VERGE Capital
Email: info@vergecapital.ca
Website: http://vergecapital.ca/
Phone: 519-433-7876
Office Headquarters Address:
Innovation Works, 201 King Street (2nd Floor), London, ON, N6A 1C9
Background
Year Founded: 2015
Mission & Mandate: VERGE Capital supports local economies and communities across Southwestern Ontario by investing in social enterprises that put people and the planet first.
Description: VERGE Capital is a social finance program of Pillar Nonprofit Network in collaboration with Libro Credit Union, London Community Foundation, Sisters of St. Joseph, and SVX.
We connect social enterprises with caring investors in their community, redirecting wealth to help tackle our region’s most challenging social and environmental issues.
VERGE Capital provides loans to social enterprises in Southwestern Ontario that contribute to the United Nations Sustainable Development Goals, “a universal call to action to end poverty, protect the planet and improve the lives and prospects of everyone, everywhere.”
We embody these targets through our core values, investing in:
– Local impact
– Equity & inclusion
– Climate action
– Systemic change
Sectors
– Addressing Systemic Racism
– Affordable Housing Biodiversity & Conservation
– Business & Financial Literacy
– Cleantech
– Community and Social Purpose Real Estate
– Community Arts & Media
– Community Economic Development
– Co-operative, Community & Social Enterprise
– Education & Skills Development
– Employment & Training
– Food Security
– Gender Equity
– Green Buildings & Retrofits
– Health & Well-being
– Indigenous Social Entrepreneurship
– Microlending
– Renewable Energy
– Sustainable Consumer Products
– Sustainable Finance
– Sustainable Food, Fisheries & Agriculture
– Sustainable Resource Management
– Sustainable Transportation & Infrastructure
– Youth
Fund Characteristics
VERGE Startup Fund
AUM: $1.2 million
Vintage year: 2015
Closing year: NA
Fund term: NA
Asset class: Private debt
Investor eligibility: NA
Minimum investment: NA
Geographic scope: Regional, Southwestern Ontario
Committed capital: $1.2 million
Average investment size: $45,000
Investee type: All
Investment stage: Seed, Early
VERGE Breakthrough Fund
AUM: $$2.26 million
Vintage year: 2018
Closing year: 2018
Fund term: 7 years
Asset class: Private debt
Investor eligibility: Accredited
Minimum investment: $10,000
Geographic scope: Regional, Southwestern Ontario
Committed capital: $2.3 million
Average investment size: $176,000
Investee type: All
Investment stage: Early, Mid
Impact Highlights
In collaboration with foundations and philanthropic organizations, governments, businesses, and impact investors, VERGE Capital has invested over $3.8M in social enterprises, community hubs, renewable energy projects, and affordable housing developments in 9 communities across Southwestern Ontario.
Success Story
Skilled Accents
London, ON | 2019
Financing: The loan from VERGE Capital enabled Skilled Accents, formerly a home-based business, to move into a commercial storefront that serves as a retail showroom, inventory storage, production and training, and small community event space.
Description: Skilled Accents is a social enterprise founded by Kay Habib, an interior designer who believes in making a difference in the community. Our vision is to reduce unemployment in marginalized communities while reducing fabric waste. We employ refugee women to create décor products from recycled fabric collected from local furniture and drapery stores. We believe in having a triple bottom line for our business: People, Planet and Purpose.
