Bloom Impact Investing’s vision is a world where a carbon-free economy allows people and the planet to thrive.
Co-founders, Camille Socquet-Clerc and Bertrand Caron, established Bloom in 2019 because they wanted to fix climate change at scale and wanted to make investing in renewable energy projects and cleantech accessible to everyone, not just the ultra-wealthy.
Investors can easily invest in over 95 scientifically proven climate solutions through their easy-to-use app.
Bloom recently received $100,000 through the Advance Queensland Ignite Ideas Fund Round 9, which they will put towards increasing sales and fast-tracking commercialisation of their product.
We recently spoke to Camille and Bertrand about Bloom and how the Ignite Ideas Fund will help their business grow.
What inspired you to start your business?
In 2019, whilst learning and working for EnergyLab’s Cleantech Accelerator, we became fascinated by the huge opportunities that investing in cleantech and renewable energy presented. But we were unable to invest our own savings into these opportunities as we quickly discovered that most investments in renewable energy projects in Australia are restricted to wealthy, sophisticated investors.
What milestones have been reached?
After only eight months of launching, our customers have invested over $1.6 million into our climate impact fund to support renewable energy projects and support climate impact companies.
We’re very proud of our community – to date we have over 2,700 members meeting regularly to learn about how investing can both help them build their wealth, whilst making a positive impact. We have delivered over 35 events since 2019.
Our company has raised over $1 million in private funding since inception and we'll be announcing our latest fundraising round in early 2023.
We also achieved a 5-star rating on the Apple app store – this shows that our customers are pleased with the product we’ve developed.
What achievements are you most proud of to date?
Since launching in March 2022, Bloom is proud to have onboarded close to 200 investors and over the next five years we’re hoping to reach $1 billion in investments.
Another achievement has been developing a bespoke investment philosophy for Bloom, centred on investments in companies and projects that are scientifically proven to address climate change. We do this by relying on research from independent organisations that model and investigate new solutions to limit climate change. The resulting investments that we offer are a mix of assets, all of which have a positive social impact through addressing climate change.
We’ve also been recognised as Money Magazine’s App of the Month in June 2022.
What are your business goals over the next 12-24 months?
We have a few goals over the next couple of years that we’re aiming towards:
- Further develop the Bloom app to better highlight the connection between investments and climate outcomes. We hope to be the leading app for climate aligned investing and create a hub for our customers where they can easily track their environmental impact, learn about the power of sustainable finance and connect with a community.
- Educate and empower our community to ‘green their finances’. Currently, there is $3.3 trillion invested in superannuation in Australia. Even re-directing a small portion of this into climate friendly funds would have a large impact on the amount invested to combat climate change.
- Hire a business development and partnership manager to accelerate Bloom’s growth through larger B2B (business to business) connections and partnerships.
How will use your Ignite Ideas funding?
We plan to use our Ignite Ideas grant to strengthen our marketing capabilities, develop business partnerships and executing a successful Queensland-based energy projects promotional campaign.
The grant will also help us increase sales and fast-track our commercialisation by allowing us to attend trade shows, including the National Cleantech Conference in Brisbane and the All Energy conference in Melbourne.
How will this funding assist your business to grow and/or create jobs?
By attending trade show events and running clean energy campaigns we can get the word out about Bloom more effectively and spread our brand name through a more diverse range of channels to drive customer uptake.
Why would you recommend applying for Advance Queensland programs, such as the Ignite Ideas Fund?
Applying for the Ignite Ideas Fund is a true test of a business’s strengths and weaknesses and helps entrepreneurs (no matter the outcome of the application) to formulate a precise plan and precise targets. The Advance Queensland team takes the time to thoroughly review applications and their feedback is invaluable. We applied three times before being successful, a clear example that with practice comes improvement and success.
What other support have you received from Advance Queensland or the Queensland Government?
We have received a Basic Business Grant in 2021, which allowed us to develop our go-to-market strategy with a Brisbane-based digital marketing agency.
Why is it important to support Queensland businesses, innovators and entrepreneurs?
Small businesses and entrepreneurs are the lifeblood of our communities and push Queensland innovation and technology forward. They define our identity as a place, as a region, and as a destination.
By actively investing in innovative startups, Queensland can help create the next generation of technology and business ecosystems, putting Queensland and Australia on the world map, attracting some of the best world talent and driving economic growth.
By supporting Bloom as a business, the government is sending a clear signal that the state is ready to be a clean energy superpower.
What’s your advice for other entrepreneurs and businesses starting out on their innovation journey?
Our advice is to focus on an innovation that is good for people and/or the planet, because when times are difficult, having a mission that is bigger than your individual commercial success and interests can truly give you the persistence and personal satisfaction needed to succeed.