Rubio Impact Ventures lands €70m for new fund – and it’s not stopping there: 'Impact investing is coming of age'

Amsterdam-based Rubio Impact Ventures has secured more than €70m for the first close of its third impact fund.

The fund has a target size of €111m. A spokesperson for the firm told Impact Loop it was well on track to exceed that number by final close. "Everything looks amazing so we think it's gonna be much more," the person said.

'A no-brainer'

Rubio Fund III is backed by both returning and new LPs, among them the European Investment Fund (EIF), Invest-NL, Oost NL, Brabantse Ontwikkelingsmaatschappij, ING Social Impact Investments, and the NN Social Innovation Fund. The Dutch government’s RVO also renewed its support through an innovation loan under the Seed Capital scheme.

Machtelt Groothuis, co-founder of Rubio, believes the addition of major institutions like ING and NN shows that impact investing has "come of age."

“In an era of accelerating climate change and social challenges, the most valuable companies of the future are the ones building real solutions to global problems,” Groothuis said in a statement.

"The launch of our third fund reflects that the impact investing model is recognised, the opportunity is clear, and the urgency has never been greater," she said.

The new vehicle brings Rubio’s total assets under management to €220m. Since launching in 2015, Rubio has invested in over 40 startups, including Sympower (grid flexibility for renewables), NoPalm Ingredients (circular palm oil alternatives), and OpenUp (accessible mental healthcare).

Invest-NL CEO Rinke Zonneveld called the fund “a no-brainer” for the Dutch state-backed investor.

“Rubio didn’t just set the standard for impact investing in the Netherlands – they created it,” he said. “Their approach to linking climate and social impact is inspiring others and helping bring institutional investors into this space.”

Which startups are they looking at?

Earlier this year, Rubio’s two co-founders, Willemijn Verloop and Groothuis sat down with Impact Loop to discuss, among other things, which startups they're looking to back this year and beyond.

On the people side, Groothuis says she sees "a big opportunity" for startups who are helping create a workforce that can assist the green energy transition. On a more technical side, improving the flexibility of the European energy grid is a big focus area.

"The growth of solar and wind causes huge imbalances in the electricity grid. So we’re interested in any software or hardware based solutions that can help there," she says.

Rubio also has a specialised team for agrifood tech, where biodiversity is a big theme.

Mental health companies are also in high demand.

"Mental health is just a tsunami that is coming at us right now, where we are looking for solutions," Verloop says.

One thing all portfolio companies must have in common is that they fit Rubio’s criteria for making a systemic impact – rather than just making incremental improvements within its sector.

"In every impact segment we look at, we need to believe that our investment could potentially have a systemic impact, and change an entire industry or value chain," Verloop says.