Mobile tech and data science firm InVenture Capital Corp which also provides micro-loans straight to a user’s mobile wallet, has raised $10 million in a series A round of funding from a bunch of investors led by venture capital firm Data Collective, as per a statement.
The funds will be used by InVenture to foray into newer markets of Sub-Saharan Africa and Asia, acquire more customers in Kenya and to enhance its existing operations and partnerships in Tanzania. The cash will also help the firm take on Commercial Bank of Africa’s M-Shwari, which is planning to launch across East Africa.
Other investors who participated in the round of funding include early stage investment firm India Internet Fund (IIF), Chris Sacca’s Lowercase Capital, Facebook co-founder and independent investor Chris Hughes, Palantir and Paypal co-founder Nathan Gettings, former Citigroup CEO Vikram Pandit, former Thomson Reuters CEO Tom Glocer, Collaborative Fund, and Female Founders Fund.
“InVenture, with its emphasis on technology and data science, is on the cutting edge of figuring out mechanisms to ensure access to credit and finance globally. We are excited to support Shivani in this journey to transform the financial services space in the developing world,” said Anirudh Suri, founding partner, IIF.
Founded in 2012 by Shivani Siroya, Inventure is based in Santa Monica, with a presence in New York and Nairobi. The firm raised its seed and angel investments from the likes of Google Ventures and MESA+. The startup has a mobile app that can be downloaded by users who can then request a loan.
Data Collective, a venture capital fund that invests in entrepreneurs building Big Data companies, has made around 137 investments in 107 companies till now.
IIF provides seed capital to companies operating in the internet and mobile technology space. It recently, along with other investors, invested in Mumbai-based Ketto Online Ventures Pvt Ltd, which operates an online crowdfunding platform. The firm also has investments in US-incorporated and Hyderabad-based AppVirality Inc, and Bangalore-based Frrole, a big data startup.