Novo Nordisk Foundation supports new fund focusing on social responsibility
Many people in Denmark are excluded from the labour market because of physical, mental or social problems.
The Novo Nordisk Foundation has awarded a grant of DKK 25 million to co-fund Den Sociale Kapitalfond Invest (Social Capital Fund Invest), a new fund with a social purpose. The Foundation thereby aims to support more people on the margins of the labour market in getting work.
Den Sociale Kapitalfond Invest, which is being established in collaboration with several foundations, will invest in small social enterprises that can integrate positive social development with increasing the long-term viability of the enterprises. The Fund will focus on small enterprises in Denmark and Sweden within retail trade, manufacturing and services. The common thread is that these social enterprises must have a strong growth potential and take exceptional social responsibility, such as targets on hiring employees from the fringes of the labour market, contributing to developing a deprived district or developing goods and services that help marginalized people.
“By awarding a grant for establishing Den Sociale Kapitalfond Invest, the Novo Nordisk Foundation aims to contribute to achieving positive social impact for marginalized people in Denmark through such measures as creating jobs and encouraging active citizenship,” says Birgitte Nauntofte, CEO, Novo Nordisk Foundation.
Another purpose of Den Sociale Kapitalfond Invest is to provide a financial return to its investors.
“Any return from Den Sociale Kapitalfond Invest may be used to increase the Novo Nordisk Foundation’s future grants for scientific, social and humanitarian purposes,” says Birgitte Nauntofte.
Social Capital Fund Invest is being established in partnership with the European Investment Fund, the Danish Growth Fund, TryghedsGruppen, the Hempel Foundation, the Novo Nordisk Foundation and the Færch Foundation.