European venture philanthropy investments have hit the €1bn mark, as firms turn to venture capital techniques to support social enterprises, according to research that attempts to monitor the sector for the first time. The landmark figure was reached despite an average fund size of just €11m.

Firms working in venture philanthropy have invested a combined €1.04bn since they began, according to the survey by the European Venture Philanthropy Association. The average age of the venture philanthropy firms was seven years.