This post was updated on April 7, 2016.
Capria, which claims to be the first global business accelerator for impact fund managers, has announced the selection of two African VCs for its first accelerator programme.
The African VCs – their names would be disclosed later in the spring – were selected from 65 applications across 24 countries.
Update: The African VCs are iungo capital and Vakayi Capital from Uganda and Zimbabwe respectively. Their names were revealed after they completed Capria’s inaugural four-week Intensive.
The African VCs, together with the other selected VC from Central America, will participate in the inaugural four-week intensive programme in Seattle, United States starting March 7.
During the intensive programme, fund managers will work with Capria and its world-class advisors and mentors to focus on specific areas that will contribute to their success as fund managers, including:
- Global best practices to maximize fund-raising efforts and successfully launch a viable impact fund with both local and international investor participation;
- Effectively attracting entrepreneurs and deploying capital to the best firms that are operating at the intersection of profitability and impact;
- Support portfolio companies as they transition from start-up to scale, and generate profits.
“We are incredibly impressed with the combined professionalism and tenacity we are seeing in fund managers working in very challenging environments,” co-founder of Capria, Will Poole said in a press release.
He added, “The so-called pioneer gap applies to new fund managers as well as to the entrepreneurs they support. We’re confident that pioneering fund managers who establish themselves in capital-starved markets will deliver superior financial returns and also disproportionate social impact.”
Capria is dedicated to developing in-country, indigenous talent to deploy and manage capital.
Capria recently received investment and/or support from leading impact investors and foundations to help in unlocking more than US$500 million in global impact capital over the next 10 years.
Some of the investors include Bill Gates Investment, Unitus Labs, John and Nancy Sabol Foundation, and a number of angel investors and VCs.
“I have long been a proponent of market-based solutions to help improve lives,” says Bill Gates, investor and philanthropist.
He added, “The Capria accelerator is a great example of this kind of model – it has the potential to help impact investing achieve greater scale and deliver even more significant impact.”
Applications for Capria’s second accelerator programme are now open. Interested VCs in Africa should apply on or before April 30, 2016.
The Capria Accelerator programme is managed by Capria Ventures, a global impact investment firm managed by Poole and Richards, co-founders of Unitus Seed Fund, a leading venture seed fund investing in startups in India.