ImpactAlpha, September 29 – Save the Children, best known for its humanitarian aid work, has reached a $6 million first close for an impact fund to invest in social enterprises addressing humanitarian challenges. Australian insurance firm QBE and Save the Children Australia invested in the fund
Save the Children launched the impact fund in January to offset declining sources of aid funding. The pandemic accelerated the urgency. “The demand for our services has been unprecedented, particularly with severe disasters increasing and now the pandemic,” said Paul Ronalds of Save the Children Australia. “We must find new sources of funding for social innovation, including leveraging private sector investment.”
QBE’s Gary Brader called on institutional investors to “play a bigger part in investing” for impact.
Save the Children’s investments will focus on edtech, e-health and fintech enterprises serving disadvantaged children and families.
Other charity and humanitarian organizations with impact funds include World Vision, Catholic Relief Services, Mercy Corps and Engineers Without Borders, as well as UNICEF USA, which is leading a COVID relief fund.