Quona Capital closes a $332 million fund to back fintech startups
- ByStartupStory | November 11, 2022
Quona Capital, an emerging markets venture capital firm, has closed its Fund III at $332m, which it plans to use to fund financial inclusion in emerging markets in Latin America, India, Southeast Asia, Africa and MENA.
The final close at $332m exceeds the initial $250m target.This is the third fund from Quona Capital since its inception, bringing the firm’s aggregate committed capital to over $745m.
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.
In Latin America, India, Southeast Asia, Africa, and the Middle East and North Africa (MENA), Quona focuses its investments on cutting-edge technology firms that are increasing access to financial services for underserved consumers and businesses.
Leading international asset managers, insurance companies, investment and commercial banks, university endowments, foundations, family offices, and development finance organizations are just a few of the investors in Fund III.
More than 20 new connections joined the majority of previous Quona fund investors who had invested in Fund III.”Since our inception, Quona has been dedicated to extending the frontiers of financial inclusion—investing with conviction in markets and technology-enabled models improving access and quality of financial services for the masses,” said Monica Brand Engel, who oversees Quona’s investments in Africa and the MENA region.
“Our past fund performance, strong pipeline of inclusive fintechs, and growing LP interest in our offerings are ringing endorsements of our view on the prospects of impact-oriented venture investing in emerging markets,” says the author.
Jonathan Whittle, who oversees Quona’s investments in Latin America, continued, “Quona’s portfolio firms have been at the forefront of this shift as financial services in emerging nations are being transformed by the power of technology. Regulatory reform, a developing venture capital ecosystem, and a wave of founders who got their start with the first wave of prosperous technology businesses in the region have all contributed to the region’s growing rate of innovation.
Follow Startup Story
Related Posts
