2024 ANNUAL REPORT
Photo: Llama Pack
Photo: Olsztyn Food Bank
LETTER FROM THE CEO
I am honored to step into the role of CEO1, having been a part of NESsT since 2019. Over the past six years, I’ve seen how our unique approach positions highperforming enterprises in South America and Central and Eastern Europe to realize their full potential, making a tangible impact now while paving the way for a world where everyone can thrive.
For nearly three decades, NESsT has worked at the nexus of people, profit, and the planet. As we strive to do business better, we’ve continued to consistently evaluate and support enterprises and ideas, helping to address some of the most pressing issues of our time: climate change, social inequalities, and economic exclusion. In 2024, we reached a milestone that speaks to this mission: since its founding, NESsT has positively impacted the lives of over 3.4 million people from communities around the world, including Black people, Indigenous Peoples, the LGBTQIA+ community, migrants and refugees, people with disabilities, smallholder farmers, women, and youth.
Our impact is rooted in the belief that lasting solutions are those co-created alongside the people and communities we serve, ensuring that our work remains both impactful and responsive to their needs. We saw this modeled in our work with the Amazonia portfolio through the release of a series of recommendations on investing in bioeconomy initiatives driven by Indigenous Peoples and local communities. Their voices not only shaped the study but also led its dissemination alongside the NESsT team at key events, including COP16 in Cali, Colombia.
My role as Chief Investment Officer gave me a unique perspective on the relationship between our accelerator programs and investment funds. Last year we saw strengthened collaboration among our teams, with enterprises like Federación Campesina del Cauca receiving business mentorship from the NESsT-IKEA Social Entrepreneurship South America Accelerator Program along with a line of credit from the Lirio Fund. This past year also saw the expansion of the Lirio Fund into Brazil, signaling the strength and viability of business development in the region and creating a next step in the NESsT journey for more high-achieving companies in our portfolio. And the Violet Fund continued taking steps to build Europe’s first investment fund for the LGBTQIA+ community, with the first company successfully completing the due diligence phase at the end of the year.
Additionally, we further strengthened the Central Eastern Europe Accelerator Program, incorporating the lessons from the NESsT Refugee Employment Initiative and growing our activities in Poland and Romania that help small and medium sized enterprises tackle the many interconnected challenges of emerging social enterprises today.
NESsT is uniquely positioned to meet the challenges we face today and address them head-on. I look forward to working closely with our committed team, trusted partners, and engaged Board to further the profound impact NESsT creates.
Chad Sachs
NESsT Chief Executive Officer
LETTER FROM THE CHAIRMAN OF THE NESsT BOARD OF DIRECTORS
As we examine the strides we took in 2024 to increase our reach and impact, it’s clear to me as Chairman of NESsT that we are in the right place at the right time.
In an era when discussion about the value of social impact is at an all-time high, we can showcase the entrepreneurs in our portfolio who are doing it well. NESsT is a genuine and authentic social impact organization, with a strong portfolio of entrepreneurs making a measurable difference in the lives of their communities, and a broad network of donors and partners who are committed to the work with the same level of excellence.
As NESsT continues to grow and evolve, I’m keen to ensure our governance resonates with the communities NESsT serves. The International Board now sits at 50-50 gender equity and continues to ensure diversity of skills and perspectives within our leadership.
We are in the middle of one of the most dynamic periods of innovation of our time. As I envision the next five to ten years, I look forward to seeing how NESsT continues as a leader in impact investing and blended finance and showing the necessity of our commitment to supporting social entrepreneurs making a pronounced change in their communities and the world.
Lord Davies of Abersoch Chairman of the NESsT Board of Directors
NESsT INTERNATIONAL BOARD OF DIRECTORS
Lord Davies of Abersoch
Natasha Buchler
Nicole Etchart
Nathalie Figueroa
Dana Gilland
Edwin Gutierrez
Geoffrey Hamlin
Chad Sachs
István Szőke
David York
Claire Wilkinson
NESsT UK BOARD OF DIRECTORS
Lord Davies of Abersoch
Loïc Comolli
Joe Palombo
Olga Pascault
2024 Impact
Photo: Box Elyte
HOW NESsT MEASURES IMPACT
NESsT assesses its impact through the Performance Management Tool (PMT), a tool developed in 1999 that has supported more than 250 social entrepreneurs to manage and measure their businesses, social, and environmental performance. To help us to better understand the impact of having a good job across varying contexts – including geographies, age groups, and types of households – in 2018 we launched our bi-annual Dignified Employment Surveys.
In 2023 and 2024, NESsT sent its teams to meet the people its portfolio enterprises work with or employ in person to conduct our fourth series of Dignified Employment Surveys. The meetings provided rich insights into the quality of their jobs. The fundamental questions that the survey explored are:
• Are the jobs created by NESsT portfolio enterprises really improving the quality of people’s lives?
• Have these people moved out of poverty?
• Do they feel that their job is secure?
Our survey, completed by NESsT portfolio managers and team members sitting down with 531 respondents captures the following information:
• Who are the direct beneficiaries of our work?
• Are their jobs well-paid and secure?
• How do they feel about their career opportunities?
• How do they feel about their workplaces?
• How does our work impact their families overall?
• Is our work making a real difference in their lives?
A new addition to our survey this year was to seek out testimonials from our respondents about what dignified employment means to them. We asked: “What is a dignified job?” Their responses had recurring themes of respect, fair compensation, and safety.
“We are delighted to share these results and witness our portfolio’s contribution to a fairer and more impactful business world. Engaging with the people supported by the NESsT Portfolio not only fills us with pride in our mission but also validates that our impact investing thesis is being realized through our social enterprises.”
– Renata Truzzi, NESsT Acceleration & Impact Director
*Full insights published at nesst.org/blog
91% reported feeling safe at work
250% average income above poverty line 90% reported workplace support for women
Photo: Heca
A dignified job allows me to provide for my family while feeling valued and respected for my skills. It offers stability, fair pay, and opportunities for growth, both personally and professionally.
— 2023-2024 Survey Respondent
Photo: Asotexkich
2024 BY THE NUMBERS
1.2M lives positively impacted
38,000 dignified jobs created 58% women-led enterprises
$6.1M investments given 166% average income above minimum wage attained 85 portfolio enterprises supported
Dignified employment is when I can work with enthusiasm and joy, and it allows me to grow personally and professionally.
— 2023-2024 Survey
Respondent
Photo: DIaspora.Black
Photo: Okolo
NESsT Program Overview
Photo: Ecocitex
NESsT PROGRAM OVERVIEW
Our accelerator programs, initiatives, and impact funds drive our commitment to supporting high-potential social enterprises that fall in the missing middle of small and medium-sized enterprises. These enterprises are making an out-sized impact in their respective regions, providing dignified job opportunities for under-represented communities and preserving and protecting the natural environment.
AMAZONIA INITIATIVE
NESsT Amazonia is an initiative designed to foster a sustainable, thriving sociobioeconomy in the Amazon. It achieves this goal by accelerating businesses that contribute to sustainable value chains while respecting and embedding natural cycles, ancestral practices, and community-led governance. Enterprises in the NESsT Amazonia portfolio include climate-smart solutions, Indigenous-led enterprises, and companies that engage regularly and are in partnership with local communities.
Since 2015, NESsT has invested in and supported more than 64 high-impact small enterprises and cooperatives in the rainforest.
NESsT Amazonia’s supporters include Biodiversity Alliance, Canada’s International Development Research Centre (IDRC) and the Negocios Agroalimentarios Regenerativos (NAR) consortium, Charles Stewart Mott Foundation, Cisco Foundation, Climate and Land Use Alliance (CLUA), Fondation Erol, Gordon and Betty Moore Foundation, the Inter-American Development Bank (IDB), the International Center for Tropical Agriculture (CIAT), MetLife Foundation, Partnership Platform for the Amazon (PPA), Principal Foundation, William Talbott Hillman Foundation, and the Swedish International Cooperation Agency (Sida).
RACIAL EQUITY INITIATIVE
The NESsT Racial Equity Initiative invests in social enterprises that create employment and income opportunities for Black people in Brazil. In 2024, enterprises in the Racial Equity portfolio sustained over 21,999 jobs, trained and up-skilled nearly 5,236 individuals – over half of whom are from Black communities – and positively impacted the lives of more than 124,522 people.
Supporters of the NESsT Racial Equity Initiative in 2024 include Principal Foundation, and the initiative has previously received support from BlackRock.
SOUTH AMERICA ACCELERATOR
The South America Accelerator addresses wealth inequality and environmental challenges in Chile, Colombia, and Peru. The program, in partnership with IKEA Social Entrepreneurship and the Swedish International Development Cooperation Agency (Sida), invests in businesses that create and sustain formal, fairly-compensated jobs through patient capital and business support.
POLAND & ROMANIA ACCELERATOR
The NESsT-IKEA Social Entrepreneurship Poland & Romania Accelerator supports social enterprises that work to move people out of poverty by transitioning them to sustainable sectors and improving their job security through training and upskilling. The portfolio consists of enterprises supporting at-risk youth, at-risk women, people with disabilities, ethnic minorities, refugees and migrants, and smallholder farmers and artisans.
REFUGEE EMPLOYMENT INITIATIVE
The NESsT Refugee Employment Initiative works with enterprises in Poland and Romania that provide decent job opportunities for refugees and migrants. This initiative launched in 2022 in partnership with IKEA Social Entrepreneurship and Cisco Foundation, following the Russian invasion of Ukraine and the displacement of 4 million people into Poland and Romania.
[Note: The next iteration of our acceleration work in Poland and Romania launched in January 2025 as the NESsT Central-Eastern Europe (CEE) Accelerator Program.]
LIRIO FUND
The NESsT Lirio Fund provides debt capital to small and medium enterprises that are advancing job creation for people most in need and accelerating environmental conservation in Brazil, Colombia, and Peru. By offering enterprises flexible financing and business assistance, the Lirio Fund seeks to improve rural livelihoods, creating jobs and increasing the incomes of local workers, including those who have generations of traditional knowledge about the rainforest and how to protect it.
VIOLET FUND
Launched with support from Dreilinden gGmbH, the NESsT Violet Fund provides financing to high-impact enterprises in Central and Eastern Europe that create quality jobs for the LGBTQIA+ (lesbian, gay, bisexual, transgender, queer or questioning, intersex, asexual, and more) community and foster LGBTQIA+ inclusive work environments where all individuals feel valued, respected, and safe.
AN INTERDISCIPLINARY ACCELERATION PROGRAM IN THE AMAZON BASIN
“The business incubator for Indigenous Peoples and Amazonian nationalities aims to provide support on a business level, while also contributing to community well-being. It’s about giving dignity to our people, where everyone has a job – fair employment that is remunerated in a fair way.” – María José Andrade, Leader of Economy and Community Development, CONFENIAE
In 2024, backed by the Inter-American Development Bank (IDB) and the Gordon and Betty Moore Foundation, NESsT continued implementing a pilot acceleration program in collaboration with four of its long-standing partners in the Amazon. These organizations, dedicated to defending and promoting the rights of Indigenous Peoples and local communities (IPLCs) and strengthening Indigenous economies, include the Coordinadora de la Organizaciones Indígenas de la Cuenca Amazónica (COICA)1 and the regional Indigenous Peoples’ Organizations in Colombia, Ecuador, and Peru—Organización Nacional de los Pueblos Indígenas de la Amazonia Colombiana (OPIAC)2 , Confederación de Nacionalidades Indígenas de la Amazonía Ecuatoriana (CONFENIAE)3, and Asociación Interétnica de Desarrollo de la Selva Peruana (AIDESEP)4 , respectively.
“Indigenous Peoples’ Organizations in the Amazon hold a deep understanding of the needs of local communities, the interdependence of governance structures that sustain their territories, and how to conserve biodiverse ecosystems. They are also essential actors in supporting and advocating for Indigenous businesses that align with their values and traditions. Despite this, funding structures often prevent them from accessing the resources they need to develop and scale entrepreneurship initiatives.”
– Mauricio Verkooijen, NESsT Country Director, Peru
Building on the progress made by regional Indigenous economy programs led by each organization and the Amazon Indigenous Rights and Resources (AIRR)5 project, representatives from participating Indigenous organizations and NESsT led efforts to fortify traditional
THE INDIGENOUS-LED INCUBATOR DRIVES IMPACT THROUGH THREE KEY AREAS:
• Strengthening the skills and capacities of Indigenous Peoples’ organizations in Colombia, Ecuador, and Peru to foster the incubation and acceleration services of regional Indigenous economy programs
• Bringing acceleration services to 13 Indigenous enterprises, improving the income of more than 1,600 families and contributing to conservation efforts in Indigenous territories
• Disseminating and scaling the governance model across the Amazon basin to position regional Indigenous-led incubators and businesses as key socio-bioeconomy solutions
governance models and strengthen Indigenous economies.
To do so, the teams worked closely with Indigenous communities, ensuring an approach that aligns with their cultural values while also promoting sustainable business practices. This work reinforced local leadership roles for participating Indigenous leaders, close to 50% of whom are women. It promoted their direct participation in committees designed to strengthen incubation programs and directly impact local economies, ensuring them a stronger voice in decisions that affect Indigenous communities and territories.
In parallel, project participants co-designed and implemented a business accelerator through a series of meetings and hands-on workshops. At a regional gathering held in Ecuador in September, participants shared their knowledge, experiences, and best practices in accelerating Indigenous-led businesses. Building on these joint learnings, they co-designed processes for scouting,
evaluating, and conducting due diligence to select IPLC-led enterprises.
“This meeting has been of utmost importance to me – it helped us learn how to coordinate our work with partners who want to support us in all aspects of entrepreneurship. The discussions on the Indigenous economy have been highly productive. We’ve gained a lot of knowledge on how to scale initiatives and coordinate efforts with allies who are experts in the field.” – Annia Arana, Vice-President, Organización Regional de los Pueblos Indígenas de Amazonas (ORPIA)
As a result, the program selected and began acceleration work with 13 IPLC-led enterprises dedicated to creating sustainable livelihoods for Indigenous communities in Colombia, Ecuador, and Peru while conserving and sustainably managing their lands. This work was overseen by Indigenous Economy Advisory Committees. Composed of representatives from four Indigenous organizations across the three countries, the committees provided strategic investment support and targeted mentoring to address the unique challenges of early-stage Indigenous businesses.
The diverse portfolio, spanning bioeconomy sectors such as handicrafts and textiles, ecotourism, and non-timber forest products, received funding and comprehensive business support. The acceleration services provided in 2024 focused on enhancing portfolio enterprises’ operational capacity in emerging and established value chains, with participating entrepreneurs strengthening financial and management skills, enhancing commercial strategies, and improving the quality of forest-derived products. In 2025, the enterprises will implement tools to measure and communicate their social and environmental impact, as well as to access new sources of funding.
PORTFOLIO SPOTLIGHT:
WAYUSA
RUKU KAWSAY
Ecuadorian enterprise Wayusa Ruku Kawsay specializes in the sustainable production of guayusa (ilex guayusa), a sacred Amazonian plant known for its energizing effects.
“It’s almost like a mother. It has power, it gives us strength to work.” – Piedad Salazar, guayusa producer
With a business model that prioritizes economic inclusion, cultural preservation, and environmental conservation, the association sources guayusa from 375 members belonging to 14 Kichwa Indigenous communities, boosting their income while supporting members to follow the chakra agricultural system – an ancestral soil management and harvesting model to sustainably manage diverse crops.
“Our future depends on young people continuing to produce, to have knowledge of our products, and what we can achieve with our guayusa products.” – Sandy Tapuy, Wayusa Ruku Kawsay Secretary
Throughout 2024, NESsT and CONFENIAE worked closely with Ruku Kawsay’s management team to co-develop an action plan tailored to the enterprise’s business and impact goals, and the challenges of the guayusa value chain.
A key priority was increasing sales of guayusa-based beverages and dehydrated tea leaves. To support this, NESsT provided a recoverable grant to support Ruku Kawsay to obtain organic certification and upgrade its production plant equipment, enhancing processing capacity.
Moving forward, Ruku Kawsay will receive one-on-one mentoring from NESsT and CONFENIAE to expand into new international and national markets, strengthen its brand through marketing and sustainability campaigns, and grow its local B2B client base.
“This strong cross-sector collaboration has fostered trust and set the foundation for Ruku Kawsay’s long-term growth, ensuring it has the tools and strategies needed to strengthen its governance, build supplier relationships, and reach new clients.” – Andrea Molestina, NESsT Amazonia Portfolio Manager in Ecuador
EXPANDING ACCESS TO FUNDING FOR SOCIO-BIOECONOMY
AMAZON THROUGH THE LENS OF LOCAL COMMUNITIES
“By facilitating spaces where Indigenous leaders and community members can share their lived experiences, funding expectations, and on-the-ground realities, we aim to serve as a link between local enterprises and the funding community, bridging the knowledge gaps and communication barriers identified in our 2024 report.” – Cairo Bastos, NESsT Amazonia Program lead
In 2024, NESsT released a series of recommendations to address a critical issue identified throughout almost a decade of acceleration work in the Amazon: limited access to financing for community-led businesses operating within the socio-bioeconomy.6
The practical guide, Unlocking the Potential of the Global Financing Ecosystem to Invest in a Sustainable Bioeconomy in the Amazon through the Lens of Local Communities7, lays out nine key opportunities for public funding providers and private investors to make investments in the Amazon sociobioeconomy more strategic, accessible, and impactful. Incorporating insights from over 40 in-person interviews with small farmers, community members, and leaders of ten NESsT socio-bioeconomy enterprises, it offers clear strategies in streamlining reporting criteria, standardizing socio-bioeconomy classifications, and combining flexible, long-term loans with business assistance.
CREATING SPACE FOR LOCAL VOICES TO LEAD BIOECONOMY CONVERSATIONS
Throughout 2024, NESsT disseminated the publication in a series of discussions and key events centered on building effective, sustainable funding frameworks designed for and in partnership with local sociobioeconomy enterprises. One of NESsT Amazonia’s key goals was to ensure historically unheard voices reach and influence within spaces typically dominated by larger industry players.
To advance this effort, NESsT launched an open call to identify community leaders driving exceptional social impact within our portfolio. A diverse advisory board – with gender parity and community representation – selected three entrepreneurs: Ricardo Calderón of Agrosolidaria, Keivan Hamoud of Associação dos Agropecuários de Beruri (ASSOAB), and Ngrenhrarati Xikrin of Associação Bebô Xikrin do Bacajá (ABEX). They were awarded fellowships to attend key industry events and engage in strategic discussions on financing the socio-bioeconomy, where they sharing their lived experiences, the challenges of accessing capital, and the urgent need for more inclusive, locallydriven investment models.
Ngrenhrarati Xikrin of ABEX spoke at the 3rd Amazon Impact Investing and Sustainable Business Festival (FIINSA) in Manaus, Brazil. She shared how unsustainable infrastructure projects are impacting the Bacajá territory where ABEX operates and how the enterprise is implementing sustainable solutions that protect Indigenous territory, identity, and culture.
“[My community] put me in charge of fighting for them. To tell the whole world what they feel and what is happening in that isolated land.” –Ngrenhrarati Xikrin of NESsT portfolio enterprise ABEX.8
Publication year: 2024
• 40+ in-depth interviews with small farmers, community members, and bioeconomy enterprise leaders in Brazil, Colombia, and Peru
• 10 case studies highlighting real-world challenges and opportunities
• 9 key recommendations to expand access to financing in the Amazon bioeconomy
• 6 events and webinars to amplify local voices and drive action
• 10 stakeholders engaged, including private investors, development finance institutions (DFIs), and nongovernmental organizations (NGOs)
Parallel to this work, the NESsT Amazonia team held conversations with the NESsT Bioeconomy Advisory Committee, comprised of financing stakeholders and representatives from networks such as the Pan-Amazon Network, NAR Consortium, and Latimpacto.
The team also presented the recommendations in meetings with development finance institutions (DFIs) such as the Inter-American Development Bank (IDB), the International Union for Conservation of Nature (IUCN), the Swedish International Development Cooperation Agency (Sida), and the World Bank.
NESsT was also invited to share the report’s insights at influential gatherings across Latin America throughout 2024, including COP16 in Cali, Colombia.
NES s T AT COP16 IN CALI, COLOMBIA
COP16, the world’s largest biodiversity forum, was in held in Cali, Colombia, from October 21 to November 1, 2024.
In the COP16 Green Zone, the NESsT Amazonia team and portfolio entrepreneurs led panel discussions and supported partners on a series of events and conversations around mobilizing financing for Amazon enterprises that provide IPLCs with dignified livelihoods and protect biodiversity.
The panel ‘Unlocking Finance for a Locally-Led PanAmazon Bioeconomy’ – co-hosted by Amazon Investor Coalition, the Pan-Amazonian Network for Bioeconomy, WRI Brasil (World Resources Institute), and NESsT –convened Amazonian bioeconomy entrepreneurs and leading financial institutions to engage in a cross-cutting discussion on breaking down barriers to investment.
NESsT portfolio entrepreneurs Ricardo Calderón, Agrosolidaria, and José Yahuarcani, Asociación Intercomunitaria Painü, presented the main challenges they face in accessing capital. They challenged representatives from public and private financing institutions – including IDB, Michelin, and Sida – to rethink their funding models and drive smarter, more impactful and inclusive investment approaches.
Alongside OPIAC, NESsT also co-hosted and moderated a panel composed of experts from IDB Lab and the International Union for Conservation of Nature (IUCN) and Indigenous representatives from AIDESEP, CONFENIAE, and OPIAC. The panel had the goal of promoting Indigenous-led incubators as a proven solution for protecting local biodiversity and strengthening community livelihoods and well-being.
1. Coordinator of Indigenous Organizations of the Amazon River Basin (COICA): coicamazonia.org/
2. National Organization of Indigenous Peoples of the Colombian Amazon (OPIAC): opiac.org.co/
3. Confederation of Indigenous Nationalities of the Ecuadorian Amazon (CONFENIAE): confeniae.net/
4. Interethnic Association for the Development of the Peruvian Rainforest (AIDESEP): aidesep.org.pe/
One of the main takeaways from the panel was the critical need for global funding communities to scale their efforts in collaborating with each other and Indigenous-led initiatives through innovative blended finance solutions and bottom-up strategies led by Indigenous organizations. “As grassroots organizations, we face various challenges in accessing financing that can bridge the gaps we have identified to foster the growth of our businesses. Resources are often earmarked for areas where many organizations have not yet reached the required maturity level, but we need financing that bridges these gaps, helping us grow in stages.”
— Ricardo Calderón, CEO, Agrosolidaria
5. From 2019 – 2023, NESsT worked in a joint effort with WWF and the United States Agency for International Development (USAID) on the Amazon Indigenous Rights and Resources (AIRR) project, in alliance with Indigenous organizations COICA, AIDESEP, OPIAC, and CONFENIAE. Joint learnings from the project, including practical guidelines and recommendations for Indigenous entrepreneurs, IPLC organizations, and impact investors, can be found here: wwf.org.ec/ bibliotecavirtual/airr/
6. NESsT Amazonia supports community-led and community-centered businesses that operate within the Amazon socio-bioeconomy, fostering a model where local communities drive or supply sustainable initiatives that balance biodiversity conservation and social and economic well-being.
7. Unlocking the Potential of the Global Financing Ecosystem to Invest in a Sustainable Bioeconomy in the Amazon through the Lens of Local Communities: nesst.org/amazonia
8. folha.uol.com.br/folha-social-mais/2024/11/homens-chegam-sem-caca-e-mulheres-tem-quecomprar-carne-no-mercado-diz-indigena.shtml
Photo: Cairo Bastos, NESsT Brazil Program Manager, at COP16
Photo: Ricardo Calderón, CEO, Agrosolidaria
Photo: Cairo Bastos (left) and José Yahuarcani, Painü
Racial Equity Initiative
Photo: Maré de Sabores
PORTFOLIO SPOTLIGHT: MARÉ DE SABORES
Since joining the NESsT portfolio in 2021, Maré de Sabores has achieved remarkable growth in both impact and business stability. By investing in women, fostering locally-led entrepreneurship, and promoting economic inclusion, Maré de Sabores is a model for other social enterprises –proving that businesses rooted in under-represented communities can thrive and drive systemic change.
Maré de Sabores operates a catering business in the Maré complex, one of the most populous slum complexes in Brazil and the largest in the city of Rio de Janeiro with approximately 140,000 inhabitants, over 62% of whom are Black.
Women and Black people in Brazil face significant obstacles to securing good jobs and long-term economic stability. These include racial and gender biases in hiring and procurement, exclusion from business networks, and the disproportionate burden of unpaid domestic work. Entrepreneurs Mariana Aleixo and Helena Edir founded Maré de Sabores over a decade ago to dismantle these barriers, supporting women – especially low-income women, single mothers and small-business owners – to build their financial independence and stability through career training, work experience, and job opportunities in the food industry.
When Maré de Sabores joined the NESsT portfolio, it was poised for growth yet required the right support to move beyond grant dependence and build long-term financial resilience. With a recoverable grant and tailored strategic guidance to diversify its funding streams, NESsT supported Maré de Sabores to strengthen its solid foundation. In just two years in the portfolio, Maré de Sabores achieved a revenue milestone of R$ 1,000,000.00.
Despite its strong track record, Maré de Sabores faced persistent challenges in gaining the visibility and credibility needed to secure high-value corporate partnerships for its catering services. NESsT connected the enterprise with a Racial Equity Initiative supporter, who provided targeted mentoring on securing corporate clients. Maré de Sabores successfully became a supplier for several corporate brands—not only propelling its business forward but significantly amplifying recognition for Black, women-led businesses in the industry.
Photo: Maré de Sabores
KEY MILESTONES IN MARÉ DE SABORES’ IMPACT JOURNEY
2021 – Joining the NESsT Portfolio and adapting after the pandemic
• Maré de Sabores joins the NESsT portfolio with support from IKEA Social Entrepreneurship
• The enterprise expands its services to provide meals for families and humanitarian aid, serving 28 events and employing 39 women
2022
– Consolidation and strategic partnerships
• Team restructuring and first connections with major corporate partners
• Maré de Sabores joins the NESsT Racial Equity Initiative
2023
– Growth and expansion planning
• Maré de Sabores hits revenue milestone of R$ 1,000,000.00 providing catering services at four events
• Mentorship with IKEA to improve logistics, refine pricing strategies, and strengthen strategic planning
• Mentorship with BNY, paving the way for Maré de Sabores to become a BNY supplier and secure two additional corporate clients
2024 – Expanding impact and driving new initiatives
• 33% increase in the daily wage for women working in Maré’s catering business line and 342 people trained in gastronomy, entrepreneurship, and financial management
• 62,1% of the women trained and/or employed are Black
• Maré de Sabores distributes R$50,000 to six small women-led businesses in Maré
The impact of these efforts reached new heights in 2024, marking a pivotal year for Maré de Sabores and the community of women it supports. With close-up support from NESsT Racial Equity Initiative portfolio manager Nayana Cambraia in financial management, sales strategy, and brand positioning, Maré de Sabores achieved nearly 20% sales growth compared to 2023. This translated into tangible benefits for Maré—catering staff saw their earnings increase by 33% and 342 individuals accessed flexible business skills training programs developed by NESsT and Maré de Sabores for those juggling entrepreneurship and caregiving responsibilities.
To strengthen this support to Black entrepreneurs, a second recoverable grant from NESsT assisted Maré to launch a seed capital program in 2024. Through this initiative, R$50,000 was distributed to six women-led businesses within the Maré community—an investment that is already fostering sustainable growth and long-term financial stability.
As Maré de Sabores enters its final year of acceleration, it is poised to scale its impact even further. The upcoming launch of a financial management training-of-trainers program will create a ripple effect in Maré, equipping more small business owners with the tools to access credit and manage their enterprises effectively as an essential step toward economic independence.
Photo: Mariana Aleixos, Co-Founder, Maré de Sabores
PORTFOLIO SPOTLIGHT: Á GIL
Chilean enterprise Ágil joined the NESsTIKEA Social Entrepreneurship South America Accelerator Program in 2024 seeking support in scaling its operations and impact. The tech enterprise specializes in affordable e-commerce and training solutions for small, micro, and family-run businesses in Chile’s HoReCa (Hospitality, Restaurant, and Catering) sector while supporting delivery drivers and restaurant staff to earn a living wage.
Ágil’s all-in-one app supports small, family-run restaurants to thrive by giving them full control over their sales, marketing, and delivery, without relying on expensive third-party platforms. These establishments — typically employing 3 to 5 workers, many of whom are migrants — operate in outlying neighborhoods where foot traffic and customer demand move at a slower pace.
Upon joining the portfolio, Raúl Miranda, CEO of Ágil met with NESsT portfolio manager Fabian Olivares on a bi-weekly basis for initial assistance in identifying and understanding Ágil’s impact groups and establishing
a system to track and evaluate the enterprise’s impact on local communities. Fabian then guided strategic discussions on refining Ágil’s business model and exploring business needs and areas for growth.
After working closely with NESsT to identify key areas for improvement during the acceleration, Ágil received personalized support from NESsT and IKEA to strengthen its value proposition, gain a deeper understanding of its target audience, and enhance its sales strategy.
“Thanks to [NESsT’s] guidance, I have been able to strengthen my leadership and strategic planning skills, which translates into a greater impact on the community [we work with]. This support not only motivates us to move forward with confidence but also creates a continuous learning environment, where each step we take brings us closer to our goals.”
– Raúl Miranda, CEO and Founder of Ágil.
In 2024, Ágil trained 180 restaurant staff from small businesses — 62% of whom are women – equipping them with essential customer service skills. Additionally, Ágil partnered with over 180 delivery drivers, offering income opportunities more than double the market average. Close to 30% of the delivery personnel supported via Ágil’s platform are women, and over 95% are migrants.
As Ágil continues to evolve, NESsT and IKEA Social Entrepreneurship are supporting the enterprise to build hiring and employee manuals that promote diversity, equity, and inclusion and support its internal employees’ needs.
“By refining its operations and staying committed to social impact, Agil is on track to support 600 local enterprises and 3,000 delivery drivers. In doing so, it is strengthening marginalized communities and building resilience in neighborhoods often overlooked by larger market forces – all while ensuring meaningful jobs within its own team and in the communities where it operates,” shared Fabian Olivares.
Photo: Raúl Miranda (left), Ágil CEO, and Felipe Torres (right), Ágil Key Account Manager
Photo: Ágil
Refugee Employment Initiative
Photo: Mihai Cepoi, Jobful CEO
PORTFOLIO SPOTLIGHT: EKOINBUD
Ekoinbud is driving change in Poland’s construction sector with green building solutions and an inclusive workforce. Specializing in energy-efficient buildings that reduce CO2 emissions by 75% compared to traditional approaches, the enterprise creates quality jobs in sustainable design, eco-friendly manufacturing, and on-site construction— providing opportunities for youth, refugees, migrants, and women. With a diverse team of experts, Ekoinbud builds schools, kindergartens, hospitals, and homes that reflect and serve the communities it supports.
To further expand access to the industry, Ekoinbud runs training programs to help people enter the construction sector and, with support from NESsT, will train 300 job seekers over the next three years.
Pavlo completed an internship with Ekoinbud after moving from Ukraine to Poland to pursue a master’s degree in architecture and was subsequently offered a full-time position. Ekoinbud is his first employer. “I especially value working on community-based, sustainable projects,” Pavlo shared.
“Women should have the freedom to choose when to have children, and it should never hinder their professional growth. At Ekoinbud, we’ve always embraced this and created an environment where women can return to work confidently after a break. We have women in across all role levels here, including legal specialists, directors, and construction workers, proving that gender should never limit professional success.”
– Joanna, Ekoinbud Co-owner and Independent Procuration Holder
With women holding 75% of the managerial roles, Ekoinbud stood out to NESsT in the due diligence phase and was selected to join its portfolio in late 2024. As NESsT continues to support Ekoinbud under the new iteration of its regional acceleration program launched in 2025, the enterprise is committed to further advancing gender equity, particularly within its governing bodies. This reinforces Ekoinbud’s position as both a leader in sustainable modular construction and a catalyst for social impact in the construction sector.
NESsT’s investment in Ekoinbud is supporting the company to develop online design software, allowing users to customize modular homes. Additionally, mentoring and business assistance will support the
Ekoinbud team to streamline design processes and project delivery. By improving operational efficiency and leveraging digital innovation, Ekoinbud aims to increase its sales and expand employment opportunities for marginalized groups by 75%, with a focus on refugees and migrants seeking quality jobs in the region.
“I guide Ekoinbud’s efforts to create safer, more ecofriendly solutions. My focus is on improving fire-resistant materials, enhancing the properties of wood, and ensuring our work meets the latest building regulations.”
– Monika, Research and development lead, Ekoinbud
Photo: Joanna, Co-Owner, Ekoinbud
Photo: Monika, Research and development lead, Ekoinbud
Photo: Pavlo, Ekoinbud employee
PORTFOLIO SPOTLIGHT: JOBFUL
Romanian tech start-up Jobful has a mission to create a more equitable and inclusive recruitment journey for people who consistently face barriers to accessing dignified jobs, including refugees, migrants, youth, and people with disabilities.
Launched in 2022, its platform jobs4ukr.com is the region’s largest employment platform for people affected by the war in Ukraine. Joining the NESsT Refugee Employment Initiative in 2023 provided Mihai Cepoi, Jobful founder and CEO, with the strategic support and mentorship needed to propel the enterprise’s reach and impact. Today, the jobs4ukr.com database has grown to serve over 15,000 refugees seeking verified jobs in Europe and remote opportunities worldwide.
“In 2022, we launched the platform for refugees from Ukraine, and it was a huge success in that regard. When we started the engagement with the Refugee Employment Initiative, we realized that we could do much more,” shared Mihai. “At the end of the day, the main purpose of any startup is to grow, or it usually is. In our case, we redefined success. It means growing the business, but it also means impacting and making life better for vulnerable communities and for all professionals.”1
CROSS-SECTOR CONNECTIONS TO DRIVE MUTUAL GROWTH AND IMPACT
NESsT portfolio manager Dumitru Jucov connected Jobful with other companies in the NESsT portfolio looking to hire people facing migration. One of these was eco-friendly packaging manufacturer Box Elyte, which provides dignified jobs to marginalized groups at its production facility in northwest Romania. To reach Ukrainian jobseekers arriving in the region, Box Elyte publishes its job opportunities on the jobs4ukr.com platform, and has supported over 36 refugees and migrants with quality jobs.
With strategic mentorship from IKEA co-worker Rumen Mihaylov, People and Culture Leader at IKEA Consumer and Market Insights, Mihai found a strategic partner who challenged his ideas and pushed him to think bigger. “Working with Rumen from IKEA started from a need of mentorship. The roles he played in our relationship changed and updated from mentoring to coaching to advisory to sparring partner on key topics,” Mihai added.
This collaboration opened doors, with Mihai invited to present Jobful’s innovation solution and positive social impact at two of IKEA’s largest global gatherings, elevating Jobful’s presence in the social entrepreneurship sphere and supporting it to expand its impact model.
In 2024, the enterprise launched jobs4all.ro – a recruitment and e-learning platform for a broader range of underserved communities, including people with disabilities, youth not in employment, education, or training (NEETs), and single mothers – providing training in in-demand skills and support to find quality jobs opportunities both in Romania and throughout Europe.
Liudmyla and Anatolii found work at Box Elyte through jobs4ukr.com, built and managed by Jobful. They have worked at Box Elyte since 2022 when, together with their daughter, they were forced to flee their homes due to Russia’s invasion of Ukraine.
Fleeing Ukraine meant leaving their jobs and livelihoods behind. For Anatolii, a job of 34 years at an automobile manufacturing plant, and Liudmyla, her position as a clinic receptionist. “We aren’t used to not working,” shares Liudmyla. “We knew that if we came to Romania, we wanted to find a job.”
Shortly after leaving Ukraine, Liudmyla, Anatolii, and their daughter Valeria, were hired at Box Elyte.
“My daughter found a job on an online platform. A week later, on March 22, 2022, we arrived in Timisoara and Box Elyte hired us both,” Liudmyla adds.
“I arrived a few weeks later and joined the Box Elyte team. We’ve been working here ever since,” adds Anatolii.
1. https://www.ikeasocialentrepreneurship.org/en/news/jobful-articlefor-world-refugee-day
Photo: Jobful team members
Photo: Liudmyla (left) and Anatolii (right), Box Elyte employees
Poland & Romania Accelerator
Photo: Atelierul de Pânză
“My advice to other social entrepreneurs would be to persevere: It’s important to keep going, even when things seem tough. The sun is always behind the clouds, even when we can’t see it; there are always people who believe in what we’re doing. Making a positive impact, even in one person’s life, makes it worth it.” – Emilia Garska, Heca Co-Founder
PORTFOLIO SPOTLIGHT: HECA
Located in the city of Tczew in northern Poland, Heca supports people with physical or mental disabilities and young people experiencing homelessness, to find work, form social connections, and become independent.
Recognizing that traditional work environments don’t always accommodate the needs of people with mental and physical disabilities, Co-Founders Emilia Garska, Maksymilian Flemming, and Paulina Kremer developed several business lines within Heca to provide local people with training and employment opportunities in a familiar and inclusive setting.
“We identify people’s strengths and passions, and we build on those rather than focusing on what they can’t do. Our approach is to support them to find their spark and encourage them to follow it,” – Heca Co-Founder Emilia
One of these business lines is Patentu, a circular design company that produces hand-crafted, quality furniture using recycled materials such as plastic waste collected from corporate partners. The furniture is designed for accessibility and built with universal design principles that accommodate the needs of children, elderly individuals, and people with disabilities.
NESsT has supported Heca to develop its Patentu business model and to enhance its pricing, sales, and marketing strategies to reach new markets. Upon joining the NESsT portfolio in 2021, Heca received business support and funds to invest in new and accessible equipment for several of its sustainable business lines, increasing the number of job opportunities it could offer to its local community.
NESsT portfolio manager Aneta Sokolowska – who has accompanied Heca on its social impact journey for three years – shares, “Heca has successfully leveraged its proximity to underserved groups in its local community to provide access to tailored skills training, technology, and ongoing support, directly increasing their employability and income. We supported Heca in optimizing its business model by balancing revenue, costs and social impact, while simultaneously providing technical assistance to strengthen its workforce, which includes employees from at-risk groups.”
As part of this support package, NESsT provided Heca with a grant and recoverable grants on flexible terms, supporting it to meet a personalized payment schedule aligned with the higher operational costs that social enterprises like Heca often face, such as providing social and psychological support for its employees and ensuring job-security despite various challenges. “This patient approach acknowledges that short-term costs for inclusion can lead to significant long-term returns for society and local economies,” Aneta adds.
During its three years in the portfolio, Heca has created close to 50 jobs for marginalized people and improved the livelihoods of over 300 local individuals.
Photo: Emilia Garska, Co-Founder, Heca | Rafał Mroziński
Photo: Heca | Rafał Mroziński
6 countries represented
15,807 jobs created or sustained for marginalized individuals, 57% held by women
47 impact-driven companies accelerated
52,230 under-represented people accessed training and job support
“Yet, there is something that truly unites us: the desire to improve this country and ensure the wellbeing of the families [we support]. This shared goal drives our commitment and gives us the opportunity to make a meaningful impact.”
A key feature of NESsT and IKEA Social Entrepreneurship’s support to portfolio enterprises is tailored coaching, mentoring, and in-depth business masterclasses. This hands-on guidance covers topics ranging from strategy, operations, financial planning, to marketing.
Last year, program participants received support to widen their professional networks, build on their knowledge and skills, and develop crucial soft skills and leadership capabilities. IKEA Social Entrepreneurship linked participating entrepreneurs with co-workers from IKEA, drawing on the expertise and experiences of its employees and learning together.
In 2024, the co-worker engagement program expanded to include thought partners in senior roles at IKEA, bringing strategic expertise in impact business management and long-term planning.
PARTNERSHIP SPOTLIGHT: OKOLO
Okolo, a Colombia-based enterprise producing reusable diapers, joined the NESsT-IKEA Social Entrepreneurship South America Accelerator Program in 2024. Founded by entrepreneurs
Alejandra Zuluaga and Katherine Correa Sánchez in 2021, Okolo’s seeks to accelerate the replacement of single-use plastic in baby products.
Recognizing that reusable diapers are often costprohibitive to the average customer, Okolo keeps product costs low by assembling its diapers locally, while supporting women textile workers over the age of 50. At least 80% of Okolo’s customer base is from Colombia’s lowest income levels, benefitting from up to 80% savings compared to using disposable diaper costs.
Okolo joined the NESsT portfolio with the goals of preventing two million trees from being cut down, saving 140 million cubic meters of water, and impacting 37,000 low-income families. However, in 2024 Colombia faced its lowest birth rate in history, leading to an unprecedented drop in sales for Okolo.
NESsT connected Okolo founders Katherine Sanchez and Alejandra Zuluaga with an IKEA Colombia co-worker, who supported Okolo as a Thought Partner in refining products, optimizing its use of resources, and adapting its communications strategy.
With IKEA co-worker support, Okolo developed new strategies that shifted the perception of its reusable diapers from a cost-saving product to a worthwhile investment. This allowed the enterprise to draw in a wider audience from a more diverse economic background, while including fathers in the marketing of products, as well.
These strategies included updating its social media approach to focus on informational posts rather than
sales and providing a free webinar series about infant nutrition and other topics.
A key part of the IKEA co-worker’s guidance to Okolo involved challenging Katherine and Alejandra to align every business decision with their core mission. This clarity ensured the entrepreneurs directed their efforts toward initiatives and products that reinforced their long-term goals, reducing distractions and sharpening the focus of their work. Equally important was IKEA co-worker support with testing different products and measuring market response, which led to steady sales growth and saved valuable time and money.
As such, Okolo was able to strengthen the impact of its work and get back on track for growing its sales by an average of 16% each month.
The IKEA co-worker shared about her experience as a thought partner to Okolo:
“Okolo was the first step to reclaiming my time and focusing on what truly fills my heart. After intense years tackling big challenges, such as launching IKEA in Colombia, this experience reminded me that there’s always space for what nurtures us, both professionally and personally. It’s about wanting it and making it happen.”
Okolo founders Katherine Correa Sánchez (left) and Alejandra Zuluaga (right)
NESsT LIRIO FUND: A YEAR OF EXPANSION AND GROWTH
LIRIO FUND IMPACT BY THE NUMBERS
• 62,568 lives improved since inception
• 47% women-led businesses in 2024
• 1,477,365 hectares of land sustainably managed since inception
To bridge these gaps, NESsT introduced tailored loans that provide SMEs in Brazil with more attractive, patient terms and lower interest rates plus technical assistance.
In 2024, the NESsT Lirio Fund scaled its impact across South America, expanding into Brazil while strengthening its presence in Colombia and Peru. By the year’s end, enterprises within the fund portfolio positively impacted 6,005 farmers and employees and played a key role in the sustainable management or preservation of land across rural Colombia, Peru, and Brazil, where our newest growth is driving measurable change.
With increasing pressures on the Amazon and rising economic disparities, in early 2024, the NESsT Lirio Fund launched operations in Brazil. The fund's long-term goal is to support and expand businesses emerging in the Amazon and other critical ecosystems, helping them to grow with the right resources and capital. In this way, the expansion addresses critical gaps in financing for small and medium-sized enterprises (SMEs).
“Brazil is not new for NESsT, and the Lirio Fund complements the acceleration efforts we have already accomplished in the country over a decade. Currently, the funds operating in this space tend to have much higher investment thresholds, leaving a gap between philanthropic capital and venture capital that remains unaddressed.”
– Mariana Lima, Lirio Fund Brazil Investment Officer
Throughout 2024, the Lirio Fund team ran a call for applications and prioritized establishing partnerships with Brazilians stakeholders. This work built a strong pipeline of impact-driven businesses across diverse sectors such as sustainable, regenerative agriculture and fishing, eco-tourism in protected areas, and inclusive employment. While pipeline-building efforts were particularly focused on companies in the Amazon regions working with communities that hold generations of traditional knowledge about the rainforest and its preservation, the team also explored opportunities in northeastern Brazil—an area facing significant poverty and climate challenges.
In December 2024, the Lirio Fund approved a revolving working capital credit line to Cooperativa dos Agricultores do Vale do Amanhecer (COOPAVAM) based in Mato Grosso, Brazil. The rural cooperative sources sustainably harvested Amazon nuts from 300 Indigenous producers in the Brazilian Amazon, paying them premium prices for their products and supporting the conservation of their territories.
Amid the developments of 2024, the NESsT Lirio Fund continued to provide targeted technical assistance to its portfolio enterprises, supporting them to fulfill their loan commitments and preparing them to secure larger, longer-term loans. Notably, four high-performing companies obtained repeat financing or loan increases from NESsT. The growing demand for financing among existing and prospective enterprises, coupled with the fund’s expansion into Brazil contributed to an overall 43% growth in the total number of loans in 2024 and 49% growth in total volume of loans outstanding and committed.
The Lirio Fund was also successful in raising further capital, increasing its capital commitments by 16%
and ending the year with assets under management of $8.9 million. Despite rising interest rates across South America and high price volatility in certain agricultural commodities, it remained committed to providing affordable and accessible capital solutions designed to support SMEs through challenging market conditions to ensure continued growth. These included long-term loans with extended payment periods and revolving credit lines to meet working capital needs, such as paying smallholder farmers and fulfilling client contracts.
Furthermore, despite the volatility in certain agricultural markets, the fund continues to work well with borrowers to ensure that they are paying on time and consistently. The portfolio at risk over 90 days as of year-end was 3.2% and over 180 days was 0%.
The team reinforced efforts to seek enterprises sourcing new biodiverse products in the Amazon, service companies supporting communities in rural areas, superfood companies that source from at-risk communities, eco-tourism efforts, and other social enterprises that provide income sources to marginalized groups.
The fund team continued to strengthen collaboration with the NESsT acceleration program to advance the growth of businesses in the NESsT portfolio through a unique blend of customized financing and hands-on support.
Photo: COOPAVAM
PORTFOLIO SPOTLIGHT: FEDERACIÓN CAMPESINA DEL CAUCA (FCC)
For over 50 years, FCC has worked to improve the livelihoods of small farmers in an area of Colombia greatly affected by armed violence. In late 2024, the NESsT Lirio Fund extended a revolving working capital line to this long-standing federation of coffee growers, complementing the strategic support it receives as part of the NESsT Acceleration Portfolio.
FCC was founded in 1971 as a vital support network for small coffee producers and their families in Cauca, Colombia – an area where paramilitary and guerilla groups are still active. Today, formed by five local farming associations, FCC represents and protects the rights of over 350 small producers, over 30% of whom are women, purchasing their high-quality coffee beans at premium prices and ensuring they earn a living income.
In 2024, FCC was selected to join the NESsT Acceleration Program in South America to scale its business and impact. When our comprehensive due diligence processes revealed a need for increased working capital to pay coffee producers, the NESsT acceleration and Lirio Fund teams assessed financing options, ultimately facilitating a loan – the NESsT Lirio Fund’s third investment in Colombia.
With a revolving working capital line from the NESsT Lirio Fund, FCC will be able to pay its members promptly and consistently while managing longer payment cycles from buyers. Having access to a ready-to-use, flexible funding stream also allows the federation to maintain its commitment to the ongoing education of farmers in organic and Fair Trade certifications and sustainable farming practices that honor their heritage and improve the quality of the coffee they grow.
Due to persistent climate challenges, one of the areas FCC provides support in is preparing self-sustaining farms with diverse income streams. During 2024, with the support of NESsT’s acceleration portfolio managers, the federation assisted 366 farmers to introduce bees to their organic farms. Beyond creating extra household income, beekeeping enhances plant pollination and combats the loss of coffee flowers caused by climate change. With access to capital from the Lirio Fund, FCC can support farmers to sustain this practice, ensuring long-term growth and greater climate resilience.
As FCC builds upon its significant legacy of positive change in Cauca, it seeks to secure new buyers in a region with intense competition. On-going support in strategic weekly meetings with the NESsT acceleration team has strengthened FCC’s commercial and branding strategies, developing a unified brand that ties its coffee and honey business lines under a solid identity and positioning FCC for greater sales opportunities in national and international markets.
Building on this progress and drawing on its extensive experience supporting coffee cooperatives and associations throughout South America, the NESsT Lirio Fund team is assisting FCC to attract a wider range of clients, with a focus on establishing lasting partnerships with international buyers.
This dual-track approach will allow FCC to boost its farmers’ income by 60%, while enabling the federation to improve profit margins and raise additional funds for new projects that support local growers in producing exceptional coffee.
Juan Bautista Narvaez is one of the oldest producers supported by Federación Campesina del Cauca and is also one of the federation’s co-founders. Juan manages a climate-smart farm where he grows coffee alongside tangerines, avocado, and other fruits – planted with FCC’s support to farmers to diversify income streams and adapt to climate changes.
The Violet Fund
Photo: NESsT Violet Fund Team
A YEAR OF EVOLUTION FOR THE VIOLET FUND
In early 2024, the NESsT Violet Fund launched a call for applications as part of its new strategy to offer smaller, more accessible ticket sizes tailored to high-impact enterprises that create jobs and inclusive workspaces for the LGBTQIA+ (lesbian, gay, bisexual, transgender, queer or questioning, intersex, asexual, and more) community in Central and Eastern Europe. Building on the insights gained from these efforts, the fund continues work to expand its portfolio and bring vital financial and technical support to enterprises that share its commitment to safe, respectful, and diverse workplaces grounded in equity and inclusion.
NESsT received submissions from a diverse range of organizations – including associations, cooperatives, foundations, and traditional businesses – all led by or employing LGTBQIA+ individuals and other under-represented groups in the region. The applicants spanned multiple sectors, from bicycle production and sports facilities to healthcare and other services such as HoReCa, hospitality, education, IT, and employer branding.
One enterprise – a Polish manufacturer of natural cosmetics with a strong track record of LGTBQIA+ inclusion – secured approval from the Violet Fund Investment Committee in late 2024. The company, with a strong commitment to advancing its inclusive employment efforts, is set to receive funding and officially join the portfolio in early 2025. Additionally, two other companies passed the initial review stage, positioning them as strong candidates for investment in 2025.
In parallel, the NESsT Violet Fund team continued its efforts to drive awareness and action for LGBTQIA+ inclusivity among small and medium-sized enterprises through attending strategic networking events throughout the year.
At the LGBT+ at Work Conference in Bucharest, Romania, NESsT Outreach Coordinator Justyna Markowicz participated on the panel ‘How can we encourage and create an inclusive LGBT+ culture at work?’ alongside representatives from Accenture and the UN Refugee Agency. Panelists highlighted how silence can contribute to exclusion and emphasized the need for proactive allyship. This includes identifying and addressing barriers – such as language and representation – to create workplaces built on empathy, engagement, and informed decision-making.
At Impact Week 2024 in Bilbao, Spain, The European Network Against Racism (ENAR) and NESsT co-hosted the session ‘Overcoming Barriers to Financing for Minority-led Enterprises’, exploring ways to get capital directly to companies led by underserved or underrepresented communities. Filip Wadowski, NESsT Violet Fund Director, spoke to
the funds experience in shaping investing approaches that speak to the real needs of enterprises led by and hiring from the LGBTQIA+ community and creating investment criteria to ensure financing reaches those it is meant to support and that language or system barriers do not get in the way.
The team actively attended other key events across Poland and Romania, including the RDCC & Stonewall Roundtable: Advancing LGBT+ Rights in Romania and the Role of Multi-Nationals in Bucharest and the Beyond Labels inclusive job fairs in Kraków and Gdańsk, Poland.
Additionally, the Violet Fund was featured in the fifth edition of the “Positive Impact Startups: Radical Social Innovation” report by Kozminski University in Poland, highlighting its work to create a more LGBTQIA+ inclusive job market by investing in companies that create work environments where all employees feel valued, respected, and safe.
NESsT Acceleration and Impact Director Renata Truzzi (mid-left) and CEE Director Filip Wadowski (mid-right) speak at 2024 Impact Week alongside Louis Georges Regis (left), ENAR, and Titilope Adewusi (right), 9ijakids, at the panel “Overcoming Barriers to Financing Minority-Led Enterprises” at Impact Week 2024 in Bilbao
NESsT TEAM RETREAT IN PERU
In April 2024, NESsT team members from around the world gathered in Peru for a retreat centered on renewal, alignment, and connection. Set against the stunning backdrops of Lima’s rugged coastline and the majestic peaks of the Sacred Valley, the five-day experience provided an opportunity to reflect on NESsT’s impact, reaffirm our collective purpose, and envision the next phase of our mission. As a remote organization, this retreat was great for strengthening team cohesion and deepening commitment to the work being done.
The 2024 NESsT staff retreat began in the heart of Lima, with the chance to meet and engage with Peruvian social entrepreneurs from nine enterprises in our accelerator program and Lirio Fund. Medicinal plant producer Pebani shared its experience of working with smallholder farmers and native communities in the Peruvian rainforest; Café Compadre discussed its firm commitment to growing sustainable, organic coffee; and Empanacombi served delicious empanadas, showcasing its successful model for inclusive employment and career growth opportunities for people with disabilities.
“Our visit to Peru was a powerful reminder of the human connection at the heart of NESsT’s mission. These moments underscored the importance of connecting with people face-to-face and hearing stories told firsthand –ensuring that our work remains grounded in the voices and realities of those we aim to support.”
– Dana Kuffa, NESsT Development Associate
The journey continued into the Andes with a program of team-building workshops designed to strengthen connections, collaboration, and trust. NESsT portfolio enterprise Llama Pack led a guided llama trek through the Urubamba Mountain Range, immersing the group in the high-Andean way of life. Along the winding paths, we gained insight into the ancestral role of llamas—not only as protectors of the delicate mountain ecosystem but also as a vital source of income for local communities.
Co-Founder and CEO of Llama Pack, Jorge Galvez, shared how Llama Pack works hand-in-hand with remote Andean communities to preserve their deep-rooted llama herding traditions while restoring dignity through fair wages and sustainable livelihoods—and how NESsT’s investment and support have been critical to the enterprise’s growth:
“When we joined the NESsT portfolio, our llama park and visitor center was just a dream. Today, standing with the NESsT team and the communities we support within these four walls, we can see that dream is realized. Our mission to protect the mountains and sustain high-Andean communities has taken shape. What began with just two communities has now grown to support 245 people. This llama packing business belongs to them.”
Local llama farmer Angelica also shared her experience of working with Llama Pack: “Before I met Jorge, I never had an opportunity like this as an Andean woman. It was very difficult for women to work in tourism. But after meeting him, I started working and realized that I could have the same job as a man in my community. Now, after years of experience, I feel proud of what I have accomplished.”
A defining moment of the retreat was an evening dedicated to celebrating and honoring NESsT’s CoFounder Nicole Etchart, who stepped down after 27 years of leading NESsT as CEO in 2023. Nicole discussed her journey of founding NESsT in her Baltimore basement in 1997 and reflected on its evolution into a global force for positive change.
As the retreat came to a close, the team reflected on NESsT’s enduring mission and the path ahead. One team member captured its essence, stating, “NESsT shines a light on the people and places that have been traditionally overlooked.”
This guiding principle will continue to shape the organization’s next steps, ensuring that the connections, insights, and renewed sense of purpose from Peru carry forward into the future.
Photo: NESsT team meeting Suritex
Photo: NESsT team in Lima
Marian Beard
Marcy Bliss
Betsy Block
Loïc Comolli
Peter Conklin
Karen and Dick Cook
Kirsten Dueck
Khue Edwards
Nicole Etchart
SUPPORTERS
Nathalie Figueroa
Sergio Freitas
Edwin Gutierrez
Geoff Hamlin
Steven Hammer
Brett Hamsik
David Heard
The Hotspur Trust
Andy Johnston
Jennifer Kingston
Tim Kingston
Julie Lerudis
Prince Maximilian
von und zu
Liechtenstein
Nicholas Melero
Fundacion Mustakis
Manuel Orrillac
And Anonymous Contributors
Joe Palombo
Joseph Palombo
Gisa Romahn
Chad Sachs
Ian Sachs
Lindsay Stuart
Wallace Global Fund
Brian Wardrop
Kirtee Yadav
2024 LEGAL SUPPORT
Rebaza Alcázar & de las Casas
APROA
Axio
Barros & Errázuriz
Ernst & Young
Tozzini Freire
Glodeanu Partners
Kancelaria Kurek, Wójcik i
Wspólnicy Spółka Komandytowa
Kancelaria Prawna Adwokat
Magdalena Galas
MCG
Jorge Mansilla
McDermott, Will and Emery
Dan Nakamura
Pinheiro Neto
Miguel Raygada
Shearman & Sterling
Edmundo Vara at KPMG
SUPPORT
& REVENUE
Private Contributions & Grants
Government Grants
In-Kind Contributions
Earned and Financial Revenue
Foreign Currency Gain/Loss
Total Operating Revenue
$3,508,093
$722,166 $46,871 $510,069 ($139,803)
$4,647,396
OPERATING EXPENSES
Program Services
General & Administrative
Fundraising
Total Expenses
Increase in Net Assets
Net Assets Beginning of Year
Net Assets End of Year
$3,484,611
Photo: Plantus