Read about Social Finance & FASE

Publications about and by FASE

Impact Investor (12/2021) including the ESIIF
“EIF: A closer look at impact investing’s quiet achiever”

by Christian Nielsen

Pioneers Post (6/2021) including the ESIIF
“Beyond warm glow: why early-stage social ventures need more impact-first finance”

by Dr. Markus Freiburg and Christina Moehrle

Bertelsmann Foundation Policy Brief (1/2021) including the ESIIF
“From Scale to Purpose?The EU’s support for startups in the global race for tech dominance”

by Jake Benford and Frank Eich

EVPA Success Stories (9/2019):
“Social-Bee and FASE: Integrating Migrants the Easy Way”
by Caroline Cornil (EVPA) with input from Social-Bee and FASE

Empowering People Network (8/2017):
“How we learned to speak social finance” (Guest Blog Series)
by Christina Moehrle

Empowering People Network (5/2017):
“Discovering the world of impact investors” (Guest Blog Series)
by Christina Moehrle

tbd* (4/2017):
“The Changer receives impact investment for next growth phase”
by Naomi Ryland, Nadia Boegli, Nicole Winchell

Empowering People Network (3/2017):
“Are you ready for the quantum jump?” (Guest Blog Series)
by Christina Moehrle

Empowering People Network (1/2017):
“Boosting your growth with hybrid fuel” (Guest Blog Series)
by Christina Moehrle

Empowering People Network (11/2016):
“Why is it good to be a social entrepreneur?” (Guest Blog Series)
by Christina Moehrle

Philanthropy Impact Magazine (03/2016):
“Full spectrum finance”
by Bjoern Struewer and Felix Oldenburg

German National Advisory Board of the SIITF (01/2015):
„Social Impact Investing – financing social change“
by Bertelsmann Foundation

More Social Finance knowhow


A new position paper by the EU recommends 5 action items for a better social economy, e.g. ensuring better access (for social enterprises) to financial and non-financial resources as well as strenthening impact measurement and management. We had the pleasure of contributing our insights. For details and other recommendations please check out the EU position paper here.

Would you like to know how effective the European Commission’s “Social Business Initiative (SBI)” has been? This study analyses the impact of the SBI on the development of social enterprises/social economy and their operating environments at national and EU levels.


Securing small transactions below EUR 500k continues to be a challenge for social enterprises. One of the reasons is that transaction cost is relatively high for investors. With valuable support from the EU, FASE set out to address this barrier in the ecosystem in a project called “Building an open, pan-European pipeline of investment-ready, early-stage social enterprises with customized deal-by-deal support”. Our final report illustrates the background of this complex challenge and provides many insights and practical examples how to successfully address it.

Hot off the press: the EU sponsored a second edition of the “Recipe Book for Social Finance (2019)“. If you are on the hunt for inspiring initiatives, the latest in social finance knowledge, and a step-by-step “cooking class” to contiribute to a thriving finance market for social enterprises, this is the publication to dive in.


Would you like to read what happened in the impact ecosystem in the past 15 years? And what are the key issues today? EVPA has created a nice report that takes stock and looks ahead.

Interested to learn what EaSI can achieve? The European Commission issued a report about the progress of the initiatives funded by its EU Program for Employment and Social Innovation (EaSI) – including FASE.

Ashoka published a study about the creative power of social entrepreneurs to address the most pressing challenges in Europe – from impact topics such as environment to education, healthcare, media and journalism, and active citizenship. A great read.

The OECD “Social Impact Investing 2019” compendium is out. On page 66, there is a short description of FASE’s best practices in financing social enterprises.

The latest key insights and data about venture philanthropy and social investment are out. EVPA did a great job in summarizing the main buzz and activities in 2017/2018.


For readers interested in how to shape the social finance ecosystem and use powerful blueprints for replication in other European countries, we have two new reports: FASE’s 2018 project report to the EU on rolling out customized deal-by-deal support, as well as FASE’s recommendations how to use innovative financial instruments to provide public services in Poland.

In this video from the most recent EVPA Annual Conference, Dr. Markus Freiburg explains the important role of hybrid and tailored finance for the evolution of the ecosystem.

New podcast by goodbiz with Markus Freiburg about the status and challenges of the European ecosystem for social enterprise finance and the role of FASE.

2017 and older

EVPA published a new report on tailored and hybrid finance solutions: fresh ideas from FASE and other impact experts.

Ashoka and UBS developed a toolkit for social entrepreneurs: are you ready for social investment? Check it out.

New book about “Gaps in the Impact Investing Ecosystem”. Laura Kromminga from Ashoka UK compares the German with the UK market.

A new publication by OECD on “Boosting Social Enterprise Development”: 20 best practice cases – including FASE – that shape the social enterprise ecosystem in Europe.

A passionate appeal by “Friends of Europe” for (re-)awakening the European spirit (signed by many market players incl. FASE)

Ideas how to better build the social finance ecosystem: the GECES Working Group (including FASE) just published a paper about “Improving Access to Funding” for social enterprises.

For those who have an appetite for innovation: a hybrid investment fund to empower social enterprises to scale. FASE, Ashoka and McKinsey designed this blueprint and illustrate the details in Taking Off – A Hybrid Investment Fund to Unlock the Growth Potential of Social Enterprises in Germany.

The European Commission Expert Group on Social Entrepreneurship (GECES) has worked intensively on action items to boost the social ecosystem. The GECES Executive Summary offers key recommendations to policy makers how to effectively support social enterprises and develop the social economy. A great read for those interested in being part of the solution.

EVPA’s new report The State of Venture Philanthropy and Social Investment in Europe gives fresh data and key statistics on 108 organisations active in social finance in 2016. Good news: the sector is evolving.

New insights from the 2016 Eurosif study on SRI: impact investing has grown by more than 380% since 2013.

Ashoka Social Finance Reader: Ashoka shares its latest collection of insightful articles and publications on (hybrid) social finance as of March 2016.

Market study Achievieving Impact for Impact Investing: Ashoka, McKinsey&Company and FASE joined forces to provide both, a reality check on the impact investing market and a fresh perspective : “hybrid finance”. This is a summary of the main findings as well as a road map to a functioning social finance ecosystem as of March 2016.

EU Publication A Recipe Book for Social Finance. Based on the experiences with an EU project (see our seperate report below) that included FASE and many other market players, this study published by the EU in February 2016 is a step by step guide through the process of designing and implementing initiatives to develop social finance instruments and markets.

EU project report: Creating Collaborative Funding Models for Social Enterprises: How fine-tuned, state-of-the-art hybrid financing packages can build bridges and channel more investment capital into the social entrepreneurship sector, a detailed report written by the FASE team about new hybrid financing and collaborative models as well as pilot cases developed in the course of the EU project (as of July 2015)

Study From Blueprint to Scale – The Case for Philanthrophy in Impact Investing – a thought-provoking piece by Monitor Group in collaboration with Acumen Fund.

A new approach to funding social enterprises – an early and  fascinating introduction to social enterprise finance by Anthony Bugg-Levine, Bruce Kogut and Nalin Kulatilaka published in Harvard Business Manager (2012).