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2026 Winter Newsletter: A Season of Collaboration

Highlights: The Importance of Community, Portfolio Insights and Updates, Event Previews and Highlights, and More Ways to Engage

Nothing contained in the newsletter is intended nor should anything included herein be considered a guarantee of future performance of any industry, asset class, or any security.

As we near the end of winter, we’ve been reflecting on the year so far, especially in contrast to our expectations and to last year. Many in our community are carrying concerns about events at the global, national, and local levels, and we recognize that these realities shape the context in which we all work.

Moments like this underscore the importance of community and collaboration, and the past six months have been full of both. From hosting our fall Gathering with Foundation House, to advancing our joint venture with Plankton Energy, to bringing together investors for a lunch with Springbank VC and SheMoney, we’ve been reminded again and again that we are stronger, and often more joyful, when we work together.

As as asset manager, we also see that this is a moment of real opportunity. Markets are adjusting to a changing policy environment. Across the sectors we invest in, we see innovation driving financial and impact outcomes, including due to the creative adoption of AI. We’re also encouraged by new forms of collaboration emerging among the impact investing ecosystem. And, investors are moving capital and supporting portfolio companies as a means to take action and demonstrate resilience.

There has rarely been a more important time to come together — to invest in the future and in one another. We hope you’ll join us.

With Gratitude,

Rebekah and Thomas

Community. Capital. Change!

What’s New at Gratitude

Investments

Community & Events

Links to Inspire

What’s New at Gratitude

2025 Impact Report: Transforming Capital Together

Earlier this year, we released our 2025 Impact Report, which reflects our belief that capital can be used differently to build a more just and resilient planet. Rather than treating impact as a separate overlay, we embed it directly into how we invest, operate as a community, and engage with the broader ecosystem as collaborators and educators. The report shares our theory of change alongside key data and case studies from the past year. We invite you to read the full report here.

ImpactAssets 50: Second Year of Recognition

We were selected to the ImpactAssets 50 for the second year in a row as an Emerging Impact Manager. This year marks the 15th anniversary of the IA 50, the definitive guide to impact investment fund managers globally. We are honored to be recognized for our community-driven investment model that leverages our 10+ year track record of backing compelling market-based solutions to address systemic issues across planetary health, social wellbeing and intersectional innovation.

Investments

We invest in early to growth stage companies and emerging private market funds dedicated to solving social and environmental challenges.

Direct Company Investments

Origin is the leading U.S. provider of pelvic floor and women’s musculoskeletal therapy, offering hybrid in-person and virtual care for conditions related to pregnancy, postpartum recovery, sexual health, and menopause. Despite strong clinical evidence supporting its benefits, pelvic floor physical therapy has been largely overlooked in the United States, where it is not a standard component of prenatal or postpartum care. Origin addresses a massive unmet need affecting roughly 40 million women, most of whom lack access to affordable, in-network care.

We participated in Origin’s Series B, which is led by SJF Ventures with participation from Blue Venture Fund and Amboy Ventures.

Manifest is an AI-powered learning and upskilling platform for small and medium-sized businesses. It offers personalized tools and coaching for business formation, team training, and operational scaling. By combining industry-specific data with task automation and contextual education, Manifest helps entrepreneurs navigate the challenges of building and growing a company.

We participated in Manifest’s seed round this year after being introduced to the company by Kalos Ventures, a manager we back through our emerging manager fund strategy. You can read more about why we invested in Manifest in one of our recent blogposts by Emma Leavy.

Joint Ventures

PGY Announces Oversubscribed Final Close

Plankton-Gratitude Yield Co. (PGY), a joint venture between Plankton Energy and our organization, conducted the final close of its inaugural fund in November, surpassing its $10 million equity target. The fund is projected to support a portfolio of approximately 40 distributed solar projects representing some $40 million in total project value.

Focused on mid-market commercial and community solar, PGY aims to deliver predictable, tax-advantaged returns while expanding clean energy access. The portfolio already includes 15 projects in operation or construction, with additional projects in development across the country. All PGY projects are installed on the built environment (primarily existing rooftops) and generate multiple benefits, including greenhouse gas reduction, energy savings, and improved local grid resiliency.

PGY’s structure, a partnership between a seasoned solar developer and network of values-driven investors, illustrates how collaboration and action-oriented capital can help accelerate the clean energy transition at a critical moment.

Portfolio Updates

Little Otter

Little Otter recently merged with Hazel Health, bringing together two leaders in youth mental health. With the merger, Little Otter and Hazel Health are creating a more integrated model for supporting children and families, combining school-based services with family-centered care. Together, the organizations now reach more than 20 million students and their families, helping bridge the gap between home and school in the delivery of mental health support.

Bettani Farms

Bettani Farms, formerly known as Climax Foods, announced its new name and brand towards the end of 2025. Bettani Farms is a food technology company driving innovation in the global cheese market, having developed a transformative protein-rich, non-GMO, dairy/soy/nut-free product platform. The company has announced its new name alongside the appointment of Sandeep Patel, former CFO of Califia Farms, as CEO and Chairman, and has acquired Numu, Hungry Planet, and Stockeld Dreamery, three vegan brands which strengthen its presence in dairy-free cheese and now the meat alternative space. Bettani also completed an initial $6.5 million close of its Series A round, led by S2G Investments, with participation from both new and returning investors including Gratitude.

Community & Events

We host a variety of virtual and in-person events throughout the year centered around community building, shared learning, and investment exploration. If you’re interested in partnering or attending our events, email events@gratituderailroad.com.

Recent & Upcoming Events

March

2026 Impact Investing Outlook & Gratitude Update
March Investment Meeting
Chicago Lunch and Learn on Impact Banking with Good Chaos
Chicago Happy Hour Celebrating Women-Led Businesses, Impact, and the Power of Networks with Sankota Capital
Topical Roundtable on Impact Banking with Good Chaos

April

East Coast Gathering
April Investment Meeting

May

May Investment Meeting
Virtual Member Mixer

June

June Investment Meeting

Past Events

San Francisco Members Breakfast

We convened local members and those visiting for SOCAP at an intimate breakfast gathering in the Bay Area. The morning offered an opportunity to connect across our investor community, share updates on our work, and engage in thoughtful conversation with fellow impact investors about what was exciting them for the year ahead.

2025 East Coast Gathering

For our 2025 East Coast Gathering, we cohosted with our friends at Foundation House, working together to create “Implementing the Next Trillion,” an event building on the momentum of the previous year’s gathering. The event convened impact investors, fund managers, entrepreneurs, family offices, academics, and ecosystem builders to focus on moving from vision to execution. With more than $1 trillion already committed to impact investing, conversations centered on how to deploy capital with urgency, accountability, and integrity. The summit highlighted practical strategies for mobilizing capital, navigating complexity, and advancing high-impact solutions across the ecosystem, featuring conversations on democratizing climate finance, building resilient food systems, AI as a tool in education equity, affordable housing, and more. Read more about the East Coast Gathering in our blog post.

Community Led Events

Boston Investor Lunch

Not even the snowiest winter in a decade could keep our community from gathering in Boston! With the help of our growing network in Massachusetts, we hosted a lunch in January at The Engine in Cambridge. This was an intimate gathering of investors, with time to connect and hear updates on startups in our portfolio as well as visit a few companies housed at the Engine – such as Rock Zero (pictured). We felt right at home, since The Engine supports “Tough Tech” companies building solutions for a healthier, more productive, and more sustainable world.

The Great Wealth Transfer: Lunch in Park City with SheMoney and Springbank

Gratitude Railroad, Springbank and SheMoney are long-time conspirators on all things investing and impact, and we recently co-hosted a lunch in Park City to dig into a fun topic: The Great Wealth Transfer. $100+ trillion will move from boomers to millennials over the coming decade or two, with a meaningful share shifting from men to women. Beyond the headline number, we’re interested in the questions this raises such as:

What investable opportunities does this transition create: economic, technological, societal?
Who will have the advantage of being “ready for the catch”?
What demographic or social realities will shape the types of investment products these new asset owners will want?

We had an open, wide-ranging conversation with people who brought strong perspectives, curiosity, and lived experience to the table.

Are You Investing with Confidence, or Sitting on the Sidelines? A Webinar with Veris Wealth Partners

We partnered with Veris Wealth Partners towards the end of last year to host an interactive workshop for our LPs focused on navigating the current impact investing landscape with clarity and conviction. Together, we discussed how current policy shifts, including increased pressure on climate solutions and DEI-related investing, are influencing impact capital deployment and what that means for investors right now. The session included practical tools and how to apply a step-by-step decision framework to real investment decisions. As the impact investing landscape continues to evolve, we’re committed to making space for learning and reflection.

SOCAP Happy Hour with Catalyze and Worthmore

During SOCAP last October, we co-hosted a happy hour alongside our partners at Catalyze and Worthmore, bringing together investors, founders, fund managers, and ecosystem partners from across our networks. In the midst of a packed conference week, it was fun to convene 80+ people over good food and wine to swap ideas and connect with others working to reshape how capital flows for good.