Quona Capital, a venture capital firm, has announced that its Fund III has reached its final close with $332 million, surpassing its $250 million goal. Since its founding, Quona Capital has raised three funds, bringing its total committed capital to approximately $745 million.
Quona invests in innovative technology companies that are making it easier for people and businesses in Latin America, India, Southeast Asia, Africa, and the Middle East and North Africa (MENA) to access financial services. Indiamart, Zest, CreditMantri, and Shubham are some of the companies in Quona’s India portfolio.
Quona’s Fund III investors include global asset managers, insurance companies, family offices, investment and university endowments, foundations, development finance institutions and commercial banks.
Quona Capital was founded in 2015 by co-founding managing partners Monica Brand Engel, Jonathan Whittle, and Ganesh Rengaswamy as an independent venture capital firm. The firm’s global personnel now come from more than ten nations and speak 20 languages.
The company’s global team comprises people from more than ten countries who speak 20 languages.
Ganesh Rengaswamy, who is in charge of the company’s investments in India and Southeast Asia, said, “With 35% of the world’s population and more than 150 million small businesses, Asia is home to a large number of the world’s poor consumers and small businesses.
Together, the fast digitisation of these markets and the innovative solutions made by the companies in which Quona invests are bringing these consumers and small businesses into the central economic and financial systems. Quona is happy to help these entrepreneurs and their teams succeed.
China’s most recent Impact Report shows that its portfolio companies have helped 8.8 million small and medium-sized businesses (80% of which were previously underserved), 30.2 million retail customers (77%) who were previously underserved, and 166 million people (with 74 per cent previously underserved).
These companies have generated $836 million in income, financed $2.4 billion in loans, and processed $12.3 billion in payments. Furthermore, the firm’s portfolio companies have raised $3.99 billion in financing.