On November 8, the annual Impact Investment Summit in Sydney showcased Australia’s First Live Blended Finance Crowdfunding experience, which raised an extraordinary $437,000+ comprising of a mix of philanthropy, debt and equity for three grassroots social enterprises.
The session was convened by a collaboration of key sector leaders, including the Impact Investment Summit, Red Hat Impact, The Funding Network, Start Some Good,The Social Impact Hub and Impact Investment Hub, to demonstrate the importance of innovative financing models and blended finance to support Australian social enterprises.
The Funding Network Australia CEO, Julie McDonald said, “Using this crowdfunding model to raise equity, debt and philanthropy in a live format really showcased how critical a mix of investment types are to social enterprises.
“We were overwhelmed with the response from the audience. The innovative collective giving event enabled everyone to band together and invest in new, exciting ways that create lasting social change”, McDonald continued.
Three Australian social enterprises, KOCO Global, Injalak Arts and Ethical Harvest were given the opportunity to present for just 6-minutes to share their stories and pitch their case for support. Three “sharks”, who represented each form of finance including debt, equity and philanthropy, asked questions about their financial sustainability, business models and growth plans in a “Dragon’s Den” format. Then, it was over to the delegates to raise their hands and publicly pledge their financial support.
In an unprecedented demonstration of a shared vision to shift more capital for good, the audience dug deep and raised nearly half a million dollars to enable these social enterprises to scale their social enterprises in India, Northern Territory, and The Philippines. All three enterprises are using this event as a launching pad for their online crowdfunding campaigns via Start Some Good.
“Impact Investing in Australia has grown significantly over the past decade and we’re proud of what the Summit achieves. In particular, showcasing the first ever blended finance live crowdfunding event and the remarkable results this can achieve for the sector”, said Executive Director of the Impact Investment Summit, Melanie Greblo.