FOUNT presents GFF
On June 13, the Fashion For Good’s Innovation Fest took place and on June 22, the Planet Textiles 2019, ITMA Conference in Barcelona took place.
Bob Assenberg, partner of FOUNT and representing the Good Fashion Fund, participated in the break-out session during the Fashion for Good’s Innovation Fest in Amsterdam. He was part of the panel discussing the challenges and strategies with regard to financing of disruptive technologies in the apparel industry. Tanvi Karambelkar, Investment Manager for the Good Fashion Fund, was invited to discuss the opportunities and constraints of financing technological disruptions in the textile industry at Planet Textiles 2019, ITMA Conference, Barcelona. She was joined by Mr. Abhishek Bansal of Arvind, and Mr. Pete Santora of Softwear Automation. The Panel was moderated by Georgia Parker of Fashion for Good.
The picture above was taken during the Fashion For Good’s Innovation Fest.
BIX Capital and Envirofit
This consortium will deploy ~140k clean cookstoves in 5 countries in Sub-Sahara Africa (Kenya, Nigeria, Ghana, Cote d’Ivoire and Liberia). BIX Capital investment is collateralized by the guaranteed offtake for carbon credits which Envirofit will realize and CERPD will convert into a new and innovative mechanism for the Korean ETS (Emissions Trading Scheme). You can click here for more information on this newly established carbon trading scheme. CERPD has signed a carbon offtake agreement (ERPA) with a large power plant in Korea, which will offset up to 5% of its need for emissions reductions with internationally generated carbon credits. Envirofit stoves are clean and efficient, and belong to those designed with the “Voice of Customer” in mind. The deal was celebrated at the Innovate4Climate conference in Singapore in June.
BIX Capital in IFC Report
Jeroen Blum (managing director of BIX Capital) was interviewed for the IFCs 2018 Social Impact Bond Report. Please go to page 8 and 9 of the Report to check out this interview!
New employee Robert Blom
We are very happy to announce that as from today, Robert Blom is joining FOUNT!
Robert has a Masters degree in Development Economics and spent most of his career in impact finance. He worked for over 5 years for FMO, mostly in the Food and Agribusiness department, where he was an Investment Officer. He gained operational work experience in Africa, working for Heineken in the Republic of Congo and for a travel scale-up in Kenya, as their head of operations and finance. Before joining FOUNT, Robert worked as an Investment Manager at Aqua-Spark, an Agribusiness-focussed VC/PE fund and as an independent consultant to companies with a focus on emerging markets.
Click here to see the rest of our team.
Advising on affordable housing finance in Mozambique
FOUNT advised the Dutch government on affordable housing financing in Mozambique. First, the workshop ‘Finance for Affordable Housing’, part of the Beira Investment Conference 2018 and organized by FOUNT, was successfully delivered. The audience included a strong representation from local banks who gained interest in the Maraza affordable housing project. Second, FOUNT engaged into discussions with Mozambican banks on providing end user financing, with specific focus on the Maraza and the Inhamizua housing project in Beira (10 houses delivered in 2018). The Dutch Embassy in Maputo played an important role in setting up a round table discussion during which conclusions were drawn on the best business model for affordable housing as well as the key conditions for attracting end user finance.
Note that the cyclone Idaï resulted in damage to the houses (mainly the roofs), with repairs being reimbursed by the project financier. After the cyclone, individual property titles for the first houses have been obtained by the property developer Casa Real, an important milestone. The impact of the cyclone has increased the need for affordable housing in Mozambique.
BIX invests in Impact Water LLC in Africa
Recently BIX Capital invested in Impact Water LLC, a US based company selling water purification systems through its subsidiaries in Nigeria, Kenya, and Uganda. Access to clean drinking water is a critical issue across sub-Saharan Africa. Impact Water is dedicated to tackling this issue by scaling safe drinking water solutions in developing countries. The company sells, installs and maintains environmentally-friendly UV-based and chlorine-dispensing based water purification systems to schools. This helps schools to limit waterborne diseases among children (reducing the number of sick days per year), while avoiding burning firewood for boiling water and therefore offsetting CO2 emissions.
First closing BIX Capital successful
FOUNT is, as strategic partner and co-initiator, proud to announce the first closing of BIX Capital. The USD 15 million that has been raised in this round will be applied to provide (pre)-financing to a number of initiatives concerning clean and safe cooking, clean water and clean energy for African low-income households. BIX Capital will primarily target SME’s in Sub-Saharan Africa. In the following, press release the role of FOUNT and the vision of BIX Capital is further clarified by one of our important investors: IFC.
For further information see IFC BIX Capital press release.
Assignment for research and development for ADALY
FOUNT works with Cardano Development on research and developing certified health credits based on health benefits measured by Avoided Disability Adjusted Life Year (ADALY), as measured by the Gold Standard. These credits could be used in relation to a development impact bond for result-based finance.
We are well positioned to undertake this assignment because of our existing mandate to support clean cooking solutions with our partner BIX Capital.
Picture: Rodney Rascona. All rights reserved.
Set-up of an innovative global institutional impact investment platform
Cardano Development is the incubator of a new institutional impact investment initiative, the Impact Loan eXchange (ILX), which aims to provide an innovative impact investment platform through which leading institutional investors, such as European pension funds, can co-invest with the global Development Finance Institutions in sustainable long-term loans in developing countries.
FOUNT is part of the project team setting-up this initiative.