Gray Matters invests in social banker Unitus Capital

UC develops finance structures such as non-convertible debentures, securitization and loan portfolio sales and raises capital for social enterprises. Its sectors of focus include microfinance, renewable energy, healthcare, education, agriculture and affordable housing.

The funding will be used to further expand the private equity firm's operations in India.

UC served as financial advisor in Satin Creditcare Network's $7.6 million fundraise in April, and has also worked with Sonata Finance, Janalakshmi Financial Services and Forus Health over the last year. In the past five years, the firm claims to have raised over $800 million for about 40 clients.

Eric Savage, co-founder and president of UC, said: "There are tremendous synergies between UC, and GMC's various affiliated funds and investees. Together we will be able to help hundreds of impactful businesses scale much more rapidly."

UC and First Light have both invested in Madrat Games, an Indian language learning developer.

UC was founded in July 2008 as part of a non-profit Unitus Labs, which also operates the $8 million Unitus Seed stage venture fund that invests in Indian social startup businesses. Founder investors include Mike Murray, co-founder of Unitus Labs, Vinod Khosla of Khosla Ventures, 500 Startups and ex-Bain Capital executive Bob Gay.

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• Topics
• South Asia
• Financials
• Early-stage
• Venture
• India
• Financial Services
• seed
• Venture