Spring Impact Capital launches Fund I

Ted Liu

Spring Impact Capital Management has announced the launch of Spring Impact Capital Fund I Limited Partnership with a target of $20 million.

Launched in September 2023, Spring Impact Capital has achieved its first close this quarter with undisclosed amount of capital commitments from “strong group of well aligned individuals, family offices and foundations.

Spring Impact Capital is founded by Keith Ippel, Founder and Co-CEO of Spring, Graham Day, the former Chief Investment Officer of Spring, and Olivia Hornby, a former Vice President at Goldman Sachs Asset Management.

The venture fund is an independent expansion of Spring, a leader in Canada’s early stage impact investing ecosystem.

The fund’s mission is to help fill the gap of Canadian pre-seed/seed investments in early stage companies with scalable innovations in climate and health. The investment approach considers diverse or underserved entrepreneurs, and aims to improve diversity within the companies they invest in.

photo creditr: Spring Impact Capital

News Release

Spring Impact Capital Launches $20 Million Impact Fund

New VC Fund Invests in Early Stage Changemakers to Scale Innovation in Planetary and Human Health Businesses

November 29, 2023 08:00 AM Eastern Standard Time

VANCOUVER, British Columbia–(BUSINESS WIRE)–Today, Spring Impact Capital unveils a new $20 million fund to accelerate positive change by investing in Canadian businesses innovating in health and climate. The venture fund is an independent expansion of Spring, a leader in Canada’s early stage impact investing ecosystem.

Spring Impact Capital is founded by Keith Ippel, Founder and Co-CEO of Spring, Graham Day, the former Chief Investment Officer of Spring, and Olivia Hornby, a former Vice President at Goldman Sachs Asset Management. The team brings together deep operational and investing experience with a diversity of backgrounds. The fund intends to leverage the team’s experience in supporting and scaling high-growth, early stage businesses, management consulting and investment management to increase the development and growth of impact ventures in Canada.

“The Spring community has been asking us for years to start an impact fund based on the significant amount of deal flow and the broad network of support that we have,” comments Keith Ippel, Managing Partner, Spring Impact Capital. “We already have a lot of early interest and believe we can help supply the growing demand for impact investing as well as help fill the gap in the pre-seed and seed market in Canada.”

Spring Impact Capital achieved its first close this quarter, amid a challenging fundraising environment, and is supported by a strong group of well aligned individuals, family offices and foundations. The team is already engaging a healthy pipeline of Canadian companies with plans to make their first two investments before year end. Spring has been supporting rounds for 10 years, and has funded 14 impact ventures that include Moment Energy, GotCare, Viridis Research, VoxCell Bioinnovation, and Open Ocean Robotics via the Impact Investor Challenge.

“We aim to provide our Limited Partners (LPs) with market rate returns by investing in incredibly meaningful companies with strong indicators of scalability.” Comments Graham Day, Managing Partner, Spring Impact Capital. “The objective is to invest in the type of companies that you want to see leading the future of the next generation. We believe our first two investments fit this niche – changemakers who have strong indicators of success and the potential to meaningfully influence health outcomes of Canadians and abroad.”

Today, there is an unprecedented opportunity for human and planetary health innovations. With 75 million Boomers in the US expected to retire by 20301, and 23% of the population forecast to be over 65 by 20432, we expect to see an unprecedented demand for healthcare products and services. Since 1950, the human population has increased by nearly 200%3 and never before has humanity’s footprint on Earth’s natural systems been so large. Fossil fuel consumption has increased over 550%3, nearly half of the temperate and tropical forests are cleared, and about half of the planet’s livable surface is consumed by agriculture. Beyond investments into crucial industries, Spring Impact Capital is also committed to supporting underrepresented founders.

“We need to change the face of the future to better represent society. We want to break down the status quo of like-minded and similar people running companies, funds, government, and the inherent biases towards helping those that look like you,” comments Olivia Hornby, Managing Partner, Spring Impact Capital. “Spring has a deep track record of working with women, ethnic minorities and underserved populations that helps our fund reach different communities of founders which are commonly overlooked, making a strong opportunity for returns and impact.”

Investment dollars to Black founders remains painfully low and woman-founded startups raised just 2% from VC funds4, according to Pitchbook.

For more information on Spring Impact Capital, please visit: springimpactcapital.com.

1 https://www.census.gov/library/stories/2019/12/by-2030-all-baby-boomers-will-be-age-65-or-older.html
2 https://www150.statcan.gc.ca/n1/daily-quotidien/220822/dq220822b-eng.htm
3 https://www.planetaryhealthalliance.org/planetary-health
4 https://pitchbook.com/news/articles/the-vc-female-founders-dashboard

About Spring Impact Capital

The Spring Impact Capital venture fund was founded January 2023 to invest in early stage Canadian founders with purposeful business models. The fund’s mission is to help fill the gap of Canadian pre-seed/seed investments in early stage companies with scalable innovations in climate and health. The investment approach considers diverse or underserved entrepreneurs, and aims to improve diversity within the companies they invest in.

The fund offers founders thorough post-round support to help them i) achieve profitability, ii) achieve their impact mission (e.g. GHG/climate objectives or lives saved/helped in health outcomes), iii) ensure they operate in an inclusive and diverse manner. For more information visit: https://springimpactcapital.com/

About Spring

Spring is a global community of innovators and investors, connected to create a sustainable, healthy and equitable world. They design and deliver programs and experiences to build an inclusive community of investors and support a diverse range of founders to scale their impactful solutions. In 2022 Spring launched Spring Investing Collective, Canada’s Impact Investing Network, and in 2023 launched Spring Impact Capital. Nationally and globally, Spring unites founders and investors with the tools, knowledge and community to scale impact together for a better future. In September 2023, Spring acquired Future Capital to create an inclusive investment ecosystem across Canada.

For more information, please visit: https://spring.is/
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