Maki VC, a Helsinki-based venture capital firm, focuses on nurturing early-stage companies, primarily in the Nordics and selectively in Northern Europe. Emphasizing sustainability and diversity, the firm recently unveiled its 2023 Sustainability Report. This report examines the progress of its portfolio companies in areas like diversity and Environmental Social Governance (ESG) metrics. While improvements are noted, challenges persist, particularly in cultural and gender diversity within management and boards.
Maki VC, founded in 2018, invests in early-stage deeptech startups from inception to Series Seed and beyond. The firm emphasizes sustainability and diversity, backing companies like Spinnova and IQM, as well as health-focused startups such as Cardio Signal and Jennis. Maki VC aims to create a positive impact through its investments, fostering innovation and sustainability across various sectors.
In comparison to earlier reports, the latest findings from Maki VC indicate a slight improvement in gender diversity, with 35% of portfolio company founders identifying as female. However, only 15% of these companies have gender-diverse boards, although this is higher than the industry average. Cultural diversity among management and board members has also increased, attributed to companies expanding into new markets. Despite these gains, challenges remain in creating truly inclusive work environments.
Gender and Cultural Diversity
Maki VC’s report reveals that while 35% of founders or co-founders identify as female, gender diversity on company boards is lacking. The firm aims to enhance cultural diversity, noting an 18% increase in founder nationality diversity. However, cultural diversity remains low among management and board members.
Workplace Well-being
The report highlights that 80% of surveyed companies have strategies to support staff mental health and well-being. Yet, only 57% have whistle-blowing policies, and 66% have a code of conduct. The need for anti-harassment and anti-bullying policies remains critical, particularly for female migrants in tech.
Commitment to ESG
Maki VC emphasizes ESG in its investment decisions. The report shows that 61% of companies discuss ESG at the board level, while only 34% estimate their greenhouse gas emissions. Despite these efforts, broader commitment across portfolio companies is needed.
Useful Inferences
– Early-stage founders should prioritize diversity and ESG metrics to attract VC investment.
– Companies must enhance board and management diversity for better guidance and decision-making.
– Implementing comprehensive workplace policies, including whistle-blowing, anti-harassment, and mental health strategies, is crucial.
Maki VC’s 2023 Sustainability Report underscores that while there are improvements in diversity and ESG practices among its portfolio companies, significant gaps remain. Addressing these gaps requires focused efforts on enhancing board diversity, creating inclusive environments, and establishing robust workplace policies. Companies in the sustainability sector might find it easier to commit to these values, but broader adoption is necessary for substantial progress. Ultimately, integrating diversity and ESG as core business practices will not only attract investors but also foster innovation and sustainability across industries.
