NN launches the NN Social Innovation Fund to support social enterprises
Today, NN launches the NN Social Innovation Fund. The fund, with an initial EUR 5 million investment, is aimed at supporting early-stage social enterprises focused on increasing financial, physical and/or mental well-being. The first two enterprises supported by the NN Social Innovation Fund are Quan and Socialdebt.
Bridging the funding gap
Social enterprises are businesses primarily aimed at driving social change, rather than prioritising profits. While social entrepreneurs often rely on family and friends during the start-up period, they often struggle to attract new investments in the next phase of growing their businesses. The NN Social Innovation Fund aims to bridge this funding gap by investing in promising enterprises. In addition, NN provides volunteer hours and financial expertise.
Funding for Quan and Socialdebt
The first two enterprises supported by the NN Social Innovation Fund are Quan and Socialdebt. Quan, a The Hague (NL) based software developer, aims to increase the mental well-being of 1 million people by supporting managers and teams looking to prevent burnout and enhance team performance. Socialdebt, a Rotterdam (NL) based fintech, supports young people struggling with debt and financial stress.
Dailah Nihot, member of the NN Group Management Board: 'Funding is one of the biggest challenges social enterprises face in building their businesses, and today’s macroeconomic environment creates additional uncertainties. With the fund, NN aims to help entrepreneurs and provide them with the necessary resources to drive social innovation and to make a positive impact in society, in the early stages of growing their businesses.’
NN's commitment to society
The fund is part of NN's strategic commitment to invest 1% of our operating result before tax by 2023. With these resources, NN aims to contribute to the financial, physical and/or mental well-being of 1 million people.
The fund will officially be launched during the annual conference of the European Venture Philanthropy Association (EVPA) in Brussels today. Do you want to learn more about the NN Social Innovation Fund? Please refer to our website