makesense Research
Overview
makesense is a Paris-based nonprofit founded in 2010 that mobilises citizens, entrepreneurs and organisations around social and environmental transitions. Its investment arm, branded makesense_invest, runs impact-first pre-seed and seed funds that sit on top of the nonprofit's incubator. The main website (makesense.org) is the global nonprofit site and has no portfolio page. The investment details come from the France site (france.makesense.org), the Seed I and Seed II pages, and press coverage from ImpactAlpha, EU-Startups and Impact Europe. The firm manages more than 100 million euros across its vehicles and reports a portfolio of about 40 impact ventures.
Investment Thesis
The thesis is that impact is a design constraint on the business, not a layer on top of it. Seed II (the current fund) backs founders building circular and socially inclusive models of production and consumption, which the firm frames as operating inside an environmental ceiling and a social floor. Target themes include waste reduction, repair and product life extension, reuse and recycling, employment rehabilitation for people far from the labour market, and access to essential goods and services such as food, healthcare and housing.
Seed I, the first fund, covered five sectors: autonomy, ageing and disability; agriculture and food; resilient cities and circular economy; social inclusion; and education, training and employment. Desired effects include less waste, better resource management, less pollution, more inclusion, and better health for the most fragile.
Funds and Stage Focus
- makesense Seed I (launched 2019): 8.2 million euro pre-seed impact fund, backed by the European Investment Fund (InnovFin Equity), deployed in France, Spain and Belgium. Fully invested, 21 companies. Tickets of 100K to 600K euros at pre-seed and seed.
- Racine 2 (2023): co-managed with Serena, backed by MGEN, focused on late-seed to Series A impact companies. ImpactAlpha cites an 86 million euro late-seed to Series A vehicle.
- makesense Seed II (first close December 2025): 15 million euros raised from the EIF, Mirova, Revital'Emploi and about a dozen business angels and family offices, targeting at least 25 million. Tickets of 200K to 500K euros, up to 1.5 million euros on reinvestment, at pre-seed and seed. First investment: United Repair Center.
- Paris ESS fund: an evergreen fund of about 1 million euros a year with 100K to 200K euro tickets for social and solidarity economy projects in the Paris area.
Check Size
Across the funds, tickets range from 100K to 600K euros initially, with up to 1.5 million euros available for follow-on in Seed II. The firm takes minority equity or quasi-equity (participating loans, convertible bonds, BSA Air) and joins first rounds alongside business angels, funds and crowdfunding platforms. It targets companies, associations and cooperatives.
Lead Tendency
It describes itself as joining first rounds alongside other investors, with a reserved capacity to reinvest in a second round (over 70 percent of Seed I investees accessed follow-on). Lead versus follow is not stated explicitly, so lead tendency is recorded as unknown.
Recent Activity
- December 2025: first close of makesense Seed II at 15 million euros.
- December 2025: first Seed II investment in United Repair Center, a Dutch industrial-scale apparel repair business serving Patagonia, Decathlon and The North Face.
- April 2026: Marion Schuppe spoke at the Fashion Act conference in Paris on the need for investors in the circular economy.
Portfolio Highlights
The portfolio is mostly French early-stage impact companies. Named holdings include Vesto, Le Drive Tout Nu, Epoca, HandiGaspi, Lokki, Resortecs, Loom, Bibak (formerly La Consigne GreenGo), Toopi Organics, Telaqua, Urbyn, Barnabe, WeDressFair and Atypique. The first pre-seed fund achieved a partial exit and four of its companies failed.
Team
- Anne Gerset: Partner and co-founder of makesense_invest, co-founded makesense Seed I and launched the investment activity.
- Marion Schuppe: Partner, makesense_invest, circularity expert. Previously impact investment manager at Quadia.
Decision Process and Support
Partnership model with an in-house Operating Team that supports each startup. Due diligence is deliberately formative: it includes a support program (makesense accelerate) before any financing. Each investment is screened against impact targets, with up to three impact indicators set and carried interest tied to them. The management team donates 100 percent of carried interest to the makesense endowment fund.
Founder Preferences
Purpose-driven founders with a strong team, a direct social or environmental impact built into the product, and a model that can scale quickly in France and internationally. At pre-seed, early results should show market fit. Warm intros are not stated as required, and the firm sources a quarter of its deals from its own incubator.
Geographic Focus
France first, then Europe (Seed II: France and Europe). Seed I deployed in France, Spain and Belgium; the portfolio includes Dutch and Belgian companies.