LeapFrog Investments Raises $44 Million for Microinsurance Fund
The LeapFrog Investments Financial Inclusion Fund, the world's first investment fund focused on microinsurance, has announced that it has raised $44 million, which it will invest in businesses that provide insurance and financial services to twenty-five million low-income people in Africa and Asia.
The fund raised the capital from public and private investors around the world, including the European Investment Bank, the Omidyar Network, the Hivos-Triodos Fund, ACCION International, and the Calvert Large Cap Growth Fund.
According to a recent Microinsurance Center report, while there are some one billion low-income people in developing countries who are willing and able to pay for a safety net to protect their family or business, fewer than 3 percent of those people currently have any kind of insurance.
"The world desperately needs market-based solutions to poverty that draw in major financial investors by offering fair but competitive returns," said LeapFrog founder and president Andrew Kuper. "The best part about microinsurance is that we can reach millions of people, swiftly. Microinsurance is both profitable and scalable. We can think big. We don't have to choose between money and meaning."
Foundation Center
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