[Excerpt] "In terms of dedicated social/caring venture capital, there does seem to be a vacuum in the marketplace," says Robert Milk, CEO of Novica, a dot.com company in which Foursome has invested $1m. This offers an opportunity and it is exciting to see industry pioneers such as Foursome take the lead in this area."
However, Milk says that a company should not rely on its 'social' profile to attract funding. "It is the duty of companies such as Novica to produce capital gains for investors in order to justify our segment as a valid market segment. The more success stories that occur, the more developed and justified the social/caring venture capital industry will become."
Novica, founded by a former UN human rights officer, Armenia Nercessian de Oliveira, her daughter and son-in-law, is
an online bazaar for artisan-crafted goods. It has 7 offices around the world and fair-trading relationships with more than 1,700 artisan groups. Foursome has invested more than $1m in Novica and is a significant minority shareholder.
"We're helping to show that it is possible to take socially responsible ideals and turn them into successful businesses," say Robert Milk, Novica's CEO. "And while 'anonymous commerce' has become a way of life in the modern age, we're setting out to change that, reuniting creators and customers."