Rubio Impact Ventures has closed its second fund with €110m, almost 40% more than its initial target. It now manages €150m of impact capital, four times more than this time last year.
With this second raise, Rubio plans to fund over 30 impact-focused companies, from Seed to Series A. It used its first fund to invest in eleven companies, including cultivated meat startup Mosa Meat, litter collection app Litterati, and fair coffee brand Wakuli.
Rubio says its rapid growth is proof that the momentum for impact investment is accelerating, which it says is “incredibly exciting”. Several other impact funds have launched in recent years; for example, Five Seasons Ventures recently announced a €180 million second fund for consumer-focused food startups with a quantifiable environmental or social impact. And earlier this year, Beyond Impact launched its Vegan Diversity Fund for vegan, cruelty-free, and animal-replacing products and services.
“We want to thank our early days investors in the first and second fund for their trust in our mission and a warm welcome to all the new investors that are joining us,” said Rubio in a statement. “We are excited to continue our mission and inspiring others in the venture capital market to shift towards ever more impact!”