VC firm Quona Capital announces close of its third fund at $332 mn

Company has invested in more than 17 start-ups in India, has almost 30% of its global team in country

Quona Capital, an emerging markets venture capital firm, has announced the final close of its Fund III at $332 million, exceeding its $250 million target. This is Quona Capital's third fund since inception, bringing the firm’s aggregate committed capital to over $745 million. 

Quona focuses its investments on technology companies that are expanding access to financial services for consumers and businesses in India, Southeast Asia, Africa, Latin America and Middle East and North Africa. 

Quona Capital has invested in more than 17 start-ups in India that include India Mart, Zest Money, Fisdom, Shivalik Bank, and Neogrowth.  

Quona’s 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. 

“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, who leads the firm’s investments in India and Southeast Asia. 

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.

Almost 30 per cent of the company's global team is based in India.  

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.”