An impact model that’s more than just a pretty face

At Rubio, we’re as mission driven as the entrepreneurs we back. Your impact targets are our own. That’s why we only invest in the most outstanding impact businesses, tackling major global issues with no trade-off between revenue and impact. This is the foundation of our partnership with you, and we call it our Aligned Impact Model.

The key to quantifying impact

Quantifiable impact targets are essential, but they can be tricky to pin down. Using the impact methodology outlined below, our team actively supports you in setting clear, quantifiable impact targets as part of our shared journey to building a world-class company.

1. We set quantifiable impact targets for each investment we do.
2. Our external Impact Advisory Board validates these targets before we invest.
3. Our fund investors validate the targets after the investment and link them to our fund performance.
But it doesn’t end there. In fact, setting targets is only the beginning: naturally, we keep a close eye on ongoing impact performance in relation to these targets, reporting back to our fund investors (and to all of you in our annual Impact Report).

100% carry linked to impact targets

The financial remuneration of team Rubio is linked to both impact and finance targets. Our first hurdle is impact (100% of our carried interest – the amount of money we take after returns to investors – is linked to impact) If during the time of our investment the combined portfolio does not reach their impact targets, we don’t see our carried interest. This mechanism avoids conflicts of interest between impact and financial performance as our VC’s return is tied to both: no impact = no rewards.

Our pioneering social impact performance model

We developed our social impact performance model together with the European Investment Fund back in 2014. Plus, Rubio’s Fund I was one of the first impact funds in Europe to link impact with carry, and we’re proud to say we overachieved on our impact targets (impact multiple > 1).

We’re happy to be a leader on this path – but even happier to see others starting to move in the same direction. With no gold standard currently in place in the market, we’re keen to keep learning, sharing and improving.

Our impact methodology

It all starts with the basics: the Theory of Change.

Problem
Which pressing societal issue do you aim to address? Which SDG(s) does it link to?

What
What effects do you want to achieve? Do they follow (directly) from your solution?

Who
Who benefits from your solution? How important is it for these beneficiaries?

How much
What is the size and significance of the effects? What (one to three) KPIs will measure this? Can they be linked to any SDGs?

Additionality
What would have happened without your solution?

Systemic impact
Does your company aim to change the system on a macro level?

The building blocks of sustainable impact

Alignment
Do your company’s effects scale with financial growth (i.e., are impact and business model aligned)?

Operations
Are the UN Global Principles integrated into your everyday operations?

DNA
Is your organisation always looking to learn and become better at achieving its impact mission?

As your impact partner in crime, we support you at every stage

Together, we set one to three impact KPIs – linked to your business forecast and any applicable SDGs – to monitor and track your impact.

Our Impact Advisory Board and independent investor council will provide expertise and external validation of these impact targets.

Impact is firmly anchored in the governance of both our fund and your company (via the Articles of Association).

We align on incentives for impact and business (with our team’s carried interest linked to both financial and impact results).

A joint mission to drive radical positive change

We challenge you, in yearly impact sessions, to bring your organisation’s impact management to the next level.

We systematically evaluate progress towards impact and business targets at both fund and company level.

Want to learn more about the impact of companies we invest in?

Go on a short and interactive journey through the collective impact highlights of our Rubio portfolio in 2022 or check out our complete Impact Report 2022.

Impact Report 2022

Download our previous impact reports below:

Impact report 2018
Impact report 2019
Impact report 2020
Impact report 2021