Quona Capital announces final close of its third fund

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

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

Quona’s Fund III investors include an array of 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, joined by more than 20 new relationships.

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.

“Since our earliest days, Quona has been dedicated to expanding the frontiers of financial inclusion – investing with conviction in markets and technology-enabled models improving access and quality of financial services for the masses,” said 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.”

“Financial services in emerging markets are being transformed by the power of technology, and Quona’s portfolio companies have been at the front lines of that transformation,” added Jonathan Whittle, who leads Quona’s investments in Latin America. “The pace of innovation in Latin America is accelerating due to a combination of regulatory reform, a maturing venture capital ecosystem, and a wave of founders who cut their teeth with the first generation of successful technology companies in the region.”

Ganesh Rengaswamy leads the firm’s investments in India and Southeast Asia. “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,” he said. “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. Quona is proud to be a catalyst in enabling these entrepreneurs and their teams.”