# kaal:claim:4685567-037

**Claim.** For venture capital funds, an impact certificate listing performs a due diligence function, because the follow on investor inherits all the project performance data generated through the impact certificate marketplace.

**Type.** design  **Support.** argued

**Holds when.**

- projects with larger capital requirements over time
- impact validated through the certificate

**Source quote.**

> Through the projects' success that is validated through the impact certificate, the venture capital follow-on investment benefits from all the project performance data that is generated through the impact certificate marketplace.

**From.** Wulf A. Kaal, *Impact Investing Innovation - From Impact 1.0 to 3.0* (2024), Funding Sources Impact 3.0, page 55

**Cite as.** Wulf A. Kaal, Impact Investing Innovation - From Impact 1.0 to 3.0 (2024). SSRN: https://ssrn.com/abstract=4685567

**Verify.** sha256 of source PDF `87fb1be89d2661967ed2b0b673fe26448ded3bc3119b122177a4fc13ae5c085c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202024%20-%20Impact%20Investing%20Innovation%20-%20From%20Impact%201.0%20to%203.0.pdf

**Topics.** innovation

**Keywords.** venture-capital, follow-on-investment, due-diligence, impact-certificates

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