Case Study

Why did Gray Ghost decide to use B Analytics?

Gray Ghost has always focused on being a part of establishing standardized metrics in the impact investing space. We jumped at the opportunity to be part of the pioneering group that underwent GIIRS Ratings. It’s very important to us to have a foundation that an investor can use to critically and objectively look at our impact.

How did you measure impact before B Analytics?

For such a small company, we still had multiple groups that were measuring impact very differently. For example, the microfinance team had a different approach than the school ratings team, which was then different altogether from our VC portfolios. B Lab provided us with a system our whole team could use that enabled outsiders to review and understand our impact without jumping through multiple hoops.

Did you integrate any lessons from the GIIRS Rating process into how you will manage your funds going forward?

Prior to completing the GIIRS process, we had some very generic language in our term sheets with companies that said, basically, "We want you to do what’s right." After receiving our GIIRS report we instituted clearer language in our term sheets regarding stakeholder interests and formalized our Social, Environmental and Human Rights Policy. This updated language has helped cement our own commitment to these issues and with each of our portfolio companies.

What ways have you used GIIRS Ratings externally?

One thing we noticed, as we are now fundraising for our third fund, is how important our GIIRS Ratings are for credibility. Our prospective investors really care about the positive impact we are generating. It has been helpful to have benchmarks for social impact during conversations with our prospective investors and in reporting to our current LPs. Our portfolio companies have also been able to speak to their investors about GIIRS as they look to follow on fundraising rounds.


We needed to have a system where an outsider could come in, audit our impact, and understand it without jumping through multiple hoops. B Lab was able to provide us with that.

Jennifer McReynolds, Gray Ghost

Portfolio Spotlight

Gray Ghost Ventures

10,000 Companies 146 Countries 196 Industries 92 Funds

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