June 14, 2017
French Venture Capitalists Pledge Support to Social Good
Seven VC firms are joining Epic to launch the Sharing Pledge, a new initiative that encourages venture capitalists to share their success for a fairer society.
For long associated with the pursuit of financial performance, venture capital is now seeking a better balance between its business objectives and the relevance of playing a social role — a point of tension that increasingly hampers the hiring of the talents necessary to their development, and to the support of entrepreneurs in search of impact. Thanks to the Sharing Pledge, venture capitalists demonstrate their commitment to create a society of true solidarity through the financing of social organizations.
Designed by Epic, a global organization that provides solutions to make giving the norm, the Sharing Pledge expresses the necessity for every company to gauge the importance of its social responsibility by sharing a portion of its revenues through a mechanism tailored to their industry. For VC firms, private equity firms and all players in capital funding, this commitment is about giving 1% or more of their management fees and/or 1% of their carried interests to the social organizations of their choice. This commitment applies to every new fund as well to the existing funds of their choice.
Alexandre Mars, Founder & CEO of Epic explains this positioning: "There's a growing gap between those who suffer from social exclusion and those who do extremely well. Successful leaders in civil society increasingly recognize that gap and the role and responsibility they must undertake in closing it."
The Sharing Pledge has already been signed by seven VC firms: 360 Capital Partners, Blisce/, Breega, Hardware Club, Iron Capital, Serena Capital et Ventech. Ben Marrel, Founding Partner of Breega, explains the meaning of this commitment: "As entrepreneurship is about having a social impact, giving has always been obvious to us. It was all but natural to us to join the Sharing Pledge, a painless instrument that is perfectly suited to VC firms to actively contribute to the funding of social organizations. As a matter of fact, both our clients and our employees expect our company to stand by this kind of commitment".The Sharing Pledge is a valuable addition to the set of solutions already provided by Epic to make giving the norm.
Founded in 2014, Epic is a non‐profit startup headquartered in New York with offices in Paris, London, Brussels, Dubai, Mumbai, Bangkok and San Francisco. Epic provides solutions to make giving the norm. By supporting multiple initiatives in civil society such as payroll giving or the profit pledge for entrepreneurs and corporations to share their success with social organizations, Epic aims to bring a systemic solution to the aspirations of the ongoing social disruption. Epic puts its solutions into practice by applying them to tackle youth and children issues globally.