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We are on a mission

We are on a mission

Our Investors play a crucial role in the impact investing ecosystem. By providing capital to impact-driven organizations and projects, they catalyze growth in businesses and initiatives that tackle the world's most pressing challenges. Investors shape impact investing by prioritizing transparency, accountability and impact measurement which contributes to a sustainable economy thereby driving long-term, profitable impact-driven investments. Engaging with like-minded investors creates rewarding opportunities to share best practices, build collaborations and stay up-to-date with the latest trends and innovations, ultimately creating meaningful connections.

We are in an era where omission and incoherence have no place. That is why we feel privileged to have gender diversity among our founders, leaders and investors. Diversity and social inclusion are not only ethical imperatives but also smart business decisions. Embracing diversity in investment thesis and decision-making processes leads to better performance and sets funds apart from outdated models. We must set an example for companies, inspire the venture capital ecosystem and align what we do with how we do it.

Andrea Oliveira
CEO at Positive Ventures


Family or individuals






Multi-Family Offices



Were not impact investors


Fund I investors that invested in Fund II


Women investors


Women in the Investment Committee


Women in C-Level positions at Positive Ventures


Women at Positive Ventures

We are proud to be a spearhead and booster for the impact sector.

3 of Positive Ventures’ partners are members of ICE, which also represents GSG in Brazil:

Positive has offset 100% of its carbon footprint

Partnering with:

A year in review

A year
in review

In 2022, we launched our second fund: ‘The Decisive Investment Fund’, targeting $30M to direct to mission-driven companies.

We were selected as Top 50 Emerging Impact Fund Managers by Impact Assets, the most recognized free database of impact investment fund managers committed to generating positive impact.

We were ranked in the top-tier A of Humanizadas, a survey that appraises data on company management and governance in line with the precepts of the ESG acronym.

We were recertified as a B Certified Corporation, reaching 114.5 points. As a basis for comparison, an average company has 50.9 points.

114.5 points

We won the award Best for the World 2022 in the customer’s category. An annual award that is given by B Lab for the best B corps in the world.  The selected B Corps scored in the top 5% of the customers segment of the B Impact Assessment, which measures the impact of a company on its customers through products or services. Providing critical services like education, healthcare, and finance management adds value to customers' lives while supporting the greater good.

Our founders Andrea Oliveira & Bruna Constantino as well as our Associate Marina Ferraz were elected as 2022 Top Women investors in Latin American Tech By Lavca.

Andrea Oliveira became a member of ICE (Instituto Cidadania Empresarial) board.

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A note from the Impact Director

Impact is our core business

As we allocate our time and capital, we must ask ourselves: What teams, firms, and innovations will drive a worldwide transformation toward a more equitable society and a more resilient planet? At Positive Ventures, these are the questions we dive into, striving to catalyze positive systemic change.

Our mission is defined by results and evidence. What's unmeasured stays unmanaged. That is why ensuring a rigorous and non-stop impact management framework is crucial for our work in impact investing.

We believe there are companies out there leveraging their technologies to promote the much-needed upgrade in how we do business in the coming decade. However, this can only be implemented if they prove these efforts through measurable results that create a clear pathway to ease social inequality and distance us from rampant environmental challenges, just like the climate misadventures.

Measuring impact has been embedded in our investment framework since its inception, yet measuring and reporting impact is still an open debate subject with no golden standard. It is particularly challenging when assessing early-stage companies with limited resources and evolving business models. 

As a result, we feel incredibly motivated to constantly collaborate with peers, industry experts and advocates to update our beliefs and frameworks. Our approach involves collaboration with industry leaders and experts, applying appropriate frameworks and tools and adhering to standards that align with our values and objectives, and incorporating proprietary frameworks as needed.

Today, we assess the impact in three ways:


Understanding the systemic effects of the solution: (I) direct and indirect beneficiaries; (II) scope and depth of impact; (III) the solution's decisiveness in the face of the problem at hand - using academic and evidence-based research available and our ever-evolving frameworks guided by global standards such as the UN SDGs, IMP and IRIS+.


Defining, managing and analyzing each business model's key performance indicators (Impact KPIs).


Managing environmental, social and governance (ESG) issues such as diversity, community engagement and carbon footprint, using the B Impact Assessment  as a cardinal sign.

At Positive Ventures, the impact is not just a team or a department; it is a mindset woven into every aspect of our work.

From lead to portfolio management, our investment team works hand-in-hand with the impact team to ensure we create meaningful and lasting change in everything we do. I am incredibly grateful to our team, including Gustavo Behring, Marina Ferraz, Matias Barbará and Miguel Almeida, for their unwavering dedication and hard work. The result is an indication of our collective efforts and passion. 

The act of reporting impact entails more than merely communicating the outcomes achieve. It is a powerful platform to make a stand and ship ideas to defy the investment world status quo. We are committed to sharing how we invest and measure impact as a call to action for everyone who cares and feels the need to do something about our most pressing societal challenges.

Let's do this.


Bruna Constantino

Managing Partner and Impact Director at Positive Ventures


Impact Strategy

1. Lead

In this phase, we delve into the founders' intentionality of impact, in-depth analysis of the solvable challenge and its relevance according to our frameworks and identifying:

IRIS+ Categories of Impact

Agriculture; Air, Biodiversity & Ecosystems; Climate; Diversity & Inclusion; Education; Employment; Energy; Financial Services; Health; Land; Oceans & Coastal Zones; Pollution; Real State; Waste; Water.

The corresponding SDGs

1) No poverty

2) Zero Hunger

3) Good Health and Well-Being

4)  Quality Education

5) Gender Equality

6) Clean Water and Sanitation

7) Affordable and Clean Energy

8) Decent Work and Economic Growth

9) Industry, Innovation and Infrastructure

10) Reduced Inequalities

11) Sustainable Cities and Communities

12) Responsible Consumption and Production

13) Climate Action

15) Life Below Water

14) Life on Land

16) Peace, Justice and Strong Institutions

17) Partnerships for the Goals

2. Qualified

In this phase, we use the Decisive Impact Assessment to assess the company's impact vision and potential.


Using as a framework the IMP’s dimensions of Impact:


We build a theory of change from an in-depth look at the answers given by the entrepreneur in our Decisive Impact Assessment. 




What outcome the enterprise is contributing to, whether it is positive or negative, and how important the outcome is to stakeholders?

Who are the stakeholders and beneficiaries experiencing the outcome and how underserved are they?

How many stakeholders experienced the outcome, what degree of change they experienced and how long they experienced the outcome for?



Would this change likely have happened anyway?

What is the risk that impact will not occur as expected?

It outlines the sequence of causal steps to achieve desired outcomes, identifies key factors needed, and describes the intended beneficiaries and potential risks.

This is a strategic approach for planning and evaluating the company’s social and environmental change.

Download our framework here.


Deep dive into evidence-based research on the outcomes of similar interventions.


3. Negotiation

In this phase, we delve into internal company-related issues and delve into benchmarks, studies and metrics.


Q&A for ESG Due Diligence

Company completes an Environmental, Social and Governance (ESG) due diligence questionnaire using the B Impact Assessment developed by the B Corporation. We don’t expect perfection from the beginning. Still, we want to encourage and support the company in progressing toward implementing best practices and becoming a positive force for the world. 


Company’s profile at IRIS+ platform

with access to IRIS+ core metric sets, studies from the sector and benchmarks.

Feel free to download our

ESG Questionary here.

4. Portfolio Management


Track impact performance KPIs (on a quarterly basis):

Output (direct and quantitative): #s related to products and services

Outcome (direct and indirect, quantitative and qualitative): #s related to results, benefits, and change


ESG management such as gender lens, diversity, sustainability, risks, policies, etc (on an annual basis)


Impact progress and analysis (Measure progress toward impact goals on an annual basis)

Analysis for a possible third - party impact validator assessment such as J-Pal and Academy Institutions.


Frameworks for impact analisys:

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