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Join the next social business financing cohort to learn how to structure impact investments

Equity for Social Businesses

Learn the essentials of equity fundraising for social businesses with insider tips, term sheet templates and guidance for both entrepreneurs and investors.

Video sneak peek

Beginner to intermediate

Exam and Certificate of Completion

4.6 rating for the skill track

In a nutshell

Early-stage impact ventures can consider equity financing to fund their growth. Venture Capital know-how is a good starting point for understanding the foundations of equity rounds. However, social businesses need investments tailored to their business model, market conditions and distinct goals. In this course, we empower you with cutting-edge knowledge and practical tips on avoiding mission drifts, integrating Impact-Links in equity terms, and creatively tailoring them to embrace the reality of impact ventures.

Free tip: Read Venture Deals from Brad Feld and Jason Mendelson if you want a practical guide on how commercial venture capital works in practice (non-impact-focused).

Learning goals

Equity funding

Course modules

Module 1: Equity tailored to impact ventures

Delve into the essentials of equity investment terms, valuation techniques and exit considerations.

  • Video 1: Equity Defined
  • Video 2: Advantages and Disadvantages of Equity Financing
  • Video 3: Valuation Methods (Optional)
  • Video 4: Valuation of Impact Ventures
  • Video 5: Equity Term Sheets for Impact Ventures
  • Video 6: End Games for Impact Ventures
  • Video 7: Responsible exits
  • Video 8: Key Takeaways
  • Practitioner Insights: Sea Rangers Services experience
  • Exercises
  • Additional Resources: Term-Sheet Templates, What's your End Game? (SSIR), Purpose, Want purpose-driven businesses? (Rethink ownership), Responsible Exits (GIIN), Financial Model (Social Investment Toolkit, Mark Cheng), Redeemable equity Investor
  • Glossary

Module 2: Craft Convertible Notes for Impact Ventures

Discover how convertible notes can serve as an alternative to equity and learn practical ways to structure them for social businesses.

  • Video 1: Convertibles: Great Workarounds
  • Video 2: Do's and Don’ts of Convertibles
  • Video 3: The Case of AckerPause
  • Video 4: Key Takeaways
  • Practitioner Insights: Sea Rangers Services experience
  • Exercises
  • Additional Readings: Primer on Convertible Debt (Peter Werner), We want offices to have more vegetable patches than soccer tables (FASE)

Module 3: Integrate an Impact Link in the Equity Game

Enter the exciting space of impact-linked catalytic capital and learn from pioneers in this space!

  • Video 1: Tailoring Equity to Impact
  • Video 2: Embed Impact in Equity Investments
  • Video 3: Nudging with Social Impact Incentives
  • Video 4: The Case of Clinicas del Azucar
  • Video 5: Key Takeaways
  • Practitioners Insights: Elea Foundation, Roots of Impact and Aqua for All.
  • Exercises
  • Additional Resources: SIINCs, Pushing the Water Boundaries: How Social Impact Incentives Can Make WASH Enterprises More Innovative, Impactful, and Catalytic (Next billion) A review of impact-linked finance: Does incentivising impact work (Investing for good), Innovative Finance Toolkit.
Experts contributing to the Structuring Hybrid Impact Investments course

Together with leading experts

FASE, the Financing Agency for Social Entrepreneurship, has extensive experience supporting funders with innovative financing solutions to foster a thriving social innovation market in Europe.
Dr. Markus Freiburg, Founder & Managing Director at FASE, is a renowned social finance thought leader and experienced trainer in impact investing.
Laura Catana, formerly with FASE, brings nearly a decade of experience in social entrepreneurship and impact investing, serving as a member of EBAN’s Impact Investment committee and training impact practitioners.
Certificate of Completion at Efiko Academy

Earn a valuable certification

Upon successfully completing the course and passing the exam, you will receive a Certificate of Completion delivered by Efiko Academy and FASE.

Delivery mode

Choose the delivery that works best for you

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Autonomous learning

Start learning about how to leverage and structure equity financing instruments to fund social businesses. Access bite-sized videos, practical exercises, insightful readings and real case studies. Learn at your own pace, by fitting learning into your busy working schedule.

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Impact Investment Structuring Skill Track

This course is part of the hybrid impact investment structuring skill track that covers the missing middle challenge, mezzanine financing and hybrid investment structure alongside equity financing.

*Need an invoice?

No problem, you can mark your preferred payment option in the check-out phase

*Need financial support?

Apply for financial aid on the basis of your need and merit

Any questions?

Contact Timothy

Did you know that 92% of our course takers are satisfied? That’s why we boldly guarantee that our courses will not let you down. Contact me in case you have any questions about our courses.
Co-founder of Efiko Academy, Timothy
Any questions?

Contact Timothy

Did you know that 92% of our course takers are satisfied? That’s why we boldly guarantee that our courses will not let you down. Didn’t get what you expected from the course? Let us know and get a full reimbursement up to 15 days as an Autonomous Learner, or up to 5 days as a Social Learner.

Frequently Asked Questions

Can't find the answer to your question? Contact us on

1. Is this a course for beginners or experts?

This course should be accessible for anyone that has basic enterprise financial knowledge. It will cover essentials and discuss more advanced topics. Should you feel lost at any point, don’t hesitate to contact us at or ask any questions you may have to other learners on the Efiko Community platform.

2. Is this course relevant to me?

This course will be relevant for you if you are an entrepreneur or CFO eager to learn how to raise innovative equity financing, a grant officer or manager working at a philanthropic institution, an investment analyst & manager working at an impact-driven fund, a sustainable finance consultant or coach.

3. I don’t understand something in the course, who can answer my questions?

In all packages, you’re invited to join the community platform where you can ask your burning questions.

If you’re enrolled in the blended learning option, you will be invited to attend one live case solving session with the lead trainers and a group of peers where you will also have the opportunity to ask questions.

In other cases, is always open for questions.

4. In which languages can I access the course?

For now, the course is only available in English including subtitles.

5. What are the payment options?

We provide three secure payment options:

– Credit card (Mastercard, VISA)

– Debit (PayPal)

– Bank transfer

Credit card and PayPal payments are possible by enrolling through the website.
If you wish to make a bank transfer payment, please contact

6. How secure are the payments made on Efiko?

Every transaction on Efiko is performed and secured by Stripe, a reliable payment processor.

7. Can I sign up for a course with my team or department?

Yes, you can secure several tickets for a course by contacting us at

8. Can I pay even if my native currency is not the Euro?

Yes, Stripe processes payments in 130+ currencies. PayPal also allows you to convert money to a different currency.

9. Can I ask for an invoice?

Yes, we can provide an invoice or proof of purchase so you can get reimbursed by your employer or company. Simply reach out to us at stating the course name and package you’d like to take and for how many people.

10. Can I get reimbursed in case I’m not satisfied with the course?

Yes, we do offer reimbursement on the course in case you’re not satisfied with it. The reimbursement applies following these conditions:

a) Up to 15 calendar days after you enrolled to the course
b) The guarantee applies up until you consume 20% of the course content;

Contact to ask for a reimbursement. We will review your request and in case your demand complies with the above conditions we will transfer the amount you paid, minus transaction costs.

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