GIF launches new Investment Vehicle.

The Global Innovation Fund formally launched its returnable capital investment vehicle, GIF Growth, at a reception in Washington DC, to coincide with the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group.

GIF Growth is designed to fill the financing gap that high impact companies are facing in emerging markets. It has been developed to leverage commitments made by our government partners, and with the goal of deploying $100M to save and improve the lives of over 100M people in low- and middle-income countries.

The event was kindly hosted by James Roscoe MVO, the UK Government’s Deputy Head of Mission to the United States, in recognition of the Foreign Commonwealth and Development Office (FCDO)’s role as GIF’s anchor funder. Guests included investors, government donors, and GIF investees as well as representatives from US Congress, multilateral organisations and think tanks. 

We also had the honour of hosting Her Excellency Ambassador Elsie Kanza, representing the President of Tanzania, and Mr Ismail Esau, Acting Consul General of the Republic of South Africa.

GIF Growth has launched as a truly multilateral investment fund.  As well as securing the backing of the UK FCDO and the US International Development Finance Corporation (DFC), we were delighted to welcome the Korean International Cooperation Agency (KOICA) as our newest partner - and we were honoured that representatives from KOICA were able to join us at our launch event. 

Joseph Ssentongo, GIF’s Acting CEO said:

“It is a privilege to lead the Global Innovation Fund at this exciting moment in our journey as we near a decade of operations.  We’ve backed entrepreneurs and innovators with exciting ideas for change across 36 countries, supporting them on their pathway to impact at scale.

“We are grateful to the Deputy Ambassador, and his colleagues at the British Embassy in Washington, for allowing us to celebrate the ongoing relationship between FCDO and the Global Innovation Fund – and to mark the launch of GIF Growth, our new blended finance investment vehicle.”

James Clark, who chairs both the Board of the Global Innovation Fund and GIF Growth, said:

“It’s a pleasure to be in the company of so many people who are helping GIF fulfil its mission – and are working with us to achieve transformative change.

“I am delighted that we are joined by representatives of some of GIF’s portfolio companies, including Reema Bhatt from Boomitra, Minhaj Chowdhury from Drinkwell and David McAfee from Viamo.

“It is businesses like yours – bold, innovative, scalable, impactful – in which GIF Growth will invest. We recognise that businesses like yours also face unique challenges to attract funding.

“In emerging markets, seed and angel funding is small and limited, grant capital is scarce, and the landscape for early- to mid-growth stage investors is fragmented. Capital to take highly impactful innovations to scale is even scarcer. 

“GIF Growth’s success will serve as an important signal to the investor market that high impact innovations are investable, can reach scale, and be commercially sustainable.”

Jim Polan, Vice President of the Office of Health and Agribusiness at the DFC, confirmed DFC as an anchor investor in GIF Growth, already committing $10M which will be matched by private investors.

“We are excited to be a part of GIF's initiative to catalyse both philanthropic and private capital to support entrepreneurs to fulfil their growth and impact potential,” he said.

“By helping innovations scale through patient and catalytic capital, GIF Growth’s investments will also develop a pipeline of investable enterprises for DFIs and private investors by helping bridge the financing gap. We are looking forward to this partnership and excited to see what the team achieves.”

You-ah Chung, Director-General of KOICA's Partnership Programme, formally announced its new partnership with the Global Innovation Fund on GIF Growth.

"We are proud to join this alliance of development finance, bilateral and public sector donors working together to transform the lives of people living in low- and middle- income countries," she said.

“By providing the right type of capital alongside technical, financial and advisory assistance, KOICA’s goal is to help all funded projects to reach their full potential. It will also help accelerate our common ambition: to achieve the Sustainable Development Goals.

"KOICA's support will provide complementary technical assistance to investments made by the GIF Growth fund, enabling small- and medium-sized enterprises to scale their projects to reach those most in need.  We hope that others will join us in supporting the fund’s development and work with us to achieve this ambitious goal of saving and improving over 100 million lives by 2030."

Avinash Mishra, GIF’s Chief Investment Officer, who has been the driving force behind GIF Growth, concluded the launch’s formal proceedings.

“Building GIF Growth has been a fruit of years of labour - and it simply wouldn’t have been possible without the support and backing of our donors,” he said.

“Therefore, I must thank the US DFC, the entire FCDO team, who have been unwavering partners in GIF’s journey and, of course, our newest partner, the South Korean government, for buying into our vision, people and approach.

“In launching GIF Growth, we’re setting forward on an even more ambitious and bold agenda of delivering impact and transforming lives at scale. I’m really excited about the journey ahead and I look forward to your support and collaboration. We want you to be part of our next chapter.”