After summarising the most important aspects of both the impact and financial perspectives we considered the relative importance of each topic to prioritise our next steps. This was done according to the frequency that the topics were raised in conversations and by using an estimation of the importance to us as a fund and the society around us.

The result is summarised in the materiality matrix below which emphasises primarily four main focus areas (highlighted in blue):

1. Identifying and investing in the winners of the sustainable transition where we have great additionality

2. Assessing net-impact of all investments in the investment process,

3. Facilitating responsible scaling (ESG) in the entire portfolio and;

4. Using our role in the ecosystem to share perspectives and foster collaboration.

All of these link closely to founder and employee wellbeing and ESG risk screening of investments which were two other main topics of the review (highlighted in grey).

Impact as part of investment assessment

• A more profound understanding of impact adds to our understanding of commercial viability and risks as well as adding a lens that can help identify future disruptors.
• In early-stage companies, impact goes hand in hand with a future vision, here we have the ability to support founder impact thinking early and making it into the DNA of our companies, instead of an add-on later. Our own influence is often inverted to size.
• As generalists, we will look at net impact, not only potential positive impact.

Facilitate responsible scaling

• Our companies are mostly early-stage software solutions and often haven’t given too much thought to how they are part of the problem and could be part of the solution. As such, many want support on what they can do from a sustainability standpoint already from the start and they want concrete suggestions of where to start. We have a unique ability to facilitate responsible scaling for these busy founders.
• Diversity is one of the key strategic decisions that our companies can address early on. We will continue to support this with the same emphasis as we have done earlier. We will also build increasing awareness of other environmental and governance aspects in responsible scaling.
• We have a clear comparative advantage in our ability to harvest and exchange portfolio ESG practices/learnings and build competence as well as bridging gaps in the ecosystem.