Impact investing is a story about money and power — who has it, and how it’s shared. Unsurprisingly, this power is unevenly distributed across locations, gender, race, and sexual orientation. 8 in 10 employees at impact investment funds are white; more than half are white men. Founders that are women, people of color, and/or LGBTQ+ collectively receive less than 10% of VC funding. This leads to a measurable “like funds like” phenomenon - investors tend to favor investments that reflect their identities, demographics, outlooks, and worldviews. Participatory funding is the process of shifting decision-making power over investing to the very…