A small fund built for a countable result.
Affect.fund backs early-stage companies where the product and the impact are the same thing — and where a number we agree on at close can be reported honestly for a decade.
Our thesis in one paragraph
The problems worth solving at scale are already being paid for by someone — a household cutting a fuel bill, an employer losing staff to preventable illness, a health system buying a cheaper pathway, a government with an outcome it must report. The companies that win the next decade will be the ones that sell that outcome instead of a product feature. We invest early in those companies, price the impact into diligence, and stay through the messy middle.
That is why we do not run a separate “impact sleeve” of the portfolio. Every deal is an impact deal, and every deal has to work as a business.
Fund at a glance
- Stage: pre-seed, seed and Series A
- Cheque size: $250,000 to $2,000,000, with follow-on reserved
- Instrument: equity or a convertible instrument
- Geography: companies that can sell into a regulated market with a real payer
- Holding period: 7 to 10 years
- Governance: board seat or observer, quarterly reporting
How we measure impact
Five questions, answered in writing before we close. It takes a week, it is not expensive, and it is the difference between a report and a claim.
Who is the outcome for?
A named group — patients in a specific care pathway, households below a given income band, small firms without payroll software. “Society” is not a beneficiary.
What changes, and by how much?
One or two outcome metrics with a unit you can defend: tonnes avoided, appointments kept, hours of paid work recorded, cost per treated case. We align them with a recognised framework so a future investor can compare them.
Would it happen without us?
Additionality. If the same outcome arrives from a competitor's cheaper product next year, we have funded growth, not impact — and we say so in the memo.
Could it do harm?
Every business has a second-order effect. We write down the plausible ones — displacement, over-indebtedness, automation of a job — and set a limit we will not cross.
Who checks the number?
A named owner inside the company, a reporting cadence, and at least one external check every two years. Metrics that only the marketing team can see do not count.
What you get
A one-page impact dashboard each quarter, an annual narrative report, and a place in our portfolio review where the numbers are read next to the financials — not in a separate slide.
Where the money comes from
Our capital base is individuals and small institutions who want a commercial return and an honest account of the difference it made.
Committed, not opportunistic
Fund life of eight years plus two extension years, so a company can be built properly instead of dressed for a quick exit.
Aligned fees
A management fee that pays for a small team, and carried interest that only vests once limited partners have their capital back.
Impact tied to pay
A portion of the carry is withheld until the fund's impact report has been reviewed against the targets we set at first close.
Before you send us anything
Nothing on this page is an offer to sell a security or an invitation to buy an interest in any fund. Any investment would be made only under a definitive agreement with a qualified investor in a jurisdiction where the offer is lawful, and past performance of any investment is not a guide to future results. If you are considering investing, read the fund documents and take independent advice.
If you are a founder, send the deck and the two numbers you would be willing to publish. That is genuinely enough for a first call.
Building something that measurable improves lives?
Send us your impact thesis and your numbers. We answer every application within ten working days.