Seattle-based venture capital firm Capria has raised a $100 million fund to invest in 20-to-25 tech startups in the “Global South” areas of India, Southeast Asia, Latin America, the Middle East, and Africa.
“We like to invest where the growth is,” said Will Poole, a co-founder and managing partner at Capria. He said the Global South economy is expected to represent 70% of overall GDP growth over the coming three years.
Investors in the new fund include Gates Ventures, the private investment office of Microsoft co-founder Bill Gates, as well as OIP Investment Trust, various foundations, individuals, and family offices.
The fund, Capria’s second, will target founders and startups focused on generative AI and climate technologies. Investments have already been made in startups in Mexico, Brazil, Nigeria, and Egypt, including Kueski (fintech), Agrofy (agritech), MAX (mobility), and Paymob (fintech).
“Exceptional founders are everywhere; the ones in the Global South are often less well connected to one another,” Poole said. “They gain a lot of value from the collaborating founder network we are creating.”
The average first check size will be $2 million to $3 million, Poole said, with additional capital reserved for follow-on investments.
While mainly focused abroad, Poole said Capria would consider backing a company that was based in Seattle if its primary markets were in the Global South.
Poole spent 12 years at Microsoft where he ran the Windows client business and was a corporate vice president for a program focused on bringing products to emerging markets. Capria Co-founder Dave Richards is a former vice president at Real Networks.
Capria previously raised a $57 million fund in June 2020. The firm is connected to Unitus, an early stage, India-only VC firm. Capria and Unitus employ 18 people globally, including three in Seattle.
The company recently leased new office space in the AGC Building on Westlake Avenue.
from GeekWire https://www.geekwire.com/2023/seattle-based-vc-fund-raises-100m-to-invest-in-global-south-startups/