iDristhi is an example of a woman-founded and -led eye care company in India which has been able to treat over 209,453 patients since IIAF investment from Insitor.
Insitor Partner today announced that it has completed a US$42 million first close of its Insitor Impact Asia Fund II (IIAF II), with a target to reach US$70 million by the end of 2022.
This funding round includes the Dutch Good Growth Fund (DGGF) as well as two core investors from the firm’s previous fund: the UK government’s British International Investment (formally CDC Group) and Insitor’s founding family offices.
With the closing of this fund, Insitor also announced that they have signed a Memorandum of Understanding (MoU) with CDC Capital Group recognising their IIAF II fund as the first 2X Pioneer Flagship Fund in Asia.
2X Flagship Funds are an initiative under the 2X Collaborative, the global industry body for gender lens investing that was created after the launch of the 2X Challenge at the G7 in 2021. Its objective is to mobilise US$15 billion to support projects that aim to empower women.
Insitor plans to make 12 to 15 investments in high growth and scalable ventures across its core investment themes: Better Health, Sustainable Living, and Economic Growth.
It plans to invest at the Pre-Series A to Series A stage, and provide follow-on funding as portfolio companies scale. The new fund is also expected to collaborate with Limited Partners to co-invest in larger deals.
“With the 2X Flagship Fund status, Insitor is committed to investing with an explicit gender lens to ensure at least 30 per cent of its portfolio meets the 2X criteria. Insitor further commits to promoting and maintaining gender balance as a fund manager. Insitor is female-founded and led, with 50 per cent female employees in both senior management roles and across the overall employee base,” the firm stated.
Since the first closing, Insitor has made three investments in the following companies:
Trellis (Pakistan)
A housing finance provider that uses a fully-digital origination platform to accelerate deployment of housing finance;
MedKart (India)
A low-cost, high-high quality generic drug B2C distributor in India, which allows patients with chronic illness to save an average of 85 per cent on their drug treatments.
Taleem (Pakistan)
The first financial institution that serves the education system in Pakistan, providing affordable funding options to schools, teachers and households. The company aims to grow its active customer base by 25x using Insitor’s funding.
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Launched in 2009, Insitor described itself as the first impact fund manager with a local presence in Cambodia and Myanmar, and an early player in India and Pakistan.
The company said it has so far made 27 investments across the region, creating 14,000 jobs, and transforming the lives of more than 40 million low-income consumers served by its portfolio companies.
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Image Credit: Insitor
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