Gray Matters Capital

Gray Matters Capital is an impact investment firm based in Atlanta, Georgia, founded in 2006. The firm specializes in providing seed and early-stage equity investments, primarily focusing on sectors such as education, mobile technology, healthcare, microfinance, and clean energy. It typically invests amounts ranging from $50,000 to $2 million, aiming to hold minority stakes in its portfolio companies. Gray Matters Capital prioritizes investments that align with market demand and deliver significant social impact, particularly in enhancing access to quality education for underserved populations. The firm collaborates closely with its investees and external partners to explore innovative business models and concepts that foster positive social change. Gray Matters Capital seeks to exit its investments within three to five years, emphasizing both collaboration and catalytic approaches within the education sector and beyond.

Supriya Gupta

Investor

Alifya Loharchalwala

Investor

Srinita Mitra

Partner

Robert A. Pattillo

Founder

Raunak Singhvi

CFO

Smita Sircar

President

Jennifer Soltis

Investor

28 past transactions

iDreamCareer

Venture Round in 2022
iDreamCareer is an education company based in New Delhi, India, that specializes in career counseling for students. Since its founding in 2012, the company has developed a comprehensive 3S framework program that assists over 100,000 students annually in India, the Middle East, and East Africa with informed career planning. The program includes a career assessment tool, access to information, and personalized mentoring from a diverse board of professionals and psychologists. iDreamCareer has introduced the iDC Career Planning Kit, a tangible resource designed to enhance its career guidance services. Over the past two years, it has successfully supported more than 150,000 students in making informed career choices. The company has received several accolades, including recognition as one of the fastest-growing companies in India by CNBC TV 18 and as the Best Social Enterprise by IIM Indore.

Shamba Pride

Seed Round in 2021
Operator of an online agro management platform intended to revolutionize the rural agriculture trade ecosystem for African farmers. The company's platform offers a one-stop solution for farmers' needs, connecting them directly to agricultural inputs, services, and information, enabling customers to bypass middlemen and reduce farming costs while improving access to markets and financial services.

Valera Health

Venture Round in 2021
Valera Health, established in 2015, operates a behavioral healthcare platform that focuses on delivering personalized mental health services. By leveraging mobile technology, the platform facilitates seamless connections between patients and care teams, ensuring that care is accessible whenever and wherever it is needed. Valera Health's approach combines therapy and medication management, providing comprehensive behavioral health care tailored for employers. This enables employees to quickly access mental health resources while maintaining consistent communication with their care teams. The platform also offers real-time insights into patient needs, allowing care managers to implement timely and personalized interventions to prevent more serious health issues.

Indian School Finance Company

Venture Round in 2020
Indian School Finance Company Private Limited is a non-banking finance company based in New Delhi, India, that specializes in providing financial solutions to educational institutions and the entrepreneurs managing them. Established in 1994, the company offers a range of loan products, including loans for schools, colleges, vocational institutes, coaching centers, and play schools, as well as loans for teachers, buses, small and medium enterprises, and student education. Indian School Finance Company focuses on enhancing the infrastructure and quality of education in schools through its financial assistance programs, enabling educational institutions to expand and improve their services. The company commenced operations in December 2008 from Hyderabad and has since expanded its reach to various cities across India.

Farmshine

Seed Round in 2019
Farmshine is a global agriculture platform which allows farmers, buyers and service providers to carry out trade on mutually beneficial terms.

iDreamCareer

Seed Round in 2019
iDreamCareer is an education company based in New Delhi, India, that specializes in career counseling for students. Since its founding in 2012, the company has developed a comprehensive 3S framework program that assists over 100,000 students annually in India, the Middle East, and East Africa with informed career planning. The program includes a career assessment tool, access to information, and personalized mentoring from a diverse board of professionals and psychologists. iDreamCareer has introduced the iDC Career Planning Kit, a tangible resource designed to enhance its career guidance services. Over the past two years, it has successfully supported more than 150,000 students in making informed career choices. The company has received several accolades, including recognition as one of the fastest-growing companies in India by CNBC TV 18 and as the Best Social Enterprise by IIM Indore.

Guvi

Seed Round in 2019
GUVI Inc. is an online technical learning platform based in Chennai, India, that was incorporated in 2014. It focuses on enhancing the employability of engineers by transforming the learning experience through technical video courses. These courses cover a range of subjects, including Android, Python, Java, C, C++, Machine Learning, Big Data, and MongoDB. Notably, GUVI offers its content in various vernacular languages, such as Tamil, Telugu, Hindi, Kannada, and Bengali, ensuring accessibility and comprehension for a diverse audience. The courses are developed by industry professionals, making them relevant and practical for learners.

ThinkZone

Venture Round in 2019
ThinkZone is a social impact startup located in Cuttack, India, focused on enhancing educational opportunities for children in low-income communities. The company empowers women entrepreneurs to deliver technology-based learning through its innovative "school-in-a-box" solution, which offers quality early childhood and primary education programs at an affordable rate. By leveraging offline mobile applications, ThinkZone provides free, interactive learning resources via voice, SMS, and WhatsApp, enabling families and youth to support children's educational development effectively. This model aims to improve learning outcomes in low-resource settings while making education accessible for less than a dollar a month per child.

Ignis Careers

Seed Round in 2019
Ignis Careers Pvt. Ltd., founded in 2014 and based in Hyderabad, India, specializes in English language training courses aimed at improving communication skills for professional environments. The company offers a range of programs designed to enhance English proficiency through practical applications in corporate scenarios, including interactions with foreign clients, presentations, and meetings. Additionally, Ignis Careers provides professional communication training and career orientation programs that cover essential skills such as self-awareness, teamwork, and industry insights. Their placement training focuses on vital aspects of job readiness, including CV writing, interview preparation, and aptitude tests. Ignis Careers also emphasizes phonetics and confidence-building in its English language training, with branches in Khammam, Karimnagar, Vijayawada, and Kurnool to reach a broader audience.

Madguy Labs

Venture Round in 2018
MadGuy Labs is a developer of an AI-driven platform focused on government job preparation, providing online coaching tailored to the needs of students and working professionals. The platform features personalized courses, an advanced preparation tracker, and a comprehensive suite of study materials, including theory concepts, videos, and unlimited practice mock tests. It also offers career counseling and enables users to monitor their progress across various online batches. Additionally, MadGuy Labs facilitates access to theory, videos, and quizzes in multiple regional languages, allowing students to study conveniently from home at an affordable price. The company's extensive network fosters a healthy competitive environment for learners.

MPOWER Financing

Series B in 2018
MPOWER Financing is a Public Benefit Corporation based in Washington, D.C., that provides educational loans to international and DACA students studying in the United States and Canada. Founded in 2014, the company offers loans ranging from $2,001 to $50,000, which can be used for various student-related expenses, including tuition, housing, and books. Notably, MPOWER does not require a co-signer, collateral, or a U.S. credit history, utilizing a proprietary credit algorithm that assesses future potential instead. Loans are structured as 10-year fixed-rate agreements, with repayments beginning six months after graduation. The company also offers additional support services, such as interest discounts, personal finance education courses, credit-building resources, and job placement assistance. By partnering with universities, MPOWER identifies potential loan candidates and directly disburses funds to educational institutions for tuition and related expenses.

SonoCare

Pre Seed Round in 2018
SonoCare is a health-tech company established in 2015 and based in Port Harcourt, Nigeria, specializing in on-demand mobile 3D/4D diagnostic imaging services. The company offers a wide range of on-site ultrasound services, including obstetric, gynecological, abdominal, and vascular ultrasounds, among others. In addition to diagnostic imaging, SonoCare provides innovative healthcare solutions such as telemedicine, home testing, drug delivery, and healthcare networking, aimed at enhancing access to affordable healthcare. Through its consumer experience brands, SonoCare and SonoCare Clinics, the company collaborates with healthcare providers, NGOs, and health systems to improve healthcare delivery. By leveraging advanced technology and a patient-centered approach, SonoCare aims to transform how individuals access and experience healthcare, making essential services available at their fingertips, anytime and anywhere.

srJna

Seed Round in 2018
SRJNA is an initiative by IIT & XLRI alumni, helps schools to make science & mathematics easier and more interesting than ever by setting up Innovation Labs and Tinkering Labs. Their technology backbone and strong R&D team help them to keep the content fresh & relevant. Within just 3 years since launch, SRJNA is providing an end to end solution for STEM labs in 100+ schools benefitting 50,000+ students across 25 cities in 15 states. SRJNA is recognized by DIPP, Govt. of India and has won awards at several platforms by Govt. of India, Govt of Rajasthan, Royal Academy of Engineering London, INTEL etc for the innovative work they are doing in the field of STEM education & 21st-century competencies.

Kidovators (by GyanLab)

Seed Round in 2018
Kidovators is India's first 21st Century Competencies platform for school students. Through dedicated programs for 21st century skills such as creativity, innovation and critical thinking including annual courses, spotlight challenges, learning feed and more, Kidovators is working towards empowering over 1,000,000 school students with 21st century skills by 2025. Kidovators also conducts the world’s first Olympiads on creativity and critical thinking as well as works closely with schools to empower educators & parents with the knowledge of 21st century skills. With the world moving towards automation at an accelerated speed aided by advances in artificial intelligence, Kidovators is ensuring that school students are skilled for their future, not our past.

Redbird

Pre Seed Round in 2018
Redbird Health Tech is a Ghana-based company that provides health monitoring services aimed at improving the lives of patients suffering from chronic diseases, including malaria, hepatitis B, blood sugar, cholesterol, and hemoglobin issues. Recognizing the challenges faced by millions of Africans who lack convenient healthcare options, Redbird supplies pharmacies with the necessary tools to offer rapid diagnostic services. This approach allows patients to manage their health more effectively, avoiding the lengthy travel and waiting times associated with traditional healthcare facilities. By enhancing accessibility to health testing, Redbird addresses the urgent need for ongoing health management among chronic disease patients in Africa.

Ared

Seed Round in 2018
ARED Group, founded in 2013 and based in Kigali, Rwanda, operates a multi-service solar kiosk platform designed to enhance access to digital services in Africa, particularly for low-income individuals. The company offers a range of services, including Internet Wi-Fi, intranet solutions for offline users, phone charging, mobile money, prepaid electricity, airtime, and tax payment services. ARED has developed a mini-server platform that stores digital applications closer to users, reducing internet costs and facilitating access. With approximately 142 kiosks across Rwanda and Uganda, ARED serves around 150,000 unique customers annually and processes over 500,000 digital transactions each year. The company has recently expanded its offerings to include smart data and content management systems for businesses, helping clients such as telecom companies and NGOs optimize their networks and enhance user engagement. ARED's operations have also extended to Burkina Faso, Ivory Coast, Senegal, and Nigeria, reflecting its commitment to scaling its impact across the region.

Chrysalis (EZ Vidya)

Seed Round in 2018
EZ Vidya is India's premier education research and innovation organization focused on delivering quality holistic education in Indian schools. Owing to over a decade of sustained research on education and pedagogy by company's internal R&D team and the remarkable transformation witnessed in the schools it has had interventions in, EZ Vidya is acknowledged as a 'Thought Leader' in education by regulatory bodies in the field of education such as CBSE, Ministry of Education in several states and its corporate partners like IBM, AIF, Dell and NOKIA.
Indian School Finance Company Private Limited is a non-banking finance company based in New Delhi, India, that specializes in providing financial solutions to educational institutions and the entrepreneurs managing them. Established in 1994, the company offers a range of loan products, including loans for schools, colleges, vocational institutes, coaching centers, and play schools, as well as loans for teachers, buses, small and medium enterprises, and student education. Indian School Finance Company focuses on enhancing the infrastructure and quality of education in schools through its financial assistance programs, enabling educational institutions to expand and improve their services. The company commenced operations in December 2008 from Hyderabad and has since expanded its reach to various cities across India.

EnglishEdge

Series A in 2016
Launched by LIQVID in 2008, EnglishEdge is a unique English learning programme; a product created with a vision to enhance English Language Learning through innovative use of technology. Foreseeing a shift in learning trends, it follows the unique ‘Blended Learning’ concept which is a judicious mix of instructor-led and computer-based learning. Coupled with cutting-edge technology and rich multimedia. Blended Learning makes EnglishEdge the most comprehensive English Language training programme available in the market for schools, colleges and vocational training.

AddressHealth

Series A in 2016
AddressHealth Solutions India Pvt Ltd operates a network of child health clinics in Bengaluru, focusing on providing comprehensive pediatric healthcare services. Founded in 2010 by doctors Anand Lakshman and Anoop Radhakrishnan, the company aims to ensure that every child achieves positive health outcomes. Its offerings include pediatric consultations, immunization services, well-baby care, and screenings for various childhood diseases. In addition to primary care, AddressHealth provides specialized services such as dental care, vision assessments, psychological counseling, and therapy for various developmental disorders. The company also partners with schools to deliver health education and checkups, particularly reaching low-income children through Telemedia-based health initiatives. With a commitment to accessible healthcare, AddressHealth serves as a one-stop solution for pediatric care in the region.

Under The Mango Tree

Seed Round in 2015
Under The Mango Tree is a hybrid social enterprise dedicated to supporting rural livelihoods through the promotion of community-based beekeeping in India. The company specializes in a range of natural, organic, and sustainable honey products that contribute to enhancing agricultural productivity and improving the lives of marginal farmers. Under The Mango Tree offers gourmet honey sourced directly from local beekeepers, featuring unique variants infused with healthy herbs such as Jamun, turmeric, and tulsi. By focusing on sustainable practices and delivering high-quality, single-origin honey, the enterprise aims to create a positive impact on both the environment and the communities it serves.

Speakwell Enterprises

Venture Round in 2015
Speakwell Enterprises Pvt. Ltd. specializes in providing English speaking and communication training services across India. Founded in 2007 and headquartered in Mumbai, the company offers a variety of programs designed for individual learners and corporate clients. Its training includes courses in spoken English, accent neutralization, customer relationship management, selling skills, and time management, targeting sectors such as retail, ITES, telecom, sales, banking, and digital marketing. Speakwell also provides personalized training options for clients at their homes or offices and encourages entrepreneurship by allowing individuals to establish training centers. With locations in Mumbai, Navi Mumbai, Thane, Pune, Delhi, and Gujarat, Speakwell aims to empower individuals by enhancing their English language skills, thus enabling them to succeed in both professional and personal endeavors.

d.light

Series B in 2010
d.light is a company that designs, manufactures, and distributes solar lighting and power products, primarily aimed at households and small businesses lacking reliable electricity. Founded in 2007 as a for-profit social enterprise, d.light has developed a range of products, including solar lanterns, home systems, and various appliances, to serve over 2 billion people globally. With distribution hubs in East and West Africa, India, Southeast Asia, and the United States, the company has reached over 65 million individuals, providing affordable and accessible solar solutions. d.light is committed to transforming energy usage and payment methods, enhancing the quality of life for users in rural and semi-urban areas through its innovative solar-powered products. The company operates from its headquarters in Palo Alto, California, with additional offices in key locations such as Shenzhen, China; Gurgaon, India; Nairobi, Kenya; Kampala, Uganda; and Lagos, Nigeria.

d.light

Series A in 2008
d.light is a company that designs, manufactures, and distributes solar lighting and power products, primarily aimed at households and small businesses lacking reliable electricity. Founded in 2007 as a for-profit social enterprise, d.light has developed a range of products, including solar lanterns, home systems, and various appliances, to serve over 2 billion people globally. With distribution hubs in East and West Africa, India, Southeast Asia, and the United States, the company has reached over 65 million individuals, providing affordable and accessible solar solutions. d.light is committed to transforming energy usage and payment methods, enhancing the quality of life for users in rural and semi-urban areas through its innovative solar-powered products. The company operates from its headquarters in Palo Alto, California, with additional offices in key locations such as Shenzhen, China; Gurgaon, India; Nairobi, Kenya; Kampala, Uganda; and Lagos, Nigeria.

d.light

Series A in 2008
d.light is a company that designs, manufactures, and distributes solar lighting and power products, primarily aimed at households and small businesses lacking reliable electricity. Founded in 2007 as a for-profit social enterprise, d.light has developed a range of products, including solar lanterns, home systems, and various appliances, to serve over 2 billion people globally. With distribution hubs in East and West Africa, India, Southeast Asia, and the United States, the company has reached over 65 million individuals, providing affordable and accessible solar solutions. d.light is committed to transforming energy usage and payment methods, enhancing the quality of life for users in rural and semi-urban areas through its innovative solar-powered products. The company operates from its headquarters in Palo Alto, California, with additional offices in key locations such as Shenzhen, China; Gurgaon, India; Nairobi, Kenya; Kampala, Uganda; and Lagos, Nigeria.

United Villages

Series A in 2007
United Villages is dedicated to empowering rural communities by delivering essential products, services, and information. Founded by social entrepreneur Amir Alexander Hasson and based in Cambridge, Massachusetts, the organization utilizes existing wireless and transportation infrastructures to effectively reach underserved rural markets. With a subsidiary in India, headquartered in New Delhi, United Villages operates networks in rural Rajasthan. The company’s platform facilitates communication through phone and email while also distributing consumer goods via a representative network, enabling individuals in these areas to access premium services that enhance their quality of life.
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