We invest to make change

Our strategy

At Summa, we have always stayed committed to solving our global challenges and driving a profitable transition. We invest in areas that thrive in times of uncertainty, avoiding green boom-and-bust cycles and ensuring our portfolio remains strong. While uncertainty exists in cross-border trade and the support for the green transition in certain areas of the world, Summa’s focus is largely unchanged. We are investing in areas where the transition continues due to the economic rationale and where the transition thus is profitable.

We have seen a green boom and bust, but we avoided this, and our portfolio within circularity and energy transition continues to outperform through this downturn. We are doubling down on our strengths, specializing and scaling investments in businesses that drive the transition to a sustainable future while delivering strong and stable financial results in our four areas that we have deep expertise and a proven track record: Circularity, Sustainable Food, Energy Transition and Tech-Enabled Resilience.

From vision to value

Infobric

A successful exit after 4 years with strong M&A, product expansion and commercial excellence

Infobric is a construction software company focused on protecting workers and assets sustainably. Summa invested in Infobric in February 2019, recognizing its potential to drive significant impact and value creation.

Generated 182 mSEK in revenues in ‘19, but with untapped growth potential within:

Product innovation and expansion
Buy & build for stronger footprint
Organizational platform

Infobric

Why Summa invested in Infobric:

Supported by several megatrends
Significant impact to do in the sector
Resilient business model and strong value creation potential
Leading market positioning

During the holding period, Summa took the company to a new level by focusing on our four pillars:

Developed a growth plan with focus on:
Tools to build a high-performing organization
Strong focus on product innovation and GTM
Scale the platform through add-ons

Infobric

In 2022 we did a partial exit, and Stirling Square acquired the company. During the holding period the following was achieved:

Transitioned to a hardware-enabled software company with 78% recurring revenues.
Set out a clear vision for international growth e.g. entering UK in 2021
The organization increased from 73 FTEs to 310 in 2023.

Strengthening organizational platform with key hirings (CFO, CRO, CHRO+)

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Impact is intergrated in everything we do

Summa's approach:

Intentionality

Theory of change: Understanding the chain of dominos

You cannot manage what you cannot measure. You also cannot manage what you cannot imagine. If you want to change a system, you need to be able to imagine a new version of that system.

Summa firmly believes that in order to solve global challenges, we need to get away from looking at problems such as climate change, biodiversity harm, or inequality in isolation. Instead, we need to understand the systems that are causing the problems and imagine new versions of those systems. A full focus on solving a problem without putting it into a larger context can have detrimental effects in the long-term and create even more severe problems down the road.

Why?

The theory of change framework enables Summa to identify the winners in the future systems by structuring our thinking on the vision for change, the path to get there, as well as the assumptions and dependencies required for the change to happen. The framework’s combination of imagination and measurement enables us to understand indicators of progress, success, and failure. The framework also offers a rigorous approach to creating transparency around the causal pathway between input and activities and the desired change.

What?

The framework consists of specific concepts that each serve a purpose in the description of the pathway from impacts within an organization’s control (i.e., inputs, activities, and outputs) and the domino effects that they create – the indirect impact. Understanding the connection between portfolio companies’ outputs and the outcomes we seek within each subtheme has allowed us to visualize how the investment fits into the bigger vision of change and what other things need to happen in order for the impact to fully materialize.

Published reports

Investing in a circular and waste-free Europe

Download report

Investing in sustainable aquaculture for a resilient food system

Download report

Additionality

Via Summa: Our way of working

Summa has built a team, a network and processes to ensure that impact is integrated throughout the work that we do, and portfolio companies are supported on the topics that they need support on and in a format that works for their organization.

The Via Summa approach to active ownership reflects an aspiration to live via a true partnership with our portfolio companies that is based on mutual trust and joint objectives, and complemented with excellent management teams, board members, and advisors. Together, we work to reimagine the possibilities for each of our portfolio companies, and we provide the support needed to achieve outlying success.

Our portfolio companies outperform financially while solving environmental and/or social challenges. That’s why we provide access to valuable expertise and services that will allow management teams to reach their highest potential

A. Onboarding

The power of the first 100 days

At Summa, we don’t believe in making companies “exit ready” when it comes to impact and sustainability. The work to integrate relevant topics for each business starts on day one with an engaging onboarding journey. We build the partnership with the management teams by using the theory of change framework to connect the societal benefits with the business rationale and thereby integrate impact in the business strategy. We also use the insights from due diligence to create a plan of action to address material impacts, risks and opportunities and provide support to make sure that all companies have key sustainability fundamentals in place.

B. Community work

The strength of being part of a larger community

While Summa’s portfolio companies vary in terms of size, geography, and industry, they often cover the same topics, face similar challenges and benefit from knowing how others have tackled them. We actively work to create a community of sustainability, strategy and reporting professionals through interactive roundtables, online educational sessions, and resource sharing.

C. Tailored support

There is no one-size fits all

To support our portfolio companies, we have created an Impact Playbook as a resource to guide them through various processes and topics. With that said, we recognize each company’s uniqueness and provide tailored support to meet their specific needs. The Summa Impact Team supports companies according to the company’s preference through e.g. being a sparring partner on strategy, holding employee engagement workshops, creating decarbonization plans, supporting on business conduct policies and processes and implementing impact accounting.

Measurability

You cannot manage what you cannot measure

Our portfolio companies are dedicated to the measurement and management of their year-over-year impact. We believe in the importance of transparency and each year we release a Portfolio Report (link) summarizing the progress of Summa’s funds and portfolio companies. We also understand our investors need for information in standardized format and therefore report in line with the requirements of the Sustainable Finance Disclosure Regulation for Article 9 funds and core initiatives, such as the ESG Data Convergence Initiative (EDCI).

In addition, we have worked with Harvard Business School and the International Foundation for Valuing Impact to pilot and support standardization of impact accounting Impact accounting brings practicality to the complex world of corporate sustainability disclosure. Translating environmental and social impact to the language of currency makes information about impact accessible, actionable and comparable. Once impact is monetized, it can be measured and managed strategically, using the same infrastructure that already exists for financial management.

Read more about the impact accounting framework: Measuring what matters: How impact accounting redefines sustainability measurement

Portfolio report 2023