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

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

At Rubio, we’re as mission driven as the entrepreneurs we back. That’s why we only invest in the most outstanding impact businesses and co-create impact targets with our partner entrepreneurs that carve a clear path for systemic change. This is our foundation, which we call our Aligned Impact Model.

Rubio's Aligned Impact Model

Our compensation depends on impact, not just exits. We’ve structured our carried interest (the reward remuneration received after distributing returns to investors) so 100% is locked behind impact hurdles before financial ones. No impact, no reward. It’s designed to eliminate the classic VC conflict: for us, impact and returns aren’t competing—they’re inseparable.

We developed this Aligned Impact Model together with the European Investment Fund back in 2014. 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 >1x).

Rubio’s Impact Methodology

1

Basic building blocks

Impact screening

Impact lock
Is every product or service delivering direct impact?

Measurability
Can the positive outcome be measured with clear KPIs?

Impact DNA
Is the team driven by their mission?

2

Theory of change

Investment process

What?
Which pressing societal issue do you address? How large/important is this problem?

Who?
Who benefits from your solution? How underserved are they?

How much?
What is the breadth, depth and time length of the effects?

Additionality
What would have happened without your solution?

Systemic impact
Does your company have transformational potential? Does it innovate practices or technologies that reshape industries, driving scalability and system change?

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3

Genuine partnership

Finalising the deal

Impact targets
Together, we set 1-3 impact KPIs linked to your business forecast to monitor and track your impact

Anchoring impact
Impact is firmly anchored in governance via the Articles of Association, and impact voices in the cap table

100% carried interest
We align on incentives for impact and business (100% of Rubio’s carried interest compensation is linked to both impact and financial results)

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4

Impact growth

Amplifying your vision

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

ESG
Annually, we review ESG progress with you, using the Invest Europe ESG questionnaire and SFDR guidelines.

We tailor this to your business stage and leverage tools to keep the reporting easy and efficient. Together, we’ll assess progress, prioritize actions, and plan for continuous growth.

Evaluation
We evaluate progress towards impact and business targets based on solid quarterly and annual reporting. We report on progress towards our impact goals both at fund and company level. We will start reporting on the potential systemic effects of our investments near the end of our fund’s lifecycles.

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Rubio's Theory of Change

1

Input

We deliver

  • Impact-driven strategy and culture
  • True, Eager, Bright, and diverse team
  • Min 250M AUM impact Capital (equity)
  • Holistic & people centric approach
  • Strong entrepreneurial expertise and international networks

2

Output

Direct results

  • Invest in 75 world changing entrepreneurs
  • Support our portfolio in scaling their mission
  • Create expert & founder networks to share knowledge/best
    practices
  • Measure, report, and validate impact
  • Attract new sources of capital to early-stage impact investing

3

Outcome

Intended effects

Planet Paradise:

  • Mt C02 reduction
  • Biodiversity protected/increased
  • Mt Resources saved or re-used

People Power:

  • Reduce poverty and inequality
  • Access to education
  • Income creation
  • Improve health & wellbeing

Impact & Financial – Return on Investment

  • Achieve impact returns (80-100% score on independently validated KPI’s) at fund level
  • Achieve financial returns (min 2x net at fund level)
  • Sustained impact beyond exits

Society at Large

  • Increased investments in impact startups and scale-ups
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4

Impact

Systemic change

  • Climate tech and socialinvestments become the norm, not the exception
  • Impact investments prove to lead to systemic change and become key enablers of societal and environmental progress
  • Progress towards the Sustainable Development Goals: peace and prosperity for People and Planet.

Our Impact Report, a labour of love

Each year, on Valentine’s Day, we publish our full Rubio Impact Report ❤️. Why so early in the year? We just can’t wait to share our love of the collective impact our portfolio partners are making! This diverse group of visionary entrepreneurs represent a powerful force for good, and their exceptional work deserves the limelight.

See the latest below, or previous reports from 2024, 2023, 2022, 2021, 2020, 2019, 2018.

Check out the 2025 report!

The biggest bang for the buck

At Rubio, every euro we invest comes back to one question: where does it do the most good? It's what drives everything we do, so we spent more than a year searching for a better answer, and built a method of our own: the impact prioritisation compass. This whitepaper brings it all together: the method, everything we analysed across both Planet and People, and the conclusions we reached.

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