SC-based impact investment firm raises more than $1 million in first six months
The Upstate Business Journal reports that Abundance Capital, the Greenville, SC-based donor advised fund (DAF) focusing on impact investing, raised more than $1 million in venture philanthropy dollars within its first six months.
The non-profit organization is an online platform using funds centralized on impact investing, an investment practice generating financial returns while also accomplishing positive social impacts.
“It’s been exciting to see how fast our momentum has grown,” said Co-Founder Mike Gatchell. What began as an idea expressed to fellow Co-Founder Margaret Gifford over an espresso has now become an asset to help “charitable donors activate place-based impact investing across the South, generating inclusive prosperity and creating sustainable local economies,” Gatchell said.
Venture philanthropy, often used as an umbrella term, refers to using traditional venture capital to finance philanthropic undertakings. Abundance Capital fundholders can recommend investments using donor-advised funds or donate to a current investment with Abundance Capital. Currently, there are six different projects from which investors can choose.