Quona Capital, an emerging markets-focused venture capital firm, on Tuesday announced the final close of its Fund 3 at $332 million, higher than its target of $250 million. Quona says it backs innovative technology firms that are expanding the access of financial services for the underserved consumers and businesses in Latin America, India, Southeast Asia, Africa and the Middle East (West Asia) and North Africa (MENA) regions.
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In all, this is the third fund from the VC firm since its inception in 2015, helping the firm’s committed capital to reach over $745 million. “With 35% of the global population and over 150 million small businesses, the Asia region hosts a very large proportion of the world’s marginalised consumers and small businesses,” said Ganesh Rengaswamy, managing partner, investment lead, India and Southeast Asia, Quona Capital.
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“The rapid digitisation of these markets — combined with the innovative solutions developed by the companies Quona is investing in — are bringing these consumers and small businesses into mainstream economic and financial systems.”