Accion, Quona Capital hit first close of new VC fund at $87.75m

Photo from Accion's Facebook page.

Venture capital firm Quona Capital Management and US non-profit Accion International have hit the first close of its new VC fund at $87.75 million, according to an SEC filing.

Accion Quona Inclusion Fund LP, launched in September with a target of $225 million, has attracted 14 commitments as it continues to invest in financial technology startups with a focus on Asia, Latin America, and emerging markets.

The first close comes 18 months after Accion and Quona raised $141 million for Accion Frontier Inclusion Fund, which focuses on companies that provide financial services such as alternative credit, payments, insurance, and small and medium enterprise finance.

Accion Frontier Inclusion Fund received a $15-million commitment from the International Finance Corporation (IFC), a member of the World Bank Group. Managed by Quona Capital, the fund will invest in startups that target emerging markets in sub-Saharan Africa, Latin America, and Asia.

The fund has invested in eight companies to-date including Konfio, a company that uses data analytics to offer working capital loans to micro-businesses in Mexico. It has also backed Yoco, a South African payments company that is seeking to expand acceptance of digital payments in Africa.

The fund has invested in some Southeast Asian and Indian companies: Philippines based mobile payments platform Coins, India-based NeoGrowth, IndiaMART,  CreditMantri.

For the latest fund, Accion and Quona said the minimum investment accepted from outside investors is $1 million. The fund will be managed by Livingston Parsons III, Chief Financial Officer of Accion.

Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. It works closely with Quona Capital, a venture firm focused on financial technology for inclusion in emerging markets.

On its website, Quona said it was formed with a simple idea – technology has the power to radically improve the quality, access, and affordability of financial services for underserved consumers and businesses in Sub-Saharan Africa, Latin America, and Asia.

About three billion people are left unserved or poorly served by the global financial system. According to the World Bank, only 46 per cent of adults in South Asia and 69 per cent of adults in East Asia and the Pacific (developing only) have a bank account.

Also Read:

India: Wealth management startup Fisdom raises $3.8m led by Quona Capital

India: BASIX Sub-K raises $5.4m from Accion, Nordic Microfinance, others

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.