LatAm List – Quona Capital, a Washington, DC-based venture capital firm, recently closed its Accion Quona Inclusion Fund for tech startups in emerging markets at $203M, significantly exceeding the $150M target. The fund will support startups that focus on financial inclusion in emerging markets in Latin America, Africa, India, and Southeast Asia.
“Our fund performance, robust pipeline of inclusive fintechs, and growing LP interest are a ringing endorsement of our thesis about the power of emerging market venture capital,” said Monica Brand Engel, Quona Capital co-founder and partner. “This oversubscribed fund represents a significant milestone for financial inclusion and the impact investing industry.”
Accion International, a nonprofit impact investing pioneer, is Quona’s sponsor, general partner, and anchor investor. Other LPs participating in the new fund include insurance companies, university endowments, foundations, and development finance institutions.
“Access to a full range of high quality, affordable financial services is the bedrock that underpins social and economic development, gender equality, resilience, and livelihoods. By harnessing the power of the capital markets and the digital technologies that enable better, faster, and cheaper ways to meet the needs of the underserved, this fund will serve as a catalyst toward meeting those goals,” said Michael Schlein, President and CEO of Accion.
Quona’s team is as diverse at the markets it operates in, with members from more than 10 countries and that in total speak 14 different languages.