makesense has raised EUR 15 million for makesense seed II, a pre-seed vehicle designed to finance Europe’s circular and socially inclusive startups at a stage where capital is still scarce and execution support often matters more than cheque size. The first close brings in a mix of institutional and private capital, led by the European Investment Fund (EIF) and Mirova, alongside Revital’Emploi, business angels and family offices.
The fund’s launch is a clear market signal: impact investing in Europe is moving earlier in the company lifecycle, and LPs are increasingly underwriting managers that can pair capital with structured operating support. In a funding environment where average round sizes have grown, the pre-seed segment remains underserved—particularly for business models that trade speed for stakeholder complexity (circular supply chains, inclusion-driven hiring models, cooperative structures). makesense seed II is explicitly built to fill that gap.
A pre-seed fund built for small tickets—and high-touch support
makesense is a Paris-based nonprofit founded in 2010 with a long track record in social and environmental transition programs. With seed II, it is doubling down on a model that blends an NGO mindset with venture discipline: the fund combines investments with an in-house Operating Team providing hands-on expertise, notably around circularity and inclusion.
The vehicle will invest EUR 200k to EUR 500k at pre-seed, targeting 25–30 companies across Europe. That portfolio design signals a deliberate choice: in pre-seed, “bigger is not better.” Small tickets allow the fund to back more experiments, while concentrated operating support helps founders navigate early product-market fit, impact measurement, and go-to-market in regulated or multi-stakeholder environments.
Hybrid model: venture discipline with an impact-first pocket
makesense seed II follows a hybrid structure that is increasingly visible in European impact VC: a blend of investment, incubation programs and operating support, with a dedicated allocation for impact-first financing. Notably, 10% of the fund is reserved for non-dilutive financing aimed at cooperatives and social enterprises—structures that can struggle to access classic equity without compromising governance.
This is a pragmatic response to a structural reality in impact: some of the most mission-aligned models are not optimised for venture equity, but still require early capital to prove unit economics and scale operations. By carving out an NGO-style pocket alongside a VC-style core, makesense is positioning itself as a bridge between philanthropy, public support mechanisms and venture funding.
Why EIF and institutional LPs matter here
The presence of EIF and Mirova matters beyond the EUR 15 million headline. It underlines how European subsidies and long-term LP relationships are increasingly shaping the pre-seed impact landscape—supporting managers that can build repeatable pipelines and provide measurable outcomes. In practice, these LPs are backing infrastructure: sourcing, selection, and post-investment support tailored to impact ventures.
The fund also marks an expansion in makesense’s asset base. With seed II, the organisation is scaling from earlier vehicles to over EUR 100 million managed, according to reported figures. For founders, that matters because it suggests continuity: a manager that can support companies through successive stages, even if seed II itself is focused on pre-seed.
Mid-market relevance: early-stage capital that feeds tomorrow’s deal flow
For the European mid-market, seed II is an upstream development with downstream consequences. Circular economy and inclusion-driven models are producing more venture-backed companies that later become acquisition targets in the EUR 10–500 million enterprise value range—particularly as corporates seek credible transition assets and regulators tighten sustainability requirements.
By concentrating on pre-seed tickets with operational support, makesense seed II is effectively building a pipeline of de-risked, mission-led companies that can graduate into larger rounds and, eventually, strategic M&A. The fund’s structure also reflects where the market is heading: impact is no longer a side pocket at growth stage—it is increasingly being built at inception, with financing models adapted to the realities of circular and inclusive business design.