responsAbility Social Investments AG, an investment company based in Switzerland, recently launched responsAbility Ventures I, a venture capital fund that invests in companies that provide basic services in the areas of energy, agriculture and information and communication technology (ICT) to the bottom of the pyramid (BOP). The BOP refers to approximately 3 billion people in Asia, Latin America and Eastern Europe who do not have adequate access to these services.
The fund invests in companies that are working to tackle inefficiencies in developing countries such as high transport costs and inadequate distribution channels, with the aim of providing basic goods and services of not only social value but also commercial value to the BOP.
This venture capital fund has been developed in collaboration with Helvetas, a private development organization in Switzerland, and the DOEN Foundation, a development fund based in the Netherlands. It is further supported by the Swiss State Secretariat for Economic Affairs (SECO), the Swiss Agency for Development and Cooperation (SDC) and the SNV Netherlands Development Organization.
The fund has raised USD 15 million at first close plus USD 2.3 million for its related Technical Assistance Facility. The fund is accepting investments of USD 250,000 or more from qualified investors.
By: Medha Ravi, Research Associate
About responsAbility Social Investments AG:
Founded in 2003, responsAbility Social Investments AG of Switzerland is an investment company whose products aim to enable investors to earn a financial return while allowing people in developing countries and emerging markets to access markets, information and other services in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. According to calculations based on data from the Microfinance Information Exchange (MIX) from 2009 and 2010, responsAbility manages approximately USD 800 million in total assets. responsAbility Social Investments AG is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.
About responsAbility Ventures I:
responsAbility Ventures I is a venture capital fund launched by responsAbility Social Investments AG of Switzerland. The fund is a limited partnership for collective investments that holds a portfolio of companies aiming to serve poor people in the areas of energy, agriculture and information and communications technology (ICT). The fund has raised USD 15 million at first close plus USD 2.3 million for its related Technical Assistance Facility.
About Helvetas:
Founded in 1955, Helvatas is a private development organization based in Switzerland. Helvatas focuses on income generation, water supply and food security in 18 developing countries across Asia, Africa and Central America.
About DOEN Foundation:
Based in theNetherlands, DOEN Foundation invests in four fields of operation – sustainable development, culture, welfare and Social Cohesion, HYPHEN through loans and equity investments. DOEN also issues grants and guarantees. The Foundation is funded through the Dutch Postcode Lottery, the Sponsor Bingo Lottery and the BankGiro Lottery. Two notable funds formed by the DOEN Foundation are the Triodos-Doen Foundation, which invests in microfinance institutions (MFIs), and DOEN Participates BV, which is the DOEN Foundation’s own risk capital investment fund. As of December 2009, DOEN Foundation had total assets of EUR 124 million (USD 169 million).
Source and Resources:
responsAbility Social Investments AG press release: “Innovation for the Swiss Financial Industry”, January 13 2011, http://www.responsability.com/domains/responsability_ch/data/free_docs/20110113_venturesI_e.pdf
MicroCapital.org story, January 10, 2011: “MICROCAPITAL BRIEF: responsAbility Social Investments of Switzerland Makes Loans Totaling $13m to Banco Continental of Paraguay, Financiera Confianza of Peru”, https://www.microcapital.org/microcapital-brief-responsability-social-investments-of-switzerland-makes-loans-totaling-13m-to-banco-continental-of-paraguay-financiera-confianza-of-peru/
MicroCapital.org story, January 7, 2011: “MICROCAPITAL BRIEF: responsAbility Loans $8m to Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL) of Honduras, Apoyo Integral of El Salvador, Mutual Cartago de Ahorro y Prestamo (MUCAP) of Costa Rica, Fondo de Desarrollo Local (FDL) of Nicaragua”, https://www.microcapital.org/microcapital-brief-responsability-loans-8m-to-cooperativa-mixta-mujeres-unidas-limitada-comixmul-of-honduras-apoyo-integral-of-el-salvador-mutual-cartago-de-ahorro-y-prestamo-mucap-of-costa-ri/
MicroCapital’s Microfinance Universe profile: responsAbility Social Investments AG, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
MicroCapital’s Microfinance Universe profile: responsAbility Ventures I, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Ventures+I
MicroCapital’s Microfinance Universe profile: Helvetas, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Helvetas
MicroCapital’s Microfinance Universe profile: DOEN Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=DOEN+Foundation
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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