IMPACTASSETS 50™
An Annual Showcase of Impact Investment Fund Managers
ImpactAssets 50
An Annual Showcase of Impact Investment Fund Managers
DBL Partners
Climate Change
Decarbonization and Carbon Drawdown
Global HealthFirm Overview
DBL Partners is a pioneer of double bottom line venture capital that seeks to optimize both financial return (First Bottom Line) and positive environmental, social, and economic impact (Second Bottom Line). In 2021, DBL Partners closed its fourth fund, a $600 million impact fund to invest in clean energy; agriculture & food; nature-based solutions; health and safety; economic opportunity; transportation & mobility; and the space/Earth nexus. With this fund, DBL invests in innovative early-stage companies such as Menlo Micro, Mast Reforestation, Pallet, R-Zero, Rain, Farmers Business Network, Airspace, and more. DBL has previously invested in many successful companies - including Tesla, SolarCity, Pandora, PowerLight, NEXTracker, The RealReal, and SpaceX - which have created 48,000+ jobs. DBL has tracked diversity metrics in its portfolio since 2005. 43% of deployed capital in DBL's current fund is invested in women-led companies. 30% of companies in Fund IV have BIPOC founders.
Years of Operation: 10 years or more
% of Capital from Top 3 Investors: Less than 25%
As the first firm to use a double bottom line approach to investing for impact at scale, DBL’s investment strategy is to invest in companies that deliver top-tier VC returns while working with companies to achieve positive environmental, social, and economic impact.
DBL’s investment strategy is to invest in companies that can deliver top-tier VC returns while working with the company to advance positive environmental, social, and economic impact. DBL is the first VC firm to use a double bottom line approach to investing for impact at scale. Like other venture capital firms, DBL invests in and nurtures high-impact, high-growth companies with market-changing innovation; unlike other traditional venture capital firms, DBL works with its companies to create "double bottom line" impacts. DBL seeks to maximize financial returns and can attract larger amounts of institutional capital. With the capital to grow, these innovations and companies can scale large enough to have a global impact and transform entire sectors – such as spurring the decarbonization of transportation, energy, buildings, and agriculture – while creating tangible benefits to communities and employees.
DBL Partners creates value in its portfolio companies in two main ways: First, the DBL Partners team participates in activities to support a company’s strategic, financial, and operational efforts through participation as board directors, observers, and company advisors (the First Bottom Line). Second, the DBL Partners team also supports the creation of programs, activities, and policy engagement that drive positive environmental, social, and economic impact in a manner consistent with the circumstances of the company (the Second Bottom Line). DBL Partners’ double bottom line strategy is designed to create a competitive advantage for its portfolio companies and support enhanced financial returns. For instance, DBL Partners’ companies have been able to achieve lower cost of capital financing, greater employee engagement, and community goodwill that can lead to policy and regulatory support at critical times in a company’s growth.
Investment Example
DBL has helped to reveal the power of venture capital to promote social change and environmental improvement, with over a decade of delivering first bottom line returns and leadership in sustainability, IPO companies include the 1st EV IPO of Tesla Motors in 2010, the 1st Rooftop Solar IPO of SolarCity in 2012 and the 1st Circular Economy IPO of The RealReal in 2019. The RealReal is an online platform that resells authenticated branded luxury goods, empowering consignors and buyers to extend the life cycle of these goods. On June 28th, 2019 The RealReal went public on the NASDAQ stock exchange, trading under the ticker symbol REAL, making The RealReal the first “circular economy” IPO. DBL initiated a conversation with The RealReal on importance of the circular economy and worked with the company on a sustainability project that resulted in the 2018 launch of the first-of-its-kind “Sustainability Calculator.”
Leadership and Team
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Nancy Pfund – Founder and Managing Partner More Info
Nancy E. Pfund is Founder and Managing Partner of DBL Partners, a venture capital firm whose goal is to combine top-tier financial returns with meaningful social, environmental and economic returns in the regions and sectors in which it invests. Nancy is also the Founder of DBL Investors. As a leading player in the growing field of impact investing, DBL has helped to reveal the power of venture capital to promote social change and environmental improvement, and Ms. Pfund writes and speaks frequently of impact investing. |
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Ira Ehrenpreis – Founder and Managing Partner More Info
Ira Ehrenpreis is Founder and Managing Partner of DBL Partners. Ira is a recognized leader in both the venture capital industry and the energy innovation sector. In 2007, Ira was named one of the “Top 50 Most Influential Men Under 45″ and in 2014 was inducted into the International Green Industry Hall of Fame. For many years, Ira led Technology Partners’ venture practice investing in energy innovation opportunities. |
Financial Performance
Impact Performance
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Percentage of Total Assets Under
Management that are Impact Investments: |
100%
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DBL’s double bottom line investing strategy features a core philosophy that financial performance (the First Bottom Line) and positive environmental, social, and economic impact (the Second Bottom Line) are inherently connected, and that each factor reinforces the other to accelerate a company’s growth and success, and thus, the scale of its positive impact. DBL uses a proprietary investment approach to identify, invest in, and build category-defining companies in climate tech and the broader impact investing universe.
DBL takes a holistic approach to consider the current state of a firm’s business activities, intrafirm practices, and leadership/team composition as well as the opportunity for the firm to strengthen these components to achieve stronger social, environmental, and economic impact – internally and externally.
Impact Tracking and Monitoring
Learn More
One Montgomerty St, Suite 2375, San Francisco, CA 94104 USA
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