Introducing the 2024 Impact Index+ Issuers

SVX
14 min readApr 17, 2024

The SVX Impact Index allows investors to access Impact Index+: a group of qualified private impact investment opportunities that have met rigorous impact, governance, and financial requirements.

We are pleased to announce this year’s Impact Index+ issuers who have been vetted by an external Advisory Group of industry professionals and the SVX team. These are organizations who are committed to making a positive social and environmental impact. You will find a variety of investment opportunities spanning across different sectors and themes, from education and affordable housing to clean technology and sustainable agriculture. Each issuer is dedicated to building a better, more inclusive world. Check them out below.

Issuers on Impact Index+ have met certain requirements or standards in terms of governance, finances, impact, and equity. However, SVX or its advisors do not endorse any investments of any of the organizations, and we do not recommend any investments. The opportunities included in the database are for informational purposes only. They are not intended as investment advice or an offer or solicitation for the purchase or sale of any financial instrument. Please read the full disclaimer below.

Windmill Microlending Community Bond

Windmill Microlending

Impact Sector(s): Education

Headquarters: Ontario

Location: National

Windmill’s goal is to scale that value creation from 1,434 to at least 4,000 new clients per year in the next four years. In doing so, they will help boost Canadian productivity, close the immigrant wage-gap, and offer newcomers a chance to thrive.

Thrive Impact Fund

Thrive Impact Fund

Impact Sector(s): Clean Tech

Headquarters: British Columbia

Impact Location: National

Investors can purchase from three share classes of redeemable preferred. The classes are a) gift, b) principle return and c) principle return + annual dividend. The initial investment term is 7 years with 2 years deployment.

Ilu’s Women’s Empowerment Fund

Deetken Asset Management Inc.

Impact Sector(s): Clean Tech

Headquarters: British Columbia

Impact Location: Global

The Ilu Women’s Empowerment Fund is a pioneering investment fund dedicated to enhancing women’s economic empowerment and entrepreneurship in Latin America and the Caribbean. As the first fund in the region with a focus on gender lens investing, it plays a crucial role in the local impact investing landscape. This fund operates in partnership with Pro Mujer, an organization deeply committed to the development and empowerment of women in Latin America.

The fund specializes in offering both senior and subordinated loans, particularly in smaller amounts that are in high demand. Since its establishment, it has not only been a reliable source of capital for businesses but also a strategic ally. Ilu works closely with the management teams of the companies it invests in, providing guidance to improve their gender-related business practices.

Deetken Impact Alternative Finance Fund IV (DIAF IV)

Deetken Asset Management Inc.

Impact Sector(s): Clean Tech

Impact Theme: Indigenous Reconciliation and Economic Development

Headquarters: British Columbia

Impact Location: Global

Deetken Impact Alternative Finance (DIAF) recently introduced DIAF Fund IV, LP, a new investment fund formed from the merger of Deetken Impact and Adobe Capital. This fund aims to leverage DIAF’s successful history in mezzanine financing, having already made 44 investments and completed 14 exits across 14 countries. The focus of the Fund is on providing gender-smart financing solutions that are more flexible than traditional debt or equity options, offering non-dilutive, founder-friendly investments. Targeting profitable, growth-stage companies in Latin America and the Caribbean (excluding Brazil), the Fund prioritizes businesses with a strong commitment to gender equality and demonstrated impact models.

Keewaywin Private Credit Fund

Keewaywin Capital Inc.

Impact Sector: Impact Real Estate

Impact Theme: Affordable Housing and Community Real Estate Innovations

Headquarters: Ontario

Impact Location: National

The main goal of the Fund is to generate risk-adjusted returns, with a focus on income generation, by investing in Indigenous housing projects both on and off reserves throughout Canada. These investments will include debt, convertible debt, and preferred equity in companies that are working on these housing projects. The Fund’s central focus is to collaborate with various Indigenous communities and housing and economic development companies, aiming to address the housing shortage faced by Indigenous Peoples in Canada.

Active Impact Investments Fund III

Active Impact Investments

Impact Sector: Clean Tech

Impact Theme: Climate Change & Biodiversity

Headquarters: British Columbia

Impact Location: National

The fund will specialize in investing in high-margin B2B software companies that offer immediate economic benefits to customers while facilitating the transition from finite to infinite sources of energy, food, water, and products. It will focus on specific sectors including clean energy and transportation, circular and sharing economy, infrastructure and carbon solutions, as well as sustainable food and water.

FACE Community Bonds

Federation of African Canadian Economics (F.A.C.E)

Impact Theme: Gender and Racial Equity and Inclusion

Headquarters: Quebec

Impact Location: National

FACE, in collaboration with a financial institution partner, is addressing funding biases by improving access to capital for Black Canadian business owners nationwide. Through the funds raised by a community bond, FACE will offer loans ranging from $10,000 to $250,000. While FACE is responsible for the application process, underwriting, and maintaining relationships with Black entrepreneurs, the financial institution will handle the disbursement and recovery of funds.

Union Sustainable Development Co-Operative

Union Development Sustainable Co-Operative

Impact Sector: Impact Real Estate

Impact Theme: Affordable Housing and Community Real Estate Innovations

Headquarters: Ontario

Impact Location: Ontario

The proposed 5-year and 11-year impact loans are designed to support community-owned affordable housing, with the 11-year term being preferred due to its refinancing flexibility. Both loans accumulate simple annual interest, with full payment of principal and interest at maturity. A significant portion of each year’s surplus cash is allocated to pay interest on the 11-year loans. These unsecured loans prioritize a collaborative approach to repayment issues, avoiding traditional enforcement actions against community housing. If repayment at maturity is not possible, the terms allow for delayed payment with continued interest accumulation. This model blends elements of equity investments and unsecured loans, offering benefits like a simple structure, community ownership retention, tax efficiency, and avoidance of additional land transfer taxes.

Jubilee Investment Certificate (JIC)

The Jubilee Fund Inc.

Impact Sector: Other

Impact Theme: Other

Headquarters: Manitoba

Impact Location: Manitoba

JICs are available at a minimum of $1,000.00 to all Canadians but they must have (or purchase) a Assiniboine Credit Union Member Share as they are the administrative partner. JICs earn 1% less than the posted GIC rate at Assiniboine Credit Union. JICs are available in 3 or 5 year terms.

Jaguar Corridor Investment Fund

Jaguar Legacy Fund

Impact Sector: Clean Tech

Impact Theme: Climate Change and Biodiversity

Headquarters: Ontario

Impact Location: Global

The Jaguar Corridor Investment Fund seeks to invest in nature-based solutions with the potential to build climate resilience, protect against biodiversity loss, and stimulate markets for credible carbon credits and other ecosystem services. The fund will invest (and blend as needed) debt, equity, loan guarantees and carbon credit purchase capital in both enterprises and intermediaries.

Key investment themes are:

1. Consumer Goods: Products or services marketed by companies to consumers interested in a sustainable lifestyle and sourcing, including food (coffee, nuts, fruits) and eco-tourism (wildlife viewing, immersive experiences)

2. Industrial Goods: Products or services marketed to companies interested in making their supply chain more sustainable, including sustainable-sourced foods and agro-industrial products.

3. Carbon Credits and Ecosystem Services: Promoting stewardship of the climate and natural resources via financial incentives designed to reduce deforestation decrease degradation, and incentive land restoration and agroforestry.

InvestEco Sustainable Food Fund IV LP

InvestEco Capital Corp.

Impact Sector: Sustainable Food & Agriculture

Impact Theme: Sustainable Food Systems Solution

Headquarters: Ontario

Impact Location: Global

InvestEco’s Sustainable Food Fund IV, akin to its predecessors, serves as a limited partnership tailored for accredited investors. The primary objective is to generate returns via venture capital investments, focusing predominantly on North American expansion-stage companies within the food and agriculture sector. These companies are selected based on their demonstrated positive contributions to health, sustainability, and/or equity.

Fair Finance Fund Community Bonds 2023

Fair Finance Fund

Impact Sector: Sustainable Food & Agriculture

Impact Theme: Sustainable Food Systems Solution

Headquarters: ON

Impact Location: ON

The Fair Finance Fund investments support debt financing for the local food and farm sector. The Fund’s clients are diverse, with over 30% BIPOC entrepreneurs and over 57% women owners and managers. Every client implements climate resilient strategies as well as maintaining a financially viable and vibrant business. Our clients are business leaders charting a course towards a climate resilient food ecosystem for the future.

Community bonds are available as $5000 and $50,000 units, with 0–2.95% interest paid annually, not compounded. Investors receive regular impact reports with new client profiles and job/ local food and other impacts aggregated. Investments are risk mitigated with non-repayable seed capital and other elements.

Amplify Capital III LP

Amplify Capital

Impact Sector: Clean Tech

Impact Theme: Climate Change & Biodiversity

Headquarters: Ontario

Impact Location: Global

The Amplify Capital III LP follows a successful first and second iteration having achieved a variety of impact results. With a portfolio consisting of pre-seed, seed, and series A stage companies, Amplify’s impact-first approach uncovers companies often missed by others. The fund is based out of Canada, but will have a geographic coverage of North America. The fund will specialize in investing in high-margin B2B software companies that offer immediate economic benefits to customers while facilitating the transition from finite to infinite sources of energy, food, water, and products. It will focus on specific sectors including clean energy and transportation, circular and sharing economy, infrastructure and carbon solutions, as well as sustainable food and water.

10C Community Bonds

10C Shared Space

Impact Sector: Impact Real Estate

Impact Theme: Affordable Housing and Community Real Estate Innovations

Headquarters: Ontario

Impact Location: Ontario

A core part of the 42C real estate financing is the community bond offering. Approximately $2.325 million in community bond investment was structured as long-term capital financing to purchase and redevelop the property. Over 140 community members, businesses and foundations invested in the bonds.

The primary source of revenue for 42C consists of long-term leases from 10C, Chalmers and a variety of private office tenants on all 4 floors of the building. The private office tenants have a range of short-term to 5-year leases.

The main expenses include maintenance and operating costs of the building, including property taxes which form a substantial part of the costs. The other major costs include utilities and servicing of the mortgage and community bonds.

Propolis Community Bonds

Propolis Cooperative Housing Society

Impact Sector: Impact Real Estate

Impact Theme: Affordable Housing and Community Real Estate Innovations

Headquarters: British Columbia

Impact Location: British Columbia

The company is planning its first development project, a 6-storey building, comprising 50 net-zero affordable residential units, a ground floor commercial space and a daycare in the heart of the North Shore at the corner of Aspen St. and Tranquille Rd in Kamloops. Propolis is currently raising $1.1m capital to acquire the property through 4 series of community bonds.

Spring Impact Capital

Spring Impact Capital

Impact Sector: Clean Tech

Impact Theme: Climate Change and Biodiversity

Headquarters: British Columbia

Impact Location: National

Spring Impact Capital invests in Canadian entrepreneurs to scale innovation for a more sustainable, healthy and equitable world. The Spring Impact Capital fund targets 20–25 Canadian companies at the pre-seed/seed stage, prioritizing scalable models, strong market positioning, and teams committed to impactful missions in health or the environment. It specifically seeks underserved markets and diverse founders while supporting broader diversity initiatives.

Leveraging Spring Activator’s platform, the fund provides comprehensive support, aiding companies in achieving their 12-month plans across impact, diversity, and financial objectives. The aim is to validate product-market-fit, boost traction, and introduce co-investors for growth between seed and series A stages. With a focus on secondary markets or strategic acquisitions, the fund aims for attractive investor returns alongside meaningful impact.

Kaléidoscope Build NB Loan

Kaléidoscope Social Impact

Impact Sector: Other

Impact Theme: Other

Headquarters: New Brunswick

Impact Location: New Brunswick

Build NB provides financing to developers of affordable housing and commercial non-profit spaces. They finance property acquisition and bridge financing for the construction cycle. Their financing is asset-backed.

We report annually on the utilization of capital in an impact report; number of units built or maintained, value of builds, our financial leverage, jobs created, families and/or non-profits housed and profiles of projects.

The51 Food Fund II

The51 Venture Inc.

Impact Sector: Sustainable Food and Agriculture

Impact Theme: Sustainable Food Systems Solution

Headquarters: Alberta

Impact Location: Global

The51 Fund II represents an early-stage venture fund specifically targeting women-led and co-led ventures committed to shaping an ideal world. This fund directs its investments towards pre-seed, seed, and Series-A ventures demonstrating innovative technology-enabled offerings or business models.

These ventures tackle significant challenges women are determined to address, including: 1. Pioneering the future of work by empowering underemployed populations, including newcomers, and democratizing leadership development to enhance prosperity for all Canadians (enterprise software, marketplaces). 2. Advancing Canada’s journey towards achieving a net-positive impact for a more sustainable future, particularly focusing on industrial climatetech; and 3. Prioritizing health and wellness, especially for women whose unique needs have been historically overlooked (femtech).

The entrepreneurs supported by the fund are dedicated to building companies with considerable venture growth potential and high scalability. They possess the capabilities to articulate a compelling vision, innovate products meeting market demands, secure capital, and successfully market and sell their products.

Raven Indigenous Outcomes Fund

Raven Indigenous Capital Partners

Impact Sector: Healthcare

Impact Theme: Other

Headquarters: British Columbia

Impact Location: National

The Raven Indigenous Outcomes Fund offers investors the opportunity to deploy capital to scale meaningful social programs and improve outcomes in Indigenous communities, while allowing government to only pay for what works. Indigenous outcomes-based financing deals, what we call CDOCs or Community-Driven Outcomes Contracts and what others refer to as pay-for success/performance projects, align social impacts and financial returns.

PaceZero Sustainable Credit Fund II

PaceZero Capital Partners

Impact Sector: Clean Tech

Impact Theme: Climate Change & Biodiversity

Headquarters: Ontario

Impact Location: National

Established in 2021, PaceZero Capital Partners is a sustainability-focused private credit firm investing in companies and technologies delivering positive social and environmental outcomes.

Maple Bridge Ventures Fund I

Maple Bridge Ventures

Impact Sector: Clean Tech

Impact Theme: Climate Change & Biodiversity

Headquarters: Ontario

Impact Location: National

Founded in 2022, Maple Bridge Ventures is a venture capital firm based in Canada. The firm invests in science and technology sector companies founded by Canadian immigrants.

UGE Green Bond

UGE Green Bonds

Impact Sector: Clean Tech

Impact Theme: Climate Change & Biodiversity

Headquarters: ON

Impact Location: National

UGE International Ltd is a turnkey commercial solar company, developing, building, and financing solar projects. UGE has over 600 projects and operates in three core markets: the US, Canada, and the Philippines. The company provides a complete turnkey approach, taking projects from conception all the way through to financing and operation, capturing greater margins and recurring revenue for shareholders, while delivering a superior experience to its clientele.

Cycle Capital Fund V

Cycle Capital

Impact Sector: Clean Tech

Impact Theme: Climate Change & Biodiversity

Headquarters: Quebec

Impact Location: National

Cycle Capital is a leading private ClimateTech venture capital investment platform with offices in Montreal and Toronto, and a presence in the U.S., Europe and Asia. Cycle Capital invests across North America, Europe and Asia in growing and commercializing companies that have developed technologies that positively contribute to climate change mitigation by enabling a net-zero transition, reducing greenhouse gas emissions, and optimizing resources and processes. Cycle Capital is the founder of Cycle Momentum Accelerator + Innovation Engine and co-manager of The Circular Innovation Fund ("CIF"), a global venture capital fund aimed at scaling growth stage circular innovations and business models across various sectors. Cycle Capital has developed an ESG and impact assessment methodology integrated into the investment workflow from the pre-investment phase to the exit of the portfolio company.

Explore impact investment opportunities available to you and discover how your investments can create tangible change for communities and the planet.

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Full Disclaimer

SVX is registered as an Exempt Market Dealer (EMD) under applicable securities legislation in Ontario, Québec, Alberta, British Columbia, Manitoba, and Saskatchewan; however, no securities regulatory authority has approved or expressed an opinion about the securities offered on the platform.

The opportunities included in the database are for informational purposes only. They are not intended as investment advice or an offer or solicitation for the purchase or sale of any financial instrument.

Investing in the exempt market has significant risk. You should be aware of these risks, and as appropriate, consult with appropriate financial professionals to support your decision-making processes.

For those issuers included in the general Impact Index database: we have not completed due diligence on these opportunities, including any qualified, non-reliance based analysis or specific work required for meeting Know Your Product (KYP) standards that could support investment decision-making. Further, we cannot verify or disprove any statements made by issuers regarding current or past financial or impact performance, or any of the specific stated financial or impact metrics or objectives.

The Impact Index and Impact Index+ not designed to be a replacement for due diligence. However, it is hoped that it makes that process much more efficient for investors and issuers alike.

Issuers on Impact Index+ have met certain requirements or standards in terms of governance, finances, impact, and equity. However, SVX or its advisors do not endorse any investments of any of the organizations, and we do not recommend any investments.

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