Vancouver-based Spring Impact Capital announced Wednesday a new $20-million impact venture fund dedicated to accelerating positive change in Canadian businesses innovating in health and climate.
Founded earlier this year, Spring Impact Capital is an independent expansion of Spring, a Vancouver-based incubator focused on supporting social-impact startups.
“The Spring community has been asking us for years to start an impact fund based on the significant amount of deal flow and the broad network of support that we have,” said Keith Ippel, managing partner of Spring Impact Capital, in a press release.
“We already have a lot of early interest and believe we can help supply the growing demand for impact investing as well as help fill the gap in the pre-seed and seed market in Canada.”
Spring Impact Capital achieved its first close this quarter and is already engaging Canadian companies. It plans to make its first two investments before the end of the year, according to the company.
“The objective is to invest in the type of companies that [are] leading the future of the next generation. We believe our first two investments fit this niche – change-makers who have strong indicators of success and the potential to meaningfully influence health outcomes of Canadians and [those] abroad,” said Graham Day, managing partner of Spring Impact Capital, in a release.
The company said it will invest in Canadian businesses that are innovating in the human health and planetary industries, where it sees “unprecedented” opportunities, and it is also committed to supporting underrepresented founders.
“We need to change the face of the future to better represent society. We want to break down the status quo of like-minded and similar people running companies, funds, government, and the inherent biases towards helping those that look like you,” said Olivia Hornby, managing partner of Spring Impact Capital, in a release.
“Spring has a deep track record of working with women, ethnic minorities and underserved populations that helps our fund reach different communities of founders which are commonly overlooked, making a strong opportunity for returns and impact.”