Small businesses with big ideas for sustainability and wellbeing are being backed by a new $13 million fund launched in Footscray.
Impact Investment Group’s Giant Leap fund focuses on investment opportunities for companies with a strong social or environmental mission.
Small business and innovation minister Phillip Dalidakis joined IIG chief investment officer Will Richardson last week to launch the fund at the IIG-owned Dream Factory.
The first investment formed part of the $5 million raised for Sendle, a carbon offset parcel delivery and postal service.
The second investment is YourGrocer, offering same-day delivery from local small businesses, including butchers, green grocers, bakers and delicatessens.
Mr Richardson said the tide is turning on business that comes at the expense of people or the planet.
“We believe that the most successful businesses are the ones that make money by doing good, and they are the ones we are going after,” he said.
“Research from Harvard Business School, Deutsche Bank and ACNeilsen show that companies with sustainable practices outperform competitors without those practices, and that people will pay for goods and services from companies that make a difference.”
Mr Dalidakis said the investment will help boost the local economy and jobs in Melbourne’s inner-west.
“Not only will this money help our start-up ecosystem, but it will help those that are dedicated to making our world better for everyone.”
