Microfinance Giant Launches Venture Capital Fund For East Africa

Accion, an international microfinance and investment firm, has launched Venture Lab, a $10 million investment vehicle which will provide seed capital and management support to financial inclusion startups worldwide, with a particular focus on East Africa and India.
In a press release, Accion says they will show a preference for companies which have “completed research and development and are at the pilot/first-revenue stage.” The initiative is looking to make 20 investments over the next three years and will invest anywhere between $100,000 and $300,000 in startups focused on mobile financial services, credit underwriting/delivery, Internet and social media, embedded financial services and new technology for bottom-of-the-pyramid finance.

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 http://www.forbes.com/sites/mfonobongnsehe/2012/04/04/microfinance-giant-launches-venture-capital-firm-for-east-africa/