Over €1bn has been invested through venture philanthropy in Europe according to the results of the first annual study on the funding method conducted by the European Venture Philanthropy Association.

Some 50 venture philanthropy organisations completed an extensive survey on their investments which showed that 50 per cent of all investments made through the scheme were focused entirely on societal returns, with just 2 per cent lending greater importance to financial returns.

Some €1.04bn has been invested by venture philanthropists since the beginning of their operations with the biggest percentage, 48 per cent, spent on health or education causes. Social enterprises received 10 per cent of investments while 9 per cent was spent on environmental causes.

Investors preferred to spend their funds locally with 30 per cent invested in their domestic markets and 31 per cent in their local region. But Africa also fared well with 18 per cent of investments ploughed into the continent. Asia was the next biggest market receiving 10 per cent of investments.

EVPA’s results have been published ahead of a full venture philanthropy study by the organisation’s Knowledge Centre which is expected in early 2012, along with benchmarking materials for venture philanthropy organisations.

EVPA’s research showed that almost half of venture philanthropy organisations have an income of less than €10m, while the average size is €82m.