Impact – SJF Ventures

Over 25 Years of Investing

Sustainable Jobs Fund was formed in 1999. Our original name set out the impacts we still pursue today—a clean, resilient environment and equitable opportunities. Though our strategy has expanded over our 25+ years of experience, we remain committed to these fundamental themes.

Impact Stats

SJF Ventures (SJF) was established in 1999 as a venture capital partnership focused on creating quality jobs in low-income communities through sustainable industries.

This year, SJF partnered with a team of executive MBA students at Duke's Fuqua School of Business to build a model estimating the avoided emissions associated with SJF’s portfolio companies. This estimate gives us a starting point to understand the scale of our climate impact.

SJF has been collecting impact data from its portfolio companies since 2001, though this process has taken many different forms throughout our history.

Our Impact Strategy

SJF invests across six sectors to address climate change and drive equitable opportunities. We use our expertise in these sectors to support portfolio companies working within and across them: from Take Command, which improves job quality by enabling small employers to offer health insurance, to Iron Sheepdog, which supports small business growth while reducing emissions in trucking. We believe environmental and social impacts are intersectional, and much of our portfolio represents that approach.

Because the biggest challenges we face aren’t confined to single sectors, neither is our investment strategy.

A Cross-Sector Approach
for Deeper Impact

Environmental Impact

We invest to mitigate climate change and environmental degradation, including scaling clean energy and efficiency and reducing waste and carbon. We work across all areas of the economy, seeking energy and material flows that are more sustainable, affordable, and socially beneficial.

Clean Energy and Electrification

Accelerate the transition to clean energy
Improve access to affordable and reliable energy
Catalyze emerging solutions to climate change

Supply Chain and Circular Economy

Drive resource efficiencies and improve resilience in supply chains
Reduce waste and increase the reuse of goods
Advance economic opportunity of workers and small businesses

Sustainability and Climate Resilience

Advance more sustainable products and systems
Build adaptive and resilient systems in a changing environment
Promote systemic ethical treatment of stakeholders

Social Impact

We were founded to invest in companies that help support disadvantaged individuals and communities. We continue to do so, with a deeper focus on investing in solutions to problems driving inequity, including through gainful employment, quality health and education access, and stronger civil institutions.

Education and Employment

Improve learning environments, systems, and outcomes
Create equitable and quality career pathways
Improve employee wellbeing at work

Health and Wellness

Increase access to care
Provide better long-term outcomes for less cost
Improve the care experience
Address social determinants and care coordination needs

Government and Civil Society

Enhance the leverage of government services for public good
Improve the public safety of physical and digital spaces
Strengthen democracy, civic engagement, and community

Impact Highlights

In 2024, those energy savings resulted in an estimated 285,754 metric tons of carbon dioxide avoided.

Social Determinants of Health (SDoH) refer to the non-medical factors that influence health outcomes, including factors like housing, transportation, food security, and more.

By using ClimaCell instead of EPS, TemperPack customers avoided the creation of more than 102,591,346 lbs of CO2e last year - as TemperPack says in its impact report, that’s like planting 760,000 trees and letting them grow for 10 years, according to data from the EPA.

In a 60 Decibels study, 84%+ of respondents indicated their students’ awareness of career pathways and interests had increased from using Schoolinks' platform.

Reducing toxic noise, abuse, and spam creates safer online spaces at a time when social media companies are rolling back content moderation and digital safety practices.

In study conducted by 60 Decibels last year, 74% of graduates say their confidence in themselves and their abilities increased and 83% of graduates report they learned skills that help them find better employment opportunities

The Evolution of our Strategy

SJF has refined its strategy as the impact investing industry has evolved over the past 25+ years.

The Big Idea.

Created the CDFI for low income job creation and early climate initiatives

The New Model.

Delivering impact alongside market rate returns

An Impact-Driven Team.

Generating impact alpha through team expansion and sectorial expertise

Measuring Impact.

Early adopter of emerging industry standards in impact measurement

Growing the Ecosystem.

Driving the industry forward as founding members of the Impact Capital Managers

Bending the Curve.

Dedicated team for impact acceleration work across our portfolio

Sustainable Jobs Fund

1999-2004

SJF Ventures II

2004-2011

SJF Ventures III

2012-2016

SJF Ventures IV

2016-2020

SJF Ventures V

2020-Today

We have enjoyed our partnership with SJF since leading our Series A round 4 years ago. Their deep experience in clean energy and in helping to build great companies has been invaluable as we have grown from a team of 10 to over 100 people. We value SJF’s long commitment to sustainability and look forward to continued collaboration.”

Matt Campbell, CEO

Supporting our
Portfolio Companies

SJF provides capital to grow impactful businesses driving positive change across our six themes. Our impact acceleration team works in partnership with our investment professionals and portfolio companies. We support our portfolio companies in all things impact, such as reaching new, higher-need beneficiary groups, improving their employee value proposition, or upgrading their impact measurement practices. In the past year, we’ve brought in experts to support on end-beneficiary outcomes studies, drafted case studies and thought leadership on company impacts, helped draft ethical AI policies, and hosted webinars around key topics such as navigating the evolving DEI landscape.

Check out our latest impact acceleration work

Measuring Progress Towards
Our Impact Objectives

Every year, we ask our active portfolio companies to complete our Annual Impact Survey. We believe impact reporting should be a collaborative process, with input from all stakeholders — including Limited Partners, our portfolio companies, and their beneficiaries. With that in mind, we continue to review and adapt the survey to find the right balance between standardized metrics, company-specific measurements, and outcomes-driven beneficiary feedback.

We share this data back to our portfolio companies to help them benchmark their performance and provide ongoing support.

This data is imperfect, but we aim to be transparent, practical, and aspirational about our impact measurement journey. We invite you to scroll through our living impact report, which will evolve together with the firm and update as we garner new insights throughout the year.

Recent Insight

CASE STUDY How SJF Ventures is “Bending the Curve” and Driving Sustainable and Equitable Growth Through Data

Click here: Leveraging Impact Data for Smarter Investing: CASE STUDY How SJF Ventures is “Bending the Curve” and Driving Sustainable…

– March 6, 2025

Impact Tear Sheet - 2024 Impact Tear Sheet - 2023 Impact Report - 2020 Impact Report - 2016

SJF’s Commitment to Sustainable Jobs

From our inception in 1999, SJF has backed businesses that empower people. Creating quality job opportunities in healthy, diverse, and ethical workforce environments can generate deep societal impact. After we make an investment, SJF encourages portfolio companies to prioritize employee satisfaction and wellness through culture, DEI practices, benefits, and good governance.

Measuring Job Quality

From our inception in 1999, SJF has backed businesses that empower people — particularly those historically marginalized. Creating quality job opportunities in healthy, diverse, and ethical workforce environments can generate deep societal impact.

Employees

SJF tracks employment numbers, diversity, and employee engagement, among other indicators like turnover, to understand our portfolio’s workforce.

This is higher than the average for industries like tech (29%) but lower than female representation across the US workforce (47%).

Benefits and Professional Development

SJF collects data on the benefits and opportunities portfolio companies provide employees.

Comparable industry benchmark: ~70% of private US businesses offer retirement benefits (58% of small businesses)

Practices like these increase skills, promote career advancement, and can create higher earning potential for employees.

Good Governance

For startups, policies related to ethical best practices can help shape company norms early on.

This increased from just one company in 2023.

Our Contribution  to the Field

Through our collaborative work with peers and leading organizations, SJF extends our firm’s reach, shares lessons learned, and contributes to the success and growth of the impact investing field. SJF is a co-founding member of ICM, a network of over 110 market-rate impact funds.

SJF in the field

Impact Data as a Value Driver
Impact Data as a Value Driver
The study captures how portfolio companies experience impact measurement and management activities and how investors can better support them. Drawing on survey responses from nearly 100 private companies invested in by ICM member funds, the research highlights strong demand for clearer communication between company leadership and investors, greater alignment on metrics, and improved data systems that turn reporting obligations into decision useful insights that demonstrate material performance and strategic value.
Leveraging Impact Data for Smarter Sharing
Leveraging Impact Data for Smarter Sharing
By partnering with UpMetrics, SJF Ventures has been able to refine its impact measurement and management (IMM) practices, making them more actionable and transparent for both their investors and portfolio companies.
Path to Partner
Paths to Partner
Empowering Emerging Leaders for Firm-Wide Success
How SJF Ventures seeks to bend the impact curve (podcast)
How SJF Ventures seeks to bend the impact curve (podcast)
David Bank is joined by Dave Kirkpatrick, Managing Director and co-founder of SJF Ventures, a climate and impact investor in Durham NC, and SJF’s Director of Impact, Kelsey Jarrett, to talk about finding the alpha in impact.
Impact Measurement and Management Spotlight: SJF Ventures
Impact Capital Managers highlights how SJF meets its “IMM Fundamentals”
Alpha in Impact: Strengthening Outcomes Impact and Financial Value at Exit
SJF included in Tideline research on driving both financial and impact performance through impact value creation
The Alpha in Impact: How operating with an impact objective can add financial value for investors
Tideline’s analysis of nearly 30 financial transactions from ICM-member investment portfolios, including SJF, uncovered 10 unique drivers of “impact alpha”