The US government’s Overseas Private Investment Corporation (OPIC) has announced their support of Unreasonable Capital, to the tune of US$5-million.
Unreasonable is a venture capital firm which invests in emerging startups across Africa, Asia and Latin America. Their main focus is assisting startups which address social and environmental issues while still showing promise of being profitable and scaleable.
OPIC’s president and CEO, Elizabeth Littlefield commented on the investment in a press release. “OPIC is delighted to support Unreasonable Capital as the fund invests across several regions and in a variety of sectors, from energy access to financial technology, that will have a positive development impact.
“OPIC is committed to helping the private sector enter into emerging markets and pursue opportunities in some of the world’s largest and fastest growing economies that are often overlooked by private investors,” she continued.
Unreasonable Capital’s fund will use OPIC’s investment to help startups within various industries such as energy access, financial technology and mobile innovations that assist in agriculture.
“Unreasonable Capital is committed to supporting the greatest entrepreneurs of our time, those who are addressing the underpinnings of endemic poverty with profitable businesses. These companies provide the needed products and services that will facilitate large populations of people to rise into the global middle class,” said co-founder and partner of Unreasonable Capital, Ashok Reddy.
“We are honoured to work with OPIC, which has an established a track record of successfully investing into developing markets.”
Unreasonable’s East African operations have already kicked off their startup accelerator programme, in keeping with its goal of supporting socially impactful startups.
The yearly 10-month programme was designed to help effectively scale early stage startups from various nations around East Africa such as Uganda, Kenya, Tanzania and Rwanda.
With place for only 15 companies, Unreasonable will work with those selected alongside more than 100 mentors to facilitate the best possible growth. Selected companies will also be exposed to Unreasonable’s network of funders. These successful startups will continue to receive support from the accelerator’s UEA network for the life of their company.
Featured image: Kate Te Haar via Flickr