TBLI Radical Truth: The First Mental Health Impact Fund — Joshua Haynes on Nurture Capital & Why 65% of Startups Fail

Welcome to the TBLI Radical Truth Podcast, where we feature pioneers redefining the purpose of capital.
For 25 years, TBLI Group has been the world's leading ESG and impact investing network. Why Radical Truth is different: most finance podcasts protect the industry. Radical Truth interrogates it. Unfiltered conversations with the founders, fund managers, and system-changers actually moving capital toward a liveable future — and calling out the impact-washing that isn't. No sponsors. No pretending.
What if 65% of startup failures had nothing to do with product or market — and everything to do with unhealed founders? In this episode, host Robert Rubinstein, Founder of TBLI Group, sits down with Joshua Haynes, Co-Founding Partner of Masawa — one of the world's first mental health impact investment funds.
With co-founder Sabine Flechet, Joshua is pioneering Nurture Capital: a fund architecture with a 4x carry cap, 10% of carry shared with founders, 50% of carry tied to impact, and coaching and therapy paid from the management fee.
We explore:
Why 65% of early-stage startups really fail
What Nurture Capital changes in due diligence and founder support
Portfolio wins: Five Lives, Kwan, Psyon Games
Why "impact funds are VC funds with an impact sticker"
What every investor can do this week Real experience. No greenwashing. 

For anyone serious about the history, present, and future of impact investing, this episode is essential listening.