Quona Capital Raises $332m Fund For Fintech Startup Investment In Emerging Market
The emerging markets venture capital firm was established as an independent in 2015 by co-founding managing partners Monica Brand Engel, Jonathan Whittle, and Ganesh Rengaswamy.
Quona Capital has announced the final close of its Fund III at US$332 million, significantly exceeding its US$250 million target.
Quona Capital said It is focusing its investments on innovative technology companies that are expanding access to financial services for underserved consumers and businesses in Latin America, India, Southeast Asia, Africa and MENA.
This is the third fund from Quona Capital since its inception, bringing the firm’s aggregate committed capital to over US$745 million. Fund III investors include an array of leading global asset managers, insurance companies, investment and commercial banks, university endowments, foundations, family offices and development finance institutions. The majority of Fund III investors returned from prior Quona funds, joined by more than 20 new relationships.
Monica Brand Engel, who leads Quona’s investments in Africa and MENA said: “Since our earliest days, Quona has been dedicated to expanding the frontiers of financial inclusion – investing with conviction in markets and technology-enabled models improving access and quality of financial services for the masses. Our prior fund performance, robust pipeline of inclusive fintech, and growing LP interest in our offerings are ringing endorsements of our view on the prospects of impact-oriented venture investing in emerging markets.”