and, in your hands, is our first impact report. We see it as a starting point in our journey. As a team, we are super excited about future improvements to further integrate impact aspects across deal sourcing, due diligence, legal, portfolio management and exit. We hope that you will enjoy reading our Impact Report. Thank you for your time and support. WELCOME JEROME WITTAMER MANAGING PARTNER LILY WANG ASSOCIATE
  4. 4. Exclude sectors based on ESG Actively source deals in sectors with strong positive ESG impacts Include ESG factors alongside financial analysis in DD and monitor ESG risks Exclusionary screening Positive screening DD and risk assessment SDGs as investment criteria Impact at scale DD and monitoring Impact as core investment criteria Scalable business model where impact and profit coincide Include UN SDG questionnaire alongside financial analysis in DD and monitor UN SDG KPIs SOLVING REAL PROBLEMS WE BACK ENTREPRENEURS We not only aim at best-practice ESG compliance… …but also go beyond ESG by using UN SDGs as core guidance
  5. 5. UNDER PROMISED UNDER MARKETED Never promised impact to investors Driven by team convictions No green washing on website Strong measurable portfolio impact Best-in-class methodology No trade-off between performance and impact OVER DELIVERED
  7. 7. OUR FIRM RETENTION 100% NATIONALITIES 6 OPTIONAL TELEWORK DAYS UNLIMITED CONTINENTS 4 INCLUSION TO ALL FIRM COMMITTEES 100% REVIEWS BI-ANNUAL TRAININGS 10 AT A GLANCE Diversity Diversity is in the core of our recruitment strategy Apprenticeship Employee development and training through apprenticeship Culture Team engagement through events and employee benefits * include internship INVESTMENT TEAM SIZE 7
  8. 8. IMPACT COMMUNITY OUR RECENT ENGAGEMENT IN Expon Capital is part of +impact , a digital community of purpose driven investors and 1k Nordic impact startups Firechat at Arctic 15 on ”Creating Profound Impact via Technology” Jerome Wittamer is an advisor of Greentech Alliance, Europe’s largest community of GreenTech startups Jerome Wittamer and Rodrigo Sepúlveda Schulz are panelists of the INSEAD International Director Network (IDN) and shared on ”Governance of Social Impact Ventures Each partner gave a VC Masterclass to the LPEA Academy and offered 2 scholarships to students passionate about PE-VC
  9. 9. 16 INVESTMENTS INDUSTRY AND CARBON 20-30% less CO2 emissions for vessels and flights Wildfire prediction +30% more accurate 67% less servers needed in datacenters hence reducing energy consumptions by up to 90% 70-90% CO2 reduction by Dott’s e-scooters compared to cars 100% green energy INCLUSIVE OPPORTUNITIES Upskilled +600 people from non-tech background into full- time technologists 4x salary increase HEALTHCARE 8,000 patients helped in 1H 2021 Proven large effect on depression prevention, depression treatment, stress and sleep Covid-stress relief treatment made available for free online 13k students in France and the US 25 universities 29 high schools 9 UN SDG GOALS 85% OF CAPITAL DEPLOYED WITH A MEASURABLE IMPACT ACROSS 1 out of 3 couriers was previously unemployed or using Glovo to support their studies 57,000 active couriers. 90,000 restaurants helped
  10. 10. URBAN SPACE Saved more than 5,000 under- utilised apartments’ space Saved 2.5m EUR rents of young tenants in 2020 16 INVESTMENTS RESPONSIBLE PRODUCTION AND CONSUMPTION 9,800 tons CO2 saved in 1H21 280,000 refurbished electronics 345,000 trees planted 37 million QA among 2.4m farmers in East Africa $21m authentic products sold in 2020 9 UN SDG GOALS 85% OF CAPITAL DEPLOYED WITH A MEASURABLE IMPACT ACROSS
  12. 12. Through its proprietary constellation of more than 140 nanosatellites, Spire’s space-based data and in- house analytics provide a digital twin of earth in real- time, which can be applied to maritime, aviation and weather forecasting markets. INDUSTRY ENTERPRISE SERVICES INVESTED NOVEMBER 2017 FOUNDED 2012 HEADQUARTERS EUROPE INDUSTRY CARBON SPACEDATA 20% -30% REDUCTION IN CO2 EMISSIONS IPO
  13. 13. SPIRE CHALLENGES IMPACT KPIs SCALE Maritime transport and aviation respectively emitted c.2.5% and c.2.2 % of global GHG emissions pre-covid Terrestrial radio networks only work within about 75km of the shore and cannot track vessels in open water nor flights beyond the limited range Air waves are inherently noisy. Simultaneous signals from thousands of vessels need to be processed before they can make sense Lack of weather data to track waves, wind and currents, significantly impact routing and hinder optimization 250,000 +2.51% 5.6T 17.5T Reducing CO2 emissions by 20-30% and saving on fuel through route optimisation for vessels and flights based on proprietary weather data #1 in ocean wind speed and wind direction prediction accuracy Minimize the impact of natural disasters for vessels and flights Increase wildfire prediction accuracy by 30% Improve performance of wind and solar farms Maximize crop yields by providing and analyzing soil moisture data REAL TIME LOCATION DATA OF VESSELS AND 250K FLIGHTS ON DAILY BASIS ACCURACY LESS FUEL CONSUMPTION LESS CO2 EMISSION CASE STUDY SECRET TO A SUCCESSFUL FUEL CONSUMPTION MODEL Oldendorff increased its vessel performance with Spire Weather forecasts By adding Spire weather to its digital twin, Oldendorff was able to improve their fuel consumption simulation model and c alculate paths that consumed the least amount of fuel INDUSTRY CARBON SPACEDATA
  14. 14. Pliops designs and sells a new generation of Solid- State Drive (“SSD”) cards that accelerate data storage operations for the world’s largest datacenters. It is a technology breakthrough with 12 fundamental patents filed. INDUSTRY SEMICONDUCTOR FOUNDED 2017 HEADQUARTERS ISRAEL INDUSTRY CARBON SEMICONDUCTOR 90% REDUCTION IN ENERGY CONSUMPTION INVESTED JUNE 2019
  15. 15. PLIOPS CHALLENGES IMPACT KPIs SCALE With the amount of data and demand for machine learning exploding, innovation in hardware is crucial in increasing the efficiency of how data is stored and processed Given the stagnant per formance of computing power, more and more CPUs (“Central Processing Unit”) are added to maintain the quality of service. Datacenters are estimated to consume 2.1% of the available global electricity with future estimates reaching 20% over the next decades Current SSD storage technologies are plagued by massive inefficiencies with 20x to 40x duplication in data writes and over 100x duplication in data reads Reduces energy consumption of data storage by up to 90% Pliops’ collaboration with customers demonstrated its ability to significantly upgrade digital infrastructure by reducing the number of servers needed by 67% With the top 100 data centers deploying Pliops, they’ll use 25% less electricity. That’s eliminating the equivalent of 60 coal fired plants, emitting 57 million fewer metric tons of CO2 emissions per year, equal to converting 35 million cars from gas to electric. Make cloud available to the billions of people at the bottom of the pyramid by dramatically decreasing the cost of access to cloud applications. PLIOPS TARGETS THE WORLD’S LARGEST DATA CENTER OPERATORS – CALLED HYPERSCALERS (Apple, Amazon, Microsoft, Facebook, Google, Tencent, Alibaba ...), superscalers (ServiceNow) and entreprise (DELL,,...) 1 Science direct: CASE STUDY TOTAL CAPEX REDUCTION FOR AN E-TAILER’S DATACENTER LEADING TO 62.5% TOTAL ENERGY SAVINGS FOR STORAGE 54% NVM e P e r f o r m a n c e CPU Performance E x p o n e n t i a l D a t a G r o w t h INDUSTRY CARBON SEMICONDUCTOR
  16. 16. Dott owns and operates a fleet of eScooters and eBikes across 13 cities in Europe. Thanks to its operational excellence and superior data analytics, Dott provides an alternative mode of transport that is safe, fun, convenient and environmentally-friendly. INDUSTRY MICRO-MOBILITY FOUNDED 2018 HEADQUARTERS NETHERLANDS INDUSTRY CARBON MICROMOBILITY 70-90% CO2 REDUCTION INVESTED JULY 2019
  17. 17. DOTT CHALLENGES IMPACT KPIs SCALE Mobility emissions are currently responsible for c.23% of global CO2 emissions and are a key contributor to air pollution in our cities Cities are aggressively fighting pollution as evidenced by the 50km of new bike lanes built in Paris in 2020 Transportation in peak hours is a pain 37,000 3KM 50% 3 An estimated 70-90% CO2 reduction by Dott’s e-scooters compared to cars due to its fully in-house operation 100% of fleet on 100% renewable energy Rolled out 100% recycling of its e-scooters 24 - 36 months and 7000 km average lifespan of e- scooters with the first- generation scooters still in use passing the 18-months mark 90% daily use of e-vans (for fleet maintenance) charged with renewable energy in Paris and Lyon Free cities with clean rides for everyone E-SCOOTERS AND E-BIKES ACROSS 18 CITIES LARGE TENDERS WON IN PARIS, LYON, LONDON The average distance travelled on a Dott scooter is more than 3km, which is a distance where a car journey gets replaced of car trips in the Paris region are shorter than 3km CASE STUDY INDUSTRY CARBON MICROMOBILITY
  19. 19. WeFarm is a multi-lingual farmer-to-farmer digital knowledge platform and marketplace, empowering small-scale farmers globally to access collaborative data and information, as well as trade products services through trusted channels at discounted prices. INDUSTRY AGRICULTURE FOUNDED 2015 HEADQUARTERS UNITED KINGDOM RESPONSIBLE PRODUCTION CONSUMPTION AGTECH 2,4M REGISTERED USERS INVESTED JUNE 2019
  20. 20. WEFARM CHALLENGES IMPACT KPIs SCALE There are nearly 821m undernourished people in the world More than 90% of global farms are small scalers, who face challenges of i) lack of information, ii) fake products, iii) lack of access to financial ser vices, and iv) no bargaining power 140K 37MILLION 75% of users improved their farm livelihood Knowledge available across 8 languages Access to products at 5-10% discount of the usual retail price MONTHLY CONTENT CONTRIBUTORS $21M GMV OF AUTHENTIC AGRICULTURE AND NON-AGRICULTURE TRANSACTIONS ON THE PLATFORM IN 2020 OPERATING IN: KENYA, TANZANIA AND UGANDA conversations have taken place via SMS or online platform to share best practices across language barriers and borders on yield management to fight hunger and poverty CASE STUDY RESPONSIBLE PRODUCTION CONSUMPTION AGTECH
  21. 21. INDUSTRY CIRCULAR ECONOMY FOUNDED 2017 HEADQUARTERS VIENNA RESPONSIBLE PRODUCTION CONSUMPTION CIRCULAR ECONOMY 13,000 TONS OF CO2: EMISSIONS AVOIDED IN 2020 The leading European marketplace in high quality refurbished electronic and white goods, Refurbed has tied together a world-class network of the top refurbishment specialists to bring refurbished goods to the broader mass market. Each device looks, feels, and works as good as new while mitigating mining and smelting new metalwork and processing new plastics. INVESTED JULY 2021
  22. 22. REFURBED CHALLENGES Global e-waste from cell phones, laptops, and other household devices include plastics and heavy metals, and are designed to be replaced instead of reused and refurbished. Europe has the highest rate of e-waste in the world at 16.2 kg per capita. Existing refurbishment locations have limited access to markets and liquidity because of a mismatch between SKUs and demand. CO2 SAVED PER YEAR IN TONS 991 6 25 E-WASTE REDUCED PER YEAR IN TONS TREES PLANTED PER YEAR IN TONS CASE STUDY IMPACT KPIs SCALE 4 2,335 COUNTRIES: GERMANY, AUSTRIA, ITALY, POLAND PRODUCTS LISTED MILLION IN GROSS MERCHANDISE VALUE SOLD IN 2020 OF EUROPE’S MOST PROFESSIONAL MERCHANTS €100 126 40,000 refurbished goods sold per month 13,709 tons of CO2 saved in 2020 79 tons of e-waste saved in 2020 323,000 trees planted in 2020 SOURCE:Refurbed: 5,178 30 126 13,709 79 323 2018 2018 2018 2019 2019 2019 2020 2020 2020 RESPONSIBLE PRODUCTION CONSUMPTION CIRCULAR ECONOMY
  24. 24. Catalyte was founded on the premise that intelligence is evenly distributed throughout communities though opportunity is not. The company uses a proprietary algorithm to identify candidates with the potential to become a software developer, regardless of their educational backgrounds, gender and ethnicity. Through a 4-5 month internal training and a 2-year apprenticeship program, candidates become exceptional software engineers or data scientists. INDUSTRY ENTERPRISE SERVICES FOUNDED 2011 HEADQUARTERS USA 4X AVERAGE ANNUAL SALARY INCREASE TO C.$98K INCLUSIVE OPPORTUNITIES ENTERPRISE SERVICES INVESTED DECEMBER 2017
  25. 25. CATALYTE CHALLENGES 3.4x employment growth in software development compared to national average in the US 900,000 unfilled positions for software engineers in the US Hiring practices are naturally biased and stagnant Unemployment in underserved populations continues to grow CASE STUDY IMPACT KPIs SCALE +600 8 Transfer human capital by identifying high potential candidates from non- traditional backgrounds, c.50% of whom never earned a 4-year degree 4x average annual salary increase to c.$98k with Catalyte vs. c.$24k previously 47% from under-represented population (3x more African American developers vs. average Silicon Valley company) FULL-TIME TECHNOLOGISTS TRAINED BY CATALYTE TALENT HUBS ACROSS THE US EXCEPTIONAL ENGINEERS FROM UNEXPECTED PLACES Katlyn was a coffeehouse manager. Today, she is a full stack developer Tim joined Catalyte without a college degree. He’s now a QA team leader He had the ability but Catalyte gave Mohammad the opportunity to be a developer. INCLUSIVE OPPORTUNITIES ENTERPRISE SERVICES
  26. 26. Glose’s ambition is to make knowledge accessible for all. Built as a reading hub, Glose is a mobile first solution for readers of all ages to access ebooks and audiobooks on any device. Glose brings reading engagement into the 21st century, making it more fun, social and collaborative. INDUSTRY EDTECH FOUNDED 2013 HEADQUARTERS FRANCE 1M REGISTERED USERS INCLUSIVE OPPORTUNITIES EDTECH EXITED TO MEDIUM INC. INVESTED JUNE 2018
  27. 27. GLOSE CHALLENGES Reading is important, but hard, static, and expensive It is still largely analog in a world of mobile digital natives In the US, c.34% of students are below basic reading level in the four th grade, according to the U.S. National Center. for Education Statistics (NCES) The study by PIRLS (Progress in International Reading Literacy Study) shows that French school children aged 9 to 10 have been ranked the worst in Europe for their reading skills, marking a steady decline since 2001 CASE STUDY IMPACT KPIs SCALE 200 1.5M 30K 20,000 5,000 free ebooks (classics) in English, French, Spanish 29 high schools as paying customers 25 universities 13,000 students in France and the US 99% African American/Latino students 11% receive special education services COUNTRIES EBOOKS AUDIOBOOKS PARTNERSHIPS WITH PUBLISHERS Improving Literacy Skills KIPP Saint Louis Schools had been using other reading apps, but none built community and drive a culture of reading like Glose for Education does. Director of Curriculum and Instruction, Megan Edwards, also shared how easy it was to gain reading insights using Glose For Education Statistics. During COVID, school leaders were able to quickly identify what percentage of students were reading according to schedule and to also quantify time spent reading from home. INCLUSIVE OPPORTUNITIES EDTECH
  28. 28. Glovo is a marketplace delivery company offering flexible employment opportunities across underemployed regions in Southern Eastern Europe, Africa, and the Middle East. They have simultaneously opened customer access to 100k+ local businesses such as restaurants and pharmacies. INDUSTRY FOOD AND RETAIL FOUNDED 2015 HEADQUARTERS BARCELONA INCLUSIVE OPPORTUNITIES FOOD AND RETAIL 80,000 JOBS CREATED ACROSS 930 CITIES INVESTED APRIL 2019
  29. 29. GLOVO CHALLENGES Covers 3 continents with very different economic realities than Western Europe US : 15.3% unemployment in home country, Spain and over 30% of young adults Limited access to formal labor opportunities Lack of an employment ladder into the formal economy across geographies Thousands of restaurants cut off from customers during COVID – local SMEs struggling to compete with Amazon. 1/3 23 1 out of every 3 couriers was previously unemployed or using Glovo to support their studies (many are homeless or migrants for whom job opportunities are generally refused) Creating employment opportunities in 23 countries on 3 continents CASE STUDY IMPACT KPIs SCALE 23 100,000 60k formal economy jobs – monthly active couriers 23% previously unemployed – entry onto formal career ladder 14% students – supporting students with a flexible schedule 5 countries on African continent, 3 in Middle East, 10 in CEE Glovo embraces and complies with international human rights principles aimed at promoting and protecting human rights, such as, and including but not limited to, the “International Bill of Human Rights” CO2 neutral in H1 2021 COUNTRIES, 930 CITIES RESTAURANTS REACH CUSTOMERS THROUGH GLOVO INCLUSIVE OPPORTUNITIES FOOD AND RETAIL
  31. 31. HelloBetter provides a platform of Prescribable Digital Therapeutics (PDTx) across 11 mental health disorders online and via its mobile companion app. Its sciencebased prevention and treatment courses enable high-quality mental health care when people need it, at scale and significantly lower costs. INDUSTRY DIGITAL HEALTH FOUNDED 2015 HEADQUARTERS GERMANY DIGITAL HEALTH MENTAL HEALTH 8,000 PATIENTS HELPED IN 1H 2021 INVESTED SEPTEMBER 2021
  32. 32. DIGITAL HEALTH MENTAL HEALTH HELLOBETTER CHALLENGES A billion people suffer from mental health disorders 30% of them only receive care from a General Practitioner. 60% of them never reach out for help In Germany, waiting times for outpatient psychotherapy were an average of 22 weeks in 2020 The cost of treatment is a high burden to society Significant shortage of psychotherapists After the end of the therapy, patients will be again left alone without just-in-time relapse prevention. CASE STUDY IMPACT KPIs SCALE 54M 33 8,000 patients helped in 1H 2021 Proven large effect on depression prevention, depression treatment, stress and sleep in line with its RCTs Covid-stress relief treatment made available for free online Post-traumatic treatment developed in days for Allianz’s customers victims of floods in the Summer of 2021 PATIENTS ALREADY HAVE ACCESS TO HELLOBETTER’S COURSES RANDOMIZED CONTROLLED TRIALS CARRIED OUT TO VALIDATE THE EFFICACY OF HELLOBETTER’S TREATMENTS “This form of counselling is very well suited to help you to recognise your own situation and to find out ways to cope with it. I wish you that you will bring many more people on the right path, it has already helped me in any case, keep it up” PETER (59) “HelloBetter has inspired me to better structure my stressful everyday life. I consciously take time out and can thus draw new energy. ” SANDRA (35)
  34. 34. Smartrenting is a Property Tech company that increases the capacity utilization of residential real estate. It operates a trusted integrated agency that monetizes short-term under- utilized properties for tenants across platforms, minimizing pressure to build more or commute further. INDUSTRY PROPTECH FOUNDED 2015 HEADQUARTERS FRANCE URBAN SPACE PROPTECH 5,000 YOUNG PEOPLE HELPED INVESTED SEPTEMBER 2021
  35. 35. SMART RENTING CHALLENGES Shortage of housing supply and increasing number of vacant apartments lead to inefficient us e of urban space. In 2019 in France, 2.8 million housing units were vacant equaling 7.7 % of thehousingstock. Tenants need short-term subletting during overseas programs, travel, academic exchanges and internships, which has been overlooked by big platforms. There are 33 million young people between 18 and 30 years old per year in Europe with mobility needs, 34% of which abandon travel projects because of housing constraints Young tenants such as Séléné in Paris, who takes short-term vacation and internship abroad in the summer, would have to leave her rented apar tment uninhabited and incur big costs. CASE STUDY IMPACT KPIs SCALE 8 Saved €2.5m in rents of young tenants in 2020 80 partnerships with schools and universities More than 5,000 young people promote their mobility and level of utilization of the apartment through Smartrenting CITIES IN FRANCE URBAN SPACE PROPTECH 78% 89% 48% 28% ENERGY SAVINGS GHG REDUCTION WATER USAGE WASTE AVOIDANCE Smartrenting promotes the efficient use of existing resources and encourages environmental awareness among tenants and residents Sharing accommodation leads to signific ant environmental gains compared to staying in hotels ENVIRONMENTAL IMPACT ON HOME SHARING Source: ”Environmental Impacts of Home Sharing in Cities” Study by Airbnb
  36. 36. We certainly hope that you enjoyed discovering the impact of our portfolio and firm as much as we did to put it together. WHERE WE COME FROM Our ethos is first and foremost about responsibility. Our intention was and remains a deep sense of responsibility and purpose. We recognise that these are personal and loosely defined. We never intended to be “impact investors” because we did not know what the label meant. As we progressed on our journey, we have learned that these concepts are fluid and being forged in the crucible of societal crisis and transformation. WHERE WE ARE GOING We will not progress alone. Initiatives aimed at creating frameworks abound, globally. What we need now are standards embraced by regulation. Europe has taken the lead in defining a framework, including a taxonomy that should bring more clarity and rigor to this maturing field. We also salute efforts towards incorporating impact measurement into accounting, because impact should be fully integrated into the world of business so that these objectives become everyone’s. Thank you for supporting us, for investing responsibly and for giving a new meaning to the word progress. THANK YOU INVESTMENT TEAM
  37. 37. THANK YOU FOR YOUR TIME If you would like to share more insights on impact-focused investments. Please reach out to