Impact Report 2020
Letter from our CEO
“If you want to go fast, go alone.
If you want to go far, go together.”
— probably not really an African Proverb
But what if you want to go fast and far? Then you
join Toniic!
Because we can accomplish little alone—
that’s why we are here together.
We are pleased to share Toniic’s 2020 Impact
Report with you. We have assembled this report
because we aim to hold ourselves to the same
standards as the enterprises in which we invest:
to try to account for our impact.
Impact accounting is a messy business. Planet
Earth is a big place, and it’s hard to account for
our impacts on the planet and its inhabitants.
Some impacts are more direct and easier to
track than others, but we are determined to try.
This report is our best summary of Toniic’s
collective impact during the wild and crazy year
of 2020, a year that started “normally” and quickly
turned anything but normal. A global pandemic,
economic dislocation, and rising awareness of
longstanding racial inequities all arose at the
same time. A year into the pandemic, even we
privileged ones are feeling the longer-term
effects of the social isolation we’ve endured.
While I am proud of how Toniic deftly pivoted
to a fully virtual world, I know I am not alone
in missing the hugs and embodied camaraderie
that only in-person gatherings provide.
For Toniic members, nonmembers, and the
intended beneficiaries of our work who have
experienced loss in any of these dimensions
this past year, know that we hold you in our
hearts and we aspire to work together with you
until the world reflects the justice, equity and
inclusion we all seek. Adam BENDELL, CEO
Virtual hugs,
Adam S. Bendell
CEO
Toniic Impact Report 2020
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Toniic Snapshot
UNGROUPED / DESIGNED GRAPH: UNGROUPED / DESIGNED GRAPH:
2020 FAST FACTS OUR MEMBERS
Membership by Region Investor Approach

205 MEMBERSHIPS
AS OF DEC 31, 2020 4%
1% Africa
Middle East Asia/Pacific 10%
8% Classic
Impact Portfolio 23%

40% 100% Porfolio

42% Europe

US & Canada 42%

EVENTS, WEBINARS,
107 INVESTMENT CALLS, AND
EDUCATIONAL PROGRAMS
100% by 100% Portfolio 29%

UNGROUPED / DESIGNED GRAPH:

1% Latin America
At Toniic, our members have a variety of approaches to their

$21.5B+ INVESTABLE WEALTH

portfolios. We classify these in four categories:
COMBINED
Investable Wealth
• Classic: seeking deep impact with a dedicated
sleeve of capital within a broader portfolio
$100M+ 23%

• Impact Portfolio: integrating impact in multiple asset

40% $1M-$9M classes across a portfolio, without a commitment to
a 100% impact end-state

Toniic Impact Report 2020

• 100% Portfolio: committed to moving towards 100%
impact in at least one portfolio within five years

• 100% by 100% Portfolio: committed to moving

towards 100% impact in all controlled portfolios
$10M-$99M 37%
within five years

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Financial Report Toniic Institute Balance Sheet
As of December 31, 2020

$000s

ASSETS
CURRENT ASSETS
Last year we wrote, “Toniic has made great progress in stabilizing 2020 Revenue by Activity Area
($000s)
its financial situation over the past four years by increasing earned Cash and Cash Equivalents $1,476
revenue and by building a reserve fund of cash to weather a downturn.”
T100, $399 8% Accounts Receivable $622
We didn’t intend to be prescient, but that downturn was just around the 37% Outreach, $934 Other Current Assets $8
corner with the Covid 19 global pandemic. We initially experienced an
Total Current Assets $2,105
“attrition shock” - a rash of cancellations - that thankfully turned around
in the last quarter of 2020 with a bump in new members. Much like TOTAL ASSETS $2,105
many other non-profits, we experienced a retraction in philanthropic
funding that was temporarily replaced with U.S. government funding LIABILITIES AND EQUITY
in the form of the Paycheck Protection Program (PPP) forgivable loan Membership, $1,513 53%
LIABILITIES
and the Small Business Administration Economic Injury Disaster Loan
(EIDL). But future support for impact investing field building from Current Liabilities $354
traditional supporters looks to be diminished well into the future…
Long Term Liabilities $149
a dark cloud on our horizon.
Total Liabilities $533
2020 Revenue by Type of Funding 2020 Expenses by Activity Area
($000s) ($000s)
EQUITY
9% Impact Terms, $240 Temporarily Restricted Net Assets $783
Grants and Donations, $1,123 39% 3% Outreach, $87
T100, $784 29%
Unrestricted Net Assets $635

Toniic Impact Report 2020

61% Earned Revenue, $1,733

Net Income $155

Total Equity $1,573
TOTAL LIABILITIES AND EQUITY $2,105

Membership, $1,590 59%

* We organize our financials as we organize our activities - Membership, T100, Impact Terms,
and Outreach. Note that we categorize our unrestricted grants and government support
as “Outreach” and then deploy that general operating support to the other activity areas. 4
Where Do My Membership Dues Go?

Membership-related activities account for the majority
of our revenues (53%) and our expenses (59%).
A commonly held misconception is that membership
dues subsidize Toniic’s field building efforts.
To the contrary, member dues combined with other
earned revenue such as event registration fees and
sponsorships, do not yet cover the cost of delivering
member services.
Currently total membership revenue covers 90% of
membership related expenses, primarily our human
capital. That ratio has improved over time. In 2017, it
was approximately 75%.
Generous general operating support grants
continue to fund the gap until we reach our goal of
100% financial sustainability for our work providing
support to our members on their impact journeys.

2020 Revenues by Activity Area

($000s)

14% T100, $399

Dues, $1,266 84%

Grants and Donations, $76 5%

Event Registration, $63 4%

Toniic Impact Report 2020

Sponsorships, $60 4%
Membership, $1,513 53%

33% Outreach, $934 Fund Fees, $49 3%

0 20 40 60 80 100

5
Our Theory of Change
At Toniic, we envision a world in which all investments honor the planet and its inhabitants.
We work to build that world through two types of activities:
Membership
• Supporting members through all stages of their
impact investing journeys, amplifying their
personal and investing impact, and growing
the community. See page 8.
• Facilitating events that create mutual
connection and support between members.
See page 10.
• Providing educational opportunities and trust-
based sharing environments for members to learn
from and grow with each other. See page 11.
• Featuring impact funds and investment
opportunities for members to further deploy
their assets. See page 12.
Field Building
• T100: Leveraging member experience
and data to accelerate the progress of all
investors into deeper impact across asset
classes. See page 14.
• Impact Terms: Curating and sharing a public
online library of innovations in impact
investing terms and structures.
See page 15.
Toniic Impact Report 2020
• Advocating for the growth of impact investing
and standing for deeper positive net impact
across a portfolio.
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Toniic Membership Around the World

AMERICAS EMEA APAC

Toniic Impact Report 2020

41+ members
21-40 members

11-20 members

1-10 members
7
Membership

As the Covid pandemic forced us all to be socially distant, we found

Our growing membership: it all the more important to build virtual communities. Together
we redefined what it means to gather and learned that the shift
• Americas region: 88 actually had some silver linings. We are saving time and carbon
by not traveling, while simultaneously being able to connect with
• EMEA region: 96 Toniic members that are not in the same region or country.

• Asia Pacific region: 21
Intended impacts:
• Widen our global reach to expand the breadth of impact
investing and increase the points of connection between local
groups of impact investors
• Establish a larger global network to share learnings and
opportunities between regions, with the ultimate goal of
significantly increasing the capital deployed toward solving
big world problems
Virtual connections are ever more important, especially as our
membership grows in the Asia Pacific (APAC) region. APAC was
the fastest growing region in 2020, with Singapore in the lead
(62% growth in APAC, as compared to 25% in EMEA and 5% in
the Americas).
This growth comes in parallel with rapidly increasing personal
wealth in Asia. Despite the disruption due to Covid-19, Asia
is projected to have the strongest wealth growth in the world
over the next five years. (Source: CNBC, 2021.) This wealth
is increasingly being allocated with ESG lenses and to impact
investments, so Toniic will be there to help our APAC members
and the broader community.

membership
8
Member Spotlight: Asia Pacific Region
“Toniic has been a most valuable resource on my
impact journey, and its community of peers have
been a great source of knowledge and support on
my growth as an impact investor. I am particularly
pleased to see Toniic’s growth in Asia, and its efforts
to coalesce people around impact topics, such as
climate change, which is very close to my heart.
Keep up the world-changing work, Toniic!”
— Annie CHEN, Founder and Chair: RS Group,
Hong Kong
“Toniic is my tribe. The path of aligning capital with
values can be frustrating and lonely, but having
Toniic has made it joyful, collaborative, and even
more impactful. I just love it.”
— Danny ALMAGOR, Co-Founder and Chair:
Small Giants, Australia
“Elisa and I have only just joined Toniic, and
already we are blown away by the many nurturing
relationships we’ve formed, the rich philosophical
discussions we’ve had, and the sense of always
being met where we are. Toniic seems to be one
of those rare and precious crossroads where love
and power come together for a common purpose.”
— Unsu LEE, Singapore
“As a farmer and impact investor, I work to
revolutionize our connection with this earth through
how we grow our food. Toniic has expanded my
networks and knowledge in the regenerative
agriculture space. It’s great to be with a community
doing so much to save the planet.”
— Junning WEE, Founder: A Little Wild, Malaysia
membership
9
 Events are the foundation for our Working Groups, led by members,

Events
Toniic community to come together, were created to provide specific
learn, connect, and share investment content, community building, and
opportunities. Like most organizations, investment opportunities for five
we faced a significant change in our key themes:
event strategy in 2020. We canceled
• Climate
our Annual Global Gathering a few
days before its date (late March 2020) • Oceans
Gatherings around the globe: and pivoted to fully virtual events.
• Gender & Racial Equity
• Regional events (pre-COVID): 1 To respond to the seismic shifts of the
• Regenerative Agriculture
year and better serve our members, we
• Total number of events, webinars, also created a few new types of events. • Family Offices
and educational programs: 107
Campfires were launched on the eve
• Attendance at online events of what would have been our Annual
and gatherings: 2,154 Global Gathering. These were designed
(a 286% increase from 2019!) to be cozy, less formal gatherings,
bringing together our community to
support one another and respond to
Intended impacts: the global issues at hand.
• Create an intimate community of trust and connection for
IGNITE, a new Toniic format for virtual
members to provide a safe learning environment, peer
support, relationship building, and the honing of impact in online events, took the place of our in-
all areas of their lives person regional events. These online
events, while requiring a significant
• Encourage members to share their experience and amount of rethinking and planning, also
approach to impact investing, including portfolio deep enabled us to better connect our global
dives, inspiring deeper positive net impact across portfolios community and more often include
members living in more remote areas.

membership
10

Impact Education
Learning in action:
• Official launch of the Activator Program
• Courses taught: Impact 101: Fundamentals
• Cohort members: 13
• Overall attendance in Activator Program courses: 274
Intended impacts:
• Provide educational materials and opportunities to our
members to create smarter investors who will deploy more
capital into deeper impact
• Convert more investors to the power of a portfolio approach
to impact investing, with attention on catalytic levers of
systemic change, to bring about tangible systems change
In 2020, we launched our first course We closed 2020 with high demand
and cohort of the Activator Program, a for our 2021 Activator Program.
systematic deep-dive overview of the We will offer two courses, Impact
portfolio approach to impact investing. 101: Fundamentals (offered again)
The goal of the series is to give those and Impact 201: Impact Portfolio
who are new to impact investing, or Construction. The second year shows
investing in general, a comprehensive much promise for scale: from one
overview of the tools needed to deploy cohort of 13 members in 2020 we
their capital toward positive net impact have registrations for 8 cohorts with
aligned with their values. close to 84 participants for the 2021
program, many of whom are new
The unique cohort model allows members to Toniic.
participants to deepen their learning
with like-minded peers. Cohorts
benefit from a blend of live webinars
and cohort meetings and interactive
virtual spaces, made possible by our
new member engagement platform,
Toniic Connect. The Activator Program
has become a key reason for new
members to join Toniic and for current
members to learn and share together.
“From theory to practical examples, including sharing best practices
with fellow impact investors, this course is an amazing opportunity
to get a detailed guidebook of how to become an impact investor.
Strongly recommended.”
— Olivier RIEU, 2020 Fundamentals Cohort Participant
membership
11

Investments
Helping investors deploy capital
where it’s needed most
Outputs:
• Impact funds featured: 44
• At least 25% of funds featured in 2020 have received
investments from an investor of the Toniic community
after being featured in one of our fund’s programs.
• Social enterprises featured: 25
• At least 28% of companies featured in 2020 have
received investments after the company was included
in our direct deal program.
Outcomes:
• Mobilize capital and promote deeper-impact investments
to address complex and challenging issues.
Toniic continues to help our members Example Invested companies:
make impact investments. In 2020,
Toniic shared 68 investment impact
funds and direct deals. More than
70% had at least one investor initiating
due diligence, and more than 25%
received investments ranging $100K
for direct deals to multimillion-dollar
investments for impact funds.
In 2020, following worldwide protests
against racial inequality and with an
increased interest from investors in
deploying capital to address systemic Example Invested impact funds:
racism, Toniic partnered with VC
Include and Alpaca VC to help source
more diverse asset managers who
invest in diverse entrepreneurs. At
least two of these funds have received
commitments from Toniic members.
Another community initiative that
supported investments in 2020 has
been our Working Groups. Major
investment themes include: climate
change mitigation, ocean health,
gender lens investing, regenerative
agriculture, access  to renewable
energy, healthcare, poverty
alleviation, and strong governments
and institutions. 
membership
12
Example investments with collaborative due diligence
Atlas Impact Partners LP is a hedge fund investing only in companies
whose product or service solves one of the world’s pressing challenges,
and short companies whose products or services create those
problems. Its impact definition is wholly aligned with the UN SDGs, and
it seeks “pure play” impact companies with no impact ambiguity.
“Our partnership with Toniic has been a true success. The
Toniic team was exceptionally helpful on boarding our
fund and continues to be supportive, while the individual
members have been some of our most engaged and
enthusiastic investors. We just enjoy working with them.”
– Robert BROWN, Senior Partner at Atlas Impact Partners
The AiiM Partners Fund invests in technology-enabled companies
that solve critical ocean health and climate change problems (e.g,
pollution, overfishing, sea level rise, data monetization). 50% of
the CEOs/founders are women or people of color.
“The Toniic community was one of the earliest supporters of
AiiM Partners Fund as we honed our initial investment strategy
focused on technology companies addressing climate change
through the opportunities around ocean health and social equity.”
– Shally SHANKER, Founder & Managing Partner at AiiM
The Perennial Fund by Mad Agriculture is an organic transition
operating loan program that helps US midwestern organic farmers
expand their acreage. It integrates whole farm and business
planning into every loan distributed to help farmers access low-
cost capital, create an individualized farm plan, and connect them
with robust market offtake.
“From the very beginning, members of the Toniic community
have been core to the Perennial Fund’s successful fundraise
and launch. Toniic’s dedicated and global community
will be an integral partner as we continue to help more
farmers transition to regenerative organic agriculture.”
– Brandon WELCH, Director of Radical Capital at the Perennial Fund
Astia Fund I is a $100M venture fund to invest in impact companies
that have at least one woman in an executive, equity-holding
position and that are pursuing a high-growth strategy. Astia Fund
employs the proven, documented and repeatable processes of
Astia’s Expert Sift™ in a traditional venture capital structure.
“We are delighted to have such values aligned partners in the
Astia Fund. The Toniic investors value women as leaders and
membership
embrace investment as a force for change. The Toniic team and
process were thoughtful and clear at every step. Thank you all.”
– Sharon VOSMEK, CEO of Astia
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Putting data to work:
• Report published: T100 Focus Report: Foundations on the
Road to 100%
• Investor stories shared: 4
• Number of investor users on Toniic Tracer: 143
Intended impacts:
• Publish our evidence and findings to inspire new people
to start impact investing and open investors’ minds to a
portfolio approach
• Make more data available to fire up deeper impact in
every asset class
• Collaborate with other entities to inspire open data
sharing across organizations and research centers
In 2020, we launched Toniic Tracer, our new interactive
platform that enables investors, entrepreneurs, and funds to
share and compare data about impact investments, along with
corresponding goals, performance, and outcomes.
Toniic Tracer represents a leap forward in financial and impact
reporting. It leverages leading standards and technology and builds
on the body of data already included in the T100 Project to provide
insights to issuers and investors, publicize example investments
in every asset class, and power academic research. The platform
structure eases the reporting burden for participants and facilitates
collaboration and communication with industry partners.
In our first year, we moved from beta testing to a full launch
of both the Investor Portal (for asset owners) and the Issuer
Portal (for funds and enterprises), refining, adding features,
and improving the user experience.
Learn more about Toniic Tracer at www.toniic.com/toniic-tracer
field building
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 Through ImpactTerms.org, Toniic
offers a curated library of innovations
in impact investing terms and
structures, freely available to
entrepreneurs, investors, and impact
professionals. In 2020, we added
significant new content:
Accelerating innovation: • “Emergence of New Capital
Providers – Exploring Alternatives
• Visitors to the site: 6,329 to Traditional Expectations and
Structures”, is a report about
• Articles published: 17 the work of the Ewing Marion
Kauffman Foundation and the
Capital Access Lab on investment
Intended impacts: funds adopting alternative
investment instruments. This work
By sharing innovations in impact investing terms and investment is designed to spur the formation
structures with entrepreneurs, investors, and impact professionals: of new financing mechanisms
that increase capital investment
• Generate better investment outcomes and solidify
to underserved entrepreneurs.
the impact mission.
• Lower the cost of deal negotiation and documentation • “Guide to Program Related
and speed the conclusion of transactions. Investments and Equity PRIs”
highlights how program-related
investments can help mission-
driven for-profit organizations
facilitate follow-on noncharitable
investment.
• “Carried Interest by Verified
Impact Calculations (CIVIC)” is
a case study on CIVIC, a legal
innovation of Buckhill Capital
and Morrison & Foerster, that
pays the carried interest to a
fund manager only to the extent
that the fund achieves quantified,
verifiable impact metrics. This
structure was a finalist of the
2020 NYU Law Grunin Prize for
Law and Social Entrepreneurship.
• Steward ownership is an
innovative ownership model in
which companies commit to self-
governance and to the idea that
profits serve purpose.
• Impact terms in Barron’s.
Barron’s published an article on
revenue-based finance that cited
ImpactTerms.org in describing
how companies that used these
structures were better able to
manage the downturn from
Covid-19.
• Tactics and Ideas section with
contributions from a single author
on emerging innovations, trends,
and ideas.
Read these articles and more at
www.impactterms.org
field building
15
Story: COVID Response Member-led DAF
In addition to our impact investments, the Toniic community
often uses philanthropy to address unmet needs. When the
pandemic struck, Toniic members Rebekah Helzel, Jennifer
McFarlane, and Sayuri Sharper led a rapid response Covid-19
philanthropic initiative to provide meaningful grants to up to
two Bay Area nonprofits focused on addressing the greatest
needs of the most vulnerable arising from Covid-19. The Donor
Advised Fund, which was held at ImpactAssets, was seeded
with a $50,000 matching grant and raised over $100,000 from
20 Toniic community members.
12 non profits were nominated by the Fund participants for
consideration. These organizations were chosen for their
emphasis on supporting the immediate needs of the most
vulnerable, namely food security, housing, basic expenses,
health, and educational support.
Selection criteria was based on the organization’s focus on most
immediate needs; their overall effectiveness; their focus on major
gap(s) that were under-addressed by other initiatives; and where
funds could have the largest impact. The final recipients were
selected under a two-step voting process which included Zoom
meetings that provided the opportunity to learn about the dire
needs in Northern California created by Covid and some unique
solutions to some of the region’s most pressing problems. One
key priority was getting funds into the community as soon as
possible, so the process was completed within three weeks.
The two final recipients who each received over $50,000 were:
LifeMoves is dedicated to finding solutions to homelessness in
Silicon Valley by giving neighbors experiencing homelessness
a temporary place to call home, while providing intensive,
customized case management through both shelter programs
and community outreach. LifeMoves will use the Toniic funds
to acquire PPE for both staff and clients, food for clients and
hazard pay for staff.
Mission Asset Fund works to create a fair financial marketplace
for hardworking families by helping low income and immigrant
Toniic Impact Report 2020
communities become visible, active, and successful participants
in the U.S. financial mainstream. Mission Asset Fund directed
funding to Alameda County where the need was the highest,
dispersing over 100 grants of $500 to individuals and families.
Thank you to participating Toniic members and staff for their
thoughtful and incredibly generous participation.
16
Leading by Example: Diversity, Equity, and Inclusion

Like so many others, we at Toniic were deeply moved by the
events in 2020 that renewed the conversation about systemic
racism. We know that racism is both systemic and personal.
Although we have different backgrounds and experiences, we
all have work to do, and sometimes the most important place
to start is with ourselves. Especially those with privilege must
start with the uncomfortable understanding that if we aren’t
So far, we have revised the Toniic Code of Conduct to be more
explicit about diversity and tolerance, prioritized diversity
for future Board seats, reshaped our investment vetting to
counteract unconscious bias, and established an internal DEI
Task Force to carry this work forward.

“We need to give each other the

dismantling that system, we are perpetuating it.

Toniic focuses on action steps we can take as a community. The

effects of systemic racism have been incubating much longer
space to grow, to be ourselves, to
than just last year, and will take a long term, multi-faceted exercise our diversity. We need to
response. With our Board, we have crafted a Diversity, Equity
and Inclusion Action Plan that has four pillars:
give each other space so that we
may both give and receive such
• Community – broadening the diversity of our Board, Team
and Membership beautiful things as ideas, openness,
dignity, joy, healing, and inclusion.”
• Education – incorporating education on unconscious bias 
—Max de Pree
• Investments – focusing on deployment of capital to BIPOC

Toniic Impact Report 2020

managers and enterprises run by and serving marginalized
communities (see more about our investment efforts on
page 12) 

• Voice – using our collective voice to dismantle systemic racism

17
Thank you to our funders and supporters

Toniic Impact Report 2020

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