In 2022, Visa Foundation was looking for a European fund to invest in that could help promote equal access to capital. Najada Kumbuli and her team scrutinized 300 funds in Europe. Borski Fund was the first to pass the selection. In this interview, Najada explains what makes this partnership invaluable.
In 2017, Visa Foundation made it its mission to strengthen small and medium-sized enterprises (SMEs) worldwide and help them grow and thrive. As Head of Investments, Najada designed an investment strategy that prioritizes partnerships with women-led funds. To date, Najada’s strategy has contributed to the incredible achievement of deploying more than $200 million in grants and impact investments, in partnership with more than 70 organizations in over 60 countries.
Impactful changes
As a result of these partnerships, Visa Foundation has been able to support more than 4 million SMEs and 1 million jobs worldwide, with more than $2 billion in capital invested in local communities. This highlights the fact that impactful change is achieved through collaboration. Below, Najada shares how Borski Fund is part of that success.
Closing the funding gap
‘Various studies show that female and diverse fund managers are more likely to invest in women and other underrepresented entrepreneurs with a focus on social impact and sustainability—all while outperforming their non-diverse counterparts,’ Najada explains. Therefore, one of her goals for Visa Foundation was to help increase the number of women managing capital, as well as the number of female entrepreneurs with access to that capital and the number of women benefiting from those companies as employees or customers.
Doing financial and social good
In Europe, Borski Fund was one of Visa Foundation’s first investments. ‘We looked at European funds in private debt, venture, and private equity capital with women in leadership positions who shared our sustainability and social impact lens,’ says Najada. Out of 300+ funds in Europe, Borski Fund stood out. Founded by Laura Rooseboom and Simone Brummelhuis, Borski supports 100 percent women-run SMEs with a healthy return, in sectors such as healthcare, life sciences, and climate tech. ‘What we saw and still see in Borski Fund is the remarkable combination of financial success while doing good in local communities. Furthermore, they remain committed to diversity at the corporate level.’
Combined expertise
For Visa Foundation, one of the decisive factors for this investment was Borski Fund’s strategy, approach, team, and track record, combined with the institutional support of StartGreen Capital. ‘We see that emerging fund managers are good at finding innovative and necessary investments, but they sometimes lack the experience and institutional strength to build a solid portfolio. StartGreen Capital’s support and institutional capacity were evidence for us of Borski’s holistic approach to their business strategy.’
Aligned goals
Visa Foundation and Borski Fund share the same vision for stimulating female and diverse entrepreneurs. ‘We were impressed by the consistent track record of investing in innovative, high-growth, and women-led companies with high impact, while creating and fostering a thriving, diverse entrepreneurial ecosystem in Europe. At their core, both organizations share the same long-term goal: helping to build an inclusive and regenerative economy. As our goals are closely aligned, we can move forward together in promoting financial inclusion and strengthening women-owned businesses.’
Adding value
Najada and her team have regular check-ins with the Borski team and follow progress closely. ‘We are impressed by the size of their portfolio and the caliber of the entrepreneurs they select. We know that the hardest part begins after the initial investment: ensuring the entrepreneurs are successful. That is why we are so enthusiastic about Borski’s thorough value creation model. In much the same way that Borski Fund supports entrepreneurs during their journey, we want to support Borski Fund in their development. We spend a lot of time looking for the right partners, and once we have selected them, we want to enable them to become successful as they grow and scale their capabilities.’
More positive impact
Visa Foundation remains committed to SMEs with female and diverse owners. ‘We have worked with more than 70 partners worldwide who help us transform local economies by supporting female entrepreneurs—from a small restaurant owner in Mexico to a femtech medical start-up supported by Borski Fund. Partners like Borski Fund continue to play an important role in creating a more equitable and sustainable economy for everyone.’
Read more in the Visa Foundation Impact Report
This interview can also be read in our Impact Report 2023
