Dbl Partners stands at the forefront of venture capital, championing a unique “double bottom line” approach. This strategy emphasizes the crucial synergy between premier financial returns and significant environmental, social, and economic impact. As a leading impact investment firm, DBL Partners strategically invests in companies that not only promise substantial financial growth but also actively contribute to a sustainable and equitable future.
Website: https://www.dbl.vc/
Total Assets Under Management: $1B or more
Asset Class: Private Equity
Primary UN Sustainable Development Goal: 13 – Climate Action
Clean Technology, Alternative Energy & Climate Change
Nutrition, Health and Wellness
Sustainable Agriculture
Firm Overview
Category: Venture Capital – Late Stage (Series A/B) – Developed Markets
DBL Partners operates as a venture capital leader, specializing in late-stage investments within developed markets. The firm is recognized as a pioneer of the double bottom line investment philosophy, skillfully integrating financial success with positive global impact. In a testament to their continued growth and commitment, DBL Partners successfully closed its fourth impact fund in 2021, securing $600 million. This fund is strategically allocated to propel innovation in crucial sectors including clean energy, sustainable agriculture and food systems, nature-based solutions, health and safety advancements, economic opportunity expansion, the evolution of transportation and mobility, and ventures at the intersection of space and Earth technologies.
DBL Partners’ investment portfolio showcases a commitment to nurturing groundbreaking early-stage companies. Notable examples include Menlo Micro, DroneSeed, Pallet, and R-Zero. Furthermore, DBL boasts a track record of successful investments in industry-leading companies such as Tesla, SolarCity, Pandora, PowerLight, NEXTracker, The RealReal, Farmers Business Network, and SpaceX. These ventures have collectively generated over 48,000 jobs, demonstrating the firm’s significant economic impact alongside its environmental and social goals. DBL Partners also demonstrates a strong commitment to diversity and inclusion; Fund III impressively features 61% women founders. This dedication to gender diversity extends throughout their portfolio, with women representing 42% of employees across active Fund III portfolio companies, and BIPOC individuals comprising 44%.
Firm Headquarters: US & Canada
Years of Operation: 10 years or more
Total Assets Under Management: $1B or more
Total Number of Investors: More than 25% of Capital from Top 3 Investors: Less than 25%
Investment Philosophy: The Double Bottom Line Approach
DBL Partners distinguishes itself as the first firm to formally adopt a double bottom line approach to impact investing at a significant scale. Their core investment strategy is predicated on the belief that companies can achieve top-tier venture capital returns while simultaneously driving positive environmental, social, and economic change. This philosophy is not merely aspirational but is deeply embedded in their operational framework.
DBL’s investment strategy centers on identifying and fostering companies poised for substantial growth and market disruption through innovation. What sets DBL apart from traditional venture capital firms is their active engagement in helping portfolio companies realize “double bottom line” impacts. This involves not only seeking maximum financial returns but also strategically guiding companies to contribute positively to society and the environment. This dual focus enables DBL to attract significant institutional capital, fueling the growth of innovative companies to a scale where they can effect global change and transform entire sectors. Examples include accelerating the shift towards decarbonized transportation, energy, and agriculture, all while delivering tangible benefits to communities and workforces.
Company Differentiator
DBL Partners enhances the value of its portfolio companies through a two-pronged approach. Firstly, the DBL team actively supports companies’ strategic, financial, and operational endeavors. This is achieved through direct participation as board directors, observers, and strategic advisors – representing the “First Bottom Line” of financial performance. Secondly, and equally importantly, DBL champions the creation of programs, activities, and policy engagement that foster positive environmental, social, and economic impact, tailored to each company’s unique context – embodying the “Second Bottom Line”.
This integrated double bottom line strategy is intentionally designed to create a competitive edge for DBL Partners’ portfolio companies, ultimately enhancing financial returns. For example, companies under DBL’s guidance have benefited from a reduced cost of capital, increased employee engagement, and positive community relations, which can translate into crucial policy and regulatory support as they grow.
Investment Example
DBL Partners has been instrumental in demonstrating venture capital’s potential to drive social change and environmental progress. With over a decade of proven first bottom line returns and leadership in sustainability, DBL’s portfolio includes companies that have achieved significant milestones. These include the first Electric Vehicle IPO with Tesla Motors in 2010, the first Rooftop Solar IPO with SolarCity in 2012, and the pioneering Circular Economy IPO of The RealReal in 2019.
The RealReal, a prominent online platform, specializes in the resale of authenticated luxury goods. This empowers both consignors and buyers to extend the lifecycle of luxury items, promoting a circular economy model. DBL Partners engaged with The RealReal early on, emphasizing the importance of the circular economy and collaborating on a sustainability project. This partnership led to the launch of the first-of-its-kind “Sustainability Calculator” in 2018. On June 28th, 2019, The RealReal marked a significant achievement by going public on the NASDAQ stock exchange under the ticker symbol REAL, becoming the first “circular economy” IPO.
Leadership and Team
Cumulative Leadership Experience in Impact Investing: 30 years or more
Cumulative Impact Experience of Top Three Firm Leaders: 30 years or more
| Nancy Pfund – Founder and Managing Partner More Info Nancy E. Pfund is the visionary Founder and Managing Partner of DBL Partners. Her leadership is driven by the mission to unite top-tier financial performance with substantial social, environmental, and economic benefits across diverse sectors and regions. Nancy’s pioneering work extends to her founding of DBL Investors, solidifying her role as a key figure in impact investing. She is a frequent speaker and writer on the subject, advocating for the power of venture capital to catalyze social and environmental advancements. | |
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| Ira Ehrenpreis – Founder and Managing Partner More Info Ira Ehrenpreis co-founded DBL Partners and serves as Managing Partner, bringing recognized leadership in both venture capital and energy innovation. His accolades include being named one of the “Top 50 Most Influential Men Under 45” in 2007 and induction into the International Green Industry Hall of Fame in 2014. Ira’s extensive background includes leading Technology Partners’ venture practice, focusing on investments in energy innovation. | |
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Percentage of Investment Professionals who identify as women: 25% to less than 50%
Percentage of Investment Professionals who identify as people of color:* Less than 25%
Percentage of Senior Management Team who identify as women: 50% or more
Percentage of Senior Management Team who identify as people of color:* Less than 25%
*People of color include: Black, Latinx, Asian, Native American/Alaskan Native, Pacific Islander, Middle Eastern and multi-racial Americans
Financial Performance
Target Financial Returns Relative to Benchmark: Above Market Rates
Actual Performance of Impact Products/Funds Relative to Target Financial Returns in the Past Three Years: In line with initial target returns
Financial Reporting Frequency to Investors or Donors: Quarterly
Impact Performance
| Percentage of Total Assets Under Management that are Impact Investments: | 100% |
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Primary Impact Outcomes:
Addressing climate change and environmental issues
Secondary Impact Outcomes:
Alleviating poverty
Conserving land, oceans, ecosystems and natural resources
Increasing access to workforce development services, job skilling and retraining
Creating jobs
Increasing access to education and improving educational outcomes
Increasing access to healthcare services and improving health
Increasing access to water and sanitation
Addressing racial inequities
Addressing gender inequities
Value-added Services Offered:
Access to markets
Financial literacy training
Human Resources, recruiting and professional development services
Other: Policy analysis and opportunity identification support; DEI recruitment and strategy development; Developing sustainability-focused products; Impact metric development support
Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:
DBL’s double bottom line investing strategy is rooted in the principle that financial success (First Bottom Line) and positive environmental, social, and economic impact (Second Bottom Line) are intrinsically linked. This synergy drives company growth and amplifies positive impact. DBL employs a unique investment approach to identify, invest in, and cultivate category-defining companies within climate technology and the broader impact investing landscape.
Investments systematically include social and environmental sustainability practices in the due diligence process:
DBL adopts a comprehensive approach to assess a firm’s current business operations, internal practices, and leadership composition. They also evaluate opportunities to enhance these areas to maximize social, environmental, and economic impact, both internally and externally.
Impact Tracking and Monitoring
Impact is Tracked: Yes
Impact Verified by an Independent Third-Party: No
Social and/or Environmental Impact is Reported to Investors and Donors: Yes – to investors and donors
Third Party Validations:
Participant in Global Reporting Initiative
Signatory of the United Principles for Responsible Investing
Member of Impact Capital Managers
Impact Frontiers Cohort Participant
Implement recommendations from Task Force on Climate Related-Financial Disclosure
Net Zero Assets Managers Initiative
Utilizes standardized impact metrics (e.g. IRIS+, GIIRS, etc.)
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing
Participant in the Impact Management Project
Signatory of the Operating Principles for Impact Management
Learn More
Key Contact Name: Finance Administrator
Phone: (650) 289‑9000
Email: [email protected]
Website: https://www.dbl.vc/
Mailing Address: One Montgomery St, Suite 2375, San Francisco, CA 94104 USA
