Atlanta-based Gray Ghost Ventures is in the midst of raising its third fund of $60 million, reports The Economic Times. It has shortlisted six out of 180 applicants for funding and expects to invest in three companies this year after the round closes in June.
Gray Ghost Ventures is an eight-year-old impact investing firm with $80 million in assets under management funding early-stage enterprises predominantly in the ICT sector. It looks for technologies that improve the lives of unserved communities, mainly in South Asia. Nine of its 17 portfolio companies either cater to the Indian market or are India-based.
The new fund will invest in companies utilizing mobile technology for financial services. Seventy percent of the funding will go to companies in South Asia and the remainder will go to sub-Saharan Africa-based companies.
Arun Gore, president and CEO of Gray Ghost Ventures and ex-T-Mobile US executive, told the paper that the firm’s existing investors are very happy and most have decided to come on board for the new round. So far, Gray Ghost Ventures has had two exits. One of which is CellBazaar, a mobile marketplace sold to Norwegian telecommunications operator Telenor.
Social Enterprise Buzz is a media company dedicated to covering social enterprise news from around the world. We publish a range of stories from startups to entrepreneurship, innovation, and finance, which showcase business making the world a better place. Read more.