(Ecofin Agency) - The U.S. investor, which marked the first close of its Global South Fund II, is focusing on two new priority areas, namely AI and climate technology. 

Capria Ventures, a U.S. venture capital firm that invests in startups in Africa, Asia, and Latin America, announced the first closing of its Global South Fund II on Tuesday, April 25. The vehicle will fund 20 to 25 technology companies that harness generative AI and climate solutions to fuel economic growth and solve the world's most pressing issues.

The fund will target startups based in India, Southeast Asia, Latin America, the Middle East, and Africa. 

"Capria’s Fund II, with its added focus on Generative AI and Climate technologies, looks to invest in startups at the forefront of innovation, primed to disrupt traditional sectors, forge new industries and propel economic growth in the Global South," says Larry Cohen, whose firm Gates Ventures provided a portion of the funds raised by Global South Fund II.

Capria estimates that Southern economies will outgrow their advanced counterparts by about $100 billion in 2023. This will provide opportunities for entrepreneurs who build start-ups to serve those markets. In that context, with Global South Fund II, Capria will strengthen its commitments in these economies, supporting promising early-growth start-ups.

Let’s note that Capria's catalytic investors and backers include the International Finance Corporation (IFC), U.S. billionaire Bill Gates, and several family offices and business angels. Capria has already closed investment deals to be funded by Global South Fund II with startups in Mexico, Brazil, Nigeria, and Egypt.

Chamberline Moko