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Resources created and curated to support the growth of impact investing, for those new to the field and for experienced practitioners.

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ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.
http://www.impactassets.org/impactassets-50

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

Capria Ventures LLC

Total Assets Under Management: $26 – 50MM
Asset Class: Private Equity
Geographic Focus:
Impact Investment Focus:
Clean Technology
Health and Wellness
Affordable Housing and Community Development
Fair Trade
Education and Charter Schools
Natural Resources and Conservation
Water and Sanitation
Media, Technology and Mobile
Sustainable Agriculture
Small and Medium Business Development
Microfinance/Low-Income Financial Services/Micro-insurance
Global Health

Firm Overview

Capria is a global impact investment firm managing funds that accelerate the flow of capital seeking market-rate returns in emerging markets. We provide: support and financing to impact fund managers; capital for early-stage businesses and impact funds; and a global network of fund leaders to deliver profits and impact at scale. We manage: Capria Accelerator, the first global business accelerator for impact fund managers; Capria Fund, taking anchor investment positions in the best "missing middle" funds in emerging markets; Unitus Seed Fund, India's leading impact seed fund; and Capria Network, amplifying emerging funds' performance while accelerating their impact. We focus on delivering superior profits to investors with scaled impact, unlocking over $500 million in impact capital by 2021 and positively impacting the lives of millions. With offices in Seattle and Bangalore, Capria is backed by Unitus, a pioneer in incubating financial services that address global problems with innovative, market-driven solutions.
Firm Headquarters: US & Canada
Years of Operation: 3 – 5 years
Total Assets Under Management:
$26 – 50MM
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: Less than 25%
Investment Thesis:
J.P. Morgan, Monitor Group, The GIIN and others have identified significant global deficits in the deployment of early stage risk capital, commonly called the "missing middle". We believe that successful early-stage impact investing can best be accomplished at scale with an efficient, systems-driven process led by on-the-ground, empowered, professional investment teams. We validated this hypothesis with Unitus Seed Fund in India and have confirmed that significant demand exists for similar funds in a variety of other high-growth emerging markets. To leverage this global opportunity, we established Capria Accelerator and Capria Network to help drive success for a growing number of impact fund managers worldwide. The Accelerator and Network uniquely fuel the Capria Fund in providing global LPs with an effective way to invest in and profit from the success of the early-stage companies in a wide range of emerging markets, while achieving positive social and environmental impact at scale.

Investment Example

UE LifeSciences (UELS) developed India's first portable easy-to-use, cloud-enabled, radiation-free breast cancer (BC) scanning device that can be operated extremely cost-effectively in rural and other unserved areas. Less than 1% of Indian women undergo BC screening, primarily because of lack of access to timely and affordable services. UELS addresses an unmet $2B opportunity in India ($20B globally), with the potential to become the "standard of care" for BC early detection in many emerging markets. The leadership team has deep expertise in sensor technology and in commercializing medical devices. FDA-approved and clinically validated, UELS is operating multiple pilots at major public and private customer sites across India, with a strong pipeline of public health customers and a target patient base of millions of women in India and beyond.  UELS raised Series A of $3M in 2015 and is planning to raise Series B financing in 2017.

Leadership and Team

Cumulative Leadership Experience in Investing:
20 – 30 years
Cumulative Impact Experience of Top Three Firm Leaders:
20 – 30 years
Dave Richards – Co-Founder & Managing Partner More Info

Dave Richards is an experienced entrepreneur, executive, and global early-stage investor. Co-founded Capria. Co-founded Unitus Seed Fund, the leading venture impact seed fund in India. Previously, Developed and led multiple high-growth technology businesses at RealNetworks, Sybase and Symantec from startup to multiple hundred million dollar global enterprises.

Will Poole – Co-Founder & Managing Partner More Info

Will Poole is a serial entrepreneur and venture investor, focused on improving ecosystems that bring opportunity to low-income populations. In 2012, he co-founded Unitus Seed Fund. Will's career started by founding two startups at the dawn of the PC era, working in the early days at Sun Microsystems, and pioneering e-commerce at eShop which was acquired by Microsoft in 1996. At Microsoft, he ran the $13B global Windows business and started their product focus on emerging markets.

Srikrishna Ramamoorthy – Partner More Info

Srikrishna brings both entrepreneurial and investing perspectives with extensive experience in impact investing, consulting and implementation. Srikrishna joined Unitus Seed Fund as a Partner to setup and lead India operations in 2012. Unitus Seed Fund is now the leading venture seed fund supporting startups innovating for the masses in India.

Radha Kizhanattam – Principal More Info

Radha has deep operational experience in building and commercializing technology products for global markets. As a member of the screening committee at Mumbai Angels, Radha helped evaluate and make early stage technology venture investments. She is also a mentor at NSRCEL @ IIM Bangalore working with very early stage entrepreneurs. Previously, she led marketing at GupShup, a mobile social space startup. Prior to that, at Texas Instruments she built and managed diverse teams to deliver chipsets across multiple industry verticals. An expert in the mobile and telecommunications space, she architected, developed and deployed wireless infrastructure systems and applications for Motorola. Radha has a Masters in Computer Science from NITK and an MBA from IIM Bangalore.

Jack Knellinger – Principal More Info

Jack Knellinger is an entrepreneur with a lifelong commitment to impact. He has over a decade of experience as a social innovator launching and leading new ventures across multiple sectors and geographies. In 2014, Jack was selected to join Social Enterprise Alliance’s inaugural nationwide “50 under 40″ cohort sponsored by American Express supporting emerging leaders.

Percentage of Investment Professionals who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
25% – 50%
Percentage of Board Members who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
Less than 25%

Financial Performance

Target Financial Returns Relative to Benchmark:
Market Rates
Actual Performance Relative to Target Financial Returns in the Past Three Years:
Over-delivered compared to initial target returns
Financial Reporting Frequency to Investors or Donors
Quarterly

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
100%
Target Impact Outcomes:
Addressing climate change and environmental issues
Alleviating poverty
Conserving land, ecosystems and natural resources
Creating jobs
Increasing access to education and improving educational outcomes
Increasing access to financial services
Increasing access to healthcare services and improving health
Increasing access to water and sanitation
Promoting arts and media
Providing housing
Value-added Services Offered:
Access to markets
Business and legal training
Financial literacy training
Technology training
Health services
Education services
Other: Digital Tool Funding

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:
In India, Unitus Seed Fund exclusively invests in companies which are targeting to deliver very scaled essential services and benefits to low-income populations (defined as BoP, or under $2/day per capita income). We are targeting companies which can each serve at least 100,000 families and/or create at least 2,000 new full-time jobs for this population within 5 years. With Capria, we are looking to extend globally by investing in and supporting indigenous fund managers in other emerging markets. Collectively, we expect the Capria network of funds to deliver market-rate returns along with impact that includes improving the lives of at least 5 million low-income people and activating $500M of follow-on investment capital. Commitments with specific metrics are included in all our investment agreements and are monitored at least quarterly, and reported on our website semi-annually.

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes - on regular basis (annual or quarterly)
Third Party Validations:
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing
Industry Impact Metric Tools Used:
Impact Reporting and Investment Standards (IRIS)

Learn More

Key Contact Name: Dave Richards
Phone: (206) 372-4494
Mailing Address:
220 2nd Ave S, Seattle, WA 98104

Ready for the next step?

Impact investments are investments made into organizations and funds that generate measurable social and environmental impact as well as financial returns.