Impact Engine Launches $10M Fund, Betting Capitalists Can Do Well While Doing Good
Tuesday, July 5, 2016
Some dismiss social impact entrepreneurship as a feel-good diversion. But a group of successful investors in Chicago are throwing $10 million on the table to prove that capitalists can do well while doing good.
Impact Engine today announced a $10 million early-stage impact investment fund for companies dedicated to making money and solving one social problem or another.
The fund is a next step for Impact Engine, launched as an accelerator in 2011. Three classes – 23 startups in all – have gone through the program, based in 1871, Chicago’s flagship startup accelerator. Impact Engine has invested nearly $700,000 in these companies, which have gone on to raise $32.4 million in VC funding.
“I love the idea that capitalism and social good can go hand in hand,” said OkCupid co-founder Christian Rudder. “It’s extremely exciting to be a part of an organization leading the way for investors and entrepreneurs who are proving this out.”