David Berge Email & Phone Number

Island Pond, Vermont, Us

The Underdog Foundation was formed for two reasons. Many entrepreneurs say they are going to become generous entrepreneurs in the future (when they sell their companies). In fact, most do not. We wanted to create a vehicle for both entrepreneurs and investors to set aside part of their equity early in their company’s existence. That equity would be set aside to put back into communities through philanthropy and impact investing, and would be supported by time and advice. Second, we wanted to share not only capital, but more importantly our networks, creativity and knowledge on deal structure, capital structure, negotiations and strategy with high impact, high-integrity underdogs changing their communities and the world. These underdogs may be social venture funds, social enterprise funds, community loan funds or community banks or sometimes social ventures.Our largest current program is the Underdog Foundation Impact Award Winners. We partner with family offices or foundations who want to increase their impact in an area (for example sustainable agriculture, social enterprise, gender-lens investing, diverse fund managers or climate). After an Impact Award Winner is identified, we work to get those entrepreneurs or funds the help and advice they need when they need it, including capital structure, deal structure, negotiations, strategy and network. Winners are not charged for the support.The inspiration for the Underdog Foundation came from the founders of Underdog Ventures, LLC, who donated equity as a first step.

Us

Underdog Ventures, LLC was created both to create customized high impact venture funds with venture, philanthropic and community investment components and to advise families and asset owners on ways to increase the effectiveness and impact of their investing and philanthropy. Its first fund was customized for an investor who wanted to support high-impact ventures, but also wanted to build community wealth deeply into companies and broadly into communities. The investor donated his proceeds to support those issues and each entrepreneur who received an investment set aside part of their equity or revenues to build community wealth. Underdog Ventures was recognized as one of ten U.S. financial institutions providing especially strong benefits to the environment and one of the top five funds supporting social mission. Currently, Underdog Ventures brings creativity, deep knowledge of capital structures and finance and decades of impact investing to help families, foundations and other institutions deeply committed to finding new and better ways to use investing and philanthropy to positively impact income inequality, climate, gender equity and racial equity.

David was Senior Vice President of Community Investment at Vancity, North America’s largest community development credit union with over 500,000 members and $21.7 billion in assets, where he oversaw $3.5 billion in business lending, commercial real estate, non-profit lending, sustainability, with a goal of moving more assets into impact. He oversaw $1 billion per year in new financings with impact lending increased from $30 million to $360 million per year.

David founded and ran an impact consulting firm advising high net worth families, social venture funds, social ventures and non-profits on multiple aspects of impact investing, including deal structure, negotiations, capital structure and strategy. This work including advising both a coalition of non-profits and timber companies on sustainable investment and lending possibilities around the Great Bear Rainforest. He also advised RBC on the formation of RBC Generator, their fund for social and environmental impact.

David headed a nationally recognized, innovative lending program allowing depositors to dedicate their money to support flexible loans to the environment and conservation, affordable housing, sustainable agriculture, education and socially responsible businesses. His primary responsibilities included overseeing direct impact lending functions, holding exception authority, policy, impact priorities, overall portfolio performance, monitoring and development of innovative lending models. Under his tenure, the fund grew from $38 to $203 million U.S and were supported by depositors in 42 states and 12 countries. Under his leadership, VNB’s Socially Responsible Banking Fund was recognized with the prestigious Business Enterprise Trust award, recognizing acts of courage, integrity and social vision in American business.

David oversaw the lending team of a leading national community loan fund lending to non-profits, sustainable agriculture, community land trusts, cooperatives, and affordable housing projects ignored by conventional financial institutions, and helped them get bank financing. His primary functions included overseeing direct lending functions and the work of other loan officers, overall portfolio performance and monitoring responsibilities, and being a voting member of the loan committee. He worked with religious and institutional investors and provided assistance to the National Association of Community Development Loan Funds as a loan officer for their Seed Fund.