2016 Annual Report

Having begun in November 2011, this winter marks the 5 year anniversary of GBI-I, GBF’s first investment fund. In celebrating this milestone, we look back upon the past half-decade and observe our successes, our failures, and how we have evolved along the way. Five years ago GBF was a predominantly United States-based operation that prided itself on effective market-based solutions to poverty across the globe. We approached these problems a bit differently than others in the field. Now, having evolved in key areas, we are a seasoned company of impact investment professionals with local offices and staff on the ground in our target markets, still approaching issues with youthful energy and creativity.

GBF has invested in more than 50 companies, the vast majority of which have succeeded or are succeeding. After working with us these companies have received follow-on investments from more traditional forms of financing, including banks and Development Finance Institutions. Our Business Advisory Services (BAS), sometimes provided even before investment has been recognized by portfolio companies’ leaders as invaluable toward their businesses’ growth. We have advanced significantly in this decentralization—including the budget, processes, people and resources. Our local offices in the field are now leading on key parts of our business. We have narrowed our geographic focus, tightening from working in Latin America, Africa, India and Indonesia to only Africa and Latin America’s Andean region. We have focused on mostly agribusiness companies, finding that they are consistently some of our most successful companies in both financial and social returns. We have incorporated the minds of seasoned local consultants and business people in our investment and supervision process. Lastly, we have been on the forefront of innovations in utilizing blended capital to invest in traditionally under-financed businesses.

We are immensely proud of the steps we have taken and the progress achieved. We are excited to continue to grow in our mission to generate sustainable earnings and savings for people in emerging markets.


Annual Report 2015

2015 Annual Report

The past year was one of maturation and continued improvement for GBF. We advanced significantly in decentralizing the organization—including the budget, and people and resources—from HQ to our field offices. Our local offices now lead on key parts of our business, and are even taking on key global management functions.

Results so far are encouraging, with each dollar invested in our portfolio companies estimated to provide $4 of economic value to our targeted low income communities. These companies are growing 20% annually on average, and have supported over 540,000 sustainable jobs for farmers, workers and artisans over the past fiscal year.

We have undergone several evaluations, and the outputs from these have provided inputs for further improvements to our model, such as streamlining processes and increasing efficiencies.

Challenges remain, but we are energized by the journey, advancing toward our goal of a bigger and better GBF – one that creates lasting social impact on large numbers of the poor.

2014 Annual Report

2014 Annual Report

Three years into our $49 million private investment fund, we have expanded GBF’s portfolio with investments in Paraguay, Indonesia and Tanzania. Our Business Advisory Services (BAS) are taking shape, and we think there is a clear link between our capacity building efforts and positive company performance. We have also been improving our operations in order to increase our results and our impact.

Some of GBF’s key results this fiscal year include:

• $7.6M disbursed to High Impact Businesses and an additional $11M committed.

• 7.3% current yield on outstanding portfolio over the past 12 months.  All payments due have been collected (principal, interest, dividends and vendor payments).

• $48.2M of economic value delivered in the past 12 months by GBF’s investees, benefiting 9.2M direct and indirect beneficiaries.

 


2014 Impact Report

2014 Impact Report

2014 Impact Report

We are pleased to present our first Impact Report–a first attempt to demonstrate GBF’s progress, what we are learning, and what we can say about our impact so far.

Our main goal at this stage is to estimate the impact we and our investees are having, rather than provide a definitive assessment of our results:

Some of GBF’s key impact results this fiscal year include:

• $35.5M generated in social benefits by our investees.

• 1.3M people with low incomes are directly supported by our investees.

• $113.6M generated in total client revenues.


Annual Report 2013

2013 Annual Report

2013 Annual Report

Two years into our $49 million private investment fund, GBF has made substantial progress in building and maintaining a well performing portfolio.  Our investments are already generating substantial social impact, and while they are still in their early stages, the investments appear to be yielding reasonable prospects for financial returns for our investors.

Some of GBF’s key results this fiscal year include:

• GBF’s investees delivered around $37.6M of economic value to 1.4M direct beneficiaries.

• $26M in direct benefits reached over 60,000 artisans, farmers, entrepreneurs and employees through direct income or payments.

• An additional $11.2M reached 1.3M people living in low income communities through products and services.


2012 Annual Report

2012 Annual Report

2012 Annual Report

With the help from an outstanding staff and a first-class group of stakeholders and advisors, we are closing a $47,000,000 private investment fund and have raised an additional $12,000,000 in grants from donors to benefit the non-profit arm of GBF. In recent months, GBF has made substantial progress in building and maintaining a well performing fund that is generating social impact and a financial return for our investors.

Some of GBF’s key results to date are as follows:

• $14M committed to 16 portfolio companies.

• 1.4M people have access more affordable and better quality goods, services, and jobs, and our investments and BAS are directly impacting 46,000 artisans, farmers, employees, and entrepreneurs.

En español


2011 Annual Report

As our Annual Report describes in more detail, GBF has now invested more than $8.5M in 32 High Impact Businesses across 12 countries.

These investments have helped to build and scale High Impact Businesses that have directly impacted over 1.6M people, as well as an additional 7.1M family members.

With our headquarters in Washington, DC and teams on the ground in Ghana, India, Kenya and Peru, we are looking forward to building new partnerships with leading corporations, investors, donors, and colleagues.

Read our 2011 Semi-Annual Update


2010 Annual Report

2010 Annual Report

2010 Annual Report

As the report describes in more detail, GBF’s clients have moved markedly toward commercial sustainability and delivered over $15 million in value to more than 4.5 million people at the base of the pyramid – reflecting the success and further potential of GBF’s blended approach.

Some of GBF’s key results to date are as follows:

 • US $7M invested in 26 businesses across 10 countries.

 • Over 4.5M people reached at the base of the pyramid.

 • Almost 850,000 people directly impacted.

Read our 2010 Semi-Annual Update


2009 Annual Report

2009 Annual Report

2009 Annual Report

We are pleased to announce The Grassroots Business Fund’s first Annual Report, which summarizes the achievements we’ve made in just one year.

The report sets out our progress in building an organization that can help deliver well-defined, high-impact approaches to social and economic development in the world’s poorest communities. 

We hope that you find this document thought-provoking and useful.