Page 143 - Social Enterprise A New Business Paradigm for Thailand

4. Angel Investors
Angel investors provide early-stage funding for social enterprises and are typically individuals or

small-scale organizations. While they are often private individuals, some operate through impact
investment vehicles. Notable examples include Sir Ronald Cohen, widely recognized as the father
of both social investment and venture capital in the United Kingdom, as well as Jessica Jackley,
co-founder of Kiva.org, and Reid Hoffman, known for backing several successful startups. Further
details on angel investors are presented in Appendix 4.1.

5. Venture Capital
Venture capital refers to funding provided to startup companies that demonstrate strong growth
potential and the ability to generate rapid financial returns. As such, venture capital investments

often target technology-oriented firms. Prominent examples include Tin Shed Ventures, which
supports the outdoor apparel company Patagonia; the Omidyar Network, founded by the creator
of eBay; and Aavishkaar, a pioneering venture capital firm in this space. Additional details on these
investors are available in Appendix 4.1.

6. Social Stock Exchanges (SSE)
Social stock exchanges operate similarly to conventional stock exchanges but differ in their
primary focus on delivering measurable social outcomes. A leading example is the Impact
Investment Exchange (IIX), founded in 2009 by Durreen Shahnaz, a Bangladeshi entrepreneur and

pioneer in impact investing. IIX’s mission is to bridge the gap between finance and development
by connecting impact investors with social enterprises. Its goal is to empower marginalized and
underserved communities, enhance environmental sustainability, promote education, and
support inclusive growth. To advance these objectives, IIX offers a variety of initiatives, including
technical assistance for social enterprises, research programs, and platforms for financial
innovation.

These initiatives include: (1) Impact Exchange, the world’s first regulated stock exchange
dedicated to social enterprises, allowing them to access a broad investor base that includes both

institutional and retail investors seeking social impact alongside financial returns; (2) the
Women’s Livelihood Bond (WLB), a pioneering bond structure that channels capital toward
underserved women in marginalized communities, helping them launch or expand businesses
and improve their livelihoods, and widely recognized for its innovative approach to advancing
gender equity and financial inclusion; (3) IIX Impact Partners, a matchmaking platform that
connects impact investors with opportunities in sectors such as clean energy, healthcare,
education, and sustainable agriculture; (4) the IIX Growth Fund, an investment vehicle that
supports high-performing social enterprises with the potential to scale their impact in areas like
renewable energy, healthcare, agriculture, and education; and (5) Research and Publications,

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