Northstar Ventures released its 2023 ESG and Impact Report today, outlining its progress toward investing in more sustainable, resilient, and inclusive businesses across the North East of England.
The report revealed that in their latest fund, the North East Innovation Fund, they have committed 15% of capital to female founded and female led businesses, more than 7x the industry average, and an important step in supporting their over-arching objective of investing in diverse, mixed gender teams, that are best placed to drive out-sized performance.
The report also revealed that alongside £36m of venture capital investment they have made over the past five years, they have brought in over £100m of funding from other investors, demonstrating the significant multiplier effect of their investing activities.
The report details how Northstar Ventures approaches ESG and impact as a venture capital investor, including mapping each investment to the primary UN Sustainable Development Goals (SDGs) it addresses. From the North East Innovation Fund alone, over 75% of its portfolio contributes to the SDGs.
Northstar Ventures reports 50% of employees are female, alongside 33% of Senior Leadership and 17% of the Board. The Northstar Ventures team members also pride themselves in being active in the community reporting 50% of staff volunteer in community projects.
Alasdair Greig, Director of Northstar Ventures, said: ‘We are proud of the progress we have made towards our mission of investing in ambitious teams who are leveraging technology to solve societal and environmental challenges at global scale. Our approach to ESG has been key to this and we remain committed to using venture capital not only to drive outsized commercial returns, but also to have a transformational impact on both our local communities and across the globe.
‘We are increasing our investment impact focus with the Northstar EIS Growth Fund which will be delivering tax efficient investments primarily in the clean tech and healthy ageing sectors. Details of this fund are set out in the “Invest” section on our website’
To view the full ESG and Impact Report 2023, click here.
For more information contact Hekla Goodman,
e: [email protected] m: 07472 747 812