Report on Muse Capital’s Alignment with Sustainable Development Goals

Executive Summary

This report analyzes the operations and investment strategy of Muse Capital, a venture capital (VC) firm founded by Assia Grazioli-Venier and Rachel Springate. The analysis focuses on the firm’s significant contributions to the United Nations Sustainable Development Goals (SDGs), particularly in the areas of health, gender equality, and economic growth. Muse Capital demonstrates that investing in historically overlooked markets, such as women’s health and sports, is a viable business model that concurrently advances key global sustainability targets.

Investment Thesis and Direct SDG Contributions

Muse Capital’s investment portfolio is structured across three primary categories: “Care,” “Live,” and “Play.” Each category directly supports specific SDGs through targeted investments in innovative and purpose-driven companies.

• Care: This portfolio segment focuses on health and well-being, directly contributing to SDG 3 (Good Health and Well-being). By investing in companies specializing in menopause care (Midi), fertility (Cofertility), maternal health, and hormone health (Eli Health), Muse Capital addresses critical gaps in women’s healthcare. This focus also promotes SDG 5 (Gender Equality) by ensuring health innovations cater to female-specific needs.
• Live: This category includes investments that enhance daily life and promote sustainability. The investment in Save Trees, a sustainable bamboo paper company, directly supports SDG 12 (Responsible Consumption and Production) by tackling deforestation. Investments in platforms like Clarity Money, a financial advisory tool acquired by Goldman Sachs, contribute to SDG 8 (Decent Work and Economic Growth) by improving financial literacy and stability.
• Play: This segment targets sports and entertainment, with a strong emphasis on inclusivity. Investments in Just Women’s Sports, a media brand for female athletics, and the acquisition of the SailGP Italia team advance SDG 5 (Gender Equality) by increasing the visibility and commercial viability of women in sports. The SailGP league’s commitment to mixed-gender teams further reinforces this goal.

Advancing Gender Equality and Reducing Inequalities (SDG 5 & SDG 10)

A core tenet of Muse Capital’s strategy is to address the profound gender disparity within the venture capital ecosystem. The firm actively works to reduce inequalities through several key actions:

1. Female Leadership and Funding: As a female-led VC firm, Muse Capital serves as a model for leadership diversity. It actively seeks to fund all-female and mixed-gender founding teams, which received only 2% and 21.2% of U.S. VC funding in 2024, respectively.
2. Mobilizing Female Investors: The firm has successfully engaged high-net-worth women and family offices as Limited Partners (LPs), channeling capital from investors who understand the market opportunities in women-centric sectors. This approach helps redefine the profile of a typical VC investor.
3. Historic Sports Ownership: The acquisition of the SailGP Italia team marks the first female-led ownership group in the league’s history. This achievement breaks barriers in a traditionally male-dominated industry and promotes gender-inclusive leadership.

Fostering Innovation, Economic Growth, and Partnerships (SDG 8, SDG 9, & SDG 17)

Muse Capital leverages its founders’ operational experience to provide more than just capital, thereby fostering innovation and sustainable economic growth.

Strategic Support and Growth

• Industry Innovation (SDG 9): The firm’s hands-on approach accelerates the growth of its portfolio companies. By securing strategic partnerships, such as placing a company in the Disney accelerator or facilitating investments from influential figures like Maria Sharapova, Muse Capital helps build resilient and innovative enterprises.
• Economic Growth (SDG 8): With $52 million in assets under management and nine successful exits, the firm has demonstrated its ability to scale startups, which in turn creates jobs and contributes to economic prosperity.
• Partnerships for the Goals (SDG 17): The firm’s entire model is predicated on building strategic partnerships. The consortium for the SailGP team acquisition, which includes prominent figures like Anne Hathaway and Dr. Jennifer Ashton, exemplifies a multi-stakeholder partnership aimed at achieving commercial success while promoting sustainability and gender equality in sports.

Conclusion

Muse Capital provides a compelling case study in how venture capital can be a powerful tool for achieving the Sustainable Development Goals. By intentionally focusing on underfunded sectors and diverse founders, the firm not only unlocks significant financial returns but also drives measurable progress on SDG 3 (Good Health and Well-being), SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), and SDG 10 (Reduced Inequalities). Their success proves that an investment thesis centered on impact and inclusivity is fundamental to building a more sustainable and equitable future.

Analysis of Sustainable Development Goals (SDGs) in the Article

1. Which SDGs are addressed or connected to the issues highlighted in the article?

The article on Muse Capital touches upon several Sustainable Development Goals (SDGs) by highlighting the firm’s investment strategy, which focuses on empowering women, fostering innovation, promoting health, and supporting sustainable practices. The following SDGs are relevant:

• SDG 3: Good Health and Well-being: The article emphasizes Muse Capital’s investment in “femtech,” including companies focused on women’s health issues like menopause care, fertility, and maternal health.
• SDG 5: Gender Equality: This is a central theme. The article discusses the funding gap for female founders, the low representation of women in VC decision-making roles, and Muse Capital’s efforts to counter this by being a female-led firm that invests in female founders and engages female investors. Their acquisition of a SailGP team marks the “first female-led ownership group in the league’s history.”
• SDG 8: Decent Work and Economic Growth: The article profiles a venture capital firm that fosters entrepreneurship by providing capital and strategic support to startups. This contributes to economic growth, innovation, and the creation of new businesses and jobs.
• SDG 9: Industry, Innovation, and Infrastructure: Muse Capital’s portfolio includes innovative technology companies in healthcare (“Eli Health”), AI (“Ohai”), and finance (“Clarity Money”), thereby supporting technological advancement and innovation.
• SDG 10: Reduced Inequalities: The firm’s core thesis is to back “overlooked markets” and founders “often ignored by Silicon Valley,” directly addressing the inequality in access to venture capital for women and other underrepresented groups.
• SDG 12: Responsible Consumption and Production: The investment in “Save Trees, a sustainable bamboo paper company tackling deforestation,” directly connects to promoting sustainable practices and resource management.
• SDG 17: Partnerships for the Goals: Muse Capital’s operational model is built on creating strategic partnerships between its portfolio companies and “Fortune 500s, celebrities, athletes, and influencers” to drive growth and impact, embodying the spirit of multi-stakeholder collaboration.

2. What specific targets under those SDGs can be identified based on the article’s content?

Based on the activities and focus areas of Muse Capital described in the article, several specific SDG targets can be identified:

1. Target 3.7: By 2030, ensure universal access to sexual and reproductive health-care services, including for family planning, information and education, and the integration of reproductive health into national strategies and programmes.
   • Explanation: Muse Capital’s investment in companies like “Midi, Cofertility, and Eli Health” which are pioneers in “femtech and hormone health,” directly supports innovation and access to services related to fertility and maternal health.
2. Target 5.5: Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in economic and public life.
   • Explanation: The article highlights Muse Capital as a “female-led VC firm” working to change the statistic that only “17.3% of decision-makers at U.S. VC firms” are women. Their backing of female founders and creation of the “first female-led ownership group” in SailGP directly promotes women’s leadership in business and sports.
3. Target 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation.
   • Explanation: As a venture capital firm, Muse Capital’s entire model is based on fostering entrepreneurship. They provide funding and strategic support to startups, helping them grow and create jobs, as evidenced by their “$52 million in assets under management” and nine successful exits.
4. Target 9.5: Enhance scientific research, upgrade the technological capabilities of industrial sectors in all countries, in particular developing countries, including, by 2030, encouraging innovation.
   • Explanation: The firm invests in companies with “groundbreaking technology” like Eli Health and AI-powered platforms like Ohai. By funding these innovative ventures, they are directly contributing to enhancing technological capabilities and encouraging innovation.
5. Target 10.2: By 2030, empower and promote the social, economic and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status.
   • Explanation: Muse Capital’s mission to fund “overlooked markets” and founders “ignored by Silicon Valley” is a direct effort to promote the economic inclusion of women and other groups who have historically been excluded from access to venture capital.
6. Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources.
   • Explanation: The investment in “Save Trees, a sustainable bamboo paper company tackling deforestation,” is a direct contribution to this target by supporting a business model based on sustainable resource management.
7. Target 17.17: Encourage and promote effective public, public-private and civil society partnerships.
   • Explanation: The article states that Muse Capital’s “superpower” is creating “partnerships between startups and Fortune 500s, celebrities, athletes, and influencers.” This practice of building multi-stakeholder collaborations to support portfolio companies is a clear example of this target in action.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

Yes, the article provides several quantitative and qualitative indicators that can be used to measure progress towards the identified targets.

• Indicator for Target 5.5 (Proportion of women in managerial positions): The article provides baseline statistics that can be used as indicators of the current state of inequality, such as “only 2% of U.S. VC funding went to all-female founding teams” and “Just 17.3% of decision-makers at U.S. VC firms… were women in 2024.” The success and growth of female-led firms like Muse Capital and the number of female founders they fund serve as progress indicators. The establishment of the “first female-led ownership group in the SailGP sailing league” is a specific, measurable achievement.
• Indicator for Target 8.3 (Proportion of informal employment): While not directly about informal employment, indicators of formal entrepreneurship and business growth are present. The firm’s financial scale, “$52 million in assets under management,” and success rate, “Nine of their portfolio companies have exited,” serve as indicators of their contribution to economic growth and formal job creation through startups.
• Indicator for Target 9.5 (Research and development expenditure): The number of innovative tech companies funded (e.g., Eli Health, Ohai, Flickplay) and the amount of capital deployed to them can serve as a proxy indicator for private sector investment in R&D and innovation.
• Indicator for Target 12.2 (Material footprint): The existence of portfolio companies like “Save Trees” is an indicator of investment in sustainable businesses. The success and market share of such a company could be used to measure progress in sustainable production.

4. Table of SDGs, Targets, and Indicators

Source: forbes.com.au