IFC to support Unitus-backed emerging markets accelerator

IFC, the investment arm of the World Bank, will commit up to $1 million to Capria Accelerator Fund, which has an overall target of $5 million, according to a disclosure. It will also help Capria expand in its three target regions, make $480,000 in conditional grants that will go towards operating expenses over a three-year period, and provide guidance on regulatory frameworks.

Capria Ventures was established in 2012 to develop scaled and profitable risk capital funds in emerging markets to address the "missing middle" market opportunity. It spun out from Unitus with a mandate to manage the Unitus Seed Fund, which started a year earlier as a pilot initiative in India. The fund raised $23 million to deploy in healthcare, education, financial technology, mobile and consumer, retail and e-commerce, and agriculture. The Bangalore-based team has backed more than 20 start-ups.

Capria Accelerator was conceived last year as the first global business accelerator for impact fund managers. The team is located in Seattle.

Unitus supported 23 microfinance institutions (MFIs) in India, Southeast Asia, Latin America and East Africa between 2000 and 2010. It set up the Unitus Equity Fund in 2005 to help drive the commercialization of microfinance and hired Elevar Equity to assume management of the vehicle in 2009. The company also provides financial advisory services through Unitus Capital and dedicated impact investment unit Unitus Impact.

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• Topics
• South Asia
• Southeast Asia
• Early-stage
• Fundraising
• India
• seed
• IFC