Mundi Ventures backs purpose-driven founders. At the time of investment, our founders already have a strong ESG vision. At Mundi, we partner and support them to further realise their unique sustainability goals. We believe that incorporating ESG factors is not only the right thing to do but can build a competitive advantage.
40% of consumers are purpose-driven consumers, who select brands based on how well they align with their personal values, and change purchasing behavior. 76% of employees and job seekers report a diverse workforce is an important factor when evaluating companies and job offers. We believe that these trends will accelerate more and provide growth opportunities for startups.
Mundi Ventures believes that venture capital firms can contribute significantly to the realisation of global sustainability objectives not only by investing in pioneering technologies but also by working closely with founders.
We achieve our sustainability vision through our value creation projects with our portfolio companies.
In the case of Twinco Capital (Amsterdam), our value creation team designed company’s new ESG data product together with the sustainability team of Twinco Capital for the period of three months.
To support our portfolio companies integrate ESG into their business model and move forward, Mundi Ventures has developed a three-step approach for all stages of the ESG journey. Once a startup becomes our portfolio company, we run an onboarding session with every single startup to determine a priority ESG project that Mundi Ventures and the startup can collaborate on.
While many sustainability frameworks exist, tracking and measuring hundreds of metrics dilutes the attention towards real action, equating to little impact. Therefore Mundi Ventures has identified Climate Change and Gender Equality to be the most pressing issues where we can make the biggest contribution to solving.
To achieve our vision, we established an ESG investment policy that is used throughout the investment lifecycle. There are different ways to integrate ESG factors into the investment.
Mundi Ventures uses an ESG framework to evaluate both risks and opportunities. This assessment then allows us to work with the founders on mitigating the risks and identifying areas of value creation. Mundi Ventures uses ESG factors to evaluate ESG negative risks and positive opportunities to properly value and manage such risks. In addition, we seek to find purpose-driven founders who can create a positive “impact” in society.
Mundi Ventures defines ESG and Impact as the following:
Environmental factors: Business operations that can negatively or positively affect Climate change, Resource depletion, Water, food and electronics waste, Water and Soil Pollution, Deforestation, Biodiversity loss in terrestrial and aquatic ecosystems.
Social factors: The treatment of employees including their pay; health and safety; labor conditions; human rights; gender, socioeconomic and racial diversity, and inclusion. The management of the supply chain and the treatment of all stakeholders including customers and communities.
Governance factors: Institutional frameworks for anti-bribery and corruption,Although our hiring policy is based on meritocracy, our goal is to have more equal representation in every position. We have personal career development support in place to help both genders to achieve higher positions if one aspires. We also recognize that skewed representation on the partner level is our challenge.
2022 marks our first effort to measure the CO2e (equivalent) emissions from our own operation. We used the GHG protocol’s guideline which categorizes CO2e into Scope 1, 2, and 3. Scope 1, 2, and Scope 3 (travel) were calculated based on our own data about actual consumption and emission factors, while Scope 3 (Others) is the estimation based on our expenses.
Our total CO2e emission was estimated to be 136.5 tonnes. which was similar to the benchmark emission of Financial actors in Spain with similar size based on Normative. We also leveraged our portfolio company Bizaway to measure our travel related emissions.
Regarding our own gender balance, we have made significant progress in 2022. The right chart shows our gender balance. Compared to the European VC average, we have more equal representation at the firm level, reaching 43% female and 57% male.
Although our hiring policy is based on meritocracy, our goal is to have more equal representation in every position. We have personal career development support in place to help both genders to achieve higher positions if one aspires. We also recognize that skewed representation on the partner level is our challenge.
We believe that ESG and impact integration in the private market investment can benefit from the development of international standards. In 2022, we joined ILPA, UN PRI, and ESG_VC as part of our engagement with external stakeholders including our Limited Partners and other General Partners. We are also a member of Spain CAP and France Invest.
You can read more about our ESG and Impact operation at Sustainability Report 2023
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