Gray Ghost Ventures

Gray Ghost Ventures (GGV) is an impact investment firm established in 2003 and based in Atlanta, Georgia. The firm is committed to providing market-based capital solutions aimed at improving the lives of underserved populations in emerging markets. GGV primarily focuses on seed-stage and early-stage investments in sectors such as microfinance, social ventures, affordable private education, consumer products, healthcare, information technology, and cleantech. By targeting these areas, GGV seeks to address the needs of low-income communities, particularly in South Asia and Southern Africa, through the application of innovative technologies and sustainable business practices.

Brian Cayce

Vice President, Investments

Frank Zaubi

Managing Director

9 past transactions

PayLatr

Seed Round in 2017
PayLatr is a recurring micro-credit mobile platform offering interest-free monthly credits to low-income households in India to easily pay for retail transactions without cash, credit cards or other pre-paid means. On average, a middle-income household in India spends about 7,000 – 9,000 rupees at any neighborhood store. More than 95 percent of transactions are in cash because most stores do not accept cards and/or users do not have credit cards. Often, households experience cash crunch issues by using up most of their cash for grocery shopping. PayLatr offers monthly credit to improve their household cash flow by providing recurring monthly credit lines at various merchants, via mobile money.

Atikus

Venture Round in 2016
Atikus Investments Incorporated offers credit insurance on loans for micro, small, and medium sized enterprises. Through its product J.E.M. Guard, the company focuses on increasing the proportion of loans granted to women and underserved demographics. Additionally, it provides LoanSkout, which is a mobile loan origination and administration application and FINCH, which is its SMS-enabled outreach tool. The company was incorporated in 2013 and is based in New York, New York with a location in Kigali, Rwanda.

d.light

Series C in 2014
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.

Babajob

Series A in 2012
Babajob.com is job website and mobile portal dedicated to connecting informal sector workers - cooks, maids, drivers, guards, etc.- and employers to India. Babajob's vision is to make the informal labor market efficient by aggregating 100,000s of jobs and millions of job seekers, appropriately matching job posts and job seekers based on proximity, price and social connections and then pushing these matched connections to both parties via the web and mobiles (voice, SMS, UssD, etc).

PharmaSecure

Series A in 2011
PharmaSecure Inc. is a technology-driven company that specializes in anti-counterfeiting and brand protection solutions for pharmaceutical companies globally, including the United States. Established in 2007 and headquartered in New York, the company has developed a robust portfolio that includes patient engagement platforms and regulatory serialization services. PharmaSecure has successfully provided unique identifiers for 2.5 billion drug packages across 300 packaging lines, catering to major pharmaceutical firms in India and prominent anti-malarial drug manufacturers in Nigeria. With a focus on compliance, its serialization capabilities help exporters meet regulatory standards in various countries. The company is also recognized for its Mobile Authentication Service, which has significantly reduced counterfeiting rates for specific drugs in Nigeria since 2013. Beyond pharmaceutical applications, PharmaSecure's solutions extend to diverse sectors such as consumer goods and agriculture. Currently, it is involved in initiatives to enhance treatment adherence for tuberculosis patients in India, supported by prominent organizations like USAID and the Gates Foundation.

LifeCity

Grant in 2011
LifeCity is a membership-based organization that supports the development of green businesses, while educating consumers about green products and services.

Kadmus Pharmaceuticals

Series A in 2004
Kadmus Pharmaceuticals, Inc., a biopharmaceutical company, commercially exploits endocannabinoid pathways to develop therapeutics. Endocannabinoids are naturally occurring signaling molecules, whose functions include regulating mood, pain, and metabolism. It offers a portfolio of compounds with activity against a range of disorders targeting CNS conditions, metabolic disorders, neuropathic pain, and obesity. The company develops products for various conditions through the inhibition of endocannabinoid degradation and activation of endocannabinoid related pathways and peripheral cannabinoid receptors. It operates in the United States, Canada, and Europe. Kadmus Pharmaceuticals, Inc. was founded in 1998 and is based in Irvine, California.

Oxxon Therapeutics

Venture Round in 2003
Oxxon Therapeutics™ (Oxxon) is a company developing the next generation of innovative antigen-specific immunotherapies to treat patients with chronic infectious diseases and cancer. To date, the company has built an initial pipeline through its patented Hi-8™ PrimeBoost immunotherapy platform, an approach that allows the rapid development of products to selectively stimulate and enhance potent immune responses against disease. The company has successfully completed phase II clinical programmes in melanoma and hepatitis B and has a third development programme underway in HIV. In addition, the company intends to leverage its enabling platform through partnerships with companies developing therapeutic and preventative vaccine products.

Scion Pharmaceuticals

Series B in 2002
Scion Pharmaceuticals is a biotechnology company that specializes in the research and development of small-molecule drugs aimed at treating central nervous system disorders and cardiovascular diseases. The company focuses on identifying and optimizing these drugs, with a particular emphasis on ion channel modulators, which play a critical role in cellular signaling and function. Through its innovative approach, Scion Pharmaceuticals seeks to address unmet medical needs in these therapeutic areas.
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