Accion Venture Lab Raises $33 Million for New Fund to Invest in Emerging Fin-Tech Startups in MENA
Accion Venture Lab discussed their plans to continue investing in MENA-based startups as part of their focus on emerging markets.
Accion, a global nonprofit organisation, announced that its seed-stage investment initiative Accion Venture Lab has scored $33 million in capital investment; with $23 million coming from third-party investors, and the remaining $10 million investment from Accion itself.
As part of Accion’s mission to maintain financial inclusion, Accion Venture Lab has set itself as a major key player by investing in tens of fin-tech startups around the world, including UAE’s NowMoney. Moreover, Tahira Dosani, the managing director of Accion Venture Lab discussed their plans to continue investing in MENA-based startups as part of their focus on emerging markets.
Accion Venture Lab invests in early-stage startups that are leveraging technology to accommodate the financial needs and provide services for low-income and underserved individuals and small businesses. 25 to 30% of the whole funding is slated to be allocated for companies hailing from Africa. "This is where we see the need and the opportunity across the markets that we're in,” says Dosani.
“The new [$23 million] fund brings together a group of third-party impact and commercial investors that share Venture Lab’s commitment to innovative fintech startup that leverage technology to increase the reach, quality, and affordability of financial services for the underserved at scale,” says Accion in a statement.
“Fin-tech startups are finding new ways to provide products and services that help underserved people, yet often, startups lack the capital and strategic support they need to grow and scale their impact, and Accion Venture Lab addresses this need,” comments Michael Schlein, President and CEO of Accion.
