IMPACTASSETS 50™

An Annual Showcase of Impact Investment Fund Managers

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An Annual Showcase of Impact Investment Fund Managers

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ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.
https://www.impactassets.org/impactassets-50

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

IA 50 2024 PROFILE

1st Course Capital

Total Assets Under Management: Less than $25M
Asset Class: Private Equity
Primary UN Sustainable Development Goal: 3 – Good Health & Well-Being
Financial and Economic Inclusion
Food Systems and Agriculture
Health and Wellbeing

Firm Overview

Category: Venture Capital - Early Stage (Pre-seed/seed, Accelerator, Angel) - Developed Markets

1st Course Capital invests in private companies with robust market potential and strong leadership in the food system that: -- Deliver products, technologies, business model innovations & services to the marketplace that have the potential for significant growth in their verticals. -- Leverage growing secular forces, science and trends designed to support the creation of a food system optimized for security, health and sustainability. 1CC is uniquely positioned to capitalize on the opportunities in the marketplace through our proprietary deal-flow; our deep domain expertise in food, agriculture & health; our established and trusted thought leadership position in the entrepreneurial and investor ecosystems; a strong network of aligned co-investors, follow-on financing, potential customers & acquirers; extensive partnerships with critical players in food production, technology, food distribution, and logistics, the regulatory landscape, government agencies and NGOs required for entrepreneurial success.

Firm Headquarters: United States
Years of Operation: 3 – 4 years
Total Assets Under Management:
Less than $25M
Total Number of Investors: Between 5 – 25
% of Capital from Top 3 Investors: 25% – 49%
Investment Thesis:

The US food system is a $1 Trillion market that is being actively disrupted by entrepreneurs bringing new technologies, business model innovations and consumer products to market to meet growing consumer demand for healthier, more sustainable & traceable food. 

Investment Overview:

Large-scale incumbents in food & agriculture are losing market share as their consumers shift towards an emergent marketplace offering products and services more in line with their social and environmental values, creating a ripe environment for M&A. Consumer demand for these clean, sustainable and healthy products currently outstrips supply enabling a robust startup environment for entrepreneurs delivering solutions. The current industrial food production and distribution system has become fragile over time due to intensified and unsustainable production practices that put our natural resources including air, water and soil at significant risk. The food system contributes to climate change, jeopardizes animal and human welfare and endangers our food security. Innovations are emerging in all these categories.

Company Differentiator:

Renske Lynde and Peter Herz have experience succeeding together and have been active in building the entrepreneurial ecosystem in food & agriculture for a decade. They worked together co-founding the ground-breaking accelerator, Food System 6, and together they have helped launch more than 70 food system successful start-ups. Perhaps the best way to answer is that they have prepared for success not only by studying the food system and building their extensive networks, but also by creating the start-up infrastructure necessary to successfully disrupt this gigantic collection of markets. Also, they cut their teeth starting companies of their own and investing in them directly thus enabling them to offer entrepreneurs the benefit of their substantial personal experiences.

Investment Example

Bobbie is a revolutionary new infant care company currently focused on producing a clean, transparently sourced and healthier infant formula. Bobbie is disrupting a legacy industry dominated by products that have been known to contain heavy metals, lead and other contaminants. Bobbie is also focused on creating a broader and more inclusive conversation around infant feeding to include those parents and caregivers who are unable to breastfeed, or who choose to supplement with formula, who often face stigma for their choices.

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
10 – 19 years
Cumulative Impact Experience of Top Three Firm Leaders:
10 – 19 years
Renske Lynde – General Partner More Info

Veteran leader in food, agriculture and nutrition policy & regulatory arenas Board member & investor in early stage food system companies (angel: Imperfect Foods, Lineage Logistics) BA, Boston University; MPP, University of California, Berkeley

Peter Herz – General Partner More Info

Serial entrepreneur (3Ware) Board member & Advisor to early stage companies BS ECE, Carnegie Mellon University

Financial Performance

Target Financial Returns Relative to Benchmark:
Market Rates
Actual Performance of Impact Products/Funds Relative to Target Financial Returns in the Past Three Years:
In line with initial target returns
Financial Reporting Frequency to Investors or Donors
Quarterly

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
100%
Primary Impact Outcomes:
Other: Improving health & sustainability in the US food system
Secondary Impact Outcomes:
Increasing access to healthcare services and improving health
Value-added Services Offered:
Access to markets
Business and legal training
Financial literacy training
Technology training
Education services
Racial bias training or bias training
Human Resources, recruiting and professional development services
Other: Access to executive coaches, impact metrics experts, and more

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:

Social and environmental impact are integral to the thesis of 1st Course Capital. All companies we invest in are working towards specific end points towards creating a more resilient, healthier and more equitable food system. 

Investments systematically include social and environmental sustainability practices in the due diligence process:

As mentioned above, we are developing a metric framework for us to employ given our systems-led approach and the early stage nature of our portfolio companies. This will include an evaluation of how the framework can be integrated into our diligence process. 

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Impact Verified by an Independent Third-Party:
No
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes – to investors and donors
Third Party Validations:
Member of Impact Capital Managers
Impact Frontiers Cohort Participant
Implement recommendations from Task Force on Climate Related-Financial Disclosure
Net Zero Assets Managers Initiative
Utilizes standardized impact metrics (e.g. IRIS+, GIIRS, etc.)
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing

Learn More

Key Contact Name: Ms. Renske Lynde
Phone: 510-697-2963
Mailing Address:

541 Jefferson Ave., Suite 100, Redwood City, CA 94063 USA

Apply for the IA 50 2022

The application period to become an ImpactAssets 50 2022 Fund Manager will open in September 2021!
To stay informed on the application process, sign up here.

IA 50 2026: Apply for Consideration

The application period for the IA 50 2026 will open in September 2025. To stay informed on the application process, sign up here.