Accion, a pioneer and global leader in microfinance launched Venture Lab, a $10 million program with the aim to provide seed capital to start-ups all around the world. It will focus on companies that have completed research and development and are already at the pilot and/or first-revenue stage. Investment per start up will range from $100,000 to $200,000 and either be structured as convertible debt or equity.
The Lab seeks to support start-ups at a vital stage when other investors still consider them ‘pre-investable’, meaning that the product or service is ready to test the market but yet has to prove its ability to actually generate revenue. Venture Lab will not only provide capital but also a dedicated team to assist with complex early-stage tasks such as analytics, financial modelling, path-to-scale strategy and business development.
Venture Lab is seeking to invest in approximately 20 start-ups over the next three years, primarily in mobile financial services, credit underwriting/delivery, internet and social media, embedded financial services and new technology for BOP finance. Geographically, Venture Lab’s mandate will be global but focusing on South Asia, East Africa and in the near future also Latin America.
For more information, go to: http://www.accion.org/page.aspx?pid=4124