Survey — Bertelsmann Stiftung, Sphaera & Artha — 2018
Survey — Bertelsmann Stiftung, Sphaera & Artha — 2018
Impact Platforms
Impact Platforms
Impact Platforms
Towards an interoperable impact finance ecosystem.
Towards an interoperable impact finance ecosystem.
Towards an interoperable impact finance ecosystem.
Authors
Authors
Dr Astrid Scholz · Sphaera · Dr Audrey Selian · Artha · Dr Brigitte Mohn · Bertelsmann Foundation
Method
Method
150 platforms reviewed · 35 survey responses · 17 key-informant interviews
Dated
Dated
20 September 2018
Portland · Geneva · Gütersloh
Contents
Contents
Summary
Recommendation
Recommendation
The landscape
Partners
Appendices
Glossary
Glossary
Interview participants
Interview participants
Publisher’s note — Cameron Burgess, 2026 · not part of the original report
Publisher’s note — Cameron Burgess, 2026 · not part of the original report
I edited and ghost-wrote this report, published 20 September 2018 by the Bertelsmann Stiftung, Sphaera and Artha. The term impact finance — set against impact investing in the definitions at the back — is mine.
I edited and ghost-wrote this report, published 20 September 2018 by the Bertelsmann Stiftung, Sphaera and Artha. The term impact finance — set against impact investing in the definitions at the back — is mine.
It is reproduced here in full, as written. Where the original’s summary slides and detail slides give different figures for the same measure, both appear and the discrepancy is marked rather than silently reconciled.
It is reproduced here in full, as written. Where the original’s summary slides and detail slides give different figures for the same measure, both appear and the discrepancy is marked rather than silently reconciled.
Pau, France
Pau, France
Introduction
Introduction
We are pleased to share with the impact community our review of 150 impact investing platforms, networks and organisations that promote, support or convene investors in the impact finance area.
We are pleased to share with the impact community our review of 150 impact investing platforms, networks and organisations that promote, support or convene investors in the impact finance area.
Prompted by our own experience as investors, technologists, and system designers, we were interested in better understanding prevailing business models and motivations for sharing — or hoarding — data, innovations, and investors.
Prompted by our own experience as investors, technologists, and system designers, we were interested in better understanding prevailing business models and motivations for sharing — or hoarding — data, innovations, and investors.
35 platforms participated in a detailed online survey about their technical, operational, and business specifications. In addition, we spoke at length with 17 key informants who represent various platforms, pertinent networks, and prospective partners in a collaborative next phase to build a more effective global impact infrastructure.
35 platforms participated in a detailed online survey about their technical, operational, and business specifications. In addition, we spoke at length with 17 key informants who represent various platforms, pertinent networks, and prospective partners in a collaborative next phase to build a more effective global impact infrastructure.
Not surprisingly, of the platforms we reviewed, at least 5 are no longer in business
Not surprisingly, of the platforms we reviewed, at least 5 are no longer in business
Our analysis builds on ongoing work to design and develop an interoperable, global, modular, distributed, and democratic infrastructure for mobilising data, innovations, and capital at the volume and velocity required to achieve the Sustainable Development Goals. Our purpose, in addition to providing an overview of the platform landscape, is to identify opportunities for alignment of prospective partners around the strategy, design and implementation for such global impact infrastructure; and to explore scenarios for collective action.
Our analysis builds on ongoing work to design and develop an interoperable, global, modular, distributed, and democratic infrastructure for mobilising data, innovations, and capital at the volume and velocity required to achieve the Sustainable Development Goals. Our purpose, in addition to providing an overview of the platform landscape, is to identify opportunities for alignment of prospective partners around the strategy, design and implementation for such global impact infrastructure; and to explore scenarios for collective action.
The study at a glance
The study at a glance
Scope and response
150
150
150
Platforms reviewed
Platforms reviewed
35
35
35
Detailed survey responses
Detailed survey responses
17
17
17
Key-informant interviews
Key-informant interviews
5+
5+
5+
Already out of business at review
Already out of business at review
Figure 01 — Scope
Figure 01 — Scope
The response rate is stated as 25% in the introduction and as 23% in the key findings. Both appear in the original; 35 of 150 is 23.3%.
The response rate is stated as 25% in the introduction and as 23% in the key findings. Both appear in the original; 35 of 150 is 23.3%.
Summary
Summary
Key findings
Key findings
Key findings
The study confirms that there is widespread duplication of effort, fragile business models, and similarity of value propositions.
The study confirms that there is widespread duplication of effort, fragile business models, and similarity of value propositions.
Platform data is not shareable. Taxonomies for deals, impact metrics, and meta-groupings such as the SDGs are inconsistent at best, and incoherent at worst.
Platform data is not shareable. Taxonomies for deals, impact metrics, and meta-groupings such as the SDGs are inconsistent at best, and incoherent at worst.
Platforms are not sufficiently interoperable. Only 32% of platforms responded ‘yes’ to having an Application Programming Interface.
Platforms are not sufficiently interoperable. Only 32% of platforms responded ‘yes’ to having an Application Programming Interface.
Platforms are not replicable. 47% have custom-built technology, and only 32% have a licensing model.
Platforms are not replicable. 47% have custom-built technology, and only 32% have a licensing model.
Platforms are not generally viable. A majority cannot cover their operating expenses, and most are funded by grants.
Platforms are not generally viable. A majority cannot cover their operating expenses, and most are funded by grants.
Four structural constraints
Four structural constraints
Share of surveyed platforms · n = 31–35
Have an Application Programming Interface
Have an Application Programming Interface
32%
32%
Build their own bespoke technology
Build their own bespoke technology
47%
47%
Can license their technology to others
Can license their technology to others
32%
32%
Cannot cover their operating costs (reported as both 53% and 73.3%)
Cannot cover their operating costs (reported as both 53% and 73.3%)
53–73%
53–73%
Figure 02 — Structural constraints
Figure 02 — Structural constraints
The fourth measure conflicts within the source: the key findings state 53% cannot cover operating expenses; the detail slide states ”nearly 75%” and prints 73.3%. The meter is drawn at the lower, more conservative figure and the range is labelled.
The fourth measure conflicts within the source: the key findings state 53% cannot cover operating expenses; the detail slide states ”nearly 75%” and prints 73.3%. The meter is drawn at the lower, more conservative figure and the range is labelled.
Despite these observations, the survey highlighted a desire for collaboration
Despite these observations, the survey highlighted a desire for collaboration
Collaboration is a core value. The survey response rate is significantly higher than the industry average of 10–15%, suggesting a willingness to work together.
Collaboration is a core value. The survey response rate is significantly higher than the industry average of 10–15%, suggesting a willingness to work together.
Collaboration is highly desirable. A significant majority of respondents indicated a willingness to explore deeper interoperability.
Collaboration is highly desirable. A significant majority of respondents indicated a willingness to explore deeper interoperability.
Collaboration is highly actionable. In addition to existing licensors, 32% are leveraging external platform data, and 50% are preparing to, or willing to, use it.
Collaboration is highly actionable. In addition to existing licensors, 32% are leveraging external platform data, and 50% are preparing to, or willing to, use it.
Appetite for interoperability
Appetite for interoperability
Share of surveyed platforms · n = 34
Keen to learn more about or join an interoperability consortium
Keen to learn more about or join an interoperability consortium
91%
91%
Already leveraging external platform data
Already leveraging external platform data
32%
32%
Preparing to, or willing to, use external data
Preparing to, or willing to, use external data
50%
50%
Figure 03 — Appetite
Figure 03 — Appetite
The gap between the appetite for interoperability and the evidence of it is the central finding of the study.
The gap between the appetite for interoperability and the evidence of it is the central finding of the study.
Without exception, platforms surveyed are constrained by outmoded ideas of data ownership, and are at imminent risk of disintermediation. The survey results suggest that platform stakeholders understand the altruistic and commercial imperative to collaborate, but are functionally or financially incapable of advancing this understanding.
Without exception, platforms surveyed are constrained by outmoded ideas of data ownership, and are at imminent risk of disintermediation. The survey results suggest that platform stakeholders understand the altruistic and commercial imperative to collaborate, but are functionally or financially incapable of advancing this understanding.
Market fragmentation is not only ineffective, it is unconscionable; and the path to rationalisation and course-correction is binary — centralise, or federate
Market fragmentation is not only ineffective, it is unconscionable; and the path to rationalisation and course-correction is binary — centralise, or federate
Regardless of which path is chosen, the desired outcomes are essentially the same, moving us more rapidly toward an effective approach to the SDGs through increased innovation liquidity, increased deal liquidity, and increased operational effectiveness throughout the sector.
Regardless of which path is chosen, the desired outcomes are essentially the same, moving us more rapidly toward an effective approach to the SDGs through increased innovation liquidity, increased deal liquidity, and increased operational effectiveness throughout the sector.
Observation
Observation
Observation: The whole is greater than the sum of its parts.
Observation: The whole is greater than the sum of its parts.
Observation: The whole is greater than the sum of its parts.
Advancing beneficial outcomes is the entire focus of the impact finance ecosystem. So it inevitably begs the question: is there a more effective way to harness the skills, resources, and talents within it to greater effect?
Advancing beneficial outcomes is the entire focus of the impact finance ecosystem. So it inevitably begs the question: is there a more effective way to harness the skills, resources, and talents within it to greater effect?
Connecting the various platforms into a more cohesive whole will support finance seekers in attracting funding more quickly; connect funders directly to opportunities that match their investment thesis; and help existing platforms to refine, focus, and leverage their unique offerings.
Connecting the various platforms into a more cohesive whole will support finance seekers in attracting funding more quickly; connect funders directly to opportunities that match their investment thesis; and help existing platforms to refine, focus, and leverage their unique offerings.
Our prototyping around SDG 6 suggests that platforms are willing to share data as long as the value proposition is clear. This means aggregating, curating, refining, and sharing every deal, with every prospective funder on the planet — and doing so in a manner that supports global regulatory compliance, deal syndication, and appropriate sharing of fees.
Our prototyping around SDG 6 suggests that platforms are willing to share data as long as the value proposition is clear. This means aggregating, curating, refining, and sharing every deal, with every prospective funder on the planet — and doing so in a manner that supports global regulatory compliance, deal syndication, and appropriate sharing of fees.
Recommendation: The world doesn’t need another platform.
Recommendation: The world doesn’t need another platform.
What it does need, as apparent from the study we have undertaken, is a concentration on the connective tissue that defines and enables interoperability between platforms.
What it does need, as apparent from the study we have undertaken, is a concentration on the connective tissue that defines and enables interoperability between platforms.
There is great evidence of a desire to be interoperable from both the survey and the interviews. There is not, however, much evidence of doing — likely because the implications in terms of cost and revenues are unclear in a fragmented market where financing for building technology is a challenge and resources are scarce.
There is great evidence of a desire to be interoperable from both the survey and the interviews. There is not, however, much evidence of doing — likely because the implications in terms of cost and revenues are unclear in a fragmented market where financing for building technology is a challenge and resources are scarce.
A lack of market discipline and coherent feedback from a collective of systems has created a situation where messaging is unclear, and patterns as to who has built which part of the continuum are hard to discern among the noise. Communication between platforms in the ecosystem appears to be challenging.
A lack of market discipline and coherent feedback from a collective of systems has created a situation where messaging is unclear, and patterns as to who has built which part of the continuum are hard to discern among the noise. Communication between platforms in the ecosystem appears to be challenging.
There is an affliction related to idiosyncratic lingo. Many are doing the same thing and using different words to describe it
There is an affliction related to idiosyncratic lingo. Many are doing the same thing and using different words to describe it
There are some very strong financial-first players ready to collaborate, who could be a significant part of an emerging, improved impact infrastructure — essentially cross-subsidising the technology we need with their mainstream channels. There is a very real demand for technology development resources, as well as for regulatory and compliance support for operating platforms.
There are some very strong financial-first players ready to collaborate, who could be a significant part of an emerging, improved impact infrastructure — essentially cross-subsidising the technology we need with their mainstream channels. There is a very real demand for technology development resources, as well as for regulatory and compliance support for operating platforms.
The answer does not lie in a shiny new interface, but in a deeply layered process and tech infrastructure that enables true collaboration
The answer does not lie in a shiny new interface, but in a deeply layered process and tech infrastructure that enables true collaboration
Next steps
Next steps
Next steps
Next steps
Next steps
In the centralised approach, one would acquire and otherwise merge all the platforms into a single global platform — ”the one platform to rule them all” — enforcing strict standards and protocols throughout the sector. We give this approach a low likelihood of success.
In the centralised approach, one would acquire and otherwise merge all the platforms into a single global platform — ”the one platform to rule them all” — enforcing strict standards and protocols throughout the sector. We give this approach a low likelihood of success.
In the federated approach, one would develop a distributed data model that operationalises ownership of deal data to the venture seeking financing, increasing interoperability of deal data, and fostering the development of complementary business models that replace data ownership with other value-added offerings. We give this approach a high likelihood of success.
In the federated approach, one would develop a distributed data model that operationalises ownership of deal data to the venture seeking financing, increasing interoperability of deal data, and fostering the development of complementary business models that replace data ownership with other value-added offerings. We give this approach a high likelihood of success.
We have comprehensively described what needs to be built in From Billions to Trillions . Three scenarios follow. They are not mutually exclusive, and alone or in combination advance the needed infrastructure.
We have comprehensively described what needs to be built in From Billions to Trillions . Three scenarios follow. They are not mutually exclusive, and alone or in combination advance the needed infrastructure.
Create federation protocols. Design, develop and deploy a federated data structure, characterised by an open data standard and architecture, API documentation, process and adherence protocols. By putting the venture in control of their deal data, the market mechanism of competition between funders will increase overall market effectiveness and efficiency.
Create federation protocols. Design, develop and deploy a federated data structure, characterised by an open data standard and architecture, API documentation, process and adherence protocols. By putting the venture in control of their deal data, the market mechanism of competition between funders will increase overall market effectiveness and efficiency.
Rationalise existing platforms. Consider consolidating, merging, and streamlining existing systems to create a standard for the impact investing industry. This could include the creation of a transition fund to move existing platforms to more sustainable and compliant service-centric business models.
Rationalise existing platforms. Consider consolidating, merging, and streamlining existing systems to create a standard for the impact investing industry. This could include the creation of a transition fund to move existing platforms to more sustainable and compliant service-centric business models.
Focus on SDG 6 — water and sanitation. Partner with the Bill & Melinda Gates Foundation and other key players ready to co-create a focused, multi-sided distributed market network capable of engaging multiple platforms and stakeholders. The goal is to achieve data, innovation, and capital liquidity via development of a distributed technical and process infrastructure.
Focus on SDG 6 — water and sanitation. Partner with the Bill & Melinda Gates Foundation and other key players ready to co-create a focused, multi-sided distributed market network capable of engaging multiple platforms and stakeholders. The goal is to achieve data, innovation, and capital liquidity via development of a distributed technical and process infrastructure.
The original states ”three scenarios” in one place and ”four scenarios” in another. Three are described. Scenario 3 is the work taken forward in Project 1800 .
The original states ”three scenarios” in one place and ”four scenarios” in another. Three are described. Scenario 3 is the work taken forward in Project 1800 .
A call to action
A call to action
A Call to Action: What’s in it for me?
A Call to Action: What’s in it for me?
A Call to Action: What’s in it for me?
In isolation, the 150+ platforms serving the impact industry will continue to struggle to get to scale at a moment in history when we urgently need to unleash more capital, more quickly, into the solutions for achieving the SDGs.
In isolation, the 150+ platforms serving the impact industry will continue to struggle to get to scale at a moment in history when we urgently need to unleash more capital, more quickly, into the solutions for achieving the SDGs.
As investors , we want to see more relevant deals that are right for our flavour of capital.
As investors , we want to see more relevant deals that are right for our flavour of capital.
As platform operators , we want to provide more value to our customers, members, and users.
As platform operators , we want to provide more value to our customers, members, and users.
As entrepreneurs , we want an easier time finding the funding and partners we need to scale our solutions.
As entrepreneurs , we want an easier time finding the funding and partners we need to scale our solutions.
All of us want to achieve the SDGs more quickly and effectively.
All of us want to achieve the SDGs more quickly and effectively.
After 10 years of trying to emulate the Silicon Valley way of building global platforms, and doing so badly, it’s time for the impact industry to build its own infrastructure that’s fit for the purpose of accelerating social change
After 10 years of trying to emulate the Silicon Valley way of building global platforms, and doing so badly, it’s time for the impact industry to build its own infrastructure that’s fit for the purpose of accelerating social change
Part II
Part II
The impact platform landscape
The impact platform landscape
The impact platform landscape
Summary statistics
Summary statistics
Summary Statistics
Summary Statistics
Summary Statistics
Of the 35 platforms that responded:
Of the 35 platforms that responded:
Over half (18) operate globally, with the remainder spread among major regions
Over half (18) operate globally, with the remainder spread among major regions
Over half (19) focus on financial services, and 16 cover all 19 sectors reviewed
Over half (19) focus on financial services, and 16 cover all 19 sectors reviewed
They have very similar value propositions that can be summarized in just a few key words, and very similar perspectives on the problems they address and what makes them unique.
They have very similar value propositions that can be summarized in just a few key words, and very similar perspectives on the problems they address and what makes them unique.
Three quarters (76%) are not yet live or younger than 5 years
Three quarters (76%) are not yet live or younger than 5 years
Over half (18) have fewer than 1,000 users each, only 3 have more than 100,000 each
Over half (18) have fewer than 1,000 users each, only 3 have more than 100,000 each
Most have raised less than $1M to fund their development and operations, mostly from grants
Most have raised less than $1M to fund their development and operations, mostly from grants
Just 9 platforms account for all of the $2.7B in capital moved
Just 9 platforms account for all of the $2.7B in capital moved
Geographic focus is mostly global
Geographic focus is mostly global
Over half (18) operate globally, with the remainder spread among major regions
Over half (18) operate globally, with the remainder spread among major regions
A third of respondents (11) operate in the Americas (where 36% of total impact AUM is allocated), another third (11) operate in Asia (18% of total impact AUM), and a third (11) operate in E. and W. Europe (21% of total impact AUM)
A third of respondents (11) operate in the Americas (where 36% of total impact AUM is allocated), another third (11) operate in Asia (18% of total impact AUM), and a third (11) operate in E. and W. Europe (21% of total impact AUM)
About a quarter of respondents (9) operate in MENA and Sub-Saharan Africa (17% of total impact AUM)
About a quarter of respondents (9) operate in MENA and Sub-Saharan Africa (17% of total impact AUM)
Source: GIIN Annual Impact Survey 2018
Source: GIIN Annual Impact Survey 2018
Sector focus is comprehensive
Sector focus is comprehensive
56% (19) focus on financial services
56% (19) focus on financial services
47% (16 of 19) are totally sector agnostic
47% (16 of 19) are totally sector agnostic
Of those with existing Application Programming Interfaces (APIs), over 70% take a multi-sector approach
Of those with existing Application Programming Interfaces (APIs), over 70% take a multi-sector approach
Of those with no APIs, nearly 70% are focused on financial services.
Of those with no APIs, nearly 70% are focused on financial services.
Value propositions are similar
Value propositions are similar
A word cloud of most frequently used terms in survey responses reveals a strong congruence and similarity in the language used to articulate ‘value proposition’ or USP amongst the platforms. This is provisionally a good sign.
A word cloud of most frequently used terms in survey responses reveals a strong congruence and similarity in the language used to articulate ‘value proposition’ or USP amongst the platforms. This is provisionally a good sign.
Value propositions are similar
Value propositions are similar
Most frequently used terms in survey responses
Value propositions
Value propositions
A word cloud of most frequently used terms in survey responses reveals a strong congruence and similarity in the language used to articulate ‘value proposition’ or USP amongst the platforms. This is provisionally a good sign.
A word cloud of most frequently used terms in survey responses reveals a strong congruence and similarity in the language used to articulate ‘value proposition’ or USP amongst the platforms. This is provisionally a good sign.
Money moved is highly concentrated
Money moved is highly concentrated
Share of the 24 platforms answering — bar width is platform count, not capital
9 platforms
9 platforms
$2.7bn moved
$2.7bn moved
15 platforms
15 platforms
no capital moved at all
no capital moved at all
Figure 04 — Capital concentration
Figure 04 — Capital concentration
This ratio corresponds to the focus of the majority of platforms on facilitating connection, rather than facilitating transactions. Platforms responsible for moving capital tend to be venture financed, are finance-first, and have SaaS revenue models.
This ratio corresponds to the focus of the majority of platforms on facilitating connection, rather than facilitating transactions. Platforms responsible for moving capital tend to be venture financed, are finance-first, and have SaaS revenue models.
Money raised is largely under $1M, and mostly from grants
Money raised is largely under $1M, and mostly from grants
Of platforms that raised funding · n = 34
Under $1M
Under $1M
64%
64%
$1M – $10M
$1M – $10M
28%
28%
Over $10M
Over $10M
8%
8%
Figure 05 — Capital raised
Figure 05 — Capital raised
76.5% of respondents raised capital to fund the development of their platform. Over a quarter opted out of these questions, suggesting a sensitive topic. 94% of those who built their own bespoke technology had raised outside funding. Between 60% and 61.5% are grant funded — which implies they haven’t figured out a sustainable revenue model yet.
76.5% of respondents raised capital to fund the development of their platform. Over a quarter opted out of these questions, suggesting a sensitive topic. 94% of those who built their own bespoke technology had raised outside funding. Between 60% and 61.5% are grant funded — which implies they haven’t figured out a sustainable revenue model yet.
The sector is young, and small
The sector is young, and small
Age and user base of surveyed platforms · n = 31–35
Not live or under 5 yrs
Not live or under 5 yrs
76%
76%
6 – 10 years old
6 – 10 years old
18%
18%
Under 1,000 users
Under 1,000 users
60%
60%
Over 100,000 users
Over 100,000 users
10%
10%
Figure 06 — Age and scale
Figure 06 — Age and scale
Among those not yet live or under 5 years old, nearly 70% are willing to partner or interoperate. Platforms that have been around longer are not more likely to include APIs. Of the largest systems, the willingness to explore partnering is clear — and all of them employ for-profit structures.
Among those not yet live or under 5 years old, nearly 70% are willing to partner or interoperate. Platforms that have been around longer are not more likely to include APIs. Of the largest systems, the willingness to explore partnering is clear — and all of them employ for-profit structures.
The dysfunction we are trying to solve for in the development sector is mirrored by us, those who are trying to solve the problem
The dysfunction we are trying to solve for in the development sector is mirrored by us, those who are trying to solve the problem
Prevailing patterns
Prevailing patterns
Prevailing Patterns
Prevailing Patterns
Prevailing Patterns
Corporate forms span the spectrum from non-profit to finance-first structures, and many signal a social mission.
Corporate forms span the spectrum from non-profit to finance-first structures, and many signal a social mission.
The majority of platforms focus on entrepreneurs and investors, then accelerators.
The majority of platforms focus on entrepreneurs and investors, then accelerators.
There is no standardized language about what platforms do and how they do it.
There is no standardized language about what platforms do and how they do it.
Motivations and value propositions largely overlap, as does technical functionality.
Motivations and value propositions largely overlap, as does technical functionality.
Business models are mostly impact-first, and service-based.
Business models are mostly impact-first, and service-based.
Raising financing is seen as the biggest challenge, followed by community engagement.
Raising financing is seen as the biggest challenge, followed by community engagement.
The majority of platforms are not earning enough revenue to cover their operating costs.
The majority of platforms are not earning enough revenue to cover their operating costs.
Over 35% of respondents felt the need to specify what they do using different terms than those offered in the survey. There is a high level of idiosyncrasy in narrative and language — what we came to call snowflake syndrome : the conviction that one is, in some way, special and should be treated differently from others.
Over 35% of respondents felt the need to specify what they do using different terms than those offered in the survey. There is a high level of idiosyncrasy in narrative and language — what we came to call snowflake syndrome : the conviction that one is, in some way, special and should be treated differently from others.
Corporate forms are a mix
Corporate forms are a mix
Easily half of the platforms use for-profit structures, and of those the majority signal public benefit (PBCs, Co-Ops, and equivalents), are hybrids or have the flexibility to anchor a social mission (LLCs and equivalents)
Easily half of the platforms use for-profit structures, and of those the majority signal public benefit (PBCs, Co-Ops, and equivalents), are hybrids or have the flexibility to anchor a social mission (LLCs and equivalents)
Irrespective of entity type, nearly all platforms are addressing a perceived lack of impact investors or investment pipeline
Irrespective of entity type, nearly all platforms are addressing a perceived lack of impact investors or investment pipeline
Only a small number of classic, ‘finance first’ structures (C-Corps), and not surprisingly those tend to be associated with businesses that have raised VC
Only a small number of classic, ‘finance first’ structures (C-Corps), and not surprisingly those tend to be associated with businesses that have raised VC
The only cooperative structure surveyed is based in W. Europe
The only cooperative structure surveyed is based in W. Europe
User profiles are typical
User profiles are typical
A relatively uniform view of ‘who matters’ prevails in these platforms: entrepreneurs and investors, followed by accelerators
A relatively uniform view of ‘who matters’ prevails in these platforms: entrepreneurs and investors, followed by accelerators
It is interesting that only one third of platforms include development financiers and government agencies in their systems, when these are by far those positioned to deploy the most capital at scale
It is interesting that only one third of platforms include development financiers and government agencies in their systems, when these are by far those positioned to deploy the most capital at scale
“Other” included corporates, NGOs, service providers, investment managers, indigenous leaders and tribes
“Other” included corporates, NGOs, service providers, investment managers, indigenous leaders and tribes
The brokering of technical expertise / assistance is an unmet need among the platforms surveyed
The brokering of technical expertise / assistance is an unmet need among the platforms surveyed
Shared language is missing
Shared language is missing
Over 35% of respondents felt the need to specify in their language what they do using different terms than those offered in the survey
Over 35% of respondents felt the need to specify in their language what they do using different terms than those offered in the survey
There is a high level of idiosyncrasy in narrative and language aka. “Snowflake syndrome”
There is a high level of idiosyncrasy in narrative and language aka. “Snowflake syndrome”
Many respondents referred to a mix of aggregation, marketplace and advisory services, some mentioned fund structures of one or another type
Many respondents referred to a mix of aggregation, marketplace and advisory services, some mentioned fund structures of one or another type
Raising money for platforms …
Raising money for platforms …
Over a quarter of people opted out of these questions, suggesting it’s a sensitive topic — 64% have raised under $1M; 28% have raised between $1M and $10M; 8% have raised more than $10M
Over a quarter of people opted out of these questions, suggesting it’s a sensitive topic — 64% have raised under $1M; 28% have raised between $1M and $10M; 8% have raised more than $10M
94% of those who have built their own bespoke technology have raised outside funding
94% of those who have built their own bespoke technology have raised outside funding
… appears to be the hardest part
… appears to be the hardest part
Finding financing is by far the more challenging area of activity for most of these platforms; technology seems to be the least of their worries.
Finding financing is by far the more challenging area of activity for most of these platforms; technology seems to be the least of their worries.
Engaging / curating community and maintaining databases are two additional areas of relatively higher concern.
Engaging / curating community and maintaining databases are two additional areas of relatively higher concern.
Business models are mostly service-based
Business models are mostly service-based
The half of platforms are impact first (17), and another 9 are both impact and finance focused
The half of platforms are impact first (17), and another 9 are both impact and finance focused
The highest revenue generating business surveyed is running on a subscription/license model, and is not an impact platform per se
The highest revenue generating business surveyed is running on a subscription/license model, and is not an impact platform per se
Business models are leaning towards service models, with only 6 pure marketplaces that are presumably transaction-fee based — that said, smaller systems (under 100 users or members) appear to be relying on the transaction fee model
Business models are leaning towards service models, with only 6 pure marketplaces that are presumably transaction-fee based — that said, smaller systems (under 100 users or members) appear to be relying on the transaction fee model
A smattering of platforms are integrated with banks, family offices, private equity firms, advisory firms, or adjacent businesses
A smattering of platforms are integrated with banks, family offices, private equity firms, advisory firms, or adjacent businesses
Platform revenue usually does not cover opex
Platform revenue usually does not cover opex
Nearly 75% of platforms surveyed do not generate enough revenue to cover their operating costs, which raises serious questions regarding their sustainability
Nearly 75% of platforms surveyed do not generate enough revenue to cover their operating costs, which raises serious questions regarding their sustainability
Those who do generate enough revenue to cover costs appear to operate in the sweet spot of between 1K – 10K users
Those who do generate enough revenue to cover costs appear to operate in the sweet spot of between 1K – 10K users
Limited licensing limits spread and adoption of tech
Limited licensing limits spread and adoption of tech
Only 32% of those surveyed operating active platforms currently have the capacity and plan to license their technology
Only 32% of those surveyed operating active platforms currently have the capacity and plan to license their technology
Relative majority of respondents stated that their platform is not licensed to others. A number of respondents are either working on it (9%) or thinking about it (24%).
Relative majority of respondents stated that their platform is not licensed to others. A number of respondents are either working on it (9%) or thinking about it (24%).
Focus of platform development tends to be focused on in-house needs, rather than potential synergies with other actors
Focus of platform development tends to be focused on in-house needs, rather than potential synergies with other actors
Model
Model
Problem being solved
Problem being solved
Claimed unique offering
Claimed unique offering
Marketplace
Marketplace
Duplication of effort; time spent fundraising and searching for deal flow; lack of capital flow at scale; financing gap under $1M; ability to provide a service that banks can’t
Duplication of effort; time spent fundraising and searching for deal flow; lack of capital flow at scale; financing gap under $1M; ability to provide a service that banks can’t
Centralised repository of critical business intelligence; first to market with pre-IPO impact ventures; investor-focused; partnership with a big bank; crowdlending approach raises accessibility
Centralised repository of critical business intelligence; first to market with pre-IPO impact ventures; investor-focused; partnership with a big bank; crowdlending approach raises accessibility
Marketplace-as-a-service
Marketplace-as-a-service
SDG financing
SDG financing
Brings together a dynamic ecosystem of entrepreneurs, investors, large and small companies, NGOs, UN agencies, incubators
Brings together a dynamic ecosystem of entrepreneurs, investors, large and small companies, NGOs, UN agencies, incubators
Platform-as-a-service
Platform-as-a-service
Aggregating deal flow; bringing together actors that would otherwise not cooperate; helping institutions manage digital marketplaces; supporting accelerators; democratising capital; transparency; meritocracy
Aggregating deal flow; bringing together actors that would otherwise not cooperate; helping institutions manage digital marketplaces; supporting accelerators; democratising capital; transparency; meritocracy
Universal impact profiles that create a global standard; comprehensive interactive ecosystem map; support of the full accelerator programme life cycle; built with top-tier institutions; scale and reach; standardised reporting
Universal impact profiles that create a global standard; comprehensive interactive ecosystem map; support of the full accelerator programme life cycle; built with top-tier institutions; scale and reach; standardised reporting
Membership network
Membership network
Lack of awareness; building an equitable economy
Lack of awareness; building an equitable economy
Active network; eclectic group of foundations, high-net-worth families, and investment managers
Active network; eclectic group of foundations, high-net-worth families, and investment managers
Consulting / advisory
Consulting / advisory
Sustainability challenges in low-income markets; building bridges between phases of capital requirement; education and awareness building to justify infrastructure; access to business mentors and online resources
Sustainability challenges in low-income markets; building bridges between phases of capital requirement; education and awareness building to justify infrastructure; access to business mentors and online resources
Partnership approach sharing risk and return; global network of mentors and experts; connection of investors with enterprises; work with both buy and sell side; sector and geographic specificity
Partnership approach sharing risk and return; global network of mentors and experts; connection of investors with enterprises; work with both buy and sell side; sector and geographic specificity
Table 01 — Key motivations are often overlapping
Why platforms fail
Why platforms fail
Why Platforms Fail
Why Platforms Fail
Why Platforms Fail
They solved the hard part and missed the easy one. They solved for the tricky regulatory and compliance issues in at least one market — typically the US — but didn’t get to the volume of transactions required by their revenue model.
They solved the hard part and missed the easy one. They solved for the tricky regulatory and compliance issues in at least one market — typically the US — but didn’t get to the volume of transactions required by their revenue model.
They built proprietary pipelines that were too narrow. They invest in building proprietary pipelines of investors and entrepreneurs in overly narrow sectors, or using narrow theories of change, and don’t get to the volume of members to make their fee-based revenue models work — while confronting high costs for curation.
They built proprietary pipelines that were too narrow. They invest in building proprietary pipelines of investors and entrepreneurs in overly narrow sectors, or using narrow theories of change, and don’t get to the volume of members to make their fee-based revenue models work — while confronting high costs for curation.
Field of Dreams. They fall into the trap of thinking that if you build it, they will come — overestimating the readiness of market actors to form trusted relationships using online technologies.
Field of Dreams. They fall into the trap of thinking that if you build it, they will come — overestimating the readiness of market actors to form trusted relationships using online technologies.
On the surface, impact investing looks like a simple market-creation problem of matching the demand from capital owners with the supply of impactful ventures.
On the surface, impact investing looks like a simple market-creation problem of matching the demand from capital owners with the supply of impactful ventures.
In reality, technology cannot replace trusted relationships
In reality, technology cannot replace trusted relationships
One notable failure in this space reported having used old-fashioned relationship banking to close the deals that garnered some headlines. There are many marginal platforms in the impact investing landscape, and one of them indicated during our interviews that they are looking for an acquisition or other soft landing. There are other potential acquisition targets, as well as the opportunity for partnering with commercial actors who have strong technology offerings for whom impact is a lesser, but interesting, market.
One notable failure in this space reported having used old-fashioned relationship banking to close the deals that garnered some headlines. There are many marginal platforms in the impact investing landscape, and one of them indicated during our interviews that they are looking for an acquisition or other soft landing. There are other potential acquisition targets, as well as the opportunity for partnering with commercial actors who have strong technology offerings for whom impact is a lesser, but interesting, market.
Prospective partners
Prospective partners
Partner Potential
Partner Potential
Partner Potential
Perceptions of the competitive space are skewed and un-nuanced.
Perceptions of the competitive space are skewed and un-nuanced.
Technology is key to what platforms do, and about half build their own technology — but there is openness to outsourcing.
Technology is key to what platforms do, and about half build their own technology — but there is openness to outsourcing.
Top choices for outsourcing are technology itself, regulatory compliance and customer service, suggesting some avenues for mutual benefit.
Top choices for outsourcing are technology itself, regulatory compliance and customer service, suggesting some avenues for mutual benefit.
There is interest in using data from other platforms, and many are already doing so.
There is interest in using data from other platforms, and many are already doing so.
Perceived benefits from collaboration include sharing investors and data.
Perceived benefits from collaboration include sharing investors and data.
Among survey respondents, all but a few are interested in learning more about a collaborative consortium.
Among survey respondents, all but a few are interested in learning more about a collaborative consortium.
Competitive insights are blurry
Competitive insights are blurry
Perceptions of competition are disparate, and include companies that present themselves as networks, off the shelf SaaS products, fund or funder offerings, membership organizations, mobile payments platforms, and blockchain systems.
Perceptions of competition are disparate, and include companies that present themselves as networks, off the shelf SaaS products, fund or funder offerings, membership organizations, mobile payments platforms, and blockchain systems.
There is mixed and overlapping signalling in this ecosystem, pointing to a need to juxtapose complementary offerings and functionalities effectively and intelligently.
There is mixed and overlapping signalling in this ecosystem, pointing to a need to juxtapose complementary offerings and functionalities effectively and intelligently.
Global Innovation Exchange · F6S · Screen door · Sales Force · FrontFundr · OMX · Purpose Capital · M-Pesa · New Chip · NextGen · duurzaaminvesteren.nl · Envestry · Sharein · Hub · dealroom · Grand Challenges Canada · Mission Investors Exchange · Crunchbase · Angellist · Social Capital · Right Side Capital · 500 Startups · Regen Network · Toniic · Investors’ Circle · Confluence · sdg-investments.org · younoodle
Global Innovation Exchange · F6S · Screen door · Sales Force · FrontFundr · OMX · Purpose Capital · M-Pesa · New Chip · NextGen · duurzaaminvesteren.nl · Envestry · Sharein · Hub · dealroom · Grand Challenges Canada · Mission Investors Exchange · Crunchbase · Angellist · Social Capital · Right Side Capital · 500 Startups · Regen Network · Toniic · Investors’ Circle · Confluence · sdg-investments.org · younoodle
Open to outsourcing
Open to outsourcing
What platforms would outsource if it were an option · n = 31
Technology development
Technology development
29%
29%
Regulatory compliance
Regulatory compliance
19%
19%
Figure 07 — Outsourcing appetite
Figure 07 — Outsourcing appetite
Those who have not built their own technology tend to be slightly more likely to be impact-first. For those who have built their own, maintaining it is less of a challenge than finding deals and managing regulatory compliance. Even amongst those who built their own technology, 50% have not built APIs.
Those who have not built their own technology tend to be slightly more likely to be impact-first. For those who have built their own, maintaining it is less of a challenge than finding deals and managing regulatory compliance. Even amongst those who built their own technology, 50% have not built APIs.
Some already use APIs & data from other platforms
Some already use APIs & data from other platforms
Only 6% of those with APIs in place are not interested in or using data from other platforms and databases; all the rest are open to doing so
Only 6% of those with APIs in place are not interested in or using data from other platforms and databases; all the rest are open to doing so
Of those who ‘don’t know’ about APIs, the majority categorize themselves as ‘impact first’
Of those who ‘don’t know’ about APIs, the majority categorize themselves as ‘impact first’
What could peer platforms bring you?
What could peer platforms bring you?
Among survey respondents, 91% are keen to learn more about or participate in a consortium of platforms working on interoperability.
Among survey respondents, 91% are keen to learn more about or participate in a consortium of platforms working on interoperability.
What’s next?
What’s next?
We are committed to advancing a collective, collaborative approach to building better impact infrastructure.
We are committed to advancing a collective, collaborative approach to building better impact infrastructure.
Fall / winter 2018: Convene the collaborators. At industry gatherings such as the GSG Summit, SOCAP, the GIIN Summit, and the EVPA meeting, we will convene and consult with aligned organisations and networks, to uncover a joint use case for building better impact infrastructure. The goal is to forge a roadmap that serves the objectives of all stakeholders in the social capital market, writ large.
Fall / winter 2018: Convene the collaborators. At industry gatherings such as the GSG Summit, SOCAP, the GIIN Summit, and the EVPA meeting, we will convene and consult with aligned organisations and networks, to uncover a joint use case for building better impact infrastructure. The goal is to forge a roadmap that serves the objectives of all stakeholders in the social capital market, writ large.
Recommendations
Recommendations
Observation: The whole is greater than the sum of its parts.
Observation: The whole is greater than the sum of its parts.
Observation: The whole is greater than the sum of its parts.
Advancing beneficial outcomes is the entire focus of the impact finance ecosystem. So it inevitably begs the question, is there a more effective way to harness the skills, resources, and talents within it to greater effect?
Advancing beneficial outcomes is the entire focus of the impact finance ecosystem. So it inevitably begs the question, is there a more effective way to harness the skills, resources, and talents within it to greater effect?
Connecting the various platforms into a more cohesive whole will have the following key benefits: support finance seekers in attracting funding more quickly; connect funders directly to opportunities that match their investment thesis; help existing platforms to refine, focus, and leverage their unique offerings.
Connecting the various platforms into a more cohesive whole will have the following key benefits: support finance seekers in attracting funding more quickly; connect funders directly to opportunities that match their investment thesis; help existing platforms to refine, focus, and leverage their unique offerings.
Our prototyping around SDG6 suggests that platforms are willing to share data as long as the value proposition is clear. This means aggregating, curating, refining, and sharing every deal, with every prospective funder on the planet. And doing so in a manner that supports global regulatory compliance, deal syndication, and appropriate sharing of fees.
Our prototyping around SDG6 suggests that platforms are willing to share data as long as the value proposition is clear. This means aggregating, curating, refining, and sharing every deal, with every prospective funder on the planet. And doing so in a manner that supports global regulatory compliance, deal syndication, and appropriate sharing of fees.
Recommendation: The world doesn’t need another platform.
Recommendation: The world doesn’t need another platform.
What it does need, as apparent from the study we have undertaken, is a concentration on the connective tissue that defines and enables interoperability between platforms.
What it does need, as apparent from the study we have undertaken, is a concentration on the connective tissue that defines and enables interoperability between platforms.
There is great evidence of a desire to be interoperable from both the survey and the interviews we have undertaken. There is not, however, much evidence of ‘doing’, likely because the implications in terms of cost and revenues are unclear in a fragmented market where financing for building technology is a challenge and resources are scarce.
There is great evidence of a desire to be interoperable from both the survey and the interviews we have undertaken. There is not, however, much evidence of ‘doing’, likely because the implications in terms of cost and revenues are unclear in a fragmented market where financing for building technology is a challenge and resources are scarce.
A lack of market discipline and coherent feedback from a collective of systems has created a situation where messaging is unclear, and patterns are as to who has built which part of the continuum are hard to discern among the noise. Communication between platforms in the ecosystem appears to be challenging.
A lack of market discipline and coherent feedback from a collective of systems has created a situation where messaging is unclear, and patterns are as to who has built which part of the continuum are hard to discern among the noise. Communication between platforms in the ecosystem appears to be challenging.
There are some very strong financial-first players ready to collaborate, who could be a significant part of an emerging, improved impact infrastructure, essentially cross-subsidising the technology we need with their mainstream channels.
There are some very strong financial-first players ready to collaborate, who could be a significant part of an emerging, improved impact infrastructure, essentially cross-subsidising the technology we need with their mainstream channels.
There is an affliction related to idiosyncratic lingo. Many are doing the same thing and using different words to describe it. This creates confusion and mixed signals that does not serve the collective.
There is an affliction related to idiosyncratic lingo. Many are doing the same thing and using different words to describe it. This creates confusion and mixed signals that does not serve the collective.
There is a very real demand for technology development resources, as well as for regulatory and compliance support for operating platforms. The answer does not lie in a shiny new interface, but in a deeply layered process and tech infrastructure that enables true collaboration.
There is a very real demand for technology development resources, as well as for regulatory and compliance support for operating platforms. The answer does not lie in a shiny new interface, but in a deeply layered process and tech infrastructure that enables true collaboration.
A Call to Action
A Call to Action
In addition to the four scenarios we have described, are there others that we should consider? Please get in touch and share your ideas!
In addition to the four scenarios we have described, are there others that we should consider? Please get in touch and share your ideas!
We believe there is an opportunity to harness the talent, creativity and ingenuity evinced by the platforms we surveyed, and to overcome the fragmentation of the impact industry by taking a collaborative approach to building better digital, legal, and financial infrastructure.
We believe there is an opportunity to harness the talent, creativity and ingenuity evinced by the platforms we surveyed, and to overcome the fragmentation of the impact industry by taking a collaborative approach to building better digital, legal, and financial infrastructure.
The Observation, Recommendation, Next steps, Scenarios and Call to Action appear twice in the original — once in the Summary and once in the Recommendations section. Both instances are reproduced. The scenario count differs between the two (”three” and ”four”); three are described.
The Observation, Recommendation, Next steps, Scenarios and Call to Action appear twice in the original — once in the Summary and once in the Recommendations section. Both instances are reproduced. The scenario count differs between the two (”three” and ”four”); three are described.
Appendices
Appendices
Appendices
Appendices
Appendices
Definitions
Definitions
Impact investment vs impact finance
Impact investment vs impact finance
Impact investing is the practice of making debt or equity investments into companies, organisations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside a financial return. Return expectations can vary from below-market rate to above-market rates. Typically impact investors are focused on particular geographies and sectors, and in aggregate are estimated to make $228B across a range of asset classes and vehicles (GIIN 2018 annual survey).
Impact investing is the practice of making debt or equity investments into companies, organisations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside a financial return. Return expectations can vary from below-market rate to above-market rates. Typically impact investors are focused on particular geographies and sectors, and in aggregate are estimated to make $228B across a range of asset classes and vehicles (GIIN 2018 annual survey).
By contrast, impact finance contemplates the full range of vehicles from grants to debt and equity investments, as well as loan guarantees and other financial tools for attracting capital from a range of sources, and blending or braiding it in the pursuit of beneficial outcomes.
By contrast, impact finance contemplates the full range of vehicles from grants to debt and equity investments, as well as loan guarantees and other financial tools for attracting capital from a range of sources, and blending or braiding it in the pursuit of beneficial outcomes.
The meaning of ”platform”
The meaning of ”platform”
”Platform” is one of those near-ubiquitous, poorly understood terms that describe a plethora of artefacts and initiatives. Following Choudary, we find it useful to think of platforms as a contemporary business model that connects people to each other, for the purpose of creating or exchanging value. As such, platforms consist of three layers:
”Platform” is one of those near-ubiquitous, poorly understood terms that describe a plethora of artefacts and initiatives. Following Choudary, we find it useful to think of platforms as a contemporary business model that connects people to each other, for the purpose of creating or exchanging value. As such, platforms consist of three layers:
A network, marketplace, or community;
A network, marketplace, or community;
A technology infrastructure where users engage with each other; and
A technology infrastructure where users engage with each other; and
Data that are generated by user interactions.
Data that are generated by user interactions.
The impact platforms surveyed use different configurations of these layers — some focusing more on the network, others more on the technology, very few (yet) on data.
The impact platforms surveyed use different configurations of these layers — some focusing more on the network, others more on the technology, very few (yet) on data.
What typifies these systems
What typifies these systems
Searchable profiles of funders · searchable profiles of ventures seeking funding, including non-profit and for-profit · possibly one or another connected additional profile type that is searchable · automated or manual filtering mechanisms for connecting funders and ventures · internal messaging for connecting members · a model for monetising these connections.
Searchable profiles of funders · searchable profiles of ventures seeking funding, including non-profit and for-profit · possibly one or another connected additional profile type that is searchable · automated or manual filtering mechanisms for connecting funders and ventures · internal messaging for connecting members · a model for monetising these connections.
Glossary
Glossary
API
API
A set of functions and procedures that allow one program to access the data or features of another.
A set of functions and procedures that allow one program to access the data or features of another.
Funder
Funder
A person or organisation providing financial resources — grants, investments — to a venture.
A person or organisation providing financial resources — grants, investments — to a venture.
Platform
Platform
A business model consisting of a configuration of community, technology infrastructure, and data that facilitates the creation and exchange of value. In this project we considered both transaction platforms and those focused on exposing innovations and solutions without facilitating investment transactions.
A business model consisting of a configuration of community, technology infrastructure, and data that facilitates the creation and exchange of value. In this project we considered both transaction platforms and those focused on exposing innovations and solutions without facilitating investment transactions.
Snowflake syndrome
Snowflake syndrome
The conviction that one is, in some way, special and should be treated differently from others.
The conviction that one is, in some way, special and should be treated differently from others.
USP
USP
Unique Selling Proposition: the element or consideration that makes a product or service stand out from the competition.
Unique Selling Proposition: the element or consideration that makes a product or service stand out from the competition.
Venture
Venture
Any for-profit or non-profit entity that produces goods or services.
Any for-profit or non-profit entity that produces goods or services.
Interview participants
Interview participants
Rosemary Addis (National Australia Bank) · Adam Bendell (Toniic) · Carolien de Bruin (C-Change) · Geoff Chapin (SDG Engine) · Jeff Cohen (SDG Engine) · Allie Ettenger (Global Innovation Exchange) · Sweta Govani (Global Innovation Exchange) · Emily Hawkins (Crowdrise) · Luni Libes (InvestorFlow) · Kelly McCarthy (GIIN) · Stuart Minnaar (Fundie Ventures) · Dave Newman (Delio) · David Oehm (Enable Impact) · Urmi Sengupta (MacArthur Foundation / ImpactUs) · Adam Spence (SVX) · Krisztina Tora (GSG) · Jeff Tuller (Mission Markets, SDG Marketplace) · Robert Wolfe (Crowdrise).
Rosemary Addis (National Australia Bank) · Adam Bendell (Toniic) · Carolien de Bruin (C-Change) · Geoff Chapin (SDG Engine) · Jeff Cohen (SDG Engine) · Allie Ettenger (Global Innovation Exchange) · Sweta Govani (Global Innovation Exchange) · Emily Hawkins (Crowdrise) · Luni Libes (InvestorFlow) · Kelly McCarthy (GIIN) · Stuart Minnaar (Fundie Ventures) · Dave Newman (Delio) · David Oehm (Enable Impact) · Urmi Sengupta (MacArthur Foundation / ImpactUs) · Adam Spence (SVX) · Krisztina Tora (GSG) · Jeff Tuller (Mission Markets, SDG Marketplace) · Robert Wolfe (Crowdrise).
Enable Impact, ImpactUs and Mission Markets were already defunct at the time of publication.
Enable Impact, ImpactUs and Mission Markets were already defunct at the time of publication.
Platforms reviewed
Platforms reviewed
Platforms Reviewed
Platforms Reviewed
Platforms Reviewed
This index is the study’s single most eloquent artefact. Marked entries responded to the survey.
This index is the study’s single most eloquent artefact. Marked entries responded to the survey.
1bank4all
1bank4all
Admiral Capital Group
Admiral Capital Group
agir & co
agir & co
Align17
Align17
Aligned Intermediary
Aligned Intermediary
Allied Crowds
Allied Crowds
ANDE
ANDE
AngelList
AngelList
Anthos
Anthos
Aqua Spark
Aqua Spark
Artha Networks Inc
Artha Networks Inc
Arvo
Arvo
Ask the Circle
Ask the Circle
AVPN
AVPN
AXiiS
AXiiS
Baraka Networks
Baraka Networks
Barclays
Barclays
bettervest
bettervest
BiD Network
BiD Network
Big Exchange
Big Exchange
Blueprints
Blueprints
buzzbnk
buzzbnk
CAGIX
CAGIX
Calvert
Calvert
Case Foundation
Case Foundation
C-Change
C-Change
Chroma Fund
Chroma Fund
Confluence Philanthropy
Confluence Philanthropy
Conveners.org
Conveners.org
Convergence
Convergence
CREO
CREO
Crowdrise
Crowdrise
Crowdworks
Crowdworks
Deal Market
Deal Market
Delio
Delio
DFAT Australia
DFAT Australia
DFAT Canada
DFAT Canada
Duke Case School
Duke Case School
Eclat Impact
Eclat Impact
ECrowd
ECrowd
Enable Impact
Enable Impact
Ennovent
Ennovent
Equilibrium Capital
Equilibrium Capital
ESRI
ESRI
Ethex
Ethex
EVPA
EVPA
Financing Agency for Social Entrepreneurs
Financing Agency for Social Entrepreneurs
Flight Ventures
Flight Ventures
Fundie Ventures
Fundie Ventures
GIINMAP
GIINMAP
Global Innovation Exchange
Global Innovation Exchange
GOJI
GOJI
Grand Challenges Canada
Grand Challenges Canada
GreenCrowd
GreenCrowd
Gust
Gust
Homestrings
Homestrings
HubX
HubX
Hult Prize
Hult Prize
IIX
IIX
ImpactAlpha
ImpactAlpha
Impact Base (GIIN)
Impact Base (GIIN)
Impact.tech
Impact.tech
Impactbase
Impactbase
ImpactHub
ImpactHub
Impact Investing Hub
Impact Investing Hub
Impact Investor Landscape
Impact Investor Landscape
Impact Platform Germany
Impact Platform Germany
ImpactAssets
ImpactAssets
ImpactSpace
ImpactSpace
ImpactUs
ImpactUs
Inclusive Business Accelerator
Inclusive Business Accelerator
Inclusive Business Action Network
Inclusive Business Action Network
Intellecap
Intellecap
International Development Innovation Network
International Development Innovation Network
Invest Americas
Invest Americas
Invest with Values
Invest with Values
investibule
investibule
Investorflow
Investorflow
Investors’ Circle
Investors’ Circle
IXO
IXO
Kiva
Kiva
La Bolsa Social
La Bolsa Social
Lelapa Fund
Lelapa Fund
lendahand
lendahand
Liquidnet
Liquidnet
lumo
lumo
MacArthur
MacArthur
MaRS
MaRS
Maximpact
Maximpact
MissionMarkets
MissionMarkets
Mission Investor Exchange
Mission Investor Exchange
Movement Capital
Movement Capital
MyC4
MyC4
Nex Exchange
Nex Exchange
OECD
OECD
Omidyar
Omidyar
oneplanetcrowd
oneplanetcrowd
Onevest
Onevest
Open Society Foundations
Open Society Foundations
OpenImpact
OpenImpact
Orbitt
Orbitt
Ouisa
Ouisa
Palico
Palico
Peer Water Exchange
Peer Water Exchange
Posible LA
Posible LA
PreIgnition
PreIgnition
PreSeries
PreSeries
pymwymic
pymwymic
Rabble
Rabble
Refugee Investment Network
Refugee Investment Network
Renew
Renew
Rockefeller Foundation
Rockefeller Foundation
Safe Water Network
Safe Water Network
Samhita.org
Samhita.org
SASIX / KASIX
SASIX / KASIX
SDG Investments
SDG Investments
Seed Stars Summit
Seed Stars Summit
SharedImpact
SharedImpact
Sharein
Sharein
ShareNett
ShareNett
SOCAP
SOCAP
Social Stock Exchange
Social Stock Exchange
Sphaera
Sphaera
startgreen capital
startgreen capital
Startgrid
Startgrid
SVX
SVX
SVX Mexico
SVX Mexico
Switchmed
Switchmed
tbn
tbn
Tech4Impact Seed Fund
Tech4Impact Seed Fund
The Ground Up Project
The Ground Up Project
The Hub Exchange
The Hub Exchange
The Impact
The Impact
The Legacy Funds
The Legacy Funds
Toniic
Toniic
Total Impact Capital
Total Impact Capital
Transform Finance
Transform Finance
Trine
Trine
UBS / Align17
UBS / Align17
UN SDSN
UN SDSN
Urban Logic
Urban Logic
USAID
USAID
VC4A
VC4A
Wakibi
Wakibi
Waterpreneurs
Waterpreneurs
Women Effect
Women Effect
WoMena
WoMena
World Startup Wiki
World Startup Wiki
younoodle
younoodle
Figure 08 — The index Marked entries responded to the survey. The list is reproduced as published; a small number of entries appear twice in the original, and at least five were already out of business at the time of review.
Figure 08 — The index Marked entries responded to the survey. The list is reproduced as published; a small number of entries appear twice in the original, and at least five were already out of business at the time of review.
Further reading
Further reading
Read Billions to Trillions
Read Billions to Trillions
Read Project 1800
Read Project 1800
Get in touch
Get in touch
uncompromise · Impact Platforms — towards an interoperable impact finance ecosystem · © 2018 Bertelsmann Stiftung, Sphaera & Artha · 20 September 2018 · Republished 2026 · Written in International English
© 2026 Uncompromise Pty Ltd. All Rights Reserved · Pau, France
© 2026 Uncompromise Pty Ltd. All Rights Reserved · Pau, France
© 2026 Uncompromise Pty Ltd. All Rights Reserved · Pau, France