Untours Foundation Co-CEO Elizabeth Killough is expanding her influence and growing her impact as a champion for Mission Aligned Investment. We caught up with her recently to learn more about what she’s up to.
What investees are you most excited about?
There’s simply no “most excited.” We select only awesome investees and love them all to pieces. But it has been exciting — perhaps a cheap thrill — that in just a year’s time, a third investee of ours, Simply Good Jars, received a Shark Tank deal. And it’s also terribly exciting that Grant Blvd received a grant from Beyonce (yes, THE Beyonce). Most people have never heard of our investees, and all of the sudden several have great notice and appreciation. It feels good!
What projects are you most excited about?
We are incredibly unique as a foundation in that 100% of our endowment is invested in businesses that are aligned with our mission. We have new opportunities to help other foundations move some of their endowment money into these “mission aligned investments.”
Our own funds are somewhat limited (especially in a year without Untours travel profits), but by helping other foundations, which have MUCH larger endowments, to make these changes, we can see exponentially greater impact. They look at the groundbreaking work of our little foundation and think “we should be able to do that too!”
Hal set up our foundation with this type of investing and we are sharing our experience and model. It’s probably our most impactful work to date. We’ve helped move millions of dollars out of investments that harm the earth and her inhabitants and into inspiring projects like low-income housing, good jobs for people returning from incarceration, and green energy generation!
What unique challenges has the pandemic presented for your work at the foundation?
The pandemic felt like a fire drill — actually a fire — in the first 6 months. All of our investees had to scramble to reposition themselves, their work stations, their products and services. We were busy offering whatever support we could. A few went under, many regained their footing and are hanging on or surviving, and several are thriving, including those that added facemasks to their sales.
How have you been dealing with COVID, in your work and in life in general?
I am a throwback and therefore am enjoying the slower, quieter pace of life. I hope the world can remain less frenetic as we come out of the pandemic. I have certainly missed being in-person with many, but, thanks to Zoom, we’ve learned at the foundation that we can stay in even closer contact with our investees who aren’t local — and even those who are. That has been an incredible plus of this time. Days that I work at home are a challenge only in how to navigate Suki, the bossy rescued cat, who insists on sleeping on my desk. Even 3 years later, I remain a bit afraid of her!
How have you adjusted to sharing leadership with a new Co-CEO?
From day one at the foundation with Hal, I was handed equal say in everything. When businesses came to us for loans, it required our two Yes votes to offer the loans. This was one of Hal’s MANY generosities: honest-to-goodness power sharing.
I am truly delighted to pass that power sharing generosity on to Jonathan Coleman — along with sharing the workload and the loss of sleep. (Ha ha!) I’ve co-led organizations in my past and much prefer that to leading alone: two heads and hearts are indeed better than one. Jonathan offers shared and complementary skills to mine. He and his unfailing sense of humor didn’t arrive a minute too late!
Each March, businesses around the world celebrate B Corp Month, a global moment to highlight companies that believe there is a better way to do business.
What began as a small movement has grown into a global community of Certified B Corporations spanning more than 10,000 companies across 100+ countries and 160+ industries, and employing more than a million workers worldwide. United by a shared goal, these businesses are working to transform the role of business in society.
Certified B Corporations are companies verified by B Lab to meet high standards of social and environmental performance, transparency, and accountability. Rather than focusing only on financial returns, B Corps commit to balancing profit with the needs of workers, communities, customers, and the planet. The B logo that appears on products, websites, and storefronts has become a signal of that commitment. Every company that carries it has undergone a rigorous assessment process and pledged to continuously improve its impact.
During B Corp Month, businesses across industries share how they are putting those commitments into action. One example comes from the tourism industry, where two B Corps, UnTours and EXO Travel, through their foundations (UnTours Foundation and EXO Foundation), are working together to support entrepreneurs building a more sustainable future for travel across Southeast Asia.
A shared commitment to responsible tourism
Both organizations are part of the global B Corp community, though their journeys began at different moments in the movement’s history.
UnTours has long been recognized as a pioneer in responsible business. Founded by Hal Taussig, the company was built around the belief that tourism should benefit the places travelers visit. Hal famously took no salary and committed 100% of UnTours’ profits to the UnTours Foundation, which financially supports social entrepreneurs working to solve pressing social and environmental challenges.
When B Lab launched the B Corp certification, UnTours became the world’s first Certified B Corporation, helping inspire a global movement of businesses committed to using business as a force for good.
Decades later, EXO Travel joined the B Corp community in 2023, becoming one of the first destination management companies in Asia to earn the certification. Founded in 1993, EXO has grown into one of the region’s leading destination management companies, known for its deep local expertise and commitment to authentic travel experiences across Asia.
In 2011, EXO established the EXO Foundation to advance responsible tourism and support sustainable development across the region. Now marking its 15th anniversary in 2026, the foundation reflects a long-standing commitment to community impact and environmental stewardship. Operating across multiple countries in Asia, it focuses on protecting natural ecosystems, supporting nature-based climate solutions, and strengthening local communities through education and inclusive development.
Together, these efforts have shaped EXO’s broader approach to sustainability, with the company continuing to strengthen practices across its operations and supply chains while working closely with local partners to promote responsible tourism.
Together, UnTours and EXO Travel share a belief that tourism can be a powerful force for positive change when businesses prioritize long-term impact alongside financial success.
“Small tourism businesses around the world are eager to operate more sustainably, but too often they lack access to the right kind of capital to make those investments,” says Sarah Payne, Senior Director of Impact & Operations at the UnTours Foundation. “Through the Reset Tourism Fund, we’re proud to partner with organizations like the EXO Foundation to ensure that mission-aligned financing reaches the entrepreneurs who are building a more sustainable future for travel. It’s especially exciting when partnerships like this are rooted in a shared vision of how business can actively build a more sustainable world.”
Investing in greener tourism businesses
The EXO Foundation partnered with the UnTours Foundation’s Reset Tourism Fund (an impact investment initiative that provides flexible financing to small tourism businesses) to drive capital to EXO Travel suppliers seeking to invest in more sustainable operations.
Across Southeast Asia, many small and medium-sized tourism enterprises want to adopt greener technologies and environmentally responsible practices, but lack access to the capital needed to make those investments. Even when businesses are committed to sustainability, the upfront costs of cleaner technologies, waste reduction systems, or more efficient equipment can create significant barriers.
The Reset Tourism Fund helps bridge that gap by providing flexible, affordable financing that allows tourism businesses to invest in practical solutions that reduce their environmental footprint while strengthening their long-term resilience.
As Charlotte Piffard, EXO Foundation Leader, explains, “Our main focus is to truly accompany our suppliers in their transition. We want to show that we are here for them, not just with expectations, but by providing concrete options and solutions. This creates a real win-win dynamic: as our partners reduce their carbon footprint, we also reduce ours. What makes the Reset Tourism Fund particularly powerful is that it allows us to focus on reduction rather than offsetting emissions. It has been a key catalyst in making this shift possible.”
By combining EXO Foundation’s deep regional partnerships with the UnTours Foundation’s experience investing in mission-driven businesses, the initiative helps tourism entrepreneurs take meaningful steps toward greener operations while strengthening the sustainability of the destinations they call home.
EXO Brings Clean Transport to Thailand’s Waterways
One example of this work can be found in Thailand. Based in Nonthaburi Province near Bangkok, POSITIV GROUP has spent more than a decade designing tourism experiences that celebrate local culture while protecting the environment.
Founded in 2013 by Silaparn Manthanakit, the company develops low-carbon travel routes and community-based tours led by local guides. These experiences connect travelers with Thailand’s landscapes and traditions through nature excursions, heritage programs, and environmental activities such as tree planting and plastic-free campaigns.
As the company grew, Silaparn and the team began asking a bigger question: how could tourism itself operate more sustainably?
That question led to an important innovation. In 2025, POSITIV GROUP introduced the EV Boat, Thailand’s first electric engine designed specifically for the traditional longtail boats used in tourism. Longtail boats are one of the most iconic ways travelers explore Thailand’s rivers and canals, yet most still rely on diesel engines.
The EV Boat offers a quieter and cleaner alternative to these fossil-fuel powered vessels. Electric propulsion reduces emissions, eliminates fuel leakage into waterways, and dramatically lowers noise levels for both wildlife and visitors. It also lowers fuel costs for local boat operators, making the technology both environmentally and economically beneficial.
For EXO Travel, the potential goes beyond a single project. With thousands of longtail boats operating across Thailand’s waterways, even a gradual shift toward electric engines could significantly reduce pollution while improving the experience for both travelers and local communities. Imagine visiting Thailand’s floating markets, canals, and rivers with quieter boats, cleaner water, and fewer diesel fumes in the air. Technologies like the EV Boat offer a glimpse of how tourism infrastructure itself can evolve to become more sustainable.
With a $20,000 loan through the Reset Tourism Fund, backed by funding from the EXO Foundation, POSITIV GROUP is now expanding the EV Boat initiative. The investment is helping introduce electric engines and training programs for community tourism operators across several provinces in Thailand to pilot the technology.
The initiative also strengthens sustainability within EXO Travel’s supply chain, as POSITIV GROUP is one of the local partners that helps deliver travel experiences for EXO’s guests across Southeast Asia. Through the EXO Foundation’s partnership with the UnTours Foundation’s Reset Tourism Fund, the company is able to invest in cleaner transport technology that benefits local communities while helping reduce the environmental footprint of tourism in the region.
EXO Drives Sustainable Transport Forward in Vietnam
The partnership is also supporting sustainable innovation in Vietnam, where a small family-run company is helping reimagine green tourism transportation.
Thien Thanh Travel Services, based in Ho Chi Minh City, was founded in 2009 by former tour guide Tran Thi Le Hong and her husband. What began with a single vehicle gradually grew into a fleet serving travelers across southern and central Vietnam.
Like many tourism businesses, the company faced enormous challenges during the pandemic. When international travel came to a halt, the couple adapted by transporting workers for a nearby manufacturing company, helping sustain the business through one of the most difficult periods the tourism industry has ever faced.
As tourism returned, they rebuilt their fleet to 20 vehicles and resumed their focus on providing safe and reliable transport for travelers throughout the region.
Today, Thien Thanh is also working to make tourism transportation more inclusive and environmentally responsible. The company serves elderly travelers and passengers with disabilities, trains drivers to provide attentive service, and has partnered with EXO Travel and Evergreen Labs on the Glass Bottle Project, replacing single-use plastic water bottles with reusable glass ones.
Now the company is preparing for its next step. Through support from the EXO Foundation and the Reset Tourism Fund, Thien Thanh has been able to purchase its first hybrid vehicle, marking an important step toward reducing the environmental footprint of its transport services. For the company, the hybrid vehicle reflects a broader shift toward cleaner transport in a part of the tourism industry where sustainable vehicle technology is still relatively uncommon.
EXO Travel’s trusted, long-term supplier Thien Thanh plays an important role in transporting visitors across Vietnam. Introducing hybrid technology into this supply chain demonstrates how lower-emission transport can become both practical and financially viable for small tourism operators, while helping reduce fuel consumption and pollution along the routes travelers experience every day.
For travelers, this means journeys that are not only safe and reliable but also more environmentally responsible. And for Vietnam’s tourism sector, it offers a glimpse of how more sustainable transport solutions can gradually become part of everyday travel across the country.
Partnership in Practice: How B Corps Work Together to Advance Sustainable Tourism
B Corp Month is a chance to highlight what businesses can accomplish when they move beyond individual commitments and start working together.
The partnership between EXO Foundation and UnTours Foundation reflects that idea in practice. By supporting the Reset Tourism Fund, EXO Foundation is helping extend the reach of UnTours Foundation’s impact investing model into EXO Travel’s supply chain across Southeast Asia. Together, the two organizations are helping ensure that local businesses within the tourism supply chain have access to the capital they need to invest in more sustainable operations.
This kind of collaboration sits at the heart of the B Corp community. The movement has always been about companies learning from one another, aligning their resources, and working together toward shared goals.
In tourism, where thousands of small and medium-sized businesses shape the traveler experience, partnerships like this can have ripple effects far beyond a single investment. By combining resources, relationships, and a shared commitment to responsible business, the EXO Foundation and UnTours Foundation are helping demonstrate how collaboration within the B Corp community can help move the tourism industry toward a more sustainable future.
In 2011, EXO established the EXO Foundation to advance responsible tourism and support sustainable development across the region. Now marking its 15th anniversary in 2026, the foundation reflects a long-standing commitment to community impact and environmental stewardship. Operating across multiple countries in Asia, it focuses on protecting natural ecosystems, supporting nature-based climate solutions, and strengthening local communities through education and inclusive development.
The EXO Foundation partnered with the UnTours Foundation’s 
Founded in 2013 by Silaparn Manthanakit, the company develops low-carbon travel routes and community-based tours led by local guides. These experiences connect travelers with Thailand’s landscapes and traditions through nature excursions, heritage programs, and environmental activities such as tree planting and plastic-free campaigns.
With a $20,000 loan through the Reset Tourism Fund, backed by funding from the EXO Foundation, POSITIV GROUP is now expanding the EV Boat initiative. The investment is helping introduce electric engines and training programs for community tourism operators across several provinces in Thailand to pilot the technology.
Like many tourism businesses, the company faced enormous challenges during the pandemic. When international travel came to a halt, the couple adapted by transporting workers for a nearby manufacturing company, helping sustain the business through one of the most difficult periods the tourism industry has ever faced.
B Corp Month is a chance to highlight what businesses can accomplish when they move beyond individual commitments and start working together.
