Apollo Investment Ltd, a East African insurance group, has raised $14m from LeapFrog Investments.
Following the transaction, Ashok Shah will is continue to serve as CEO of Apollo.
Commenting on the investment he said: “LeapFrog’s capital and global insurance expertise will help Apollo to become the preeminent regional player in insurance in East Africa – including in microinsurance”.
Beyond its current life, health, and property insurance activities, the insurance company is now targeting a market of 7.9million self-employed people in the informal sector.
Launched in 2008 by President Dr. Andrew Kuper, LeapFrog manages a $135m fund that focuses on investing in companies providing insurance to under-served people in emerging markets. It previously invested in AllLife, the innovative South African insurer that covers people living with HIV.
In the coming year, LeapFrog expects to make further investments in Africa as well as Asia, where its focus countries are India,the Philippines and Indonesia.