LeapFrog made its first foray into the healthcare sector in November 2016 with a majority investment in Goodlife – then a 19-store chain across Kenya that had been operating for two years.

Kenya’s retail pharmaceutical market was valued at US$746 million and projected to grow 9% annually to US$1.2 billion by 2021.¹  Retail comprised a significant share of this spend, with over 60% of Kenyans relying on drugstores as their first point of care and often self-prescribing medications.² High levels of fragmentation (with an estimated 94% of licensed private pharmacies being single stores) together created a ripe opportunity for formalising and consolidating the sector.

The market was also fraught with challenges. The World Health Organisation (WHO) estimated that in 2018, one in ten medicines in low-and-middle-income countries was either substandard or falsified.³ Kenya had not been immune to this issue. Goodlife directly addressed this by expanding access to affordable, high-quality over-the-counter and prescription medications. By offering a trusted brand and an organised alternative to informal drug retailers, Goodlife played a critical role in improving the integrity of healthcare delivery in Kenya.

LeapFrog has helped Goodlife to grow its reach and offerings to provide emerging consumers with the access and affordability to make informed health choices.

Performance against Investment Thesis

• Goodlife achieved significant growth over the investment period, strengthening both its scale and profitability through enhanced procurement efficiency, economies of scale, and an expanded service offering. Today, it is the leading retail pharmacy chain in East Africa, recognised for its scale, brand strength, and digital capabilities. LeapFrog’s investment thesis, that a scaled and integrated health retail platform would attract strategic acquirers, was validated through CFAO Healthcare’s minority investment in 2022 and full acquisition in 2025.

Performance against Impact Thesis

• Increased Access: The number of emerging consumers reached grew 3.8x, from 400,000 to 1.5 million, while medicines delivered rose from 5.5 million to 22 million by June 2025. To further increase access to care, teleconsultation services were introduced in concert with licensed partners, allowing customers to speak with doctors for medical advice and prescription guidance. Store employees received comprehensive training in managing illnesses, nutrition, and medication to improve their knowledge of treatment options, ensuring a more informed and supportive customer experience.
• Increasing Affordability: The Company launched the ‘myGoodlife Club’, a loyalty program offering tiered discounts on over-the-counter (OTC) medicines, prescriptions, and personal care products. By the time of exit, the program had grown to over 500,000 members.
• Delivering Quality: Goodlife undertook a comprehensive review of its supplier base, requiring all suppliers to rebid contracts, and only manufacturer-authorised suppliers and wholesalers were selected. All of the pharma manufacturers from which Goodlife procured its products complied with WHO Good Manufacturing Practices (GMP). To maintain quality standards, a Chief Pharmacist regularly audited suppliers, and pharmaceuticals were reviewed to confirm appropriate licensing with Kenya’s regulatory authority.
• Jobs and Livelihood Generation: Goodlife’s full-time workforce grew over 4x, from 127 to 600+ employees with the Company investing heavily in staff training and upskilling. Goodlife introduced mandatory monthly online courses focused on medicines, diseases, and customer interaction, with nine accredited PPB courses currently available on the platform.