Emerging markets venture capital firm Quona Capital has announced the final close of its Fund III at US$332 million, significantly exceeding its US$250 million target.
Quona Capital was established as an independent venture capital firm in 2015 by co-founding managing partners Monica Brand Engel, Jonathan Whittle, and Ganesh Rengaswamy.
It focuses 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.
“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,” said Monica Brand Engel, who leads Quona’s investments in Africa and MENA. “Our prior fund performance, robust pipeline of inclusive fintechs, and growing LP interest in our offerings are ringing endorsements of our view on the prospects of impact-oriented venture investing in emerging markets.”
Quona Capital funds have made more than 65 investments since the firm’s inception.