Capria hits first close on emerging markets fund
Capria Ventures, a US-based impact investor with a significant India presence, has reached a first close of unspecified size on its latest emerging markets fund. The target is USD 100m.
LPs include OIP Investment Trust, Gates Ventures, Crystal Springs Foundation, Sall Family Foundation, and Brakeman Family Trust, as well as two founders of Pioneer Square Labs.
Capria was founded in 2015 by David Richards and Will Poole, also co-founders of Indian impact investor Unitus Ventures. It is active in South and Southeast Asia in partnership with Unitus, as well as AC Ventures, Genesis Alternative Ventures, Arkam Ventures, and Ascend Vietnam Ventures.
The firm – which maintains offices in Seattle, Washington, Bangalore, and Nairobi – raised USD 100m for an emerging markets fund in 2018. Its associated entity, Capria Network, is an emerging markets fund-of-funds with member firms that have about USD 1bn in assets under management (AUM). Capria’s family of funds directly have about USD 200m in AUM.
The new vintage, Global South Fund II, extends the firm’s historical focus on technology with a deeper interest in generative artificial intelligence and climate. It is expected to make 20-25 early-stage investments across financial services, mobility, logistics, agriculture, food, and themes related to jobs.
The target geographies are India, Southeast Asia, Latin America, the Middle East, and Africa.
Among its Indian investments to date are farming app BharatAgri, jobs platform Betterplace, and student loans provider Eduvanz. Indonesia exposure includes shariah-compliant small business lender Alami and B2B food service platform EdenFarm.
“The start-up ecosystem in India and Southeast Asia is thriving with immense potential for growth and innovation,” Richards said in a statement.
“India has over 20,000 start-ups, while Southeast Asia's venture capital investment is on the rise, with the internet economy projected to reach USD 330bn by 2025. Capria’s Fund II recognises these synergies and aims to invest in the most promising early-growth tech start-ups in both regions.”
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