Just Business, an investment company with headquarters in San Francisco, announced today that it has closed the seed round of its new Innovate For Good Fund. The $1.6m seed round is intended to accelerate the growth of early-stage enterprises that fit the mission of the fund to generate tangible impact while delivering a solid financial return for its investors.
Just Business is the independent investment arm of the international non-profit, Not For Sale. The investment firm is widely known for its incubation of REBBL, one of the most successful functional beverages in the USA market and a Guru client.
“We are dedicated to bring more dignity to people and planet,” says David Batstone, the managing partner and co-founder of Just Business, “and the best way to do that is to embed that mission into the core of business enterprises that we believe can scale.”
The Innovate For Good Fund has identified three investment opportunities in which it plans to invest:
The Innovate For Good Fund is advised by an investment committee comprised of five members, all of whom are personal investors in the fund: Batstone; Jostein Solheim, former CEO of Ben & Jerry’s and now in senior leadership at Unilever, Head of the Foods & Refreshment Division for North America; Ray Lin, a senior partner at Latham & Watkins law firm; John Clair, a former director of supply chain and operations at Miller Brewing Company; and Mark Wexler, also co-founder of Just Business.
“I want to be participate in funds that have an economic mission to deliver a sustainable return to its shareholders, while at the same time being a force for good that will change the world,” says Solheim.
The Innovate For Good Fund touts many other highly influential impact investors, including “Gagan” (Jared) Levy, the chair of the Social Venture Network/Investor Circle and founder of the impact branding agency Guru.
Given the growth trajectory of its portfolio, Just Business anticipates raising more capital for the Innovate For Good Fund in mid-2019.
“We see so much opportunity to scale change,” explains Wexler, who also serves as CEO of Not For Sale. “Great business models help us extend the benefits of capital, technology and talent to those people in the world who previously have been left out.”