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 2025 PROFILE

Unconventional Ventures Fund II

Total Assets Under Management: $25 – 49M
Asset Class: Private Equity
Primary UN Sustainable Development Goal: 13 – Climate Action
Climate Change
Diversity, Equity and Inclusion
Health and Wellbeing

Firm Overview

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

Unconventional Ventures was founded in 2019 by Thea Messel and Nora Bavey backs pre-seed and seed-stage startups across Europe led by diverse founders, including women, people of colour, and LGBTQ+ individuals. The fund targets scalable, impactful companies focused on Climate, Health, Education, and Equitable Tech. As a premier early-stage investment firm, Unconventional Ventures is uniquely positioned to capitalize on the powerful intersection of impact and diversity. UV Fund II continues the pioneering legacy of UV Fund I, driving change and exceptional financial returns.

Firm Headquarters: Western Europe
Years of Operation: 3 – 4 years
Total Assets Under Management:
$25 – 49M
Total Number of Investors: Between 5 – 25
% of Capital from Top 3 Investors: 50% – 99%
Investment Thesis:

Unconventional Ventures’ backs pre-seed and seed-stage startups across Europe led by diverse founders, including women, people of color, and LGBTQ+ individuals, building scalable, impactful companies focused on Climate, Health, Education, and Equitable Tech. 

Investment Overview:

Unconventional Ventures Fund II seizes a rare arbitrage opportunity within an undercapitalized market: backing high-performing female fund managers and diverse founders who are systematically underfunded despite proven outperformance. Female fund managers currently manage only 9% of available assets, yet data shows women-led funds outperform male-led ones by 9.3 percentage points, highlighting the alpha potential of investing in this segment. Similarly, diverse founders, particularly women and minorities, receive a fraction of venture capital funding—Nordic all-women teams, for example, received only 0.9% in 2022—despite data indicating that diverse-led companies are 39% more likely to outperform financially. Fund II focuses on early-stage impact ventures in Climate, Health, Education, and Equitable Tech, harnessing the intersection of diversity and impact to drive scalable, high-growth solutions to global challenges, all while positioning investors for superior financial returns. 

Company Differentiator:

At Unconventional, our value-add lies in acting as early believers in ambitious pre-seed and seed founders. Our investment strategy combines impact expertise with a strong commitment to diversity, equity, inclusion, and belonging (DEIB). We provide close, hands-on support through the UV team and our expansive network, alongside an international follow-on network for sustained portfolio growth. These factors enhance our ability to secure competitive deals and drive meaningful impact.

Investment Example

Climate X is a climate risk data analytics platform for financial institutions. It focuses on increasing climate risk insights and mitigation adoption. The company was founded in London, UK, and operates in the Climate Fintech industry. Unconventional VC invested in Climate X at the Seed stage in 2022. The company's solution, Spectra, calculates the probability and severity of weather events at an asset level, enabling organizations to assess physical risk, estimate financial losses, and analyze various scenarios. Since Unconventional VC's investment, Climate X has seen significant growth, raising a Series A round in 2024 with notable investors like Google Ventures and Pale Blue Dot. The company's ARR has grown to £1.5m in Q2 2024, and the gross multiple of the initial investment is 1.59x with an unrealized IRR of 24.99%. 

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
10 – 19 years
Cumulative Impact Experience of Top Three Firm Leaders:
3 – 9 years
Thea Messel – Managing Partner and General Partner More Info

Before moving into the VC industry, Thea has a decade of experience in banking. She has co-founded and developed digital platforms supporting tech and impact startups, and worked with developing and launching concepts for supporting diverse founders in the Nordics as well as driving research on diversity in investments. Thea has furthermore developed concepts for sustainable finance, impact investments and impact measurement and is a former member of UNEP-FI working group for Sustainable Banking.

Nora Bavey – General Partner More Info

Nora has been an active key figure in the tech industry the last 13 years. Responsible for many of the successful strategies implemented by big tech companies as well as startups in the Nordic region. Before moving into the VC industry, she was an EdTech founder that built and launched concepts for supporting underrepresented founders in the Nordics as well as supporting boards and management teams with insights and learnings on DEI and how to implement best practices.

Alexis-Horowitz-Burdick – General Partner More Info

Experienced operator and investor with a demonstrated history of working at the intersection of technology and consumer products. – Venture Capital – Startups & Scaleups – Commercialisation & Marketing – Team leadership & growth – Global expansion – Profitability

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: Reducing inequalities, promoting DEI
Secondary Impact Outcomes:
Addressing climate change and environmental issues
Increasing access to education and improving educational outcomes
Increasing access to financial services
Increasing access to healthcare services and improving health
Increasing access to water and sanitation
Addressing racial inequities
Addressing gender inequities
Value-added Services Offered:
Business and legal training
Technology training
Education services
Racial bias training or bias training

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

Before we invest, we assess the potential positive impact at investment the investeee needs to sign a side letter laying out the reporting and compliance requirements (SFDR requirements, Global Compact, Minimum safeguard) we have, in addition confirming reporting on the ESG general and the Impact specifically to them.

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
None

Learn More

Key Contact Name: Thea Messel
Phone: 24529068
Mailing Address:

Luganovej 20, København, 2300 Denmark

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