ImpactAlpha, May 1 – The impact investment firm, formerly called Unitus Seed Fund, has raised 1 billion rupees ($15 million) from the Dell Foundation, Bill Gates, and a number of wealthy individuals in India. Unitus Ventures is looking to raise $45 million for the fund and invest in 30 Indian health, education and fintech startups. “With less than 10% of early-stage venture capital funding going to healthcare and education, there is a scarcity of capital for good companies in these sectors,” Unitus Ventures’ Will Poole said in a statement.
- First fund… Unitus Seed Fund closed its first $20 million in 2014 and backed 23 early-stage companies generating $21 million in revenue and impacting 1.2 million lives. Unitus Ventures plans to increase its second fund’s average deal size from its first fund.
- Coming back for more… Gates was an investor in the first fund, as were wealthy individuals, who collectively committed $7 million.
Poole told ImpactAlpha the firm’s focus will be on Indian startups that have potential for global scale. “We’re finding an increasing number of companies that have the ability to both grow nicely in India and also expand to other emerging markets.”