Venture capital firm Quona Capital has announced the final close of its Fund III at $332 million, exceeding its $250 million target. This is the third fund from Quona Capital since its inception, bringing the firm’s aggregate committed capital to over $745 million.
Quona focuses its investments on innovative technology companies that are expanding access to financial services for underserved consumers and businesses in Latin America, India, Southeast Asia, Africa, and MENA. Quona’s India portfolio includes companies like Indiamart, Zest, CreditMantri, and Shubham, among others.
Fund investors
Quona’s Fund III investors include global asset managers, insurance companies, investment and commercial banks, university endowments, foundations, family offices, and development finance institutions. Quona Capital was established as an independent venture capital firm in 2015 by co-founding managing partners Monica Brand Engel, Jonathan Whittle, and Ganesh Rengaswamy. Today, the firm’s global team hails from more than 10 countries and speaks 20 languages.
Ganesh Rengaswamy, who leads the firm’s investments in India and Southeast Asia, said, “With 35 per cent of the global population and over 150 million small businesses, the Asia region hosts a very large proportion of the world’s marginalised consumers and small businesses. The rapid digitisation of these markets—combined with the innovative solutions developed by the companies Quona is investing in—is bringing these consumers and small businesses into mainstream economic and financial systems. Quona is proud to be a catalyst in enabling these entrepreneurs and their teams.”
Quona’s latest Impact Report reveals that the firm’s portfolio companies have served 8.8 million SMEs (with 80 per cent previously underserved), 30.2 million retail customers (with 77 per cent previously underserved), and touched 166 million lives (with 74 per cent previously underserved). These companies have cumulatively generated $836 million in revenue and financed $2.4 billion in loans, and enabled $12.3 billion in payment transactions. Further, the firm’s portfolio companies have raised $3.99 billion in cumulative capital.