Inclusive Economy | October 26, 2023

Omidyar Network spinoff Flourish Ventures secures $350 million to invest for a fair financial system

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, October 26 — Flourish Ventures has raised $350 million to double down on fintech, “which has brought significant advancements and opportunities to underserved individuals and businesses around the world,” the fund’s co-founders Arjuna Costa, Emmalyn Shaw and Tilman Ehrbeck have announced.

The San Francisco-based evergreen fund, funded by Pierre and Pam Omidyar, has a fintech portfolio of 71 investments in the US and emerging markets, of which seven companies have achieved unicorn status. The early-stage venture fund has also had several exits.

The fund’s portfolio companies have helped improve financial wellbeing for more than 250 million people and businesses globally, Flourish’s founders boast. “However, we realize there is still plenty more to be done – especially in light of the lingering effects of the COVID pandemic, global conflicts, and climate shocks that are causing alarming increases in household vulnerability.”

Financial inclusion

The fresh infusion of capital is in addition to the $300 million secured at the time of Flourish’s spinout from Omidyar in 2019, as well as a separate $200 million in portfolio investments. It brings the firm’s total assets under management to $850 million.

Flourish portfolio companies include global small-business lenders Indifi Technologies and Dinie, Indonesian affordable insurance provider Qoala and Atlanta-based gig-worker platform Steady. In October last year, Flourish launchedMadica, short for ‘Made In Africa’, to diversify its portfolio in Africa.