The FUNDS 2 project [project number 101101783] which is cofinanced by the European Union aims to enhance funding opportunities for social and impact enterprises in the seed phase across Europe by facilitating co-investment arrangements between Business Angels and early-stage investment funds. The project seeks to attract investments from both Business Angels and Investment funds while reducing transaction costs through pro bono involvement by angel investors throughout the investment process.

The consortium gathers PULSE, an international network supporting social entrepreneurship, Impact Business Angels, the first French Business Angels’ network exclusively dedicated to impact entrepreneurship, and GROUPE SOS Participations, an equity investment subsidiary focusing on socially and environmentally mission-driven companies.

The project aims to overcome funding barriers in the social enterprise market, such as limited institutional investor involvement in pre-seed and seed investments, high transaction costs, and a lack of impact-related knowledge from investors. By relying on pro bono work by angel investors in the investment process, the project aims to increase the number of pre-seed and seed investments in social enterprises.

The primary goal of the innovative model is to bridge the gap between seed funds and angel investors, catalyzing risk capital investments in social finance for impact projects and social enterprises in the pre-seed and seed phases. The project targets funding approximately 30 projects, with an average investment of EUR 150K per project, totaling EUR 4.5M of investment. The ultimate aim is to expand this investment framework across Europe by involving other investment structures and Business Angels networks as co-investors.

Impact Business Angels has already made significant progress since its creation in 2021, including engaging with partners and co-investors and participating in various ecosystem events to promote the impact sector and attract more funding for impact projects. As of today, Impact Business Angels has invested more than 1 million euros in various impact enterprises.

The project’s impact will be measured through the funding and support provided to 30 impact projects within three years (short term). In the medium term (five years), Impact Business Angels aims to become a key player in supporting impact entrepreneurship in France and Europe, with a strong network of 300 Business Angels and partners. They also hope to inspire the launch of similar network projects based on their model. In the long term (10 years), the project aims to contribute to the development of impactful startups in Europe, with Business Angels playing a vital role in their seed funding in collaboration with pre-seed and seed impact funds.

One of the crucial impacts of the project will be providing guidelines and resources for interested actors to replicate their model elsewhere. They plan to document their innovative approach, research, organizational techniques, and management practices to serve as an example of successful impact project financing with lower transaction costs and better support for entrepreneurs.

As this project will come to an end by March 2026, PULSE is looking for its external auditor to make its financial statements (CFS) certified, according to the Terms of Reference attached.

Qualified external auditors interested in this assignment should submit their proposal, including an action plan and a budget, by January 22 to the following address: kelly.robin@groupe-sos.org. The assignment is expected to take place in March 2026, and the final report must be submitted before May 31, 2026.

Please find the terms of reference below :

TERMS OF REFERENCE