Our fourth annual Meaningfulness Report is here
Our 2023 Meaningfulness report is out, highlighting a year of impact and growth. Our investments in 2023 generated a net positive impact valued at USD 11 million, a testament to the effectiveness of our approach in accelerating sustainable transition in global industries.
2023 impact highlights
Net positive impact valued at USD 11 million
In 2023, investments in Norselab funds resulted in a net positive impact valued at USD 11 million. On average in 2023, every million USD invested in our funds produced USD 38 487 in net impact returns. Using the monetary value to express net impact is a novelty in our reporting this year. It helps us understand whether
investments, taking into account all positive and negative impacts, create or destroy value in society. It also depicts the scale of the impacts in a way that is familiar to all stakeholders.
Expansion and growth
In 2023, Norselab solidified its presence in credit, significantly growing impact assets under management and delivering strong returns for investors. Our strategic expansion into credit, initiated in late 2022, was well timed. We have raised substantial assets and generated solid additional impact. In 2023, we further expanded our credit arm with a new fund.
Despite challenges in the macro environment for growth equity, our active ownership strategy ensured portfolio companies could extend their runway and strengthen their position through the rough patch. Our portfolio is in good shape and on track in their growth journeys, laying the foundation for future returns and impact outcomes.
Key impact highlights
- In 2023, Norselab raised close to USD 140 million in impact capital, bringing the total assets under management to nearly USD 300 million by the end of 2023
- In total, the portfolio contributed to fourteen different SDGs, with most investments contributing to several of them. The most frequently observed contributions are toward SDG 12 (Responsible Consumption and Production), SDG 8 (Decent Work and Economic Growth), and SDG 7 (Affordable and Clean Energy).
- Norselab’s investments target large-scale global challenges within several impact themes: Energy transition (investees include: K2A, Varig, Antec, Scatec); Sustainable food systems (investees include: Rift Labs, Fertiberia, Ava Ocean, Farmable), Good health and wellbeing (investees include: DoMore Diagnostics, OMDA, NHC, PatientSky), and Circluarity (investees include: Plateful, Carrot, Looping, Cibus).
The 2023 report provides a detailed view into our approach and method, and the impacts of each of our strategies. It also includes a view into how we reflect on sustainability regulations, how we work with engagement, and a complete overview of the companies in our growth equity strategy.
Our journey
The Norselab management team notes that 2023 has been a year for testing the resilience of our business idea: establishing a leading European impact asset management firm. Our growth plans are centered around three strategic pillars: an industry-leading approach to impact, institutional-grade governance, and strong financial returns. Our ultimate objective is to be part of a new wave of asset managers offering commercially attractive investment products across asset classes with an authentic impact approach, distinct from conventional ESG strategies. Ultimately, we want to help attract a more diverse range of capital to impact investing.
Our journey so far has been marked by significant milestones in expanding our strategies, enhancing our impact measurement frameworks, and delivering substantial positive impact. We are excited about the future and the continued growth of our mission to build a meaningful future for all.
Download the report here:
