SFDR

Sustainability-related disclosures pursuant to Regulation (EU) 2019/2088 (“SFDR”)

Date of publication: March 2021

Date of update: December 2022; amendments made in connection with the structuring of Vorwerk Ventures IV GmbH & Co. KG and to cover the evolving market practice as well as recent guidance from European institutions.

I.      Sustainability risks

MM Ventures Management GmbH (the “Manager”, LEI: 391200LTV6IM444E9C36) considers sustainability risks as part of its investment decision-making process. Sustainability risks are environmental, social or governance events or conditions, the occurrence of which could have an actual or potential material adverse effect on the value of the investment. The Manager considers sustainability risks as part of its due diligence process prior to any investment. This also includes an assessment of sustainability risks. Such assessment is being conducted through an informal process as appropriate in light of the circumstances of the individual case. The results of such assessment are taken into account when the investment decision is being taken. However, the Manager remains free in its decision to refrain from investing or to invest despite sustainability risks, in which case the Manager can also apply measures to reduce or mitigate any sustainability risks. At all times, the Manager will apply the principle of proportionality taking due account of the strategic relevance of an investment as well as its transactional context.

II.          Remuneration disclosures

As a registered alternative investment fund manager within the meaning of section 2 (4) of the German Investment Code (Kapitalanlagegesetzbuch, “KAGB”), the Manager does not have and does not need to have a remuneration guideline or policy in accordance with the requirements of the KAGB.

III.         No consideration of adverse impacts of investment decisions on sustainability factors

The Manger does not consider any adverse impacts of its investment decisions on sustainability factors and, hence, does not use the sustainability indicators listed in Annex I of the Regulatory Technical Standards (C(2022) 1931 final, “RTS”) to identify and assess potential adverse impacts. Sustainability factors are environmental, social and employee concerns, respect for human rights and the fight against corruption and bribery. Given that the SFDR, the Regulation (EU) 2020/852 (“Taxonomy”) and the accompanying RTS are relatively new legislative acts, there is very little or no practical experience or practice with regard to the application of their respective provisions. Therefore, substantial legal uncertainties would remain when applying those provisions to the strategies pursued by the Manager. Moreover, Vorwerk Ventures III GmbH & Co. KG (“Vorwerk Ventures III”) and Vorwerk Ventures IV GmbH & Co. KG (“Vorwerk Ventures IV”; Vorwerk Ventures III and Vorwerk Ventures IV together the “Funds”) will only hold minority interests in their portfolio companies. Such minority interests are, however, generally not sufficient to encourage the Funds’ portfolio companies to collect and provide the relevant data. If and to the extent that the legal uncertainties will be resolved and a practicable market and administrative practice will evolve in this regard, the Manager will re-evaluate considering principal adverse impacts of its investment decisions in due course.

IV.        Sustainability-related disclosures for Vorwerk Ventures III GmbH & Co. KG and Vorwerk Ventures IV GmbH & Co. KG

Financial products: Vorwerk Ventures III GmbH & Co. KG, LEI: 391200XSR4MFXDY3S195 and Vorwerk Ventures IV GmbH & Co. KG, LEI: 391200OEM99OLNS1MX81 (together the “Funds” / gemeinsam die „Fonds“).

Summary

The Funds consider certain environmental and/or social characteristics as part of their investment decisions and monitoring processes but do not seek to make sustainable investments as defined in the SFDR.

The Funds incorporate exclusion (negative screening) aspects during their decision-making process. Thereby the Funds consider several ESG themes to be the key to responsible investing. However, there is currently no quantitative measurement with regard to environmental or social characteristics and no sustainability indicators are used. The actions and decisions described in the following section are each made by the Manager for and on behalf of the Funds.

Zusammenfassung

Die Fonds berücksichtigen bestimmte ökologische und/oder soziale Merkmale im Rahmen ihrer Investitionsentscheidungen und Monitoring-Prozesse, streben aber keine nachhaltigen Investitionen im Sinne der SFDR an.

Die Fonds beziehen Exklusionsaspekte (negatives Screening) in ihre Entscheidungsprozesse ein. Dabei betrachten die Fonds mehrere ESG-Themen als Schlüssel für verantwortungsvolles Investieren. Allerdings gibt es derzeit keine quantitative Messung in Bezug auf ökologische oder soziale Merkmale und es werden keine Nachhaltigkeitsindikatoren verwendet. Die in diesem Abschnitt beschriebenen Handlungen und Entscheidungen erfolgen jeweils durch den Manager für die Fonds.

No sustainable investment objective

The Funds promote environmental or social characteristics, but do not have as their objectives sustainable investment.

Environmental or social characteristics of the financial product

The Funds promote environmental and/or social characteristics by implementing certain investment exclusions (see section ‘Investment strategy’) during the decision-making process.

Investment strategy

The purpose of the Funds is to build, hold and manage (including to divest) a portfolio of equity and equity-related investments in portfolio companies. The investment strategy of the Funds is to realize a return on invested capital through long-term appreciation of investments in portfolio companies. The Funds intend to hold their portfolio investments for at least the medium term, generally five (5) years. The Funds primarily undertake early-stage investments in start-up companies (seed, series A and series B financing rounds) with high growth potential. The Funds focus their investment activity on portfolio companies located in Europe, in particular on companies that are active in the ‘consumer tech’ and ‘enabling technologies’ sectors or in sub-sectors thereof.

The Funds are bound by the investment restrictions and limitations set out in the Funds’ limited partnership agreements and shall procure that such requirements, restrictions and limitations are complied with at all times. In particular, the Funds will screen each investment opportunity against their investment exclusions and no investments will be made in the area of such exclusions.

The Funds shall not invest, guarantee or otherwise provide financial or other support, directly or indirectly, to companies, including portfolio companies, or other entities:

  1. illegal economic activities under applicable law;
  2. the financing or production of weapons and ammunition of any kind;
  3. the operation of casinos and similar establishments, including online betting and online casinos; or
  4.  

Good governance practices are assessed through an informal process as appropriate in light of the circumstances of the individual case as part of every due diligence process prior to any investment made by the Funds. Such practices include, in particular, sound management structures, employee relations, remuneration of staff and tax compliance within the portfolio companies. Moreover, the Funds will conduct regular monitoring of the good governance practices in their portfolio companies during the holding period. If the Funds become aware of severe governance issues, they will investigate them and work with all parties involved to find an appropriate solution.

Proportion of investments

The Funds will invest fully in line with their investment strategy and investment restrictions, i.e., will only make investments which are aligned with their environmental or social characteristics (i.e., their investment exclusions). The Funds do not make and do not intend to make sustainable investments within the meaning of Art. 2 (17) SFDR or environmentally sustainable investments within the meaning of Art. 2 Taxonomy; hence, no portion of their investments will be aligned with the Taxonomy.

Monitoring of environmental or social characteristics

The Funds have an increased awareness on the impact of environmental or social characteristics on risk management and thus on the value potential of investments. In order to monitor the environmental or social characteristics promoted by the Funds (i.e., their investment exclusions), the Funds consult with the portfolio companies on an ad hoc basis. If the Funds suspect any conflicts in this regard, they will carry out further checks in order to identify and to solve potential issues with the environmental or social characteristics. External monitoring mechanisms are not in place.

Methodologies for environmental or social characteristics

Currently the Funds apply qualitative assessments with regard to their environmental or social characteristics (i.e., their investment exclusions). The Funds conduct their initial assessment in the course of their due diligence via an informal process incorporated in the general due diligence process. Based on the results of such assessment the Funds identify whether the environmental or social characteristics promoted by the Funds are met.

In order to measure how the environmental or social characteristics are met during the holding period, the Funds consult with the portfolio companies in regular intervals and will carry out further checks in order to identify potential issues with such characteristics.

Data sources and processing

In order to monitor the attainment of the environmental or social characteristics promoted by the Funds (i.e., their investment exclusions), the Funds obtain data from their (potential) portfolio companies. All relevant data is obtained from such portfolio companies and no data is supplemented by information publicly available. An internal or external review or verification of the information obtained will be carried out if misrepresentations are suspected.

The results of the data obtained are considered in the investment decision.

Limitations to methodologies and data

The information collected from the (potential) portfolio companies as informal part of the due diligence is internally or externally verified only if and to the extent misrepresentations are suspected. Thus, it cannot be ruled out completely that false information may remain undetected in certain cases. As the Funds’ investments are made for several years, the Funds consider it a priority to establish and maintain a trustful working relationship with their portfolio companies in order to ensure compliance with the environmental or social characteristics promoted by the Funds (i.e., their investment exclusions).

Due diligence

An initial assessment of how an investment relates to the environmental or social characteristics promoted by the Funds (i.e., their investment exclusions) is carried out as part of the due diligence process by way of an informal process as appropriate in light of the circumstances of the individual case and, where required based on the inherent ESG risk of the portfolio company, through an enhanced analysis. As a rule, purely qualitative statements of an environmental or social nature or relating to corporate governance are requested from the portfolio companies and then taken into account during the investment decision-making process. An internal or external review or verification of the information obtained will only be carried out if misrepresentations are suspected.

Engagement policies

Engagement is not part of the environmental or social investment strategy of the Funds.

Designated reference benchmark

No index has been designated as a reference benchmark to meet the environmental or social characteristics promoted by the Funds.

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Marie-Sophie Ando

Senior Investment Manager

About

Marie-Sophie (Marie to her friends and everyone else) joined Vorwerk Ventures in 2023. Prior she was one of the first team members at Foundamental, a global early-stage construction-tech fund. Marie has worked on investments and built a network across Asia, Europe, and the US. Besides focusing on investments, she built up the internal processes of the fund. Before joining the venture ecosystem, she gained hands on experience and deep industry insights, be it working in business development at Trumpf in Singapore or consultancy roles at the Fraunhofer Institute for production technology. Marie holds a master’s degree in mechanical engineering and business from RWTH Aachen University. Born in Japan and raised in Germany, food has always been her medium to stay connected to her heritage, which turned into a passion for cooking and exploring foods & culture from across the world.

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Emanuel Wollersheim

Head of Finance

About

Emanuel joined Vorwerk Ventures in 2023 as Head of Finance, in order to support the growing investment team and to keep the company in checks with the increased regulatory and administrative requirements. Before joining Vorwerk Ventures, he was working in a similar position at a large German Venture Fund, equipping him with the necessary skillset and knowledge to build and lead the finance function at Vorwerk Ventures. Prior to working on the backend of Venture Funds, he made his first career steps as an audit professional with EY in Zurich. He studied International Business at Maastricht University and holds a Double Master Degree in International Business and International Management from Maastricht University and Queen’s University (today: Smith School of Business) in Kingston, Canada. Moreover, Emanuel is a certified auditor (eidg. diplomierter Wirtschaftsprüfer) in Switzerland. When not at work, he frees his thoughts at a vast range of sports activities, including football or tennis, as well as outdoor activities such as hiking, snowboarding and sailing.

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Hanna Villa

Analyst

About

Hanna joined Vorwerk Ventures in early 2023. Previously, she was at the Auxxo Female Catalyst Fund, investing in female (co)founders building early-stage B2B ventures in Europe. Hanna has worked in the tech ecosystem in Germany and the U.S., be it an accelerator in Berlin and startups in New York and California. Before entering VC and transitioning her passion for the sciences into technology and startups, Hanna did medicine and neuroscience at Harvard Medical School and University of Southern California. Hanna holds a Masters degree in Strategy and Digital Business at ESCP Business School and a Bachelors in Psychology at University of Long Beach in California. Outside of VC, Hanna is an avid tennis player and film and arts enthusiast.

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Dr. Jörg Neermann

Venture Partner

About

Jörg studied Biotechnology at the Technical University of Braunschweig, Germany, and at the Massachusetts Institute of Technology (M.I.T.). He performed his Ph.D. research work in genetic engineering of mammalian cell cultures at the Gesellschaft of Biotechnologische Forschung mbH (GBF) and received his Ph.D. with summa cum laude from TU Braunschweig in 1997. In addition, he studied economics at TU Braunschweig and Harvard Business School.

After a brief stint in management consulting, he started his career in life sciences venture capital in 1996 with Atlas Venture as an associate. In 1998 he joined DVC Deutsche Venture Capital, a subsidiary of Deutsche Bank, as an investment manager; there he built the Life Science franchise and became Partner in 2000 and Managing Partner in early 2002. In 2007 he joined LSP Life Sciences Partners as a Partner in their Munich office and was Managing Director of LSP’s German subsidiary until 2020. During his time at DVC and LSP he evaluated several hundred life science deals and invested as lead investor in more than 20 biotech companies. Most of them he accompanied as a board member through various financings to an IPO or M&A.  In 2021 and 2022 he served as CEO of the Göttingen based longevity start-up Curexsys. In early 2023 he joined Vorwerk Ventures as a Venture Partner. He also serves on the boards of several biotech companies and invests in selected companies.

 

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Dr. Dominik Steinkühler

Partner

About

Dominik joined Vorwerk Ventures in 2022 as a Partner. He has an extensive background as an operator from small to large scale companies, having founded, scaled and sold Lendico, a Fintech, or working as divisional board member for Commerzbank, a large bank, in charge of its digital transformation and all central functions of the corporate client’s segment such as sales management, financial steering or strategy. Most recently he helped to build FRIDAY, an insurtech, as CFO. In the early years of his career, Dominik worked as an investment banker for Rothschild and as a consultant for BCG. Given this background, Dominik is particularly interested in all things financial services, software to help companies transform the way they do business, and sustainable technologies. He holds a PhD in Economics from RWTH Aachen and a Diploma in Economics from WHU – Otto Beisheim School of Management.

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Sascha Günther

Partner

About

Before joining Vorwerk Ventures in 2020 Sascha was co-founder and COO of the B2B travel tech startup Yilu which was funded by Lufthansa Group. Being responsible for Operations, Finance and HR, Sascha established the strategy and processes to scale the venture to 65+ employees. Prior to Yilu, Sascha headed the investment activities of Lufthansa Innovation Hub structuring two direct investments of Lufthansa Group into cargo.one and Fleet. Before joining Lufthansa Group, he built-up the investment team and processes at Project A ventures, scouted potential investments and conducted due diligences. In addition, Sascha has some years of experience in management consulting where he started his career. Sascha holds a double Master’s degree in International Management from UCD Dublin and ESADE Business School. In his free time, he enjoys all kind of sports as well as exploring culinary delights as foodist.
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Norbert Muschong

Managing Partner

About

Norbert is a Managing Partner of Vorwerk Ventures since its inception in 2007. He is the initiator and driver of the Corporate Venture Capital activities from the very beginning which culminated in the independent setup of the most recent Fund. He was responsible for the firm´s investments in Flaschenpost, Ringana, Enjo and Tennispoint from identifying the investment opportunity until its exit. Today he is, among other things, responsible for the fund´s investments in Lillydoo, CrossEngage and Dinner for Dogs. Prior to Vorwerk Ventures, Norbert led Project Management at Vorwerk Group and was involved in numerous strategy and M&A-projects. He started out his career at Vorwerk as a trainee in sales followed by growing responsibilities in various field management and sales support management roles. Norbert studied Business Administration in Mannheim and Tübingen, graduating top of his class.

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Constantin Koenigsegg

Investment Manager

About

Constantin joined Vorwerk Ventures in early 2020. Prior, he was part of the investment team at the early stage VC Project A, focusing on early stage B2B topics in Europe and more specifically the Nordics. During his business development time at the digital health startup Careship, he had hands-on operational exposure to growing a business at speed. Before jumping into the startup ecosystem, Constantin gained first experience in finance in Private Banking and Asset Management at LGT Group in Hong Kong and later in M&A at the global construction firm CPB Contractors in Sydney. He holds a bachelor’s degree in Sociology, Politics and Economics from Zeppelin University. Apart from his VC activities, Constantin is a passionate Alpinist in his home country Austria.

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Julia Hall

Executive Assistant

About

Before joining Vorwerk Ventures as an Executive Assistant early 2020, Julia has held several positions within the Vorwerk Group. After starting off as an Executive Assistant in 2016, she transitioned to the Sustainability Department in order to push the company towards an even greener future. In 2018 Julia supported an internal restructuring program by assisting in drafting new structures and processes as well as a new IT infrastructure. In her last role, she was part of the Vorwerk IT Department as an Executive Assistant. Julia holds a BSc in Psychology from FOM University in Düsseldorf. Besides being the “good soul” in our office, Julia enjoys pampering her two dogs and taking them on runs and hikes.

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Holger Witte

Managing Partner

About

Before joining Vorwerk Ventures as a Partner in late 2019 Holger has been active in Venture Capital for 12+ years. He worked in several high-ranking positions at Project A Ventures being responsible for the fundraising and fund administration, supporting portfolio companies in raising follow-on funding, making new seed and early stage investments as well as generating ideas for incubation projects. Before joining Project A, he was Head of New Business and Online Investment Manager at Bauer Media managing the online portfolio and developing media-related business models. In addition, Holger has several years of experience as a consultant at The Boston Consulting Group, Ernst & Young and Arthur Andersen. He holds an MBA from Columbia Business School in New York City and (unsuccessfully) founded his own digital business gaining viable operational experience. In his free time, he enjoys all kinds of sports and came to love the campervan and hiker life during a long sabbatical in 2018/2019.

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Katharina Neuhaus

Principal

About

Before joining Vorwerk Ventures early 2020, Katharina gained experiences in the consulting and start-up world in London. To follow her passion for the entrepreneurial space, she joined the fashion-tech start-up Lyst as a Country Manager being responsible for the company’s largest international region. Prior to Lyst, she was a Vice President at AlixPartners, where she advised Private Equity clients and helped them to optimize their portfolio companies to maximize their exit value. Projects have allowed her to work in over 10 countries and thereby experience the beauty of working with a diverse team. She studied Business Administration at WHU Otto Beisheim School of Management and Bocconi University and holds a MSc in Economics & Strategy from Imperial College London. Besides hunting exciting ventures, Katharina is an avid runner and modern art lover. She passionately scuba dives and explores untraveled countries – amongst her favourite trips is a three weeks hike in the Himalayas by herself.

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Peter Schmetz

Principal

About

Peter joined Vorwerk Ventures in 2018 and experienced the company´s development during its CVC stage, helping to relaunch Vorwerk Ventures as an independent fund entity in late 2019. Before joining Vorwerk Ventures, Peter worked in the Treasury Department of the Vorwerk Group in Wuppertal, where he was mainly responsible for foreign currency management and liquidity management besides assisting in managing Vorwerk´s investment fund. Peter holds a BA in Global Studies from the University of California, Santa Barbara and a MA from Bergische Universität Wuppertal in European Studies. He has always enjoyed playing (semi) professional football in his spare time, thus you will most likely find him on a football pitch if not hunting for the next unicorn out there.

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