Annual Review 2023

At elea, we are convinced that investments in innovative entrepreneurial solutions are one of the most promising answers to the pressing challenges of our times. By providing access to jobs, markets, value chains, and training, these companies offer people living in absolute poverty a pathway to a self-determined future. So far, through our portfolio companies, we have positively impacted the lives of  more than 49.6 million people.

In 2023, we successfully exited our long-term investment in Coffee Circle. After ten years of actively supporting this highly impactful company on its journey, additional commercial capital could be attracted for the next phase. In a conversation, Andreas Kirchschläger and Martin Elwert, Founder and CEO of Coffee Circle, reflect on the partnership, the exit of the previous shareholders, such as elea, and the journey ahead.

Four impact ventures convinced us to invest in them based on their innovative business models and the quality of their entrepreneurial teams, leading us to expand our portfolio to 31 active investments. Overall, we made fewer investments in 2023 than we had planned at the start. Following detailed analyses of impact models, market opportunities, and company valuations, we often came to the realization that the latter were too high to justify a positive investment decision.

Recognizing entrepreneurship as a powerful force in fighting absolute poverty and aiming to triple our impact by 2030, we seek to broaden our philanthropic efforts with like-minded partners. We are very pleased that in 2023, numerous long-standing investors renewed and even expanded their commitments and thereby expressed their trust in elea. Moreover, we noted a growing interest from international investors. With the Livelihood Impact Fund, we welcomed our first US-based foundation to the elea Philanthropic Investors’ Circle.

At the end of 2023, Susanne Wuffli resigned from the elea Board of Trustees. At the same time, we are pleased that we could welcome Stefanie Blättler and Arianne Egger-Wuffli as new members. The evolution of our governance at the board level is an important pillar of elea’s sustainable success. “I am grateful to my spouse and co-founder Susanne for her 17 years of valuable service on the board of elea, and I look forward to working with Stefanie and Arianne,” adds Peter Wuffli.

We are likewise thankful for the generous contribution of the elea Comité de Patronage and their continued trust in our work. A particular thanks goes to Pascal Couchepin, who has decided to step down after many years of valuable engagement. We also extend our heartfelt gratitude to our philanthropic investors and friends of elea, whose support is vital to our success as a philanthropic impact investment organization.

Dr. Peter A. Wuffli, Founder & Chairman

Andreas R. Kirchschläger, Founding Partner & CEO