Spring Impact Capital

The core investment team is Graham Day, Olivia Hornby, and Larissa Sequeira, supported by co-founder Keith Ippel. Day brings two decades of impact investing experience including a founding role at LGT Impact (now Lightrock, with $3B AUM) and a CFO tenure at Sistema.bio. Hornby is a former Goldman Sachs Asset Management VP who now sits on the board of the Association of Women in Finance. An external investment committee that includes Stephen Nairne (Raven Indigenous Capital Partners) and Monique Morden (Timia Capital) provides advisory oversight.

Spring Impact Capital is the dedicated venture fund built on top of Spring, an impact accelerator co-founded by Keith Ippel in 2010. Spring has catalyzed over $81M in impact investment and supported more than 3,300 founders through training, mentorship, and investor-matching programs. The fund uses Spring's national pipeline to source early-stage Canadian ventures in human and planetary health that have already demonstrated intentional, measurable impact through the accelerator's curriculum.

The fund targets early-stage Canadian companies from seed through early growth. It acts as both lead and co-investor. While most positions are equity, the firm states it also uses alternative structures when they better fit a company's growth profile. The portfolio page confirms positions in pre-revenue deep-tech startups like Opalia and Skyward Wildfire Technologies, indicating a willingness to back companies before commercialization.

The firm's mandate is explicitly positive—human health and planetary health—rather than exclusion-based. The published portfolio contains no exposure to fossil fuels, weapons, extractive industries, gambling, or enterprise software without an environmental or health use case. All named portfolio companies address a specific environmental or healthcare challenge, consistent with the parent organization's B Corp certification and IA 50 impact designation.

Spring Impact Capital makes direct investments into operating companies. The firm's strategy page and portfolio both describe co-investing and leading rounds in early-stage ventures, with post-investment board engagement. There is no mention of fund-of-fund commitments, LP positions in other venture funds, or secondary transactions.

The firm actively co-invests. Its team has past syndication experience across North America, the EU, and MENA, according to the professional background of Larissa Sequeira. The parent organization Spring also runs an 'Invest Together' program that pools accredited angel investors into a single-decision cohort for climate ventures, suggesting comfort with syndicated capital alongside solo direct investing.

Deal flow is proprietary to the Spring ecosystem. The platform has screened and trained thousands of Canadian impact founders through programs like Scale Ready and the Impact Investor Challenge. This funnel gives the fund first-look access to ventures that have already been measured for impact intentionality and scalability before the investment team writes a check. The arrangement effectively front-loads diligence and founder-vetting that a stand-alone venture fund would have to build from scratch.