Impact report 2017
Investing in the transition towards sustainable consumption
The topic of responsible consumption is multifaceted. Considering issues of feeding a growing world population, loss of biodiversity and soil fertility, the impact of climate change, and the relationship between food and our health and wellbeing, can sometimes feel like an overwhelming challenge.
With Triodos Organic Growth Fund we address these global challenges by investing in the much-needed transition to more sustainable agricultural systems and consumption patterns. How? By providing long-term mission-aligned private equity to leading European organic food and sustainable consumer businesses that are making a difference.

By zooming in on these inspiring frontrunners in our fund, from Denmark, Sweden and the Netherlands, we want to give you a flavour of the importance and dynamics of this fast-growing sector, presented in the context of activities, stories, films and numbers.
Jurriën Appers
Fund Manager Triodos Organic Growth Fund
Investing for impact
Our vision and approach to investing in sustainable consumption and production.
Why do we invest in sustainable consumption and production?
Triodos Organic Growth Fund addresses the following three global challenges and has formulated its impact goals accordingly.
We consume more natural resources than the earth can provide. This global overuse leads to natural resource depletion, such as declining soil fertility and increasing pollution and scarcity. There is a loss of biodiversity and decreased resilience in the supply chains of food and other consumer products. Furthermore, there is the harsh reality that animals in intensive farming and production systems often live in discomfort and suffer unnecessarily. Triodos Organic Growth Fund targets two broad environmental objectives:
- preserve soil fertility and biodiversity and stimulate animal welfare by promoting organic farming and renewable sourcing
- increase food and resource efficiency by promoting efficient production, waste minimisation and circularity
Socio-economic
Consumers, by the choices they make when buying food and other products, have a major impact on which products are being produced, and how they are produced. However, many consumers lack awareness on how their consumption is linked to production processes, the harm it can bring to the environment, and the effects it has on society. Food, for example, appears never to have been cheaper. However, the prices we pay do not reflect true prices as they do not include the damage that food production and consumption patterns are causing to the environment, to soil, to biodiversity, to rural communities and to public health. These costs are in fact deferred onto future generations. Furthermore, increasing power concentration within the supply chains deepens imbalances between the different players in this chain, especially local producers. Triodos Organic Growth Fund targets two broad socio-economic objectives:
- catalyse fair and transparent business practices by promoting Fair Trade, transparent value chains and 'green economy' jobs
- grow the share of sustainable consumption by increasing consumer awareness and access to sustainable consumer products
Sector development
The frontrunners in the fast growing European sector for organic food and sustainable consumer products, now mature companies, are hampered in their growth and faced with succession issues by the lack of long-term capital that is aligned with their companies’ missions and values. Triodos Organic Growth Fund targets two broad sector development objectives:
- enable the growth of the sector for sustainable consumption and production by safeguarding companies’ independence, entrepreneurship and mission
- demonstrate and promote viability of a new instrument for impact investing: mission-aligned private equity with a long-term investment horizon, not driven by exits
Anchored in the United Nations Sustainable Development Goals

The urgency for the much-needed transition towards sustainable production and consumption is also anchored in the United Nations Sustainable Development Goals (SDGs), a set of goals to end poverty, protect the planet, and ensure prosperity for all. In particular, SDG 12 calls for responsible consumption and production. Why? Because if the global population reaches 9.6 billion by 2050, the equivalent of almost three planets will be required to sustain current lifestyles.
And in a broader context, food and agriculture is a key theme for Triodos Organic Growth Fund and lies at the very heart of the SDGs, from ending poverty and hunger to responding to climate change and sustaining our natural resources.
Evergreen investing across the value chain
Evergreen approach
Triodos Organic Growth Fund provides long-term capital to a diversified portfolio of leading organic food and sustainable consumer companies across Europe, based on an ‘evergreen’ approach. Private equity often has a short-term focus on profit maximisation due to the limited duration of such a fund. By creating an evergreen fund, Triodos Organic Growth Fund can remain invested in companies without the pressure of an exit, thereby supporting them in realising their long-term environmental, social and financial goals. This approach safeguards the companies’ independence, entrepreneurship and mission.
Across the value chain
Triodos Organic Growth Fund seeks to catalyse and support the value chain for organic food and sustainable consumer products. A chain in which (agricultural) production, distribution and consumption strikes a balance between the earth’s natural resources and the needs of society. Through its investments in sourcing, product development, production, wholesaling and retailing, the fund is active throughout the value chain from (natural) resources to final products, and from the farmer to the end consumer. The companies in portfolio at year-end 2017, DO-IT, Naturfrisk, Naty, Aarstiderne, and Marqt illustrate this.
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Sourcing
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Production and
product development -
Wholesale
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Retail and
direct sales
What did we achieve in 2017?
Marqt in the Netherlands
Dutch retail chain Marqt operates fifteen stores and was set up to radically change the value chain of food by introducing a fair distribution model for growers, processors and retailers and by offering customers higher-quality food at a fair price in a modern and trend-setting atmosphere.
How does Marqt contribute to the environmental and socio-economic impact goals of Triodos Organic Growth Fund?
Environment - Preserve soil fertility and biodiversity
No chemical pesticides
65% - 100% The only way to guarantee no chemical pesticides is with organic farming. Roughly 65% of Marqt’s fresh produce department is certified organic, 68% of its farmed fish is organic, while 80% of its dairy products is certified organic or biodynamic.Animal Welfare
95% Marqt believes that daily groceries should be good and healthy for everyone. This includes showing respect to animals. Approximately 95% of Marqt’s meat offering is certified (2* Beter Leven, organic or comparable). 80% of its fresh dairy department is certified organic or biodynamic.High-risk ingredients
All palm oil, fish, coffee, tea and cocoa has either a social or organic certification.Environment - Increase food and resource efficiency
Waste minimisation
Marqt’s unsold meat that still meets quality standards is picked up by the food banks in Amsterdam and Haarlem. Marqt donates unsold fresh produce to local petting zoos. In 2017 Marqt initiated a project where leftover citrus peel was turned into biofuel.Renewable energy
100% All fifteen stores and Marqt’s head office run on renewable energy (100% Dutch wind energy).Recycled grocery bags
590,000 In 2016, Marqt introduced its fully recycled grocery bag with the intention to offer a bag for a lifetime: after purchase customers can exchange their bag for a new one if it is damaged. Since its launch, close to 600,000 bags have been sold.Cashless payments
Purchases at Marqt can be done exclusively with pin (debit) or credit card. From a sustainability perspective, cashless stores avoid numerous secured transportation to the bank and is safer for our customers and employees.Socio-economic - Catalyse fair and transparent business practices
Dedicated suppliers
200 Marqt’s business model is based on building long-term, open and personal relationships with its approximately 200, predominantly local suppliers, and often small-scale food producers and local growers.Marqt Academy
64% In 2016 Marqt Academy was launched. An internal training programme that offers various modules to ensure that store personnel are well-equipped to communicate effectively and enthusiastically with customers. 442 employees of the total 689 employees participated in one or more modules in 2017.Highest - lowest salary
5.7 Part of Marqt’s remuneration policy is that the ratio of the highest to the lowest salary will never exceed 10. In 2017, this ratio was 5.7Socio-economic - Grow the share of sustainable consumption
Number of customers
500,000+ In 2017, an estimated 515,000 customers bought their groceries at Marqt.Super tasters
10 To establish a direct connection between consumers and producers and to facilitate a public dialogue, Marqt introduced the ‘Super Tasters’ pilot project: customers are invited to taste products and review them via social media. As a reward for the review they receive a 25% product discount. Among the 10 products that customers could taste during 2017 were cheese, peanut butter, ketchup and granola.Marqt Kitchen
1,250,000 Marqt Kitchen cooks fresh delicious and healthy meals, soups and salads that are offered daily at all fifteen stores. Since the start, Marqt Kitchen has cooked about 1,250,000 meals, soups and salads. In 2017 the Kitchen prepared 245,000 meals, 160,000 soups, and 28,000 salads.Naty in Sweden
Naty was founded in 1994 by Marlene Sandberg to offer an alternative for disposable diapers and the enormous waste they produce. She successfully launched an environmentally friendly disposable diaper, followed by lines of complementary baby care products, feminine care products and eco clothing for babies and children.
How does Naty contribute to the environmental and socio-economic impact goals of Triodos Organic Growth Fund?
Environment - Increase food and resource efficiency
Renewable sources
53% Naty’s products use FSC certified wood pulp, are 100% chlorine free, have a corn-based film, and contain no perfume. The diapers are made from 53% renewable sources. Naty's goal is to increase the ratio of organic resources for diapers to 100% in 2020.Biodegradable packaging
60% Naty’s packaging is 60% biodegradable and most of the products are industrially compostable (diapers, swipes, personal care and feminine care).Outer sheet from renewable raw materials
100% The conventional plastic outer sheet in disposable diapers takes 450 years to break down. Naty has replaced this outer sheet with 100% biodegradable material made from corn starch and cellulose fibre.Socio-economic - Catalyse fair and transparent business practices
Setting new standards
Naty is in constant dialogue with its suppliers and urges them to innovate to work towards a situation where the raw materials for its range of products are all 100% natural and renewable.Full transparency
Naty has always been 100% clear about what it is, and what isn’t in its products.Third party certification
Naty products are assessed by AB Vincotte, an independent third party that analyses their bio-based content. Naty also uses the following independent authorities to certify the quality and performance of its products: EcoCert, SAAA (Swedish Asthma and Allergy Association), FSC, GOTS (the Global Organic Textile Standard), and SSNC, an environmental organisation based in Sweden.Socio-economic - Grow the share of sustainable consumption
New products
During 2017, Naty launched a full line of femcare products, including pads and liners (80+ biobased) and tampons (a minimum of 70% organic fibers). The toiletry line was extended from four to thirteen products.Countries
36 All over the world – from Austria, Latvia and New Zealand to Saudi Arabia and China – Naty inspires and helps people to make an eco-responsible choice for themselves, their children and the planet.Diapers
102 million In 2017, Naty sold 102 million environmentally friendly disposable diapers.Clean potty
2,850 In 2017, Naty introduced Clean Potty, the eco-friendly potty with disposable, biodegradable inserts. The potty is made out of 95% renewable material (certified by Vincotte).Ambassadors
40,000 Customers are invited to become a Naty ambassador to stay informed about latest product developments and to have their voice heard. 40,000 customers around the globe have already registered as an ambassador.Aarstiderne in Denmark
Aarstiderne is a truly inspiring frontrunner in the European organic food sector with the mission to reconnect the consumer to the organic farmer. Through its organic meal box offer, it has evolved into a leading player in the market for healthy, delicious and convenient online food solutions.
How does Aarstiderne contribute to the environmental and socio-economic impact goals of Triodos Organic Growth Fund?
Environment - Preserve soil fertility and biodiversity
Organic offering
92% The vegetables, fruits and meat in Aarstiderne’s meal box offering are 100% organic. Fish (caught in the wild) and a number of non-food items are not certified organic.Seasonal offering
100% Aarstiderne’s offering is in tune with nature and the seasons. The weekly meal boxes contain seasonal ingredients together with recipes to enhance the clients’ culinary experiences.Test growing of new vegetables
Outdoor-grown cucumbers, several varieties of Asian leaf cabbages, such as gai choy and kailaan, new varieties of small pumpkins and the Latvian soup pea were among new vegetables that Aarstiderne tested in 2017.Protein2Food
During 2017, Aarstiderne tested a number of varieties of quinoa, amaranth and legumes in order to increase the number of plant-based protein sources in Europe. This fits their ambition to have less meat and more plant-based protein in their product offering.Food for health
Aarstiderne tested cabbages and other coarse vegetables to find the varieties that can provide diabetes-2-patients with a higher intake of metabolites, which lowers the need for medicine.Environment - Increase food and resource efficiency
Supply-driven
Aarstiderne’s offering is supply-driven: via an online tool suppliers upload the amount and quality of their produce every Monday. The tool gives Aarstiderne a weekly overview of the available products, which serves as an inspiration for the composition of their meal boxes.Waste minimisation
Aarstiderne's meal boxes contain well-balanced and rationed portions, resulting in zero to very limited waste among consumers. The fresh fruits and vegetables that don't end up in the meal boxes are sold at Aarstiderne's farm shop in Humlebæk.
Packaging
Aarstiderne constantly works to minimise the use of packaging and reusing boxes. For example, the Styrofoam boxes are used 4.2 times each and the medium wooden boxes 4.5 times each.Socio-economic - Catalyse fair and transparant business practices
Number of employees
432 Aarstiderne offers fair pay and development opportunities for its 432 employees. All newly hired co-workers go through a carefully planned introduction programme to get to know Aarstiderne’s culture and the way of working together.Dedicated suppliers
300 Aarstiderne has fair and open relations with its approximately 300 suppliers. Many of them have delivered their products to Aarstiderne since the early years.Socio-economic - Grow the share of sustainable consumption
Number of households
60,000+ Aarstiderne weekly delivers meal boxes to 60,000+ Danish households.Meals served
19 million During 2017, Aarstiderne delivered 2,180,106 meal boxes representing approximately 19 million healthy and delicious meals.Solo meal box served
In 2017, Aarstiderne launched a meal box for a household of one. A unique proposition as most mealbox offerings typically are for two persons or more. At year-end 2017, 14% of the weekly meal boxes were delivered to a household of one.Vegan and vegetarian
17% An increasing number of Aarstiderne’s customers choose the vegan and vegetarian option in the meal box offering. In 2017, this percentage increased from 11% to 17%.Video recipes
400 In 2017, Aarstiderne shot more than 400 video recipes for its meal boxes, thereby increasing customers’ knowledge of the ingredients and how to prepare their meals. Aarstiderne’s chefs write recipes equivalent to a cook book per week.Annual harvest day and coutnry kitchen visitors
17,000 Aarstiderne welcomed 17,000 visitors at its annual harvest day, with a farmers’ market, cooking workshops and a wide variety of activities for children. In addition, 15,260 people enjoyed a meal at one of Aarstiderne’s country kitchens, which were held in different regions and locations throughout 2017.School Gardens - engaging with children
6,500 Aarstiderne offers children a rich outdoor learning environment through its School Gardens project. As a result, 6,500 children in Denmark enjoy working in an organic vegetable garden and learn how to cook with the fresh harvest straight from the field.Social media platforms
100,000 Via Facebook (80,000 followers), Instagram (32,000 followers), mailing list (100,000 subscribers), the customer app (35,000 users) and podcasts (45,000 downloads) Aarstiderne shares information about their organic products and origins, as well as background information about their suppliers, thereby inspiring people to embrace a healthy lifestyle.DO-IT in the Netherlands
DO-IT was founded in 1991 by Poppe Braam, driven by a strong commitment to stimulate organic farming and build up sustainable trade relations with farmers in developing countries and buyers in Europe. The company works with suppliers in Asia, Africa and Latin America, from which it buys a wide range of product, from nuts, quinoa, dried fruit and sugar to rice and olive oil.
How does DO-IT contribute to the environmental and socio-economic impact goals of Triodos Organic Growth Fund?
Environment - Preserve soil fertility and biodiversity
Certified organic
100% All products imported and distributed by DO-IT are 100% certified organic.Preservation of natural resources
DO-IT supports environmental programmes. Examples include restoration of degraded areas and reduction of cane burning in Brazil, tree and flower planting in China, and erosion prevention in Thailand. And closer to home: DO-IT has two beehives at its own premises.Environment - Increase food and resource efficiency
Bio-based packaging
2.5 million DO-IT aims to have all its packaging 100% bio-based and compostable, including paper, plastics, ink, glue and labels. In 2016, this was already the case for DO-IT’s 2.5 million retail packages. Among the items that are still oil-based is the stretch wrapping used for bulk goods. DO-IT is in active dialogue with the industry to have an environmentally-friendly alternative developed.Inland water transport
60% DO-IT promotes water transport - both overseas and inland. In 2017, approximately 60% of the 1,000 containers that entered the Rotterdam harbour were transported over water to Nijmegen in the east of The Netherlands, and then brought to the DO-IT premises by truck.Socio-economic - Catalyse fair and transparent business practices
Organic farmers
5,000 At source, DO-IT operates with a worldwide network of 180 suppliers from 20 countries. The 30 cooperatives DO-IT works with represent approximately 5,000 small-scale farmers who receive fair payment for their produce. DO-IT visits the cooperatives and farmers once or twice a year.Supplier Partner Code of Conduct
DO-IT’s suppliers are asked to sign the Supplier Code of Conduct that represents the values and core beliefs that are important to DO-IT. Their goal is to gain a better understanding of the supply chain, including the farmer base, and create closer working relationships.Traceability
100% Organic certification is the basis of DO-IT’s operations. This also ensures a 100% traceability of all products.Fair Trade IBD
11% DO-IT works with Fair Trade IBD certification for their products from Brazil, China, Thailand and India, representing 11% of goods sold. Fair Trade IBD sets social and environmental criteria for all links in the chain from farmer to producer. In addition, DO-IT finances demand-driven projects that focus on farmers’ needs, for example sanitation, school education, solar panels and drinking water.Socio-economic - Grow the share of sustainable consumption
Bio Academy
DO-IT is co-founder of the Bio Academy, initiated in 2016 and founded in 2017. This unique platform facilitates the exchange of knowledge and expertise in the field of organic agriculture and food in the Netherlands: from farmers, processors and retailers to consumers.Food dialogues
6 In 2017, DO-IT sponsored, for the fifth time, a series of six dialogues about the future of agriculture and food from a global perspective. The aim of these dialogues, titled ‘It’s the Food, my friend’, is to come to a broad, long-year vision on food that contributes to an economically, socially and ecologically sustainable food and agriculture sector. Each session was well-attended with approximately 300 people from different backgrounds: farmers, students, bankers, traders, consultants and government representatives.Active membership
Poppe Braam, director and founder of DO-IT, is an active board member in BioNederland (association of organic producers and traders) and Stichting EKO-Keurmerk (most well-known and oldest organic quality label for organic food in the Netherlands).Naturfrisk in Denmark
Naturfrisk’s mission is to craft the purest tasteful high quality organic soft drinks, beers and distilled spirits. It was founded in 1996 by father and son Niels and Nicolai Rømer, when they acquired and restarted activities at the former Ørbæk Brewery. In 2017, the Nyborg distillery opened, which produces organic whisky, rum and gin.
How does Naturfrisk contribute to the environmental and socio-economic impact goals of Triodos Organic Growth Fund?
Environment - Preserve soil fertility and biodiversity
Organic offering
100% The concept behind Naturfrisk is that all products must be natural, pure and of the highest quality. This means that there is no added preservatives, artificial colors and flavors. All ingredients are 100% organic.Environment - Increase food and resource efficiency
Renewable energy
100% All the energy power that Naturfrisk needs comes from Danish wind power farms. In addition, the Ørbæk Brewery has a heat exchanger, which means that the hot water is collected in a tank and is used for a next brew, while the Nyborg distillery has solar panels and runs its boilers on biogas.Bi-products for biogas
The bi-products of the distillery production, the draff (from brewing) and the heads (from distilling), go to a nearby biogas facility, which partly comes back as energy for the distillery boilers.Waste for cattle
200The waste of the brewery – spent grain - is used to feed 200 cows at a nearby farm.
Socio-economic - Catalyse fair and transparent business practices
Local sourcing, production and distribution
In terms of procurement of services such as raw materials and food, Naturfrisk goes by the philosophy: "Always organic. Local is available". Most of the people who helped build the distillery, and who still service it, are local craftsmen and service companies. Naturfrisk locally sources a part of the fruit for the juice production from organic farms on Funen, Denmark’s third largest island, where Naturfrisk is situated. Naturfrisk supplies many local restaurants and bars on Funen and offers local associations, clubs and volunteer NGOs a place for getting together at the Nyborg Distillery, often at little or no cost as they play a vital role to the community.Number of employees
27 Naturfrisk offers fair pay and development opportunities for its 27 employees.Socio-economic - Grow the share of sustainable consumption
Organic restaurant with a gold medal
The Nyborg distillery, opened in June 2017, also has an organic restaurant that uses over 90% organic produce and much of it is from local suppliers. The restaurant was awarded a gold medal by the Danish food authorities.
Guided tours
20,000The market for organic distilled spirits is still very new and small. To help people get acquainted with this niche in the organic market, Naturfrisk offers guided tours at the Nyborg distillery, including tasting. In 2017, an estimated 20,000 people took part in a tour.
Portfolio results
The organic food and sustainable consumer sector is very diverse: from organic food and beverages to personal care, textiles and household items. This diversity is also reflected in the portfolio of Triodos Organic Growth Fund. Portfolio companies vary from a producer of organic soft drinks, beers and distilled liquor to a market leader in environmentally friendly hygiene products for babies and women. Furthermore, the portfolio companies are active in different parts of the value chain, from a product developer with a business-to-business approach to a retailer with a business-to-consumer approach. Due to this diversity of companies, reporting on impact at an aggregated fund level is challenging and therefore limited to a small range of indicators reflecting the entire fund portfolio. Reporting mainly takes place at company level.
Total turnover
EUR 260 million The total turnover generated by the portfolio companies amounts to EUR 260 million. This is an indicator for the access that consumers have to sustainable consumer goods.Cost of goods sold
EUR 184 million The costs of goods sold generated by the portfolio companies amounts to EUR 184 million. This amount reflects the portfolio companies’ impact on global value chains.Green economy jobs
1,260 The number of people directly employed by the portfolio companies, reflecting the jobs created in the sustainable consumption and production sector.Mission-aligned long-term capital
EUR 48,9 million The net assets of Triodos Organic Growth Fund as per the end of 2017, of which 75.3% has been invested in European frontrunners in the sectors of organic food and sustainable consumer products.Organic Growth Days
The first Organic Growth Days took place in November 2017. The fund invited senior management of all portfolio companies to come to Amsterdam to meet, learn from and inspire each other. The two-day event was an excellent and inspiring starting point to build a cooperating platform for sustainable consumer companies in Europe.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.