Lilly grows investment in Social Impact VC portfolio

Eli Lilly and Co. this week announced an additional $50 million commitment to its Social Impact Venture Capital Portfolio, bringing the total investment to $300 million.

The Indianapolis-based pharmaceutical company said the funding will support VC firms that specialize in near- and long-term healthcare solutions for patients in low- and middle-income countries.

The solutions could include hospital systems, pharmacies, medical devices, digital health, diagnostics and therapeutics, among others, Lilly said.

Part of the new allocation will provide funding to LeapFrog Emerging Consumer Fund IV, which focuses on investing in south and southeast Asian and African businesses that provide affordable products to promote wellness and help prevent and manage chronic diseases for low-income residents.

“Through this investing strategy, we are not only taking into account the potential for monetary returns but also a fund’s impact on people’s lives, livelihoods, health and well-being,” Lilly Chief Financial Officer Anat Ashkenazi said in a news release.

Lilly launched the Social Impact Venture Capital Portfolio in 2020. The company said its investments since that time have indirectly funded more than 50 startups in the U.S.