Quona Capital’s III Fund To Close At $325-350 Mn

Quona Capital is likely to close its third fund at $325-350 M, exceeding the target corpus of $250 M.

The third fund has been backed by both existing and new investors, including global foundations, pension funds, large sovereign funds, development institutions, banks, and insurance companies.

Quona Accion Inclusion Fund III has already secured $250 M beforehand. Due to investors’ interest, the target was revised to $325-350 M.

The fresh capital fund will focus on fintech and related space, leveraging financial innovation and services to improve education, healthcare, commerce, supply chain, mobility, and agriculture and food.

Quona Capital was founded in 2015, Washington-headquartered. Quona Capital put its money in financial technology companies in emerging markets like India.

The firm was established to improve the quality, access, and affordability of financial services for underserved consumers and businesses.

International Finance Corporation (IFC) has advanced to make an equity commitment in Quona Accion Inclusion Fund III.

In March 2020, the company had closed its second fund at $203 M. The initial target was $150 M. After this closure, it had $363 M in assets under management.

The second fund has invited multiple finance institutions as limited partners including Norway, Austria, Germany, and France.

The venture capital firm raised $141 M in 2017 for its first fund closure.

The company’s India portfolio includes Chennai-based fintech startup CreditMantri, IndiaMart, NeoGrowth, Fisdom, ZestMoney, and SMEcorner.

Quona Capital’s recent investments in India include Bureau, Rupifi Technologies, which operates a B2B buy-now-pay-later platform for micro, small and medium enterprises, and Onsurity.

Quona Capital was famously known as Frontier Investment Group, part of Accion International, which is still an anchor investor in the funds even after it became a separate entity.

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Quona Capital’s III Fund To Close At $325-350 Mn

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