WHAT’S SO SPECIAL ABOUT ‘IMPACT’ INVESTORS? Frank Bonsal III, a former teacher-turned investor based in Baltimore, breaks down the numbers in his portfolio to share what “mission-driven investing in education” looks like. Of the 27 edtech deals, 13 have been “realized” (including three write-offs) and yielded a 3X return on invested capital. This success rate, Bonsal writes, “is roughly the inverse of the strategy born by ‘swing for the fence’ venture investors” obsessed with unicorns.
