Rubio Impact Ventures, a venture fund focused on early and growth-stage enterprises that focus on positive societal and environmental impact, according to the site, has closed its second fund with €110m, which is almost 40% more than its initial target. Thanks to the funding round, it now manages €150m of impact capital, four times more than it did this time last year.
Rubio says it plans to fund more than 30 impact focused companies and businesses with this second raise. The companies it plans to fund range from Seed to Series A. Rubio Impact Ventures used the money from its first fund to invest in eleven companies, which included Mosa Meat, the cultivated meat startup; Litterati, the litter collection app; and fair coffee brand Wakuli.
Rubio Impact Ventures claims its rapid growth proves that the momentum for impact investment is quickly advancing, which it says is “incredibly exciting”, as other funds are also entering the investment industry. Several other impact funds have launched in recent years; for example, Five Seasons Ventures recently announced a €180 million second fund for consumer-focused food startups that have a quantifiable environmental or social impact. Also earlier this year, Beyond Impact launched its Vegan Diversity Fund directed at vegan, cruelty-free, and animal-replacing products and services.
“We want to thank our early days investors in the first and second fund for their trust in our mission and a warm welcome to all the new investors that are joining us,” said Rubio in a statement. “We are excited to continue our mission and inspiring others in the venture capital market to shift towards ever more impact!”
