Final Stretch

| Caroline Cornil
Koiki - A green and inclusive last-mile delivery service
© Koiki

Social Challenge and Innovative Solution

Light-duty vehicles (cars and vans) are responsible for a significant part of the overall transport emissions and emit around 15% of total EU emissions of CO2 (including emissions from supplying the fuel) (source: European Commission). Parcel home deliveries therefore greatly contributes to these emissions as well as noise pollution in urban areas.

Furthermore, in the EU about half of the people with disabilities are unemployment. This is largely due to a lack of job opportunities, but also, and mainly for young people, a lack of experience and qualifications (European Commission {1} {2}).

Koiki Home is a social enterprise that hires people suffering from social exclusion (mainly people with disabilities, young and long term unemployed) to work as postmen/postwomen, called KOIKIs, who provide a green ‘last mile’ delivery service.

The Koikis work from local micro-centres and take delivery of their customers’ parcels. The customers can choose the final delivery time window so as to make they are at home when the Koiki brings them their parcel. The Koikis, who work only in their neighbourhood, make all their deliveries walking, biking or with an electric vehicle. In this way, the organisation contributes to both climate change mitigation and social inclusion of people with disabilities.

The social enterprise estimates that its Koikis currently save 0.49 kg CO2 emissions for each parcel delivered. By September 2017, the Koikis have delivered over 20,000 parcels thus saving 10,000 kg CO2 emissions. This is the equivalent the energy use of an average house for 281 days.

Koiki retains 25% of the revenues to cover the cost of the mobile application, website, advertisement, and the Koikis’ uniforms, while the 75% is for the social entities. Koiki has now a network of over 70 social entities and trained more than 250 messengers.

Key Social Impact Figures

July 2017

kg CO2 emissions saved
socially excluded people trained to become Koikis

Investing for Impact

How it started

Creas met Aitor Ojanguren, the founder of Koiki, at EVPA’s Crash Course on Venture Philanthropy in November 2015. He introduced himself and explained the concept of his business and its social mission. Creas immediately saw the potential for scalability at the international level and knew that they were dealing with an experienced and highly qualified entrepreneur. The VPO then worked with Aitor to better understand his business plan and started to analyse this very early stage project. He was looking to have some cross-border business development.

In July 2016, Seed Capital Bizkaia, a public venture capital, bid for Koiki, while other international investors – Creas, Phitrust Partenaires Europe, Oltre Venture, and Ship2B Foundation – started discussing this potential co-investment. They ended up forming an “international team” of five different impact investors (Creas, Phitrust Partenaires Europe, Oltre Venture, Seed Capital Bizkaia, and Ship2B Foundation), along with other private investors. They worked together on a shareholders’ agreement and signed it in December 2016. Creas coordinated the discussion and took the lead.


Support provided

Seed Capital Bizkaia approved an initial loan of €150,000 to be disbursed in 2018 based on Koiki’s financial need and its milestone of opening two centres in the Bizkaia province – which has already been achieved.

In addition, thanks to the international round of investment, Koiki obtained a total of €900,000, exceeding its original target. This cross-border co-investment was made as follow:

  • Creas (Spain): €125,000 in equity share (7%)
  • Phitrust Partenaires Europe (France): €150,000 equity share (8%)
  • Seed Capital Bizkaia (Spain): €150,000 (8%)
  • Oltre Venture (Italy): €75,000 equity share (4%)
  • Ship2B (Spain): €75,000 (4%)

Creas is a member of the board and holds regular meetings with Koiki to follow key actions on the business plan of the SPO. They’ve planned to have a monthly report on the business, not only on the financial aspect but also the social impact.

Non-financial support

Theory of Change, Impact Strategy, IMM

Theory of Change, Impact Strategy, IMM

Theory of Change, Impact Strategy, IMM

Financial management

Financial management

Financial management

Management team and CEO support

Management team and CEO support

Management team and CEO support

Impact Measurement

As of July 2017

Outcomes Indicator Result
Social inclusion of people with disabilities FTEs Koiki 1,30
# of people trained 250
# of active Koikis 39
Reducing carbon footprint in deliveries kg of CO2 saved (cumulative) 9,000

Creas is also starting to conduct interviews with the social entrepreneur and other stakeholders to establish outcome indicators. We’re planning on having clear outcomes measured for 2018.

Empathy with the entrepreneur is instrumental when choosing an investment. Since we met Aitor for the first time, his determination and commitment have been very clear. This has helped generate interest in the project from many social organisations in several cities, which support significantly its operations. Koiki’s proposal make an important contribution to social inclusion and to make the transport of parcels in the so-called "last mile" more sustainable and efficient.
Francisco Soler, Investment Director, Creas

What's Next?

By January 2020, Koiki aims to have 200 Koiki centres all over Spain with an average of 2.5 Koikis per centre. At the same time, they are planning to start scaling up the social business abroad, in France and Italy, which is the reason why Phitrust Partenaires Europe and Oltre Venture have co-invested in Koiki.

The exit could happen around 2023, and there are two options: the social entrepreneur buys back his shares, becoming independent and self-sustainable; or they find follow-on investors or commercial partners willing to preserve Koiki’s social mission.