Structuring hybrid
impact investment
Learn how to finance social businesses with tailored instruments and catalytic partnerships. Strengthen your impact investment structuring skills and delve in case studies and insights from leading impact entrepreneurs and investors.
4.6/5
Successfully funding a social business requires re-thinking the way impact investment is being structured. This course is designed to empower you with the skills to structure and tailor equity, mezzanine and grant-based instruments that fit different impact business models. You will delve into the world of innovative finance and discover instruments such as Social Impact Incentives, Revenue-based loans, Impact-links and other ground-breaking impact finance innovations. Over twenty years of pioneering experience from impact investors and social entrepreneurs are distilled in this practical course designed for both investors and entrepreneurs.
Learning goals
- Explain the missing middle challenge and the need for diverse sources of impact capital
- Gain confidence in tailoring impact finance instruments to support ventures
- Discover the applications and power of Social Impact Incentives and Revenue-based loans
- Discover how to establish catalytic investor partnerships to scale ventures
- Gain entrepreneurial insights into the challenges of raising impact finance
Testimonials
What our learners say about the course
"I will scream from any rooftop to say this Structuring Impact Investments course is worth it because you really get a depth of knowledge which you can apply in your business."
Sibongile ZuluImpact Investor at Capital Unlocked Read Sibongile's story
"The Structuring Impact Investments course content was world-class. The Efiko team have gone above and beyond in creating this fantastic resource for impact investors."
Andrew GrayImpact Investor at Tilia Impact Ventures Read Andrew's story
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"I will scream from any rooftop to say this Structuring Impact Investments course is worth it because you really get a depth of knowledge which you can apply in your business."
Sibo ZuluImpact Investor at Capital Unlocked Read Sibongile's story
"The Structuring Impact Investments course content was world-class. The Efiko team have gone above and beyond in creating this fantastic resource for impact investors."
Andrew GrayImpact Investor at Tilia Impact Ventures Read Andrew's story
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Structuring hybrid impact investments
Course modules
The course is structured around four modules that will introduce the purpose of tailored financing and creative approaches to fund a social business.
Module 1: Addressing the missing middle challenge 🕒 3h00
Build a strong understanding of the ecosystem of financing solutions needed to support diverse social businesses in achieving their goals. Understand the limits of traditional finance instruments and where innovation can come from.
Lesson 1: Unravelling the Missing Middle Challenge
- • Video 1: The Mismatch in Impact Investing
- • Video 2: Why is the Missing Middle Still Missing?
- • Video 3: Why Finance as Usual Does Not Work
- • Video 4: Innovations to Break Up Silos
- • Video 5: Key Takeaways
- • Practitioners Insights:
1. Wietse van der Werf (Sea Rangers Service)
2. Joost van Engen (Healthy Entrepreneurs)
3. Lisa Mairet (Elea Foundation) - • Exercises
- • Additional Readings:
1. Beyond warm glow: Why early-stage social ventures need more impact-first finance - Article - (Pioneer Post)
2. Closing the Pioneer Gap - Article - (Stanford Social Innovation Review)
3. 'It’s Not About Subsidies’ – And Five Other Myths About Blended Finance - Article - (Next Billion) - • Optional Reading
Lesson 2: Recognising the Need for an Impact Finance Continuum
- • Video 1: Introduction
- • Video 2: Who Exactly Provides Impact Capital, How and to Whom?
- • Video 3: Why is Impact Finance not Binary but a Continuum?
- • Video 4: Spotlight on European ‘Investors for Impact’ Smaller Investments, Bigger Impact?
- • Video 5: Key Takeaways
- • Practitioners Insights: 1. Lisa Mairet (Elea Foundation) 2. Aglae Touchard le Drian (Raise Impact)
- • Exercises
- • Additional Resources:
1. Across the returns continuum - Publication - Omidyar Network
2. Impact Investing in Asia - Publication - Oliver Wyman, Marsh & McLennan Insights 3. Impact investing demonstrates remarkable progress and untapped potential - Article - SSIR
4. The Impact Map of We Changers - Database
5. The Impact Database - Database
6. The Impact Investing Network Map - Database
7. Impact Yield Asia - Database
8. EVPA - Infographic - Impact Strategies
9. The Economist - Article - “Impact investing” inches from niche to mainstream - Optional resources:
1. Bridgespan, Investing that puts impact first - Publication
2. GIIN, Annual Impact Investor Survey
Lesson 3: Matching Ventures to Adequate Financing Instruments
- • Video 1: Introduction
- • Video 2: The Usual Suspects: How Impact Entrepreneurs See the Pros and Cons of Equity, Debt and Mezzanine (Part 1)
- • Video 3: The Usual Suspects (Part 2)
- • Video 4: Compulsory Reading
- • Video 5: Key Takeaways
- • Practitioners Insights:
1. Wietse van der Werf (Sea Rangers Service)
2. Martina Mettgenberg Lemiere (ex-GLS) - • Exercises
- • Additional Resources:
1. FASE - Article - The financing rounds were real highlights to me
2. EU Publications - A recipe book for social finance
3. IDS Case Study
Module 2: Tailoring equity and convertibles for a social business 🕒 2h30
Delve into the characteristics of investing in or raising equity or quasi-equity like convertible notes. Discover when and how to tailor equity instruments to best support venture goals. Cherry on the cake: you get insights into the equity journey experiences of social entrepreneurs and experienced impact investors!
Lesson 1: Customising Equity for Impact Ventures
- • 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
- • Practitioners Insights:
1. Wietse van der Werf (Sea Rangers Service) - • Exercises
- • Additional Resources:
1. Term-Sheet Templates
2. Stanford Social Innovation Review - Article - What's your End Game?
3. Rethink ownership - Article - Purpose, Want purpose-driven businesses?
4. GIIN, Responsible Exits - Case Study
5. Financial Model (Social Investment Toolkit, Mark Cheng) - Case Study
6. Redeemable equity Invertor (Latin America) - Case Study - • Optional Reading
Lesson 2: Craft Convertible Notes for Impact Ventures
- • Video 1: Convertibles: Great Workarounds
- • Video 2: Do's and Don’ts of Convertibles
- • Video 3: The Case of AckerPause
- • Video 4: Key Takeaways
- • Practitioners Insights:
1. Wietse van der Werf (Sea Rangers Service) - • Exercises
- • Additional Reading:
1. Peter Werner in CooleyGo - Article - Primer on Convertible Debt
2. FASE - Article - We want offices to have more vegetable patches than soccer tables - • Optional Reading
Lesson 3: Integrate an Impact Link in the Equity Game
- • 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:
1. Lisa Mairet (Elea Foundation)
2. Bjoern Streuwer (Roots of Impact)
3. Shabana Abbas (Aqua For All) - • Exercises
- • Additional Resources:
1. SIINC, Enabling high-impact social enterprises to improve profitability and read scale - Book
2. Next Billion - Article - Pushing the Water Boundaries: How Social Impact Incentives Can Make WASH Enterprises More Innovative, Impactful, and Catalytic (2022)
3. Investing for Good - Article - A review of impact-linked finance: does incentivising impact work
4. BRIDDHI - Innovative Finance Toolkit - Publication
Module 3: Using mezzanine instruments to overcome the limits of debt 🕒 2h00
Learn how to use the power of mezzanine instruments to overcome the limits of debt and equity without sacrificing their respective benefits. Discover how to structure revenue based loans and integrate impact links in investment terms. Learn from insightful case studies and insights from impact investors and entrepreneurs.
Lesson 1: Meet the mezzanine financing solution
Get to know mezzanine financing and discover its key benefits and limitations for funding social businesses.
- • Video 1: Mezzanine Finance for Impact Ventures
- • Video 2: Unique Features of Mezzanine instruments
- • Video 3: Pros, Cons vs. other instruments
- • Video 4: Mezzanine Term sheets
- • Video 5: Key takeaways
- • Practitioners Insights:
1. Wietse van der Werf (Sea Rangers Service)
2. Joost van Engen (Healthy Entrepreneurs) - • Exercises
- • Optional Reading
- Glossary
Lesson 2: Remuneration models
Learn the in’s and out’s of mezzanine remuneration structures, including revenue and profit-based mechanisms.
- • Video 1: Remuneration models overview
- • Video 2: Revenue-based remuneration structure
- • Video 3: Revenue-based case study: Team U
- • Video 4: Profit-sharing remuneration structure
- • Video 5: Pros and cons of revenue or profit share agreements
- • Video 6: Key takeaways
- • Practitioners Insight:
1. Martina Mettgenberg Lemiere (ex-GLS) - • Exercises
- • Additional Resources:
1. Calm Company Fund - Article - Shared Earnings Agreement
2. Adobe Capital - Article - Revenue-based Funding Debt
Lesson 3: Impact-linked financing
Connect mezzanine remuneration with social and environmental impact results by learning from leading examples and practitioners.
- • Video 1: Impact-linked Mezzanine Defined
- • Video 2: Mezzanine and Incentives: a Winning Team
- • Video 3: The Case of Apopo
- • Video 4: Key takeaways
- • Practitioners Insight:
1. Bjoern Streuwer (Roots of Impact)
2. Maurits Schouten (Blue Parasol Investments) - • Exercises
Module 4: Structuring hybrid investments with multiple investors 🕒 2h30
Discover how different types of investors and instruments can merge to optimally support a social business. See how smart grants can enhance the investment profile of ventures. Learn from inspiring case studies of how hybrid financing structures can be designed.
Lesson 1: Structuring Deals with Multiple Instruments and Diverse Investors
- • Video 1: Introduction
- • Video 2: The When and Whys of Hybrid Rounds
- • Video 3: Structuring a Hybrid Round
- • Video 4: Find the Right Amount Per Instrument
- • Video 5: The Difference for Investors
- • Video 6: Key Takeaways
- • Exercises
Lesson 2: The Case for Hybrid Business Models
- • Video 1: What Are Hybrid Business Models?
- • Video 2: Hybrid Legal Models
- • Video 3:The Dual, Tandem Structure
- • Video 4: The Integrated Structure
- • Video 5: Mindset Barriers
- • Video 6: Key Takeaways
- • Practitioners Insights:
1. Joost van Engen (Healthy Entrepreneurs) - • Exercises
- • Additional Resources:
1. Gyn Forum - Results Efficacy Study - Discovering Hands
2. Impact Alpha - Article - New corporate forms to protect your investment in impact
3. EVPA - Success Story - Social-Bee, FASE 4. In German: FASE, “We want to be an opportunity provider for integration” - Q+A Article
5. Next Billion - Article - Sorry, ‘Feel Good’ Investors: Deep Impact Requires Concessions
Lesson 3: Leverage the catalytic power of smart grants
- • Video 1: Introduction
- • Video 2: The Power of Smart Grants
- • Video 3: The Social Impact Bonds
- • Video 4: Social Impact Incentives (SIINC)
- • Video 5: First-Loss Guarantees
- • Video 6: Key Takeaways
- • Practitioners Insights:
1. Shabana Abbas (Aqua For All)
2. Martina Mettgenberg Lemiere (ex - GLS)
3. Bjoern Streuwer (Roots of Impact)
4. Mauricio Preciado Awad (Big Society Capital)
5. Matthew Bannick (Omidyar Network) - • Exercises
- • Additional Resources:
1. Social Success Note Case - IDB - Publication
2. Reimbursement Grant - IDB - Publication
Interactive sessions (Optional) 🕒 3 x 2-hour
Spice up your course with 3 interactive sessions where you join an experienced trainer and a group of like-minded investors and entrepreneurs. The sessions help you practise impact deal structuring based on exclusive case studies whilst meeting interesting people and sharing experiences.
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.
Delivery mode
Choose the delivery that works best for you
Autonomous learning
The learning experience that fits your busy working schedule and allows you to learn at your own pace from wherever you are. Access a neat online course structured around bite-sized videos and a wealth of resources that guide you in structuring an impact investment.
Social learning
Spice up your learning journey by blending the online course with a set of three interactive sessions. The sessions offer you an opportunity to practise your skills by working on compelling real-life case studies in a role-play setting while meeting and sharing experiences with a group of like-minded peers!
*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
Insightful pieces to drive positive social & environmental impact
Any questions?
Contact Timothy
CO-FOUNDER
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.
Any questions?
Contact Timothy
CO-FOUNDER
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.
FAQs
Frequently Asked Questions
Can't find the answer to your question? Contact us at support@efiko.academy.
1. Who is this course for?
This course is designed for impact finance professionals (analysts, managers) and entrepreneurs eager to enhance their deal structuring skills. The contents will be relevant for professionals active within impact investment funds, foundations, ventures or advisory teams. Basic financial and accounting knowledge is sufficient to take the course.
2. Is this a course for beginners or experts?
This course should be accessible to anyone who 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 support@efiko.academy or ask any questions you may have to other learners on the Efiko Community platform.
3. In which languages can I access the course?
For now, the online course is only provided in English including subtitles.
4. Who is the course partner - the Financing Agency for Social Entrepreneurship?
FASE, the Financing Agency for Social Entrepreneurship, holds years of experience in supporting funders with expertise in innovative financing solutions. They contribute to the development of a thriving market for social innovation across Europe.
5. What are the available 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 support@efiko.academy.
6. How secure are the payments made on Efiko?
Every transaction on Efiko is performed and secured by Stripe or PayPal, two reliable payment processors.
7. Can I sign up for a course with my team or department?
Yes, you can secure several tickets at once by contacting us at support@efiko.academy
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 support@efiko.academy 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 on the course or up until 5 days after the introductory session if you register as a Social Learner;
b) The guarantee applies up until you consume 20% of the course content;
Contact support@efiko.academy 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.
