StartGreen Capital's sustainability policy as of September 1, 2024 consists of three parts:
The impact policy: what impact StartGreen Capital wants to make and how it wants to achieve this. And also: how impact is measured and reported in the StartGreen Impact Report. With this policy, StartGreen Capital mainly focuses on how it wants to increase the positive impact of portfolio companies. All StartGreen funds aim to achieve a measurable positive effect on the environment and society (in accordance with the SFDR's definition of 'sustainable investment').
The ESG policy: how StartGreen Capital identifies relevant ESG risks and opportunities at companies and how these are integrated in the entire investment process. This policy is mainly aimed at how StartGreen Capital can reduce the effects of companies on the environment. We map sustainability risks and analyze their financial impact.
The internal sustainability policy: how StartGreen Capital tries to deal with people and the environment internally as consciously as possible .
Our focus on sustainability
Sustainability is a broad concept. Different organizations and experts interpret the concept in their own way. StartGreen Capital opts for a broad approach when financing companies. We finance companies with an explicit sustainability objective as well as companies that do everything within their abilities to make a transition to a sustainable business model. StartGreen Capital believes that such a broad approach allows for more impact than financing only new and fully sustainable initiatives.
Sustainable Development Goals
StartGreen Capital has chosen to use the Sustainable Development Goals as a framework for determining the intended and realized impact. The SDGs are 17 sustainability goals set by the United Nations. They provide a blueprint for solving the biggest societal challenges of the moment, such as the global food problem (SDG 2), gender equality (SDG 5), and the energy transition (SDG 7). Together, the SDGs serve as a roadmap towards achieving peace and prosperity for people and the planet, now and in the future (read more about the Sustainable Development Goals). StartGreen Capital only provides financing to companies that make a positive contribution to at least one of these 17 SDGs.
StartGreen Capital wants to transform impact investing from a niche activity to mainstream. StartGreen Capital's ultimate impact objective is to contribute to the 17 SDGs through financing for entrepreneurs. To clarify how entrepreneurs contribute to these goals, we have determined a number of fixed indicators (KPIs) for each SDG with which we can measure and monitor progress and results. We have formulated these indicators as objectively as possible and can preferably be aggregated. Examples are the number of kilowatt hours of sustainable energy generated, the number of sustainable products sold or the amount of CO2 saved.
Our Theory of Change
In 2018, StartGreen Capital has drawn up a Our Theory of Change to clarify what the organization does, for whom and why. A Theory of Change is a visualization of the activities that an organization undertakes, followed by how the activities lead to certain effects (outcomes) and social objectives (impact) in the short or longer term. With the activities that are enabled by StartGreen Capital, the organization creates value for entrepreneurs and investors. In addition, StartGreen contributes to the development of the Dutch impact investmentsector in the Netherlands.
Impact measurement
Target
StartGreen Capital monitors its impact in order to disclose it to stakeholders and to improve strategic decision making. It demonstrates our vision: that financial and impact returns can go hand in hand. Comparable to regular funds, our financial returns are readily and transparently communicated to investors. Besides financial returns, impact returns are an integral part of StartGreen Capital's vision, which necessitates the disclosure of report on impact returns as concrete as possible. In addition, StartGreen Capital wants to be able to make strategic investment and portfolio management decisions based on accurate impact data.
Process
The process of impact measurement is comparable for all StartGreen Capital labels and follows this flow diagram:
StartGreen Impact Report
Every year we present the impact made in our Impact Report. In it you can read about developments in the past year, among other things. You will also find interviews and various examples of companies that we have financed. Read us Impact Report for 2023.
2. ESG policy
StartGreen Capital provides financing (investments and/or loans) to companies that fit the standards and values of its funds. Some companies that request financing (often unconsciously) do not (yet) comply with the values on environmental, social or administrative aspects during the application process. To identify and bridge the discrepancy between corporate values, StartGreen Capital applies its ESG Policy. This policy explicitly examines whether the applying company may exhibit adverse effects (“adverse impact”) on sustainability factors (ecological, social and employment issues, respect for human rights, and the fight against corruption and bribery). In addition, an analysis is performed for each company on whether there are significant sustainability risks (an environmental, social or governance event or circumstance that, if it occurs, could cause a substabtial negative effect on the value of the investment). The aim of the ESG Policy is to identify both risks and opportunities (for improvement). The ESG policy relates to the following three phases in the investment process:
The ESG scan is a questionnaire that must be completed by the investment team together with the applying company. This ESG scan contains the mandatory and (where relevant) voluntary indicators that have been developed by the European Union regarding the Sustainable Finance Disclosure Regulation (specifically the indicators from the Principal Adverse Sustainability Impacts Statement, as shown in Annex I of the draft Regulatory Technical Standards). Based on the proportionality principle and the materiality principle, some items have been deliberately omitted (for example because they are not relevant for the type of companies in which StartGreen Capital invests). Additionally, an evaluation is executed whether the company acts in accordance with the “Ten Principles of the UN Global Compact” and (if it concerns a multinational company) the “OECD Guidelines for Multinational Enterprises”. The ESG scan focuses on the following topics:
An extended version of the ESG scan is available on request.
3. Internal sustainability policy
StartGreen Capital wants to make impact possible with its financing of various companies. In addition, it also strives internally to be as conscious as possible with people and the environment.
Sustainable workplace in the SDG House
StartGreen Capital has its office in the SDG House, located in the KIT Institute in Amsterdam. The SDG House is a community of approximately 50 entrepreneurs and organizations that focus on one or more SDGs. Through exchange and collaboration, members try to accelerate the realization of impact.
Completely sustainable
SDG House offers sustainable and social housing for its members, with care and attention to matters such as waste separation and organic catering. In 2023, the KIT Institute's old gas-fired boilers were replaced by heat pumps that use a gas-free underground heat storage system to heat and cool the historic building.
StartGreen Capital also takes its own measures in the field of sustainability. For example, the organization works virtually paper-free. In addition, StartGreen Capital encourages sustainable commuting. Employees use public transport and bicycle sharing subscriptions as much as possible and when they use a lease car as part of their work, they drive hybrid. In 2021, the StartGreen Capital office was redesigned, using recycled and sustainable materials and furniture as much as possible.
Diversity and gender balance
For StartGreen Capital, an inclusive society in which everyone has equal opportunities is very important - that is why we also strive for diversity within our own organization. In addition, research has shown that diverse teams are more innovative and perform better. We have had a balanced management team from the start and all our departments are gender diverse: women make up 60% of the management team (50% in 2022), 44% of the investment team (31% in 2022) and 50% (41% in 2022) of StartGreen in general, including support staff. To stimulate female entrepreneurship, StartGreen Capital founded the Borski Fund in 2019 together with Simone Brummelhuis of The Next Women.
Knowledge sharing and development The sustainability team provides annual internal workshops and brainstorming sessions where knowledge is shared in the field of sustainability, financial products and services and relevant legislation and regulations. StartGreen Capital also offers employees the opportunity to further develop job-related and/or personal competencies through internal and external training. In its work, the StartGreen Capital team consciously and actively tries to propagate the DNA and mission of the organization, in order to jointly increase understanding and support for sustainable investment and entrepreneurship. StartGreen Capital employees regularly give presentations at events or universities to inform and inspire others about how financial and social returns can go hand in hand.
B Corp
StartGreen Capital is B Corp certified. B Corps are companies that meet requirements in the areas of social and environmental performance, transparency and accountability. B Corps strive for an inclusive and sustainable future with a good balance between social impact and profit making. Based on a long-term vision, we are continuously working on improving the value chain, optimizing impact and creating good working facilities. The quality mark also provides access to a valuable network of other B Corp certified organizations.
Thirona was founded in 2014 by Eva van Rikxoort and Bram van Ginneken. With a team of leading software engineers and medical researchers, Thirona develops AI technology for automated analysis of medical scans. The company has the unique combination of in-house expertise and access to medical data for further product development, focusing on software solutions for the diagnosis of lung and eye diseases. Thirona's mission is to bridge the gap between academic advances in medical scan analysis and their clinical utility, by offering products that provide state-of-the-art deep learningusing technology to assist medical specialists in their daily activities.
The Next Closet
The Next Closet in is a sustainable marketplace for second-hand luxury fashion. With its modern and forward-looking vision, the Amsterdam-based company makes luxury fashion affordable and encourages the idea of a circular economy in which beloved items are reused instead of thrown away. The Next Closet's mission is to make the second-hand clothing market mainstream – saying no to fast fashion and choose quality over quantity.
E-magy
E-magy develops silicon-based battery technology. Batteries that are widely used at the moment are running up against the maximum energy density of carbon. It is increasingly becoming a bottleneck for more efficient batteries. E-magy's battery technology has the potential to triple the storage capacity of batteries.
The Fabricant
The Fabricant is the world's leading digital fashion house and pioneered the digitization of the fashion industry. With their cutting edge designs, vision and technology, they have clients like and partnered with Adidas, Tommy Hilfiger, Under Armor, Atari, RTFKT, Puma, Peak Performance and Buffalo London, just to name a few. The Fabricant's long-term vision is to create tools and products that transform the fashion industry into a fully digital existence in both production and consumption, while democratizing fashion creation into a collaborative process utilizing 3D technology and the creativity of the consumer, accessible to everyone.
Zielwear
Zielwear is a 'fashion on-demand' company, with the vision and ambition to facilitate on-demand production on a large scale. Zielwear is building a technology platform to design, manufacture and supply clothing to companies based on actual consumer demand. Zielwear does this under the leadership of serial entrepreneur, Marleen Vogelaar. As co-founder of Shapeways, Marleen has set up the world's largest 3D printing service and marketplace for consumers. Marleen's expertise in digital manufacturing is now transferring to the apparel industry, minimizing overproduction and inventories and enabling customers to sell top-quality, sustainable, custom clothing, with no minimum order and 10-day delivery.
Atlantic Therapeutic
Atlantic Therapeutics develops medical devices and associated software, apps and technologies to treat incontinence. The company's mission is to improve the quality of life for millions of people, enabling them to restore and strengthen their pelvic health, regaining the confidence and control to lead an active life. The product, INNOVO, is an FDA approved CE marked treatment for women suffering from stress urinary incontinence. It works by delivering clinically proven, safe, non-invasive pelvic floor stimulation through unique wearable technology. The revolutionary tool helps prevent pelvic floor weakness by actively treating the cause rather than the symptoms. Results from clinical studies conducted on more than 600 subjects consistently confirm improvements in key outcomes, symptoms and acceptability.
Asperitas
Asperitas, originally from Haarlem, has developed and marketed a technology (based on liquid cooling) to enable data centers to function climate-independent and sustainable for even the most demanding users.
Sympower
Sympower unlocks revenue streams by maximizing the value of flexibility in all energy markets and industries.
IME Medical Electrospinning
For more than ten years, IME Medical Electrospinning has been a leading player in the development and implementation of electrospinning processes and equipment for the manufacture of medical devices for (regenerative) medicine and drug delivery. IME Medical Electrospinning has developed a unique set of innovations in electrospin technology for the reproducible and scalable production of electrospun material under tightly controlled conditions required by the MedTech and Pharma markets. Under the leadership of Judith Heikoop, the Dutch deep-tech company is actively committed to growth and international expansion of co-development projects in, among others, the MedTech and Pharma industry.
Composite Production Technology
Thanks to CPT's lightweight tank container, made of composites, logistics companies save significantly on transport costs. Due to the reduced weight, the same amount of liquid can be transported with fewer transport movements and, in addition to cost savings, transporters also realize a CO2 reduction.
RGS Development
As a developer and producer of innovative thermoelectric modules, RGS Development is one of the first parties that can efficiently and economically convert residual heat from high temperatures (700-1200 ° C) into electricity. With the patented casting technology, a breakthrough in the application of thermoelectric systems is within reach.
Sun Invest Noord-Holland is an initiative of solar energy developer Ecorus. The new company wants to make a significant contribution to the sustainable economy in the province of North Holland. To this end, it provides financing to housing corporations, companies and governments, so that these parties can purchase solar panels. The investment should ensure that Sun Invest can generate 20,000,000 kWh of solar energy annually, for approximately 10,000 households.
B4Energy
With B4Energy, lettuce specialist B-Four Agro wants to produce two million Nm3 of green gas every year for 1,400 North Holland households. To this end, the company from Warmenhuizen is building a bio-fermentation installation on its own site. Every year, the digester uses 16,000 tonnes of biomass as feed, which consists of vegetable residual flows from B-Four Agro itself and agricultural companies in the region. The green gas that is subsequently released is fed into the natural gas network and provides both households and B-Four Agro's cultivation systems with sustainable energy.
Wocozon
Wocozon's mission is to allow social tenants to take maximum advantage of solar energy, without having to invest in it themselves. To this end, the company rents out solar power installations to housing corporations. In this way they can make their real estate portfolio more sustainable in an accessible way and structurally reduce the housing costs of their tenants.
The Green Generator
De Groene Aggregaat is committed to making the construction sector in North Holland more sustainable. To this end, the company builds tailor-made hybrid generators in-house. The initiator is Maru Systems, the installation company from De Rijp that specializes in sustainable energy solutions.
ChainCraft
ChainCraft develops technologies that make sustainable biobased chemicals. They are alternatives to the non-sustainable raw materials used by the chemical, food and feed industry. The company is a spin-off from Wageningen University & Research and now has Amsterdam as its base.
The 7 Virtues
De 7 Deugden works from a clear social mission. This is reflected, among other things, in offering work to people at a distance from the labor market. In addition to this social interpretation, the brewery also has explicit sustainability ambitions.
Triple Solar
In the energy transition to the use of heat pumps as a replacement for the gas boiler, the consumer is confronted with the noise nuisance from the existing systems. Over the past eight years, Triple Solar has worked on an economical, efficient and silent system and has a worldwide patent on the heat pump panel. A heat pump panel combines a solar panel (electricity) with a thermal system so that the system supplies hot water for heating and tap water day and night, summer and winter.
The Next Closet
The originally Amsterdam company The Next Closet gives designer clothes a second life on its own online marketplace and is said to contribute to circularity.
Full green
Volgroen is working on making the energy supply in the Netherlands and Europe increasingly consist of small-scale clean energy technologies. These technologies provide major energy-saving and cost benefits for the business community.
CoVadem
CoVadem has an inventive solution for improving efficiency in inland shipping and thus reducing CO2 emissions. By uniting up-to-date depth measurements from countless inland vessels in one up-to-date overview, every skipper has access to the most up-to-date navigation depth of the Dutch waterways.
Fairphone
An ethical and fair phone. That's Fairphone's product. That means sustainable materials, but also fair working conditions for the people who make your phone.
Zaanstad heat network
From the end of 2019, about 2,200 Zaanse households and various companies will have sustainable (residual) heat. About Zaanstad Heat Network This open heat network is installed on the growth. This means that both new customers and new (heat) suppliers can be connected at a later stage.
EST-Floattech
EST ‐ Floattech is one of the world's leading players in the field of marine battery and energy storage systems and with more than 50 projects completed they are number two worldwide.
MX3D
MX3D is an Amsterdam-based company that can manufacture complex steel structures in a sustainable and cost-effective way using 3D printing technology. The robots that MX3D controls with its own software are aimed at printing metal objects in almost any size or shape, while also achieving significant material savings.
MUD Jeans
MUD Jeans produces sustainable jeans for which 40 percent of the raw material currently consists of recycled cotton. Thanks to an investment from PDENH, MUD Jeans wants to increase this to 100 percent in the short term.
Dexter Energy Services
Dexter Energy develops software for the management of energy networks, based on artificial intelligence. By predicting the use and load of the energy grid, they offer a unique service to energy companies and other major suppliers and consumers of the energy grid.
Composite Production Technology
Thanks to CPT's lightweight tank container, made of composites, logistics companies save significantly on transport costs. Due to the reduced weight, the same amount of liquid can be transported with fewer transport movements and, in addition to cost savings, transporters also realize a CO2 reduction.
Education:
Bachelor of Business Administration and Master of Organizational Science at Tilburg University and various management courses at IMD Lausanne.
Experience:
More than 15 years of experience in venture capital, management, corporate venturing and banking.
Area of expertise:
Venture capital, organizational development, business development for fast-growing organizations, entrepreneurship and corporate venturing.
Additional positions:
Managing Partner OnePlanetCrowd and Board Member European Crowdfunding Association (ECN), European branch organization of crowdfunding platforms.
Frog
Frog Navigation Systems develops, manufactures and markets steering and control systems for freely moving, electronically controlled vehicles (AGV systems). AGV stands for Automatic Guiding Systems = self-steering systems).
The unique feature of the patented Frog systems is that they offer a solution that makes logistics and public transport much more flexible and can also be used outdoors. Because this AGV system also works well at high speeds, Frog makes it possible to optimize both transport systems and public transport systems. The application of these systems in vehicles for both passenger and freight transport makes an important contribution to reducing the aforementioned problems of mobility.
In September 2013, Frog Systems Holding BV was acquired by Oceaneering Holdings SARL
FiberCore Europe
FiberCore Europe specializes in the design and production of load-bearing structures made of fiber-reinforced plastic (composite) for the construction and infrastructure sectors. The company supplies bridges, floating roads, balconies and noise barriers, among other things. FiberCore Europe has quickly realized a significant trend change in the otherwise traditional construction sector. This new trend of light, fast and sustainable construction is now being followed internationally.
Support structures made of fiber-reinforced plastic generate significant environmental benefits. Simply because these new constructions are twenty times lighter than concrete or steel, they cause about twenty times less CO2 emissions. In addition, the production process is low in energy and clean. Finally, as a residual material, composite is chemically inert. After the technical life, the total energy content and the fibers can be recovered.
FiberCore Europe has realized eight bridges made of fiber-reinforced plastic in the Netherlands alone. Just last year, the world's largest carbon bridge span was exhibited at the prestigious JEC in Paris. The company is based on a number of smart patents, automated engineering and an innovative production system. FiberCore Europe supplies products that can initially compete on cost price with traditional building materials such as steel and concrete. Due to the long lifespan and because the material is maintenance-free, the composite support structures are many times cheaper over the entire lifespan than comparable structures in steel and concrete. There too, FiberCore Europe is responding to the trend that infrastructure projects are increasingly being assessed on the total costs of ownership.
Visions Connected provides video communication as a user-friendly and ready-to-use service. Customers can use video communication for a fixed amount per month. In addition, Visions Connected develops and realizes custom video applications.
More and more organizations are using video communication for contacts with their customers, partners and suppliers. Video communication can also play a major role for mutual contacts between employees, whether or not at different locations. Video communication is changing the way companies operate and people work together. Developments are fast, there is more and more possible, regardless of the distances to be bridged: from private incidental video conferences between two or more locations - anywhere in the world - to public web video tools and from seamlessly integrated video facilities in existing business processes to platforms for interactive video solutions for mobile networks.
Video communication offers concrete benefits, such as higher efficiency and better returns in business processes. It saves travel time, promotes a faster exchange of knowledge (sources) and experience and increases the employability of experts.
Intivation, together with mobile phone manufacturers and network providers, makes it possible to make mobile communication accessible to 1.6 billion people who live in regions where a reliable electricity grid is not always a matter of course.
Intivation develops and markets innovative technology that increases the output of solar cells. This makes it possible to build solar cells into small electronic consumer products. Intivation works with some of the world's largest ODM manufacturers and has extensive experience in applying solar cells in portable electronics.
Intivation was founded in 2003 as True Solar Autonomy, after inventor Anne Osinga developed a new way to increase the output of voltages. The technology has been further developed and improved in recent years, so that the conversion from solar energy to electricity is now fast and efficient.
Intivation is ready to market the technology on a large scale and will focus on portable consumer electronics with solar cells, mainly mobile phones and chargers.
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