Giuseppini del Murialdo, Compagnia di San Paolo and Fondazione Denegri Social Venture to let SocialFare grow.
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Turin, June 2019 – It’s official: Compagnia di San Paolo and Denegri Social Venture Foundation enter the capital of SocialFare, born in Turin in 2013. The two investors agreed to support the development of SocialFare which have a strong focus on the acceleration of social impact knowledge and entrepreneurship.
Thanks to financial support and expertise of Compagnia di San Paolo and Denegri Foundation, SocialFare will be able to scale innovative solutions to the most pressing social challenges, develop research and experimentation in public-private partnerships, accelerate capacity building for the social impact and impact startups. The entire SocialFare ecosystem will be able to grow nationally and internationally, strengthening Turin as a reference city for social innovation and impact investing.
“Congregazione dei Giuseppini del Murialdo wanted to found SocialFare in order to give concrete answers to the challenges that the economic crisis and youth unemployment have made emerge in a dramatic and new way – tells Don Danilo Magni representing the Congregation. – With SocialFare the “Murialdini” have understood and intend to update, with the Social innovation approach, their own mission in favour of young people in different contexts, with particular attention to education, work and the enhancement of communities. In this context, the contributions of entrepreneurial know-how and financial capacity of the new members, Compagnia di San Paolo and Denegri Social Venture Foundation, together with the educational approach of the Congregation, can give an important and further boost to the identity and to the mission of SocialFare”.
“Compagnia di San Paolo has built over the years an integrated supply chain in the field of sustainable social enterprise,” – said Alberto Anfossi, General Secretary of Compagnia di San Paolo – supporting Nesta Italia and Open Incet, from Impact Hub to the three-year agreement to favor of Torino Social Impact, recently signed with the Chamber of Commerce of Turin.
In the first place, our model is based on the use of supply and investment tools, as well as systemic action with respect to the formation of the Turin and Piedmontese eco-system. The objective of Compagnia di San Paolo is to build a chain of social innovation that, starting from the activities of accelerating knowledge and accelerating business, leads social impact organizations to achieve sustainability and in some cases to become attractive to private capital. The Company’s investment in SocialFare is part of this chain, alongside interventions such as the Seed call for tenders and investments already made in SocialFare Seed and in the Oltre Venture fund.
In the past, our Foundation supported SocialFare by providing a startup grant; the growth and the first positive results of the model led the Company, alongside important investors, to capitalize with € 1.6 million a vehicle to seed the accelerated startups (SocialFare Seed srl) and then to develop the hypothesis of acquiring, in collaboration with the Denegri Social Venture Foundation, the control of SocialFare. The objective of the acquisition by the Company is to move from a logic of supply support to a capital investment one shared with important financial actors to support the growth of the social accelerator in a logic of professionalism and openness to the market “.
“We believe our entry into the social capital of SocialFare is a significant and consistent result for the newly founded Denegri Social Venture Foundation – states Corrado Ferretti, Vice President of the Foundation – whose work is far from mere disbursement but focuses on operations that combine entrepreneurial skills with initiatives capable of concretely transforming society. There is no coincidence that this synergy was born in Turin, a city that for years has been a promoter of a profound transformation in the way of doing business. The big goal – continues Ferretti – is to make SocialFare a point of reference at European level, a goal that can only be achieved by combining entrepreneurial skills, financial capital, and opportunity networks of all those involved.”
Laura Orestano, CEO of SocialFare, expressed the satisfaction of the whole SocialFare team – which is characterized by a strong female and under-35 component – and by the many partners who have come to join them into Social Renaissance, “hoping that this renewed structure could be the starting line for a model of social and financial convergence essential for accelerating know-how and innovative solutions in terms of models, services and products relevant to the company. This approach is necessary, at local and national level, also for a new development policy that focuses on people, territories and communities with their expert knowledge and their entrepreneurial potential and sustainable innovation. “