MICROCAPITAL BRIEF: Capria Investing $61m in Adobe Capital of Mexico, Fen Ventures of Chile After Raising $100m to Provide Finance, Networking Support to SME Funds

Capria Ventures, a US-based provider of financial and non-financial support to funders of “small and mid-sized social ventures,” recently completed its second funding round, raising USD 100 million. Capria also recently invested in Mexico-based Adobe Capital, in the amount of USD 40 million, and Chile-based Fen Ventures, in the amount of USD 21 million. Capria previously had invested in both firms from a “pilot fund that made 14 other seed-sized investments.”

When Capria invests in a firm, that firm joins the Capria Network, which comprises 16 investors supporting start-ups and early growth businesses in 37 countries in Africa, Asia, and Latin America as of 2019. Capria also offers the Capria System, which includes assessment tools, peer learning opportunities and other support for SME funders. Through Capria’s investment unit, fund managers may build their companies’ portfolios on Capria’s balance sheet until they reach critical mass. As of 2017, Capria manages assets valued at USD 259 million.

Adobe Capital, the venture capital arm of Mexico-based impact investing firm New Ventures, funds Mexican startups in sectors such as healthcare, education and alternative energy. As of 2017, Adobe Capital had USD 41.7 million in assets under management raised during funding rounds held in 2013 and 2017.

Fen Ventures funds early-stage technology companies in sectors including financial technology, biotechnology and software as a service. As of 2018, the firm reports managing USD 21 million in assets.

Capria’s recent funding round was completed with an investment of USD 20 million from Vulcan Capital, which was founded by Paul Allen, the co-founder of US-based technology firm Microsoft. Capria has also received investments of unspecified sizes from various family offices as well as the following US-based investors, each of which seeks to effect positive community impact as it earns financial returns: Omidyar Network, Ford Foundation, Resonance Impact Fund and the World Bank Group’s International Finance Corporation.

As of 2018, Vulcan has made 151 investments in organizations including Chinese retailer Alibaba, US-based music provider Spotify and US-based financial technology company Zuora.

By Michelle Fleming, Research Associate

Sources and Additional Research

Capria press release
https://capria.vc/updates/capria-announces-first-close-of-its-second-fund-addressing-the-usd-1-trillion-global-missing-middle-investment-opportunity/

Capria homepage
https://capria.vc

Adobe Capital background
https://capria.vc/network/adobe-capital/

Crunchbase profile on Adobe Capital
https://www.crunchbase.com/organization/adobe-capital#section-funds-raised

Additional information Adobe Capital
https://lavca.org/2017/10/24/adobe-capital-closes-us21m-second-fund-adobe-mezzanine-fund-ii/

Fen Ventures homepage
https://www.fenventures.com

Fen Ventures background
https://capria.vc/network/fen-ventures/

Vulcan Capital homepage
https://capital.vulcan.com

Crunchbase profile on Vulcan Capital
https://www.crunchbase.com/organization/vulcan-capital#section-exits

Geekwire article
https://www.geekwire.com/2018/microsoft-connection-capria-fund-previously-backed-bill-gates-gets-20m-paul-allens-vulcan/