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New organization offers impact investment in the Upstate

Ross Norton //February 28, 2022//

New organization offers impact investment in the Upstate

Ross Norton //February 28, 2022//

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Abundance Capital, a Greenville-based donor-advised fund platform launched in late 2021 with the aim of activating millions of dollars of place-based charitable impact investing to grow vibrant, inclusive Southern communities. Impact investments seek to support businesses, nonprofits and projects that are doing good while also earning a reasonable financial return that is ultimately reinvested.

GatchellAbundance Capital achieved its 501(c)(3) tax exemption designation in December and began its public launch Feb. 15, welcoming new investors and interested businesses to join the movement, according to a news release.

Founded by philanthropy and impact investment industry veterans Mike Gatchell and Margaret Gifford, Abundance Capital is a new Southeastern-focused charitable giving platform that helps its clients combine the tools of venture capital and charitable giving to build stronger, more equitable, and sustainable local communities — for the ultimate mission of inclusive prosperity, the news release said.

“After two decades of helping individuals support the institutions and causes they care most about, I heard again and again from donors, whether giving $100 or $100 million, that they want to do more with their philanthropy. They want to solve deep problems, generate more impact, and create lasting prosperity for their communities,” CEO Mike Gatchell, co-founder of Abundance Capital, said in the release. “Abundance Capital provides a new and fun way for people to make their giving regenerative, using tax-deductible contributions for impact investing as well as granting.”

The goal is to activate philanthropic capital on a local level and create abundance by stretching the impact of philanthropy, using debt, equity or granting. Through Abundance Capital, donors become venture philanthropists, providing critical capital for underserved entrepreneurs and projects that create equitable and sustainable community development, the release said.

Margaret Gifford, co-founder and chief impact investment officer said, “As of today, our team has identified over $15 million of high impact investment opportunities that range from affordable housing funds and sustainable manufacturing to innovative minority-owned businesses focused on transitional co-housing. Abundance Capital hopes to create a movement of venture philanthropy across the Southeast to address these opportunities, activating their charitable investing to provide right-sized capital to these and other social venture businesses that are building stronger communities.”

can either identify investments themselves and present them for consideration, utilizing the United Nations’ Sustainable Development Goals as a rubric, or they may choose among options curated by Abundance, currently including CommunityWorks Carolina, Greenville Housing Fund, Homes of Hope, and others, the release said.

"Impact investing is little known in our area, but we are thankful Abundance Capital is raising its profile here. There is such a need for risk tolerant, flexible, and inclusive funding for entrepreneurs in the Upstate and throughout the region,” Erin Ouzts, director of the Upstate Entrepreneur Ecosystem at Ten at the Top, said in the release. “Abundance Capital is assembling a network of forward-minded philanthropic angel investors to fill an urgent need for highly flexible capital for meaningful businesses.”