LeapFrog Investments, a with Purpose investment firm, reached 221 million people in 35 countries with essential services during the pandemic, according to its Annual Impact Results.
Together, LeapFrog’s investee companies were able to reach 16 million more people compared to 2019, at a time when support was profoundly needed. They provided underserved communities with access to a range of healthcare and financial services, including insurance, remittances, diagnostics and telemedicine.
At the same time, LeapFrog achieved a 22 per cent uptick in the value of its portfolios over 2020. Across the past decade, LeapFrog companies have grown revenue on average at 26 per cent a year, consistently delivering on the firm’s strategy of Profit with Purpose.
Eight in ten, or 174 million, of those reached by LeapFrog companies across Asia and Africa are emerging consumers, defined by The World Bank as living on less than USD10 per day. Over half, or 119 million, are women and girls.
Financial services proved a lifeline during the pandemic for families and businesses. LeapFrog’s insurance companies, for example, paid claims totalling USD629 million, an increase of 37 per cent. Remittances grew 55 per cent, to a record value of over USDD6 billion, meaning an average of USD500 million a month was being sent to emerging consumers helping to ease of the burden of the pandemic.
Healthcare was in especially strong demand during Covid-19. The number of healthcare services delivered by LeapFrog companies more than doubled to 21,700, providing millions of people with access to medication, medical equipment, telemedicine and diagnostics during lockdown.
Dr Andy Kuper, Founder and CEO of LeapFrog, says: “Through the toughest period of our lifetimes, LeapFrog’s extraordinary purpose-driven companies protected families and businesses, helping them survive and even thrive amid the storm. Reaching 221 million people, while increasing portfolio value by 22 percent, is a remarkable achievement for our teams and investors. But this is just the beginning of driving recovery and resurgence. We are on track to reach one billion people by 2030.”
LeapFrog was also able to report that, despite downsizing by many businesses globally, its companies grew employment and now support over 130,000 jobs and livelihoods.
