Triodos Impact reports

How Triodos Investment Management made a difference in 2016

About us

Our vision on impact and impact measurement

As an investor for impact we understand finance to be transformational, and define it as directing money so that it benefits people and the environment over the long term.

Triodos Organic Growth Fund intends to play a pivotal role in the much-needed transition towards sustainable consumption and production. It provides long-term mission-aligned private capital to leading European organic food and sustainable consumer businesses that have a clear commitment to increasing consumer awareness and the market share of sustainable consumer products.

We realise that our role and efforts in this complex web of change can only to a limited extent be captured in quantitative metrics and indicators. We believe that investing for impact moves beyond providing capital and requires a strong intention and a holistic and long-term approach. This means we build long-term relations with our portfolio companies and other stakeholders and, beyond our role as a capital provider, we intend to play a role as an enabler and an inspirer. With this approach Triodos differentiates itself from others in the capital-providing space.

To explain our vision and the extent to which we’re delivering on it, we share stories to illustrate the whole picture. These stories provide the essential context and background for our activities. They illustrate our ‘theory of change’. They are not ‘cherry-picked’ to highlight work that is atypical of our wider efforts.

The quantitative indicators are a part of the whole story. This means that indicators such as ‘annual turnover’, ‘costs of goods sold’ and ‘percentage organic offering’, are not a goal in itself; they are pieces of information that are part of the broader picture. All together, they give a sense of the impact we achieve through the capital that we have invested. For that reason, we neither set specific goals for indicators nor do we compare them to last year figures, simply because a higher number doesn’t necessarily mean more impact. For instance, financing a relatively small player in the organic food sector which will drive innovative and groundbreaking approaches to increase market share could mean more impact than financing a larger company in a mature market.

This publication aims to assess and communicate the impact of the Triodos Organic Growth Fund investments in a transparent and meaningful way. For the reader’s convenience we aim to avoid academic terminology, such as impact, outcomes, outputs, and so on.

About Triodos Investment Management

Triodos Organic Growth Fund is managed by Triodos Investment Management. Triodos Investment Management, a wholly-owned subsidiary of Triodos Bank, is a globally recognised leader in impact investing and connects a broad range of investors who want to make their money work for positive change with innovative entrepreneurs and sustainable businesses doing just that.

About Triodos Bank

Triodos Bank is one of the world’s leading sustainable banks. Established in 1980, it has pioneered a groundbreaking, commercially successful approach to money that values people, the environment and culture, as well as profit.


1. General

The use of the website is subject to the terms and conditions below. The contents of this website and all on-site pages or websites ("Website") are communicated by Triodos Investment Management BV ("Triodos Investment Management"), with its principal place of business located at Nieuweroordweg 1, Zeist (PO Box 55, 3700 AB Zeist), the Netherlands, and registered in the Trade Register under number 30170072. Triodos Investment Management is licensed by the Dutch regulator, the Autoriteit Financiële Markten (PO Box 11723, 1001 GS Amsterdam) (the “AFM”). Triodos Investment Management is a 100% subsidiary of Triodos Bank NV with its principal place of business located at Nieuweroordweg 1, Zeist (PO Box 55, 3700 AB Zeist), the Netherlands, and registered in the Trade Register under number 30062415 (hereinafter together with Triodos Investment Management referred to as “Triodos”). Triodos Bank NV is a fully licensed bank, regulated and registered by the Dutch Central Bank (PO Box 98, 1000 AB Amsterdam) and registered by the Dutch regulator, the AFM.

2. Local legal and sales restrictions, US Persons

The Website is not directed at any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of the Website is prohibited. Persons accessing the Website need to be aware that they are responsible themselves for the compliance with all local rules and regulations. Neither information nor any opinion expressed on the Website constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. An investment in a Triodos Investment Management product should only be made after reading the related legal documents such as management regulations, prospectuses, annual and semi-annual reports, which can be all be obtained free of charge at and at the Triodos’ offices in each country where Triodos has a presence. The information contained in this Website is not intended for users from other countries, such as US citizens and residents, where the offering of foreign financial services is not permitted, or where Triodos’ services are not available. Users of this site should be aware of the fact that they are solely responsible for full compliance with all laws and/or other regulations under their respective jurisdictions.

3. Use of the Website

Although Triodos Investment Management aims to provide accurate, complete and up-to-date information, obtained from sources of information believed to be reliable, no warranty or declaration, either explicit or implicit, is given as to the accuracy or completeness of such information. Persons accessing this Website are responsible for their choice and use of the information.

4. Investment performance

The value of your investments may fluctuate. The value of the assets of Triodos Investment Management’s investment products may also fluctuate as a result of the investment policy and/or the developments on the financial markets. Results obtained in the past are no guarantee for the future.

5. Third party websites

Following links to any other off-site pages or websites of third parties shall be at the own risk of the person following such link. Triodos Investment Management has not reviewed any of the websites linked to or referred to by the Website and does not endorse or accept any responsibility for their content nor the products, services or other items offered through them.

6. Limitation of liability

Triodos Investment Management as well as (possible) other suppliers of information to the Website accept no responsibility for the contents of the Website or the information or recommendations contained herein, which moreover may be changed without notice. Triodos Investment Management assumes no responsibility for ensuring, and makes no warranty, that the functioning of the Website will be uninterrupted or error-free. Triodos Investment Management assumes no responsibility for the consequences of e-mail messages regarding a Triodos (transaction) service, which either cannot be received or sent, are damaged, received or sent incorrectly, or not received or sent on time. Neither will Triodos Investment Management be liable for any loss or damage that may result from access to and use of the Website.

7. Intellectual property

All copyrights, patents, intellectual and other property, and licenses regarding the information on the Website are held and obtained by the Triodos. These rights will not be passed to persons accessing this information. The business names and trademarks belong to Triodos or its licensers and are protected by intellectual property law.

8. Privacy

Triodos Investment Management guarantees that the data of persons accessing the Website will be treated confidentially in accordance with prevailing data protection regulations. Such data will not be made available to third parties without the approval of the persons accessing the Website, unless Triodos Investment Management is legally obliged to do so.

9. Complaints policy

To guarantee a careful treatment of complaints Triodos drew up a complaints policy. A copy of this policy may be obtained free of charge.

10. Applicable law

The Website shall be governed by and construed in accordance with the laws of the Netherlands. All disputes arising out of or in connection with the Website shall be submitted to the exclusive jurisdiction of the courts of the Netherlands.




Triodos Investment Management, Zeist, The Netherlands


Photos in this impact report have been organised in close cooperation with:

  • Aarstiderne, Denmark
  • Naturfrisk, Denmark
  • Naty, Sweden
  • DO-IT, the Netherlands
  • Marqt, the Netherlands


Icemedia, Amsterdam, The Netherlands