Calculating the information after sale rice sack

Press Release

LeapFrog Flagship Fund IV selected as 2X Challenge Flagship Fund

  • Selection based on LeapFrog’s record and commitment to women’s economic empowerment and workforce gender diversity

London, UK: LeapFrog Investments, the pioneering profit with purpose firm, announces that its Fund IV has been selected as a 2X Challenge Flagship Fund in recognition of the positive impact of its portfolio companies on women and girls, and its continued commitment to workplace gender diversity in its portfolio companies and internal team.

In 2023, LeapFrog companies reached an estimated 268 million women and girls and provided jobs for almost 19,000 women.

The Fund’s recently-announced investment in Electronica Finance fulfils the 2X criteria – led by entrepreneur Shilpa Pophale and with 50% women on the board. Other examples from the Fund IV portfolio include Redcliffe Labs and Sun King. Redcliffe Labs designs and distributes several products specifically for women, including industry-leading testing for PCOS (Polycystic ovary syndrome) and maternal health diagnostics. Sun King employs a workforce of over 40% women and has integrated gender-smart practices into their recruitment practices and career development programmes.

Criteria for the 2X Challenge includes investing with an intentional gender lens, supporting the Fund’s portfolio companies to implement gender-smart practices, capturing performance outcomes and reporting and ensuring accountability at the fund level. In addition, LeapFrog has committed to promoting and maintaining gender balance at the fund manager level. Already, 38% of LeapFrog’s board members are women, compared to the Preqin industry average of 5%.

Research shows that higher scores in socio-demographic diversity among teams, including gender, age, and nationality, have been proven to correlate with amplified deal returns and multiple expansion1. LeapFrog Partner and lead for Africa Financial Services, Karima Ola will lead these initiatives on the partner level, and Head of Impact Julie Wallace will lead from the senior management team.

LeapFrog Partner, Karima Ola said: “Recognition of our firm as a 2X Challenge fund solidifies our dedication to championing gender diversity as a core element of our investment strategy. Embracing diversity not only within our firm but also across our portfolio companies and the broader industry will ignite superior outcomes for all stakeholders. Diversity isn’t just a moral imperative; it’s a strategic advantage that drives profitability and growth in the fiercely competitive landscape of private equity.”

CEO of 2X Global, Jessica Espinoza, said:As we gear up for the third edition of the 2X Challenge, it’s a pleasure to celebrate the accomplishments achieved under the previous editions and frameworks, which have brought us to where we are today. We can see LeapFrog’s commitment to gender lens investing, both in the composition of their board, and in the kinds of companies they have chosen to invest in, particularly under Fund IV, in companies which economically empower women through employment opportunities, products and services. As we look ahead to the G7 Summit, where the next edition of the Challenge will be announced, we hope to continue advancing standards for investing with a gender lens.”

LeapFrog is currently participating in Invest2Equal, a program led by IFC, a member of the World Bank Group. The program, launched in 2022 in partnership with the Women Entrepreneurs Finance Initiative (We-Fi), brings together IFC portfolio fund managers to make specific, measurable, and time-bound commitments to increase gender diversity within their firm or investment processes.

Farid Fezoua, the new Global Director for Disruptive Technologies, Services, and Funds at IFC, said: “IFC is committed to advancing gender equality and creating economic opportunities for women in the private sector. Within IFC’s broader commitment to advancing gender equity and diversity, we are proud to partner with LeapFrog to promote gender-smart practices and diversity at their portfolio companies and across the industry. We look forward to continuing our collaboration with LeapFrog and 2X Global and supporting initiatives that make a difference for women.”

LeapFrog Head of Impact, Julie Wallace said: “We look forward to working with our investors and other partners as part of the 2X Challenge. We know that women have an outsized impact on the household and creating products that serve them are integral to better outcomes for families.”

The 2X Challenge is a multilateral initiative launched during the G7 summit, with the objective of deploying and mobilising unprecedented amounts of capital to support projects that empower women as entrepreneurs, as business leaders, as employees and as consumers of products.


1 Hammer et al. (2022) The More the Merrier? Diversity and Private Equity Performance. British Journal of Management, 33: 231-265.

LeapFrog invests in healthcare, financial services and climate solutions businesses in high-growth global markets. Its companies deliver distinctive impact and robust returns, growing revenues on average 23% a year. LeapFrog companies now reach 537 million people in 37 countries. The firm has raised billions of dollars from global institutional investors, including a recent $500m commitment by Temasek to LeapFrog and its growth equity funds. LeapFrog has twice been ranked by Fortune as one of the top Companies to Change the World and was named inaugural Pioneer in Impact by the FT and IFC at the Transformational Business Awards.

For more information, go to:

Montfort Communications

Jack Roddan: +447825670695 / LeapFrog@Montfort.London