"Este relatório examina o cenário do investimento de impacto na América Latina e no Caribe para 2020 e 2021, com base em uma amostra de investidores de impacto ativos na região, destacando tendências, principais desafios e oportunidades, e apresentando mergulhos profundos na atividade em três dos países da região: Brasil, Colômbia e México, além de uma análise sobre a Guatemala. Entre suas conclusões, o estudo mostra que os investidores de impacto estão buscando cada vez mais retornos ajustados à taxa de mercado, se mantendo flexíveis de acordo com as necessidades específicas de países e setores. Além disso, revela que os investidores de impacto ainda dependem fortemente de ferramentas próprias de medição de impacto, no entanto, um número crescente deles utiliza metodologias existentes para atender aos requisitos de medição de impacto. Acesso a capital, educação e treinamento e o ambiente regulatório local são identificados como os desafios mais comuns a serem superados para liberar todo o potencial do ecossistema empreendedor da região por meio do investimento de impacto."

This report provides insights into the startup ecosystem of Bangladesh, first describing the limited access to capital and infrastructure, the lack of necessary skills, and the absence of a supportive regulatory framework that have impeded the growth and development of startups in Bangladesh. It aims to identify the current state of the startup ecosystem in Bangladesh, exploring the challenges faced by startups, and analyzing the trends in startup investment in the country. It points to the significant growth in the number of startups and the total amount of investment in the sector, along with the increasing interest of foreign investors in Bangladesh's startup ecosystem, and the need for policy reforms and infrastructure development as imperatives to create a more conducive environment for startups to grow. Finally, the report highlights the potential of the startup sector to drive economic growth and job creation in Bangladesh and calls for increased government support and private investment to foster the growth of the startup ecosystem.

"The gender financing gap persists. Women-led startups raise significantly less capital than startups led by only men. According to PitchBook Data, in 2021, 85.4% of global VC dollars went to startups with only men on the founding team.

That number has hardly budged over the past decade — despite the fact that data continues to suggest that women-led startups outperform startups with all-men founding teams. For example, a BCG study found that women-led companies generate more than twice as much additional revenue per dollar invested (78 cents versus 38 cents) and a PitchBook study found that women-led startups reach their exit stage a full year earlier than all-male-founded startups (median 6.4 years versus 7.4 years).

For investors, focusing on only a fraction of all entrepreneurs means they leave significant opportunities for returns on the table. For startups, this gender financing gap means promising innovations do not receive the resources they need to scale.


That is why Village Capital partnered with IFC, We-Fi, the World Bank, and researchers Amisha Miller and Saurabh Lall to identify and test several concrete ideas for how to help close the gender financing gap. With the support of a research coalition that also includes Visa Foundation, Moody’s, ANDE’s Advancing Women’s
Empowerment Fund, Sasakawa Peace Foundation, and ANDE’s SGB Evidence Fund, we have identified several promising interventions.


Now we are sharing our results, and encouraging investors and accelerators to take action."

"Entrepreneurship is a fundamental element for innovation dynamics, employment generation as well as productivity generation and economic growth (van Praag & Versloot, 2007). However, women are less likely to start a business (Parker, 2009). Albeit this trend has been slowly changing in recent years (GEM, 2021), female founders seem to be losing out, particularly in the high-growth venture. Brazil, Chile, Colombia, and Mexico have some of the most dynamic entrepreneurial activities in the world. However, particularly in Brazil and Chile, the rate of early-stage entrepreneurship is significantly lower for females than for males (GEM, 2021). The fact that the gap in entrepreneurship is visible not only in general but especially among ambitious and high-growth start-ups is worrisome. This report presents a diagnosis of the gender finance gap for start-ups that applied to accelerators, that is, start-ups that operate mostly in the technology sector and have high-growth ambitions. The finding of this report matters to female founders trying to grow their venture, investors who might miss out on more efficient investment opportunities by overlooking female-led ventures, and policy makers who steer macroeconomic policy decisions."

"This Guide was developed for impact and mission-driven investors (“Investors”) operating in emerging markets to provide concrete, practical pathways for investing with a gender lens. The adoption of Gender Lens Investing strategies amongst investors in emerging markets in turn increases the amount of capital deployed towards women-led and gender inclusive businesses. Specifically, this Guide offers pathways for investment professionals, limited partners (LPs) and general partners (GPs) at impact and mission-driven Venture Capital (VC) and Private Equity (PE) firms that are investing in small and medium-sized enterprises (SMEs). Other actors that may also find the Guide useful are limited partners (LPs), asset managers, foundations, family offices and development finance institutions (DFI) that are providing capital to SMEs in emerging markets (Please see Figure 1: Who is this Guide for?). While the investor examples and data presented in the Guide originate from Investing in Women partners and countries of focus, the lessons learned apply broadly to investors operating in emerging markets.

There is no singular or linear path to investing with a gender lens, and there is no single ‘one-size-fits-all’ approach to meet the needs and theses of all investors. With that in mind, the Guide outlines various options for investing with a gender lens. We know that gender lens investing is not an “all-or-nothing” scenario. There are multiple ways to integrate progressive practices, including ways that are not resource-intensive. This Guide outlines entry points for investors at any point in their gender lens investing journey and provides various options for decisive actions that can be taken at any stage of the investment process.

There is no single prescribed starting point. Investors can customize their approach to getting started and/or to deepen their involvement. The Guide builds on – and contributes to – a rapidly growing body of knowledge shared within the fields of gender lens investing and development, and is intended to spur action and learning. Recognizing that new resources are continually emerging, this Guide delves into the “how” of gender lens investing and is designed to complement the work of our partners and colleagues cited throughout this paper."

"This Guide was developed for impact and mission-driven investors (“Investors”) operating in emerging markets to provide concrete, practical pathways for investing with a gender lens. The adoption of Gender Lens Investing strategies amongst investors in emerging markets in turn increases the amount of capital deployed towards women-led and gender inclusive businesses. Specifically, this Guide offers pathways for investment professionals, limited partners (LPs) and general partners (GPs) at impact and mission-driven Venture Capital (VC) and Private Equity (PE) firms that are investing in small and medium-sized enterprises (SMEs). Other actors that may also find the Guide useful are limited partners (LPs), asset managers, foundations, family offices and development finance institutions (DFI) that are providing capital to SMEs in emerging markets (Please see Figure 1: Who is this Guide for?). While the investor examples and data presented in the Guide originate from Investing in Women partners and countries of focus, the lessons learned apply broadly to investors operating in emerging markets.

There is no singular or linear path to investing with a gender lens, and there is no single ‘one-size-fits-all’ approach to meet the needs and theses of all investors. With that in mind, the Guide outlines various options for investing with a gender lens. We know that gender lens investing is not an “all-or-nothing” scenario. There are multiple ways to integrate progressive practices, including ways that are not resource-intensive. This Guide outlines entry points for investors at any point in their gender lens investing journey and provides various options for decisive actions that can be taken at any stage of the investment process.

There is no single prescribed starting point. Investors can customize their approach to getting started and/or to deepen their involvement. The Guide builds on – and contributes to – a rapidly growing body of knowledge shared within the fields of gender lens investing and development, and is intended to spur action and learning. Recognizing that new resources are continually emerging, this Guide delves into the “how” of gender lens investing and is designed to complement the work of our partners and colleagues cited throughout this paper."

"The report "Impact Investments in Brazil – 2020", carried out by ANDE in partnership with the Aliança por Investimentos e Negócios de Impacto, Instituto Clima e Sociedade, Fundação Grupo Boticário and with the support of Wright Capital, captures the characteristics of the sector of impact investing in Brazil in the year 2020, based on a sample of 38 impact investors active in the region. The report provides an overview of where and how capital is being allocated and identifies the challenges facing the ecosystem, as well as addressing topics such as gender equity and assessing climate risks and opportunities for portfolios."

“O relatório “Investimentos de Impacto no Brasil – 2020”, realizado pela ANDE em parceria com a Aliança pelos Investimentos e Negócios de Impacto, o Instituto Clima e Sociedade, a Fundação Grupo Boticário e com apoio da Wright Capital, captura as características do setor de investimento de impacto no Brasil no ano de 2020, com base em uma amostra de 38 investidores de impacto ativos na região. O relatório fornece uma visão geral sobre onde e como o capital está sendo alocado e identifica os desafios que o ecossistema enfrenta, além de abordar temáticas como equidade de gênero, avaliação de riscos e oportunidades climáticas para o portfólio e mensuração de emissões de gases de efeito estufa associadas ao portfólio. Coordenação e análise Pipe.Labo”

"This study demonstrates how investors can begin comparing investments based on impact, not only highlighting impact performance across this sample of investments but also exploring investors’ contribution to that impact in terms of the progress so far in tackling climate change. Fundamentally, this research is intended to cultivate the suite of impact analytic tools to come, such as impact performance benchmarks, ratings, and indices. Its specific findings highlight the tremendous need for further research to enhance the industry’s insights into impact performance and its drivers, enabling evidence-based decision-making. Ultimately, through this research and related efforts, the GIIN seeks to enable investors to optimize for impact at each stage of the investment process, accelerating progress toward global goals."

As investors with experience in gender lens investing (GLI), our peers often ask us for information on how to start their GLI journey. Many useful resources are available to do this. However, this brief addresses a gap in information on the tools and approaches used to design and implement gender-smart technical assistance for small and medium enterprises (SMEs) to improve their social and financial performance. We also share our reflections from our collective experience to date.