Unitus Seed Fund, a venture capital fund with offices in Bangalore, India, and the US City of Seattle, recently secured USD 7 million from multiple investors, bringing its fund size to USD 20 million. By 2016, Unitus plans to use the capital to invest in approximately 40 startup companies working to close India’s income gap. While the amounts invested by each firm are unavailable, the investors include the India-based Deshpande Foundation and the following US-based organizations: the Michael & Susan Dell Foundation, the Lemelson Foundation, the Sorenson Impact Foundation and the Wadhwani Foundation.
Srikrishna Ramamoorthy, a partner of Unitus, reportedly said that Unitus is looking to gain an additional 5 million from Indian investors, stating, “there is a dearth of seed capital in this segment of the market, making the investment opportunities very attractive.” Dave Richards, a co-founder of Unitus, noted that “we believe that there is a great opportunity to invest in a new generation of entrepreneurs who are building disruptive new businesses serving the 1 billion under-served low-income market in India.”
By Emily Teleposky, Research Associate
About Unitus Seed Fund:
Unitus Seed Fund was launched in 2012 as part of the US-based Unitus Group, which serves low-income populations in Africa, China, India, Latin America and Southeast Asia. Unitus Seed Fund focuses on Indian markets, investing in startups that create opportunities for low-income populations. As of August 2014, it has secured funds of USD 20 million.
Sources and Additional Resources:
[1] New Investors Propel Fund Over USD $20 Million http://usf.vc/updates/new-investors-propel-fund-over-usd-20-million/
[2] Unitus Raises Funds for India from Global Foundations http://timesofindia.indiatimes.com/business/india-business/Unitus-raises-funds-for-India-from-global-foundations/articleshow/41480076.cms
[3] MICROCAPITAL BRIEF: Unitus Labs Launches Unitus Seed Fund, to Invest in Small Anti-Poverty Enterprises in India, February 14, 2012 https://www.microcapital.org/?PHPSESSID=a8175e9597a2f0acd92bea74bb3e13bb&s=unitus+seed+fund
[4] MICROCAPITAL BRIEF: Unitus Hires Dr Brigit Helmes as New CEO, October 28, 2009 https://www.microcapital.org/microcapitalorg-story-unitus-us-hires-dr-brigit-helms-as-new-ceo/
[5] MICROCAPITAL BRIEF: Unitus, US Overseas Private Investment Corporation (OPIC) and Citi Microfinance Finalize $15m Credit Facility for Microfinance Insitutions, March 30, 2010 https://www.microcapital.org/microcapital-brief-unitus-us-overseas-private-investment-corporation-opic-and-citi-microfinance-finalize-15m-credit-facility-for-microfinance-institutions/
[6] MicroCapital Universe: Unitus Capital https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Unitus+Capital
[7] MicroCapital Universe: Unitus Seed Fund, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Unitus+Seed+Fund
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