10/23/18, 4:29 AMHiding in plain sight: More than 100 funds that are investing in the creative economy - ImpactAlpha

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Dasic Fernandez/Rubin415 mural in Greenpoint, Brooklyn l Photocredit: StreetArtNews.com

Hiding in plainsight: More than100 funds that areinvesting in thecreative economy

Inclusive Economy

(https://impactalpha.com/category/themes/inclusive-

economy/) | October 23, 2018

Dennis PriceDennis Price

(https://impactalpha.com/author/dprice/)(https://impactalpha.com/author/dprice/)

The Latest

100+ creative economyinvestors, Omidyar’s sim‐ple complexity, microfi‐nance in Pakistan andMexico, Clarmondial’sfood fund (https://im‐pactalpha.com/100-cre‐ative-economy-in‐vestors-omidyars-sim‐ple-complexity-microfi‐nance-in-pakistan-and-mexico-clarmondials-food-fund/)The Brief | October 23, 2018

Hiding in plain sight:More than 100 fundsthat are investing in thecreative economy(https://impactalpha.‐com/hiding-in-plain-sight-more-than-100-funds-that-are-invest‐ing-in-the-creative-economy/)Inclusive Economy | October23, 2018

Today's Brief (https://im‐pactalpha.com/?p=48319&preview=true)

10/23/18, 4:29 AMHiding in plain sight: More than 100 funds that are investing in the creative economy - ImpactAlpha

Page 2 of 15https://impactalpha.com/hiding-in-plain-sight-more-than-100-funds-that-are-investing-in-the-creative-economy/

If you think “arts and culture” when you hear

“creative economy,” you’re not thinking big

enough.

Think creative places, ethical fashion, impact

media, sustainable food and other creative

businesses. The creative economy is a $768

billion market in the U.S. alone, where it ac-

counts for 10 million jobs.

“The more we look, the more we find,” says

Laura Callanan, founder of Upstart CoLab, an

artist/entrepreneur/investor collaborative.

Callanan has been making the case for years

that investments in creative people and busi-

nesses drive innovation that gives companies

and investors an edge, and impact, such as

jobs for low-income groups. “It seems clear

that a creative lens is a good way to be looking

for investment opportunity.”

>>Creative economy at SOCAP18Creative economy at SOCAP18. UpstartCoLab’s Laura Callanan, LISC’s Sam Marksand others will discuss investing in the cre-ative economy (https://socap18.pathable.-

com/meetings/905698) Thursday in SanFrancisco.

(https://impactalpha.‐com/?p=48319&preview=true)

Customer survey datathat makes it simpler toembrace the complexityof impact investing(https://impactalpha.‐com/customer-survey-data-that-makes-it-sim‐pler-to-embrace-the-complexity-of-impact-investing/)Measure Better | October23, 2018

Incofin commits $10 mil‐lion to Mexico’s Finan‐ciamiento Progresemos(https://impactalpha.‐com/incofin-commits-10-million-to-mexicos-financiamiento-progresemos/)Women Rising | October 22,2018

USAID backs Food Secu‐rities Fund with $37.5million guarantee(https://impactalpha.‐com/usaid-backs-food-securities-fund-with-37-5-million-guarantee/)2030 Finance | October 22,2018

10/23/18, 4:29 AMHiding in plain sight: More than 100 funds that are investing in the creative economy - ImpactAlpha

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Callanan and other advocates for the ‘creative

economy’ are recasting artists as innovators

and a source of business and social value,

much as gender-lens investors say they are

finding hidden value in equity and inclusion

for women and girls.

Some investors are embracing the investment

thesis directly. The new NYC Inclusive Cre-NYC Inclusive Cre-

ative Economy Fund, ative Economy Fund, launched by the New

York office of Local Initiative Support Corp.,

has raised (https://www.prnewswire.-

com/news-releases/lisc-nyc-launches-impact-

investment-fund-to-support-nycs-creative-

economy-at-socap18-300735096.html) $2.4

million of a targeted $10 million from in-

vestors including Deutsche Bank for invest-

ments in affordable work spaces for the city’s

creatives.

Separately, Nesta, a U.K. foundation, has

launched (https://www.nes-

ta.org.uk/blog/head-heart-social-investment-

announcing-cultural-impact-development-

fund/) a £3.7 million ($4.8 million) CulturalCultural

Impact Development FundImpact Development Fund to lend to arts,

culture and creative organizations seeking

positive social change in their communities.

Tez Financial Ser‐vices raises seed fundingto serve Pakistan’s un‐banked (https://im‐pactalpha.com/tez-fi‐nancial-services-raises-seed-funding-to-serve-pakistans-unbanked/)Inclusive Economy | October22, 2018

Best-in-class impact tal‐ent, opportunity zonerules, Runway Projecttakes off, green bonds inTaiwan, Amazon backsClosed Loop (https://im‐pactalpha.com/best-in-class-impact-talent-op‐portunity-zone-rules-runway-project-takes-off-green-bonds-in-tai‐wan-amazon-backs-closed-loop/)The Brief | October 22, 2018

Opportunity zone regu‐lations could spur smallbusiness investing(https://impactalpha.‐com/first-opportunity-zone-regulations-show-signs-of-hope-for-small-business-investing/)Inclusive Economy | October22, 2018

Jessica Norwood: 'Be‐lieve in you' money forblack entrepreneurs(https://impactalpha.‐

10/23/18, 4:29 AMHiding in plain sight: More than 100 funds that are investing in the creative economy - ImpactAlpha

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Hidden valueHidden value

Many other investors also have stakes in the

creative economy, sometimes without even

knowing it. Upstart CoLab’s new report, “Hid-

ing in Plain Sight (https://www.upstartco-

lab.org/hiding-in-plain-sight/),” catalogs 107

funds that either explicitly target a sector of

the creative economy or have made at least

two investments in creative economy ventures.

The set of funds, culled from ImpactAlpha’sImpactSpace, Crunchbase and other sources,

hold total assets of about $60 billion.

Artists as SocialEntrepreneurs:With UpStart Co-Lab, LauraCallanan Brings

Creativity to Impact Investing (Podcast)

impactalpha.com

Upstart’s report found a link between creative

economy investments and inclusive opportuni-

ty. One in five of the 107 funds making creativ-

ity investments had an explicit inclusivity

strategy. A deeper look at the traditionally-

structured venture capital funds found that

com/jessica-norwood-believe-in-you-money-for-black-entrepreneurs/)Inclusive Economy | October22, 2018

Finding best-in-class im‐pact investing talent(https://impactalpha.‐com/what-best-in-class-impact-investing-talent-looks-like/)Smarter Money | October22, 2018

Ignitia secures earlyfunding to alert small‐holder farmers to weath‐er changes (https://im‐pactalpha.com/ignitia-secures-early-funding-to-alert-smallholder-farmers-to-weather-changes/)Climate Finance | October21, 2018

First green bond in Tai‐wan dollars to fund is‐land’s clean energy shift(https://impactalpha.‐com/first-green-bond-in-taiwan-dollars-to-fund-islands-clean-ener‐gy-shift/)2030 Finance | October 21,2018

Closed Loop Fund se‐cures $10 million fromAmazon to improve recy‐

10/23/18, 4:29 AMHiding in plain sight: More than 100 funds that are investing in the creative economy - ImpactAlpha

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women and people of color combined to ac-

count for almost half of senior investment

leadership.

There’s a misconception that art is for the

elites, says Callanan. “In fact, it’s a pathway to

diversity.”

More than half of the funds have invested in

sustainable food, “reflecting the mainstream-

ing of organics and growing interest in local

and craft foods and beverages.”

The roster include both impact funds like Nes-

ta’s earlier Nesta Arts Impact FundNesta Arts Impact Fund and the

Media Development Investment FundMedia Development Investment Fund, as

well as conventional funds from firms includ-

ing Khosla VenturesKhosla Ventures and Lerer HippeauLerer Hippeau.

The list also includes ‘sustainable and respon-

sible’ with ESG (for environmental, social and

governance) strategies like the TAU Opportu-TAU Opportu-

nities (Asia) Fundnities (Asia) Fund.

LISC, for example, had long financed the cre-

ative economy – without knowing it. With

Callanan, the firm reviewed its national port-

folio and found 98 projects related to arts, cul-

ture, and creativity representing $139 million

in direct lending volume. The new fund, which

cling (https://impactal‐pha.com/closed-loop-fund-secures-10-million-from-amazon-to-im‐prove-recycling/)Conservation Finance | Oc‐tober 21, 2018

The Brief’s Big 9: Thehow of impact, LatinAmerica’s leaders, NorthCarolina’s entrepre‐neurs, forest finance,Agent of Impact AndrewKuper (https://impactal‐pha.com/the-briefs-big-9-the-how-of-impact-latin-americas-leaders-north-carolinas-entre‐preneurs-forest-finance-agent-of-impact-an‐drew-kuper/)The Brief | October 19, 2018

Inclusive fintech in‐vestors, Brazil in thespotlight, Cargill’s Bor‐neo forest financing,Omidyar spins off Lumi‐nate (https://impactal‐pha.com/inclusive-fin‐tech-investors-brazil-in-the-spotlight-cargills-borneo-forest-financing-omidyar-spins-off-luminate/)The Brief | October 18, 2018

Investors are backingfintech ventures to cracka huge market: the glob‐al poor (https://im‐

10/23/18, 4:29 AMHiding in plain sight: More than 100 funds that are investing in the creative economy - ImpactAlpha

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attracted investments from small foundations,

family offices and impact investing networks,

is the first fund from LISC dedicated to the cre-

ative economy.

It’s a “more intentional version of what LISC

was already doing,” LISC NYC’s Sam Marks

told ImpactAlpha. The fund “gives impact in-

vestors a chance to support the creative econo-

my and create quality jobs,” he says, while

earning a return (2.75% annually) compara-

ble to other fixed-income products.

LISC NYC will use proceeds from the sale of

Creative Economy Notes to lend to nonprofits

like ArtBuilt NYC, which provides affordable

work spaces with long-term leases to artists,

artisans, and creative entrepreneurs. The fund

will also back developers like Brooklyn Navy

Yard Development Corp. and Greenpoint Man-

ufacturing & Design Center, which lease af-

fordable space to small-batch manufacturing

firms that connect ‘knowledge workers’ with

fabricators, machine operators, and craftspeo-

ple. Already the community lender has identi-

fied about $15 million in deaflow.

pactalpha.com/these-global-investors-are-backing-fintech-ven‐tures-cracking-a-huge-market-the-poor/)Inclusive Economy | October18, 2018

Financing forest restora‐tion by enforcing supply-chain standards(https://impactalpha.‐com/financing-forest-restoration-by-enforc‐ing-supply-chain-standards/)Innovative Finance | Octo‐ber 18, 2018

Loan to Guayaki aims tosupport jobs and pre‐serve rainforest in Brazil(https://impactalpha.‐com/factory-loan-to-guayaki-will-support-jobs-and-preserve-rain‐forest-in-brazil/)Good Jobs | October 17,2018

China’s Tencent invests$180 million in Braziliancredit unicorn Nubank(https://impactalpha.‐com/chinas-tencent-in‐vests-180-million-in-brazilian-credit-unicorn-nubank/)Inclusive Fintech | October17, 2018

Quona Capital leads $5

10/23/18, 4:29 AMHiding in plain sight: More than 100 funds that are investing in the creative economy - ImpactAlpha

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The Impact Alpha:Strategic lensesgive impactinvestors an edgeon the future

impactalpha.com

Cultural leadersCultural leaders

For some investors, a creative lens means en-

listing creatives with track-records for finding

‘what’s next.’ Cultural leaders know something

of value, says Callanan. They’re the “canaries

in coal mine of innovation.”

Early this year Andreessen Horowitz, a top Sil-

icon Valley venture-capital firm, tapped as lim-

ited partners African American cultural lead-

ers Sean “Diddy” Combs, Shonda Rhimes, Will

and Jada Smith, Quincy Jones, Kevin Durant,

Chance the Rapper, Nasir Jones and others for

its Cultural Leadership Fund. Cultural Leadership Fund. The fund it-

self will only invest in Andreessen Horowitz

portfolio companies interested in partnering

with those cultural leaders.

million round for Brazil‐ian small business lenderBizCapital (https://im‐pactalpha.com/quona-capital-leads-5-million-round-for-brazilian-small-business-lender-bizcapital/)Inclusive Economy | October17, 2018

Ode to intermediaries,beyond the metricsmyth, streamlining ur‐ban mobility, equitycrowdfunding acquisi‐tion, COCAP before SO‐CAP (https://impactal‐pha.com/ode-to-inter‐mediaries-beyond-the-metrics-myth-streamlin‐ing-urban-mobility-equi‐ty-crowdfunding-acqui‐sition-cocap-before-socap/)The Brief | October 17, 2018

Jed Emerson on gettingbeyond ‘the metricsmyth’ (https://impactal‐pha.com/jed-emerson-on-getting-beyond-the-metrics-myth/)Measure Better | October 17,2018

A paean to the unsungintermediaries who putthe pieces together forimpact (https://im‐pactalpha.com/a-paean-to-the-unsung-

(/)

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African Americans are “responsible for more

cultural influence than any other and perhaps

all other groups combined,” wrote a16z’s Ben

Horowitz and Chris Lyons in a post announc-

ing the fund (https://a16z.-

com/2018/08/22/introducing-the-cultural-

leadership-fund/). It made logical sense, said

the Horowitz and Lyons, “that as software eats

the world and technology’s primary target au-

dience becomes consumers we would focus on

this unique talent pool.”

Tapping artist-innovators as asource of businessand social value

impactalpha.com

Separately, Essence Ventures, a Black-owned

investment firm, tapped Singer/songwriter

Queen Latifah’s production company, Flavor

Unit Entertainment, as first creative partner

(https://impactalpha.com/queen-latifah-

backs-essence-fund-for-women-of-color-in-

the-arts/) for Essence VenturesEssence Ventures’ $20 million

fund for film, television and documentary pro-

intermediaries-who-put-the-pieces-together-for-impact/)Smarter Money | October 17,2018

Vermont InnovationCommons acquires equi‐ty crowdfunding plat‐form Milk Money(https://impactalpha.‐com/vermont-innova‐tion-commons-acquires-milk-money-equity-crowdfunding-platform/)Innovative Finance | Octo‐ber 16, 2018

Land Life Company rais‐es $4 million to planttrees in arid soils(https://impactalpha.‐com/land-life-company-raises-4-million-to-plant-trees-in-arid-soils/)Climate Finance | October16, 2018

Coord raises $5 millionto streamline city mobili‐ty (https://impactalpha.‐com/coord-raises-5-mil‐lion-to-streamline-city-mobility/)Impact Tech | October 16,2018

Capital flows in LatinAmerica, listening tocustomers, North Caroli‐na’s startup ecosystems,

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ductions by women of color. The new fund will

back media projects that reflect the experi-

ences of women of color and share ownership

rights to combat power imbalance in

entertainment.

Broader viewBroader view

A narrow focus on arts and culture fails to rec-

ognize the “creative economy as an on-ramp to

wealth building for entrepreneurs, including

women, people of color and others who bene-

fit from lower barriers to entry to a sector of

the economy more interested in merit than ad-

vanced degrees and pedigrees,” Callanan

writes in a new series of essays (https://cor-

nerstonecapinc.com/wp-content/up-

loads/Creativity-and-the-Arts-October-

2018.pdf) on creativity and the arts curated by

Cornerstone Capital.

‘Arts & Culture’ account for just 0.3% of the

$228 billion in impact assets under manage-

ment in this year’s investor survey from the

Global Impact Investment Network. Callanan

says she’s identified 125 ‘creative economy’

opportunities seeking more than $3 billion of

debt and equity.

crypto solar, LadyAgrihub (https://impactal‐pha.com/capital-flows-in-latin-america-listen‐ing-to-customers-north-carolinas-startup-ecosystems-crypto-so‐lar-ladyagri-hub/)The Brief | October 16, 2018

Impact investors cangain real feedback fromtheir portfolio compa‐nies’ customers. Do theywant it? (https://im‐pactalpha.com/impact-investors-can-gain-real-feedback-from-their-portfolio-companies-customers-do-they-want-it/)Measure Better | October 16,2018

North Carolina idea: In‐vest in ecosystems thatinvest in entrepreneurs(https://impactalpha.‐com/heres-a-north-car‐olina-idea-invest-in-ecosystems-that-invest-in-entrepreneurs/)Inclusive Economy | October16, 2018

Peru tops Latin Americain impact investments(https://impactalpha.‐com/peru-tops-latin-america-in-impact-investments/)Latin America | October 16,

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The creative economy has been flying under

the radar of impact investing, she writes. “In

low-income communities, creativity and cul-

ture have been part of comprehensive commu-

nity development for decades.”

One of the most successful examples

(https://impactalpha.com/santa-fe-funhouse-

meow-wolf-raises-17-5-million-to-expand-its-

creative-economy/) of the creative economy

has blossomed in Santa Fe, New Mexico’s

Meow Wolf. The trippy, choose-your-own ad-

venture, art installation employs more than

300 full-time and part-time “creatives,” counts

125 employee-owners, and supports more

than 60 artists, selling their products in the

gift shop. Earlier this year the firm closed

$17.5 million in convertible debt to expand to

Denver and Las Vegas, and is now raising $100

million to expand to other cities as well as to

launch new platforms digital media and

amusement park rides.

2018

Alphabit backs Sun Ex‐change's crypto-enabledsolar finance model(https://impactalpha.‐com/alphabit-backs-sun-exchanges-crypto-enabled-solar-finance-model/)2030 Finance | October 15,2018

responsAbility backs In‐dian organic food com‐pany Suminter(https://impactalpha.‐com/responsability-backs-indian-organic-food-company-suminter/)Farmer Finance | October15, 2018

Measure Better kicks off,online nature products inBrazil, online domesticjobs in India, impact op‐erating principles(https://impactalpha.‐com/measure-better-kicks-off-online-nature-products-in-brazil-on‐line-domestic-jobs-in-india-impact-operating-principles/)The Brief | October 15, 2018

Measuring the impact ofimpact investments – bytalking to customersthemselves (https://im‐

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You might also like...You might also like...

Santa Fe funhouseMeow Wolf raises$17.5 million toexpand its creativeeconomy

impactalpha.com

Such models can fill gaps left by the ‘knowl-

edge economy,’ says Cornerstone’s John Wil-

son in the opening essay to the Cornerstone

series. “The role of these entities is to empow-

er people to transform local artistic, design

and cultural resources into sustainable busi-

nesses that serve their communities and create

engaging work opportunities that will not be

lost to outsourcing or automation.”

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LeapFrog Investmentsbacks IFC’s ‘operatingprinciples for impactmanagement’(https://impactalpha.‐com/why-impact-stan‐dards-and-outsized-re‐turns-could-tip-trillions-towards-impact-investing/)Impact Management | Oc‐tober 15, 2018

Japanese investor ARUNbacks Indian domesticservice platform Book‐MyBai (https://impactal‐pha.com/japanese-in‐vestor-arun-backs-indi‐an-domestic-service-platform-bookmybai/)Women Rising | October 14,2018

Brazil’s Mundo Verde ac‐quires natural productse-commerce platformNatue (https://impactal‐pha.com/brazils-mundo-verde-acquires-natural-products-e-commerce-platform-natue/)Entrepreneurship | October14, 2018

10/23/18, 4:29 AMHiding in plain sight: More than 100 funds that are investing in the creative economy - ImpactAlpha

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Incofin commits$10 million toMexico’sFinanciamientoProgresemos

Oct 22, 2018

(https://impactalpha.com/incofin-commits-10-million-to-mexicos-financiamiento-progresemos/)

USAID backs FoodSecurities Fundwith $37.5 millionguarantee

Oct 22, 2018

(https://impactalpha.com/usaid-backs-food-securities-fund-with-37-5-million-guarantee/)

Back to Top Stories (https://impactalpha.com)

The Brief’s Big 10: Cli‐mate-finance mobiliza‐tion, institutional back‐lash, impact leaders ofthe year, financial re-plumbing, Agent of Im‐pact (https://impactal‐pha.com/the-briefs-big-10-climate-finance-mo‐bilization-institutional-backlash-impact-lead‐ers-of-the-year-finan‐cial-re-plumbing-agent-of-impact/)The Brief | October 12, 2018

Institutional hot seat(podcast), Lambda’scoding school, financialsolutions for workers, al‐ternative capital struc‐tures (https://impactal‐pha.com/institutional-hot-seat-podcast-lamb‐das-coding-school-fi‐nancial-solutions-for-workers-alternative-cap‐ital-structures/)The Brief | October 11, 2018

Re-plumbing businessfinancing with alterna‐tive capital structures(https://impactalpha.‐com/re-plumbing-the-business-financing-sys‐tem-with-alternative-capital-structures/)Innovative Finance | Octo‐ber 11, 2018

Institutional Shift: Im‐

10/23/18, 4:29 AMHiding in plain sight: More than 100 funds that are investing in the creative economy - ImpactAlpha

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pact investing on the hotseat at global pensionfunds (podcast)(https://impactalpha.‐com/institutional-shift-podcast/)Podcasts | October 11, 2018

Centaur Analytics se‐cures $3 million to cutfood waste using sensors(https://impactalpha.‐com/centaur-analytics-secures-3-million-to-cut-food-waste-using-sensors/)Farmer Finance | October10, 2018

Google venture arm GVbacks Lambda School’s$14 million round(https://impactalpha.‐com/google-venture-arm-gv-backs-lambda-schools-14-million-round/)Return on Inclusion | Octo‐ber 10, 2018

Financial Solutions Labzeros in on U.S. workers’financial health(https://impactalpha.‐com/financial-solutions-lab-zeros-in-on-u-s-workers-financial-health/)Community Finance | Octo‐ber 10, 2018

Global Health Invest‐

10/23/18, 4:29 AMHiding in plain sight: More than 100 funds that are investing in the creative economy - ImpactAlpha

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ment Fund, in-homehealth care, too impor‐tant to fail (https://im‐pactalpha.com/global-health-investment-fund-islamic-impact-bond-in-home-health-care-too-important-to-fail/)The Brief | October 10, 2018

After a dozen deals,Global Health Invest‐ment Fund has over‐come a rocky start(https://impactalpha.‐com/dozen-deals-later-global-health-invest‐ment-fund-has-over‐come-a-rocky-start/)2030 Finance | October 10,2018

Too Important to Fail:Overcoming barriers toinstitutional impact in‐vesting (https://im‐pactalpha.com/too-im‐portant-to-fail-overcom‐ing-barriers-to-institu‐tional-impact-investing/)Good Business | October 10,2018

Aavishkaar backs Indianlogistics tech firm GoB‐olt (https://impactal‐pha.com/aavishkaar-backs-indian-logistics-tech-firm-gobolt/)Impact Management | Oc‐tober 9, 2018

10/23/18, 4:29 AMHiding in plain sight: More than 100 funds that are investing in the creative economy - ImpactAlpha

Page 15 of 15https://impactalpha.com/hiding-in-plain-sight-more-than-100-funds-that-are-investing-in-the-creative-economy/

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Bain Capital's impactfund acquires in-homehealth companies(https://impactalpha.‐com/bain-double-im‐pact-fund-acquires-in-home-health-companies/)Industry News | October 9,2018

Firing up climate fi‐nance, youth unemploy‐ment in Australia, morelab-grown meat, and theGSG winners are...(https://impactalpha.‐com/firing-up-climate-finance-youth-unem‐ployment-in-australia-more-lab-grown-meat-and-the-gsg-winners-are/)The Brief | October 9, 2018

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