Social venture investment firm fund Gray Ghost Ventures is looking to raise its third fund with a corpus of $60 million and is looking to invest in three companies this year after its closes the fund in June, according to a news report by The Economic Times citing a top company executive.
The proposed new fund by Gray Ghost, which has $80 million in assets under management, will make investment in companies that leverage the mobile platform, mostly for financial services. In its portfolio of 17 companies, nine companies are either based in India or cater to the Indian market.
In India, its portfolio counts names like Bangalore-based Babajob Services Private Limited and Delhi-based mobile payment startup Beam Money Private Limited, among others.
Atlanta-based Gray Ghost, which has already shortlisted six of 180 applicants for funding in 2014, will invest 70 per cent of the fund in companies in South Asia, while the remaining amount will be invested in sub-Saharan Africa-based companies.
Arun Gore, president and CEO of Gray Ghost Ventures, told the paper that most of the existing investors of the VC firm have come on board for the new fund.
Started by Bob Pattillo in 2003, the focus areas of the investment firm include microfinance, social venture investment and affordable private schools.
(Edited by Joby Puthuparampil Johnson)