Frankfurt (Germany), December 2020. We are happy to close out 2020 by sharing our impact report for the year 2019. The report was produced by impact consultants Steward Requeen and summarizes the quantitative socio-economic and environmental impact supported of GreenTec’s portfolio in 2019. The report describes how our investees are strongly tied to social and environmental values in their local geographies and bring benefits to the broader society of the countries they are based in and includes case studies of Boreal Light, Widenergy, Afrilife and Superfluid.
The report measures and monitors the socio-economic and environmental impact of our investees on the portfolio level looking at six key indicators associated with national development plans: 1) Economic Value Added, 2) Jobs supported, Women jobs supported, women founders, quality of jobs and CO2 emissions.
Selected highlights from the report:
- The total value added of GreenTec’s portfolio amounts to EUR 4.6 million of which EUR 1.5 million was contributed directly by the companies’ operations, EUR 2,4 million supported through the operations of direct suppliers and the remaining EUR 0.6 million was associated with the operations of indirect suppliers (suppliers of suppliers).
- GreenTec investees directly employ more than 210 employees. Throughout their supply chains the companies support an additional 670 jobs, resulting in a total supported employment of about 880 jobs. The employment supported in our investees’ supply chains cuts across all economic sectors. On top of direct jobs, amounting to about a fourth of the total, the largest share of jobs (62%) was supported in the service sectors. These include transport or warehousing, information and communication or specialized professional services.
- Empowering women is a core aspect for a significant number of investees in our portfolio. Overall, five out of the fourteen start-ups have been founded by women. 56 of the companies’ direct employees are women (i.e. 25% of all direct jobs). Furthermore, throughout its supply chain, about 400 additional women’s jobs were supported, summing up a total of women’s employment of more than 450 jobs. This corresponds to about half of the total employment supported.
- Beyond jobs supported, quality of jobs at an aggregated level reflected positive. The average annual wage paid by the investees to their employees amounts to approximately EUR 6,000. This is considerably higher than the average wages of the countries in scope, estimated at EUR 3,400.
- The total environmental footprint, in terms of carbon dioxide emissions, associated with GreenTec’s investees and their supply chains, corresponds to about 1000 tonnes of carbon dioxide emissions. About 25% of these are directly linked to the activities of the investees. The largest share of emissions, about 50% linked to the operations of the investees’ direct suppliers, while the remaining 25% is associated with the operations of their indirect suppliers.
We are happy to share the complete report below. It is rewarding to be able to visualize the contributions our portfolio companies are making towards towards improving socio-economic status and contributing to environmental action in Africa. We look forward to being able to surpass these contributions even further as we continue to build our portfolio of innovative and impactful African start-ups
We are very indebted to Steward Redqueen for their patience and contributions to developing the analytic framework and adapting it to early-stage African start-ups. The report was further strengthened by our colleague Mohammed Al-Salafi for steering it.