Netherlands-based investment firm Social Impact Ventures closed its Social IV fund at €40m ($45m) today, with insurance firm ASR providing $5.6m.
The fund also included $3.3m from ASN Venture Capital Fonds, a fund-of-funds operated by socially responsible financial services firm ASN Bank, and contributions from the multilateral European Investment Fund and undisclosed Dutch entrepreneurs, families and institutions.
Social Impact Ventures functions as a cooperative, investing in Netherlands-founded social enterprises that can have a definable, positive and measurable impact on people and the environment.
The fund began investing in 2014 and its portfolio includes electric taxi service Taxi Electric and household waste collection service Afval Loont.
Jack Julicher, director of ASR’s asset management group, said: “ASR wants to play a predominant role in the field of sustainable entrepreneurship in the financial sector. Our social responsibility is manifested by the fact that we have an investment policy based on strict criteria with regard to ethics and sustainability.
“Therefore, the premiums of our customers are invested in a socially responsible manner. Social IV’s strategy matches our ambition perfectly, because of its unique combination of financial and sustainable objectives.”