Open Road Impact Fund: 5 Year Impact Report

I M PA C T F U N D 5 Y E A R I M PA C T R E P O RT

2025

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TA B L E O F C O N T E N T S

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OVERVIEW Introduction . . . . ...........................

The World Since 2020 ....................

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I M PA C T Impact Model . . ...........................

Impact Overview ..........................

Borrower Impact Survey .................

Impact Deep Dive: Women & Girls . ....

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P I P E L I N E & P ORT FOLIO Pipeline & Sourcing ......................

Portfolio Trends ...........................

Portfolio Deep Dive: Climate ......... ...

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W H AT ’ S N E X T

Open Road Impact .......................

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OPEN ROAD 02

OVERVIEW

INTRODUCTION

OUR STORY

Founded in 2012 with a goal to ‘unstick’ capital for impact orga Open Road’s journey from philanthropy to advocacy to lendin our dedication to serving non-profits, social enterprises, and neurs and their ever-changing needs. Guided by our north star capital markets work more effectively and efficiently, the tools us achieve this vision represent our values of practicality and Open Road has never shied away from iterating on previous evolving to better serve our stakeholders. In continuation of t this report aims to mark the successes and lessons of the O Impact Fund, and introduce the next chapter in our journey.

The Open Road Impact Fund (ORIF) began in 2020 with a hypoth bridge lending model could serve mission-driven organizations fa ing delays and provide financial and impact returns to our inves the last five years, we learned that there is indeed a high demand capital and that through tailored underwriting and flexible structurin successfully generate the financial, climate, and social outcomes tors seek. However, we also learned that a key theme in our wor world, is that the only certainty is uncertainty. From a worldwide to economic shifts across debt and equity markets to geopolitica entrepreneurs are constantly facing new threats to their success. A allocator committed to expanding entrepreneurs’ access to fina keeping committed funding on track, Open Road has responded these challenges by working hand in hand with our borrowers.

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anizations, ng reflects d entrepreof making s that help d ambition. work and that spirit, Open Road

hesis that a acing fundstors. Over d for bridge ng, we can our invesrk, and the e pandemic al changes, As an asset ancing and to each of

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L OANS

$18M C A P I TA L

$54M DISB UR SED

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OVERVIEW

COVID 19 PANDEMIC

THE WORLD SINCE 2

“INVESTMENT WINTER” IN AFRICA

• Husk is a solar minigrid company

• Jibu capitalizes, equips, and trains

serving 400 rural communities, including 1.5 million residential customers and more than 30,000 small businesses, across India and Nigeria.

emerging market entrepreneurs to launch and grow clean drinking water franchises in Sub-Saharan Africa.

• They faced significant delays in

• They faced multiple delays due to

closing $4.5M of long-term debt due to multiple COVID-19 surges in 2021 and 2022.

slow-moving and hesitant investors nervous about the equity headwinds of 2022.

• Open Road’s $1M loan allowed

• Open Road’s $750K loan allowed

Husk to reach in-country profitability more quickly and accelerate their clean energy expansion to other geographies.

the launch of new franchises as well as significant sales volume growth while Jibu worked to close the round.

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Between 2020 and 2025, Open Road stepped in to support borro As one of our previous borrowers told us, “It’s not that we don turn to when our business is facing headwinds makes all the diff for—to deploy our expertise in assessing both the true financia funded. Over the last five years, Open Road has recycled ou 94 loans, keeping $549 million of committed funding on track to accelerate the growth of our borrowers as well as the social a compounding effect, amplifying both financial and impact return

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2020

WAR IN UKRAINE

• Hala Systems provides real-time alerts to residents of war zones, giving families crucial time to seek shelter before airstrikes devastate their communities.

• They were awarded a $4.3M grant from the EU that required a financial guarantee to unlock the funds.

• Open Road’s $1M loan allowed the company to unlock the full award and to make vital staff hires to quickly expand support in Ukraine, scaling up early-warning civilian intelligence within weeks of the invasion.

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USAID FUNDING FREEZE • The Trump administration’s funding freeze in early 2025 put the impact of hundreds of projects at risk.

• Open Road stepped in to provide 0% loans to USAID Development Innovation Ventures (DIV) grantees, ensuring critical operations continued without interruption.

• Funded by philanthropy outside of the Open Road Impact Fund, these 0% loans helped DIV grantees cover immediate funding gaps while awaiting the release of federal funds for work that had been completed prior to the termination of their contracts.

owers as they navigated through the world’s unexpected events. n’t expect difficulties, but knowing we have a trusted partner to ference.” This is what we are proud to use our investors’ capital al risk of a deal and the impact risk if an organization goes unur investors’ capital three times, disbursing $54 million over k. Through strategic reinvestment of capital, we have been able and environmental outcomes they generate. This has created a ns for our investors, borrowers, and ultimate end-beneficiaries.

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I M PA C T

MODEL

DELAYS DON’T DISCRIMINATE Across all geographies, sectors, and business models, delays in funding threaten impact and financial success. Open Road’s value is stepping in during these moments of low liquidity to keep business operations on track, or even accelerated, while a borrower works toward the close of their larger incoming facility. In practical terms, this often looks like a 6–8 month bridge loan to cover monthly operating expenses or to make strategic investments.

Ultimately, the loan is then repaid by the larger financing facility, whether that be an equity round, long-term debt agreement, or grant, when it closes.

DELA

IMPACT KEPT ON TRACK In addition to a borrower’s contribution to impact outcomes, whether that be for individuals, communities, or the planet, Open Road also seeks to understand our investor contribution, or “additionality,” to the ultimate end-beneficiary. Given our goal of unsticking capital, the metric used to best measure our effect on impact is the dollar amount each of our loans ‘unsticks’. We calculate this by dividing the repayment transaction we are bridging to (debt, equity, or grant proceeds) by the Open Road loan amount. This gives us a multiple, which is the impact return on our investment. For example, Open Road’s $1M loan to Mr. Green Africa bridged to a $14M Series B blended finance transaction, meaning the Open Road loan had kept 14X ‘impact on track’.

$14M Repayment Transaction $1M Open Road Bridge Loan

SD

BR TY

= 14X Impact On Track

AVERA OF OPE

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O P E N RO AD MODEL

AYED FUNDS

OPEN ROAD LOAN

INCOMING FUNDS

$

DGS

RIDGE YPE

Affordable and Clean Energy, saw a 19X impact return on average given the scale of many of these projects. This was the highest average of all SDGs and represents both where delays in funding are common, and where Open Road’s loans are most valuable. Geographically, these investments were almost exclusively in Sub-Saharan Africa.

Bridge loans to equity transactions had the highest average impact return for the bridge type at 14X due to the stage of companies that Open Road generally works with. Typically, these organizations are raising their Series A or B funding rounds and have limited debt opportunities.

10X

AGE IMPACT RETURN EN ROAD’S PORTFOLIO

$54M

$549M

OPEN ROAD BRIDGE LOANS DISBURSED

IMPACT KEPT ON TRACK

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I M PA C T

OVERVIEW

Over the last five years, Open Road’s loan portfolio has roughly m investment trends of the impact investing industry. For example, betw when Sub-Saharan Africa saw a boom in renewable energy projects Road’s pipeline of applicants and subsequent portfolio of disburs jump. As a result, both our business development and portfolio ris stantly evolving to stay up to date with the market and ready to respon delays derail impact outcomes.

SDGs

SECT

Affordable and Clean Energy: 31.0%

Industry, Innovation and Infrastructure: 2.1%

Energy:

No Poverty: 19.5%

Peace, Justice and Strong Institutions: 1.8%

Educatio

Clean Water and Sanitation: 1.4%

Healthca

Decent Work and Econonic Growth: 10.4% Good Health and Well Being: 9.5% Zero Hunger: 7.3%

Food an

ICT: 8.3%

Other: 1.4%

Financia

Reduced Inequalities: 1.3%

Manufac

Responsible Consumption and Production: 6.0%

Other: 4.

Quality Education: 5.2%

WASH: 1

Climate Action: 3.1%

Forestry

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mirrored the broader ween 2017 and 2022 s and funding, Open sements also saw a sk strategy are connd when unavoidable

TORS

32.0%

nd Agriculture: 21.5%

on: 8.8%

%

are: 8.2h%

al Services: 6.8%

cturing: 5.6%

.5%

y and Timber: 3.2%

1.4%

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REGION

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TOTAL DISBURSED

Sub-Saharan Africa

61.9%

North America

18.9%

Latin America and Caribbean

6.1%

Europe and Central Asia

4.2%

South Asia

4.0%

Middle East and North Africa

2.7%

Global

2.2%

BRIDGE TYPE

Equity: 51.9% Debt: 27.6% Grants: 10.2% Contract & Accounts Receivable: 6.4% Cash Flow from Operations: 3.9%

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I M PA C T

B O R R O W E R I M PA C T S U R V

Between 2022 and 2025, Open Road gathered feedback and insights repaid borrowers in an effort to further understand both the challenges impact-first companies from thriving and the tangible impact of our loans ers and end-beneficiaries. With over 40 responses since 2022, the data c highlights that legal hurdles are the most common barrier to disburseme Open Road’s key strengths lie in our ability to act quickly, offer flexibility, a competitive pricing.

8 Months AVG. DELAY months to financing event

81%

2,966

30

BORROWERS couldn’t cover OpEx without Open Road

TOTAL # EMPLOYEES kept in jobs

MEDIAN # EMPLOYEES kept in jobs

BO SA of ser the

In 2024, Open Road participated in BlueMark’s new assessment and b ing tool, Fund Impact Diagnostic (Fund ID). As a leading provider of in impact verification and intelligence across impact investing, the tool w to help investors analyze a fund’s strengths and areas of growth acr Strategy, Impact Governance, Impact Management, and Impact Repo Road received a Gold Rating, the second highest designation and was recognized with high marks for our impact strategy. Feedback FUND I D RATI NG S included improved ESG Risk OVERALL RAT ASSESSMENT PILLAR RATING management and mitigation, HI Impact Strategy which Open Road has worked to integrate into our investment HI Impact Governance GOLD policies. Funds receiving a Gold HI Impact Management rating implement most to all fundamental best practices across HI Impact Reporting 56% the four assessment pillars.

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s from fully s preventing on borrowconsistently ent and that and provide

83%

ORROWERS AW GROWTH their product/ rvice during e ORIF loan

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I NV E STM EN T B O T T L E NE CK SUM M ARY

Receiving a term sheet from a lead investor

13%

Identifying support from follow-on investors

8%

Drafting and negotiating legal documentation

Other CPs need to reach financial close

42%

18%

benchmarkndependent was created ross Impact orting. Open particularly

Capital controls & financing red tape

3%

ATING

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Pandemic

2%

IGH

66%

IGH

52%

Reimbursement from government contracts

3%

IGH

57%

IGH

52%

Meeting the targets needed for disbursement or payment

10%

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I M PA C T

DEEP DIVE WOMEN & GIRL

WOMEN & GIRLS

According to the World Bank, there is growing evidence to show how r locks economic productivity, reduces poverty, deepens social cohesion, prosperity for both current and future generations. Furthermore, these participation and leadership improves the management of natural resou resilience, and makes economies more competitive. Open Road’s benefiting women and girls aims to catalyze these widespread benefi hoods globally. Since 2020, Open Road has invested $7.4M in comp on serving women and girls, keeping $56M of impact on track. As a made up 15% of the cumulative portfolio.

EARLY BIRD Public education in South Africa begins at age six, meaning that any care or education prior to that is left entirely to the private market. This poses an issue for many families who cannot afford private educare and leaves both children and, disproportionately, their mothers at risk for lower education and income outcomes.

Earlybird seeks to fill this gap by building a network of high-quality Early Childhood Care and Education (‘educare’) centers across South Africa for children under age six. They use multiple delivery channels to serve children and families from across the socioeconomic spectrum, and are committed to improving the school-readiness outcomes of all South African children.

While working ment to scale u costs associate al site in time f particular, the co umentation too and risked Early demic year.

As such, the co from Open Roa track for an earl They were als add 6 new staf Road’s loan. Ea 2024 and was shortly thereafte

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removing gender barriers un, and enhances wellbeing and e studies prove that women’s urces, strengthens community investment into enterprises fits and improve female livelipanies intentionally focused a proportion of all deals, this

towards a $1.2 million Series A investup their model, Earlybird began to incur ed with their goal of opening an additionfor the beginning of the school year. In completion of the transaction’s legal docok much longer than initially anticipated, ybird missing the beginning of the aca-

ompany sought a short-term bridge loan ad at the end of 2023 to keep them on ly 2024 opening of a new educare center. so able to keep 78 people employed, ff, and serve 682 children during Open arlybird closed their $1.2M round in April, able to fully repay Open Road’s loan er.

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Earlybird’s CEO, Meg Blair, reflected, We had approached a number of South African bridging finance providers before being introduced to Open Road. The experience working with the Open Road team was nightand-day compared to our engagements with the local lenders. Their responsiveness, the clarity regarding the process and terms, and the efficiency with which it unfolded was eye-opening.

Not only was Open Road faster, and able to provide better terms, the team also grasped the key risks and challenges in our model remarkably well”.

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I M PA C T

DEEP DIVE WOMEN & GIRL

KASHA was founded in 2016 in Rwanda. Kasha enables women of all socioeconomic levels in urban and rural areas of emerging markets to confidentially and discreetly order menstrual care products, medicine, and other health and personal care products using their basic mobile phones, with no internet access required. Seventy percent of Kasha’s customers are low-income women living at the base of the pyramid, though Kasha also serves middle-income women who are able to order through its e-commerce website.

Kasha’s purpose-driven business creates impact not only by enabling discrete access to quality health products, but also by providing access to accurate health information and supporting the employment of low-income women as “Kasha Agents” for last-mile delivery. To date, Kasha has served over 102,000 unique customers and sold over 97 million units of product.

In 2023, Kasha had $15M soft-circled for their Series B from both commercial investors and a number of DFIs. Unfortunately, the round was slow-moving due to administrative hurdles. With limited runway to keep serving their customers, Kasha approached Open Road for a $1M bridge loan.

Open Road’s funding was ultimately able to keep Kasha’s team employed, their customers served, and the company on track for rapid growth when the Series B closed five months later.

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BE GIRL A women-led business founded in 2014, Be Girl, Inc. provides access to high-quality menstrual products in underserved markets worldwide. Be Girl also conducts age-appropriate menstrual education, and designs “period-positive” communications campaigns to dismantle stigma while also generating product demand.

In January 2023, Be Girl was presented with a significant opportunity for scale when UNFPA-Angola offered them a $2.3M contract for a project targeting 200,000 girls. This was the largest contract Be Girl had received by over 3X. Their collaborative efforts with UNFPA-Angola over the years have demonstrated that access to Be Girl’s PeriodPanties significantly reduced barriers to education and gender inequality. Unfortunately, UNFPA’s payment terms would require Be Girl to pay the total cost of producing and delivering 400,000 PeriodPanties and 200,000 SmartCycles before receiving any payment for the order.

Through Open Road’s $422k loan, in addition to other cofinancing, Be Girl was able to finance the necessary inventory for their substantial sale to UNFPA-Angola. Beyond facilitating the business transaction, the loan improves the lives of 200,000 girls in Angola and enabled Be Girl to realize its growth potential, putting them on track to break even in 2024.

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PIPE LINE & P ORT F O L I O

PIPELINE & SOURCING With the value of Open Road’s services grounded in the timing of our loan, it is vital that our brand and product offering are well-known in the industry. Open Road’s pipeline of applicants relies on a strong network of referral partners that we have built over the last 13 years—more than 50% of the loans disbursed from the Open Road Impact Fund came from peer impact investors and advisors familiar with Open Road and able to connect us to enterprises in need of a bridge loan.

Furthermore, curating strong relationships with other funders is also a crucial aspect of derisking our lending. By forming partnerships with our borrowers’ incoming investors, we are able to more effectively underwrite the transaction risk of each loan. This leads to higher quality loans and repayment rates, allowing Open Road’s capital to be recycled to additional borrowers.

INQUIRIES

1684

INITIAL CALLS

452

APPLICATIONS

147

APPROVED

100

DISBURSED

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REFERRAL TYPE 58.3%

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TOTAL DISBURSED

REFERRALS 41.7% Partner & Staff

$31.7M

Self

$22.7M

Repeat borrowers ultimately made up 39% of Open Road Impact Fund’s lifetime disbursements. While we began the fund with a thesis that organizations would only face delays rarely, we found over time that many borrowers faced barriers to funding commitments every time they raised capital. As a result, a number of borrowers ended up returning for third or fourth bridge loans from Open Road as they continued to grow and looked to raise additional funds.

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PIPE LINE & P ORT F O L I O

PORTFOLIO TRENDS

Given that the Open Road Impact Fund had a five-year fund life, the ural ramp-up and ramp-down at either end of the investment period. ning of the fund’s tenor, we focused on building a pipeline and intern to manage a portfolio of 15-20 loans at a time. This strategic ground throughout 2022 and 2023 when our lending activity reached its pe our attention turned to repayments and recovery, aiming to return fu tors by April 2025.

The wind-down and return of capital to investors in the closed-end Impact Fund required us to take our lending product out of the marke of time during the wind-down leading up to April 2025. To avoid ongoi fund lifecycles, the successor entity to Open Road Impact Fund will green nonprofit structure, allowing us to maintain our presence in the continuously work to solve liquidity gaps for mission-driven organizati

$20.0M

$16.7M $15.6M

$15.0M

$10.0M

$15.4M $16.5M

$12.3M $8.1M

$7.7M $3.7M

$2.3M $5.4M

$5.0M

$0.0

2020

2021

2022

2023

2024

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ere was a nat. At the beginnal processes dwork paid off eak. By 2024, unds to inves-

d Open Road et for a period ing navigation l use an evere market and ions, globally.

Disbursed Received

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$578K AVERAGE LOAN SIZE

7.5 Months AVERAGE TENOR

10.5% AVERAGE INTEREST RATE

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PIPELINE & P ORT F O L I O POR T F OL

CLIMATE As the Open Road Impact Fund portfolio grew between 2020 and 2025, it became more and more apparent that there was a particular use-case for our loans in helping advance climate change mitigation and adaptation. Initially, we disbursed a number of loans to energy companies providing solar home systems and accessories. As the work continued and the sector evolved, however, we saw that a much broader range of climate projects and companies could benefit from bridge lending.

From minigrids to nature-based solutions to advanced technology development, Open Road was proud to help accelerate the mitigation of detrimental environmental impacts and the adaptation of affected communities worldwide. Over the last five years, Open Road disbursed $25.4M toward climate-related projects and enterprises across 43 loans. These loans had an average 14X impact return, totalling $365.6M Impact Kept on Track.

WEST AFR

In the last 30 lost between mangrove for and excess h for fuel. Not ing to the loca the communit groves for th are already am and most clim

West Africa Blu in the Sherbro Sierra Leone.

Blue has wor munities towa protecting app ares of mangr restoration, im alternative live

In 2023, Blue $6 million in n ra Leone proj

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RICA BLUE

0 years, West Africa has n 25% and 50% of its rests due to overfishing arvesting of wood to use only is this loss damagal ecosystem, but also to ties that rely on the manheir livelihoods, and who mong the world’s poorest mate-vulnerable.

slowed the timeline to close. As blue carbon is nascent, several processes required far more time than anticipated to ensure funders understood the market and business model. As a result, Blue turned to Open Road for a $900,000 loan to help keep community and project initiatives on track as well as continue the process towards carbon certification.

lue’s first project is located ro River Estuary (SRE) of Over the last three years, rked with the local comards the shared goal of proximately 92,000 hectroves through education, mproved cookstoves, and elihood activities.

During Open Road’s loan, Blue was able to expand their team from less than 90 to approximately 475 people, of which around 35% are women. The majority of the team, about 90%, live and work in the communities of Sierra Leone, leading on mangrove restoration and livelihood and education initiatives. In August 2023, the project was successfully registered with Verra with the highest level of Community, Climate and Biodiversity certification.

e was on track to close new funding for the Sierject until multiple hurdles

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PIPELINE & P ORT F O L I O IM PACT D MR. GREEN AFRICA Over 62 million tons of urban waste is generated each year in Sub-Saharan Africa. By 2025, this is projected to have increased to 161 million tons per annum and at the moment, less than 5% of urban waste is recycled.

Founded in 2015, Mr. Green Africa (MGA) sought to address this issue while also giving a dignified income to informal waste pickers in Kenya. To date, the company has paid over $3 million to waste pickers while removing and recycling over 20,000 tonnes of plastic waste from various landfills across Kenya.

This is the equivalent of 1 billion plastic bottles recycled and a reduction of one ton of carbon emissions.

In 2021, MGA received their third Open Road loan to bridge to their Series B funding, which resulted in an expanded capacity to collect and process additional waste. Their topline revenue grew significantly, and only 11 months later, MGA was facing the need to expand their factory again to keep up with demand.

Commitments for a bridge round surpassed the target quickly with $9 million in convertible debt secured as well as a longterm debt facility for $5 million from the DFC. A condition to the funding, however, was the change of domicile registration to the Netherlands. With over 15 investors and a complex balance sheet, this delay meant that MGA was going to have to pause construction due to working capital constraints.

In early October 2023, Open Road stepped in with a $1 million bridge loan to help MGA keep their factory progress on track.

The new hub will allow output to grow from 4k tons to 20k tons of processing capacity annually. It also employs 160 Kenyans full-time, with the ability to ramp up to an additional 300 day laborers depending on demand. Mr. Green Africa repaid Open Road in December 2023 as a result of the successful close of $9 million of convertible debt.

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EH GROUP In 2023 commercial and personal transportation contributed to 14% of global greenhouse gas emissions as a result of internal combustion engines that emit greenhouse gasses. This is the second highest source of emissions worldwide and a major driver of climate change. And while Electric Vehicles (EVs) are important in mitigating these emissions, they do not currently serve the needs of commercial vehicles that require extended use, long range, or heavy payloads.

In order to address this challenge, EH Group developed a hydrogen fuel cell system that offers up to 300kW of energy storage and supply on a single stack. The technology is aimed at serving the needs of heavy-duty trucks, mining, maritime vessels, material handling, and aviation where weight and volume are key criteria. In simple terms, each kilowatt of green hydrogen operation saves 1kg of CO2 from emitting into the atmosphere. This equates to over 8,000 tons of CO2 saved annually as compared to a diesel engine.

In early 2023, EH Group was raising their Series A and had multiple offers from a number of major strategic investors. They approached Open Road for a $750,000 bridge loan in order to give them the time and space to choose the right shareholders and close the funding round. In December, 2023 EH Group had a first close of $5 million as part of their Series A and was able to fully repay Open Road’s loan.

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PIPELINE & P ORT F O L I O IM PACT D

NURU With a population comprising over half of Central Africa’s total, the Democratic Republic of Congo has one of the lowest electrification rates in the region, with less than 19% of households having access. Despite the growing significance of minigrids as a cost-effective solution for future electricity needs,they have remained significantly underfunded in the energy access markets.

Nuru finances, deploys and operates utility-scale, off-grid, solar-hybrid minigrids in the DRC, which can be rapidly installed to provide reliable, affordable, and scalable electricity to address unmet and under-served demand. Nuru aims to directly serve commercial and industrial off-takers as well as to sell power to households, SMEs, and institutions. In 2022 Nuru required a $1M bridge loan to further establish a firm foundation in the DRC. They needed to be able to support on-site development costs to make sure their projects could close on an upcoming Series B and be

D E E P DI V E

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shovel ready for investment by the end of the year. At the time, they were also processing a close of up to $44M in debt and equity financing from a consortium of funders.

Open Road’s $1M bridge loan enabled Nuru to maintain continuity of service, providing electricity to hundreds of thousands of underserved households, businesses, and social institutions. The loan also served as a catalyst for expanding the company’s impact in the region. Despite enduring various macroeconomic challenges during the loan period, including a nearby volcanic eruption, setbacks caused by COVID-19, and ongoing delays in funding from grant providers, Nuru’s operations continued to thrive and progress as planned. Through Open Road’s loan Nuru was able to allocate funds towards site development costs, expedite key projects, and secure additional bridge financing while simultaneously closing their Series B funding round.

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W HAT ’ S NE X T ?

VALUES Open Road’s intentionality shows up in our team values. Teamwork and kindness are the foundation of our day-today and define how we work with and support each other. We are grateful for the work we get to do.

Openness: We continuously learn, evolve, improve, and innovate on what and how we work.

Equity: We believe we have a responsibility to improve our actions and behaviors to build a more equitable world.

Practicality: We ask ourselves if we are being efficient, flexible, fair, and focused on creating action in a timely manner.

Ambitious: We strive to be courageous in doing hard things. We seek to persevere and be resilient in our mission to match the tenacity of those we serve.

Accountable: We aim to be accountable to our impact investments, entrepreneurs, investors, and the planet.

The stories an to serving impa ing environme to the needs o moments but ahead, we are capital in the s

Over the past within our mod the sector, we broad range o and boldly ado forefront of ou

In 2024, we fo cessor to the O organization th charitable con As a non-profi is on the line mission-driven to reprioritize t alytic impact-fi

Open Road is Road Impact F Dr. Laurie Mic vision. As we tal, and we loo create lasting p

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nd lessons from the Open Road Impact Fund illustrate our commitment actful organizations and the outcomes they seek, despite rapidly changents where unforeseen obstacles are inevitable. By staying responsive of our borrowers, we not only help them navigate through their toughest also ensure a more equitable and sustainable future for all. Looking excited to build on this foundation to further advance our goal to unstick social sector.

5 years, we recognized an inevitable tension between impact and risk del. To stay true to our values and be additional for our borrowers and realized we cannot only invest in the lowest-risk deals, but must serve a of impact-first borrowers. To do this most effectively, we are deliberately opting a philanthropic hybrid model, allowing us to keep impact at the ur work and double down on our model’s catalytic impact as we scale.

ormed Open Road Impact, Inc., a new non-profit corporation as the sucOpen Road Impact Fund. Open Road Impact is a tax exempt 501(c)(3) hat can now aggregate donations, grants, “PRI” investments, and other ntributions to advance advocacy and innovative partnerships strategies. fit, Open Road Impact is designed to take calculated risks when impact and to continue to innovate on our financial products to best serve n organizations. It is our goal that we can be an example to the industry the original tenets of impact investing and elevate the role of highly catfirst strategies.

grateful for the support of all of our stakeholders in making the Open Fund a resounding success, with a special thank you to our Founder, chaels, for her unwavering support of our team and the Open Road begin our next chapter, we reaffirm our commitment to unsticking capiok forward to partnering with even more mission-driven organizations to positive social and environmental impact for all.

OpenRoadImpact.org