The 9th edition of the ImpactFest was held on Thursday, 9th November. The annual flagship event of ImpactCity The Hague, founded by the municipality of The Hague, attracted 1,500 visitors from 35 countries.
It focuses on the combination of ‘doing good’ and ‘doing business.
Here’s everything that was announced or launched during ImpactFest 2024
Unveiled new funds
At this event, it was announced that over €44M in new funding has been made available to support impact entrepreneurs.
The Rijksdienst voor Ondernemend Nederland (RVO) unveiled six new funds designed to finance startups across various sectors, including robotics, mobility, energy transition, food production, and technology.
Each fund can provide up to €10M, with individual startups eligible for funding ranging from a minimum of €100,000 to a maximum of €3.5M.
This initiative aims to enhance opportunities for startups, helping them evolve into successful businesses.
In addition to these funds, the Social Impact Fund The Hague has been announced, aiming to raise between 8 to 10 million euros for entrepreneurs who are addressing social challenges in the city.
This new investment fund, developed in collaboration with the municipality of The Hague and
Social Club, seeks to make significant progress in tackling pressing local issues.
State of Impact 2024 report: Key takeaways
Dealroom, in collaboration with ImpactCity and Microsoft, launched the new State of Impact 2024 report at the ImpactFest 2024 event. Here are the important takeaways:
28% decline in funding in 2024
In 2024, impact startups have raised $33B in 2024 so far, a projected 28 per cent drop from the previous year.
“This drop is especially worrying since none of the 17 goals is on track to be achieved by 2030,” says the report. However, the impact startups are still worth a combined $2.4T, with private value almost two-fold that of 2021.
Far from being on track
According to the report, all 17 SDGs are far from being on track for 2030 objectives. Only a handful of subsidiary targets for any goal are even close.
Progress on more than 50 per cent of targets of the SDGs is weak and insufficient; on 30 per cent, it has stalled or gone into reverse. These include key targets on poverty, hunger, and climate.
11% of startup jobs are from impact startups in the Netherlands
In the Netherlands, 11 per cent of startup jobs come from impact startups. Here’s how jobs at these startups are distributed by province:
More than 32,000 startup jobs are supported by impact startups.
In 2024, over 100 Dutch impact startups raised funds. There are 775 funded impact startups based in the Netherlands, and more than 700 are currently hiring.
“The Netherlands has all the ingredients to become Europe’s leading hub for technological innovation, particularly in driving impact and addressing societal challenges,” says Constantijn Van Oranje-Nassau Managing Director/Envoy at Techleap.
“Dutch startups are at the forefront of tackling Sustainable Development Goals, from climate action and environmental sustainability to promoting good health, reducing inequalities, and fostering peace and strong institutions,” he adds.
The Hague Innovators Challenge
Besides funding, the event also announced the winners of the annual Hague Innovators Challenge, an initiative to boost local entrepreneurs tackling social problems.
The winner of ‘Best Innovator’ with a prize of €15,000 is Solvoz (develops a platform for optimising procurement processes in the humanitarian and health sector).
The incentive prize of €5,000 goes to Rator (developer of an innovative convector radiator with an integrated heat pump).
In addition, the public prize of €2,500 was awarded to Beans (a startup that produces
sustainable coffee naturally in the forest).
“Saskia Bruines, the alderman for economic development at the municipality of The Hague is enthusiastic, adds, ‘Our city can be proud of winners Solvoz, Rator, and Brute Bonen. I think it is wonderful to see how much dedication these entrepreneurs are working on their mission.”
“ We notice that more and more sustainable entrepreneurs are consciously choosing The Hague to establish themselves. In this way, the positive influence of our city is growing. And besides, startups and upscaling companies like these are an important contribution to the economy and employment,” adds Bruines.
Rabobank awarded seven startups
At ImpactFest, Rabobank awarded seven cheques of €25,000 each to Tarnoc, Primal Soles, Feelou, Lignitec, Hyer Power, and Arctic Reflections. A special cheque was also given to CIWI, a startup working on a new, clean solution for water purification.
The Rabo Impact Fund helps early-stage impact startups grow and adapt.
Access to Justice Fund
Additionally, Pels Rijcken has created a fund to help people and small businesses understand their legal rights and find justice, regardless of background or legal issues.
After reviewing nominees LEXGEN, Omnius, and LISI, the jury chose LEXGEN as the winner and awarded them a check for €20,000.
