More funds incoming! Accion Ventures, a global early-stage fund, just announced the final close of Accion Venture Lab Fund II at $61.6M!

• They’ll focus on early-stage fintechs in developing markets like Latin America, Africa, and SEA. 

LP check. Accion raised the $$$ from a mix of commercial and impact asset managers, DFIs, foundations, family offices, and strategic financial services firms. 

• These include FMO, Proparco, ImpactAssets, the Ford Foundation, MetLife Asset Management, and Mastercard Worldwide.

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🔽 More on the fund

They’re targeting startups that are leveraging embedded finance, alternative data, and generative AI to create accessible financial solutions. 

• The fund will invest in up to 30 early-stage fintech startups.
• According to an interview with Amee Parbhoo, the managing partner of Accion, the firm initially invests up to $1M as part of of a Pre-Series A round. 

Not just $$$. Besides funding, Accion also helps support startups with governance, market access, and operational guidance through a Portfolio Engagement team.

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🗺️ About Accion Ventures

They’ve deployed $59.4M into 76 companies across 39 countries since 2012. Oh, and they’ve also had 13 exits to date!

These include: 

• Apollo Agriculture, which provides inputs, financing and insurance to smallholder farmers in Kenya and Zambia
• Lula, a digital lender serving SMEs in South Africa
• Pula, which provides agricultural insurance across Africa and Asia

Peep their portfolio. The fund’s recent investments include Nigeria’s PaidHR, Indonesia’s FinFra, and Kenya’s Flowcart.