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Accion Venture Raises INR 238 Crore Fintech-focused Fund

With this funding, Venture Lab’s capital will increase to $43 million.
BY BEx Bureau
BusinessEx
Sep 05, 2019

The impact investment company, Accion Venture Lab has proclaimed to have raised INR 238 crore fund. It is the first time that the company will employ third-party capital, according to a media report.

It is mobilising $23 million for a co-investment vehicle with third-party investors and $10 million from global nonprofit Accion, the daily news, VC Circle reported citing Accion Ventures statement.

With this funding, Venture Labs capital will increase to $43 million.

Following fundraise, Accion Venture Lab has added some new investors along with the existing ones. Now, the company has a cohort of investors viz. FMO, a Dutch bank, MetLife Foundation, Proparco, the financial arm of French Development Agency, Prudential Financial and Visa.

The impact investor assesses that it would infuse 30 per cent of the capital in the developing markets of South as well as Southeast Asia.

According to the media reports, Venture Lab mainly invests nearly $400-500 thousand to purchase minority shares.

For every dollar Accion Venture Lab has invested, its portfolio companies have raised an additional $13 in equity capital from later-stage investors, the daily news reported citing Venture Labs statement.

Yet, often startups lack the capital and strategic support they need to grow and scale their impact. Accion Venture Lab addresses this need, President and CEO at Accion, Michael Schlein told the daily news.

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