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Home Funding

Quona Capital has successfully raised $332 million to invest in financial inclusion in developing countries

Tech Gist Africa by Tech Gist Africa
11/10/2022
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Quona Capital

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Quona Capital, a VC firm focused on emerging markets, has just announced that it has raised US$332 million (or more than double its original goal of US$250 million) in the third and final closing of its Fund III. 

As a stand-alone venture capital firm, Quona Capital was founded in 2015 by managing partners Jonathan Whittle, Ganesh Rengaswamy, and Monica Brand Engel. 

It invests primarily in cutting-edge tech firms that are increasing the number of unbanked people and enterprises in developing economies in Latin America, India, Southeast Asia, Africa, the Middle East, and North Africa. 

With this new fund, Quona Capital’s total committed capital since inception exceeds $745 million, making it the third fund the firm has raised. 

Many of the world’s top asset managers, insurers, investment and commercial banks, endowments at colleges and universities, foundations, family offices, and development financing institutions are among the many investors in Fund III. 

In addition to more than 20 new connections, the majority of Fund III’s investors were returning Quona funds. 

According to Monica Brand Engel, who oversees Quona’s investments in Africa and the Middle East, “Since our earliest days, Quona has been dedicated to expanding the frontiers of financial inclusion – investing with conviction in markets and technology-enabled models improving access and quality of financial services for the masses.” “Our past fund performance, a strong pipeline of inclusive fintechs, and growing LP interest in our products are ringing endorsements of our stance on the prospects of impact-oriented venture investing in emerging economies,” says the author. 

Since the company was founded, Quona Capital funds have participated in more than 65 different investments.

 

Read more on Tech Gist Africa:

Algebra Ventures, an Egyptian venture capital firm, has successfully raised a total of $100 million for its second fund

AfricInvest and Cathay Innovation have successfully closed a €110 million venture capital fund

HAVAC, a South African venture capital firm, has closed a $20 million fund for early tech investments in Africa

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