When talking about entrepreneurship and venture capitalism, we tend to think no further than the well developed countries around the world – at least I do. I don’t tend to think about startup businesses in places like India, Sudan, or other still developing countries. Unknown to some, there is a whole network of companies that focus solely on helping fund ventures and companies in developing countries around the world. This blog post will look at a few of these Venture Capital Firms around the world, along with a few of the ventures that they have helped fund.
Acumen Fund: The Acumen fund is a company that raises charitable funds in order to invest in companies, leaders, and ideas that are tackling the problem of poverty around the world.Acumen became a business in 2001, and actually got its start through funding in a seed round. Some of the companies original investors were Rockefeller Foundation, Cisco Systems, and other individual investors.Instead of simply giving grants to people, Acumen wanted to be sure to invest in people who had the experience and capability to bring “sustainable solutions to big problems of poverty.” Overall, the companies goal was to create a venture capital fund for the poor, supported by philanthropists that were willing to take a risk and a bet on a new approach. Currently, the company is funding in six regions: India, Pakistan, East Africa, West Africa, Latin America, and America Latina.
Acumen Fund Investments: There are many investments that the Acumen fund has made around the world. One example is SEED. SEED is a company that manages low-cost private schools in India, helping to improve schools’ operations and instruction. Acumen has invested a total of 650k since 2015. Another investment that Acumen has made is in Insta Products, a company that helps provide micronutrient-rich foods in Kenya. This company has impacted 322k lives and raised more than 1.5 million dollars since 2008.
Gary Ghost Ventures: Gary Ghost Ventures works to eliminate poverty and strengthen communities through catalytic, early-stage investments in the developing world. In 2005, this company changes its focus to an impact investment approach, and in 2006 the Gray Matters Capital portfolio, which focused on mission-related investments. This Venture company is headed by president and CEO Arun Gore, a native of India who is well versed in the business industry all around the world.
M-Kopa – A mobile technology company in Kenya that help locals acquire solar power products by offering creative payment plans and a distribution model that is customized to the need of each customer.
Babajob – A startup company that was founded and based in Bangalore. This company uses web and mobile technologies to help employers connect with the “Bottom-of-the-Pyramid” (BoP) informal sector workers (maids, cooks, etc.) in order to help combat poverty by helping those at the BoP find jobs to help support themselves and their families.
Companies like the Acumen Fund and Gary Ghost Ventures are doing much more than giving money to startups in developing countries. They are both helping decrease the gaps between developing countries and already developed countries. They are helping build leaders and entrepreneurs globally, and allowing them opportunities to not only run a successful and profitable business but to also solve crucial problems in our global society. Next time you think of startups, venture capitalism, or entrepreneurship, expand your definition and remember that this network of creating and funding companies happens all around the world!
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