Gray Ghost Ventures

Gray Ghost Ventures, established in 2003 and headquartered in Atlanta, Georgia, is an impact investment firm that provides early-stage venture capital to entrepreneurs in emerging markets. The company focuses on sectors such as microfinance, social venture investment, affordable private schools, information and communications technologies, clean tech, and other proven technologies that aim to improve the lives of under-served communities.

Arun Gore

President and CEO

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 focuses on enhancing financial inclusion for micro, small, and medium enterprises (MSMEs) by offering technology-driven solutions, including credit insurance and loans. The company aims to address the capital needs of underserved demographics, particularly women, while improving the operational capabilities of lenders. By aligning financial inclusion efforts within a market, Atikus seeks to expand the availability and quality of financial products and services, thereby supporting the growth and development of MSMEs. Their approach emphasizes data utilization and risk management to create a more accessible financial landscape for small businesses.

d.light

Series C in 2014
D.light is a developer of solar home lighting and power products aimed at making clean energy accessible and affordable for rural and semi-urban populations. The company's offerings include a range of solar-powered devices such as lights, radios, televisions, fans, and other home appliances, all of which are part of rechargeable solar kits. These products are designed to improve health, increase productivity, and enhance the overall quality of life for users by providing reliable and sustainable energy solutions.

Babajob Services

Series A in 2012
Babajob is an online job search platform focused on connecting informal sector workers, such as cooks, maids, drivers, and guards, with employers in India. The platform aims to enhance the efficiency of the informal labor market by aggregating a vast number of job listings and millions of job seekers. It utilizes various methods, including web, voice, SMS, and USSD, to match job seekers and employers based on factors like proximity, price, and social connections. By facilitating these connections, Babajob strives to provide better employment opportunities for workers while simplifying the hiring process for employers.

PharmaSecure

Series A in 2011
PharmaSecure Inc. is a company specializing in anti-counterfeiting and brand protection solutions for pharmaceutical firms globally. Founded in 2007 and headquartered in New York, the company provides a range of services including regulatory serialization, market intelligence, and patient engagement through its psConnect platform. PharmaSecure has implemented serialization for over 2.5 billion drug packages across 300 packaging lines, serving major pharmaceutical companies in India and leading anti-malarial drug providers in Nigeria. Its technology enables compliance with regulatory requirements in various countries, including the United States and China, and is recognized for significantly reducing counterfeiting rates in Nigeria through its Mobile Authentication Service. The company also engages patients through text and voice programs, demonstrating notable improvements in medication adherence. With operations extending internationally, PharmaSecure is committed to enhancing product security and consumer trust in the pharmaceutical supply chain.

Life City

Grant in 2011
LifeCity is a membership-based organization dedicated to fostering the growth of green businesses and promoting sustainable practices. It offers consulting services that focus on the development of eco-friendly enterprises, providing analysis and monitoring of various industries. LifeCity educates consumers about green products and services while training employees and communities on the benefits of sustainable business models. By encouraging the adoption of eco-friendly techniques, LifeCity aims to support both environmental and corporate development, enabling businesses to implement strategies that align with sustainability goals.

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 (CNS) disorders and cardiovascular diseases. The company focuses on identifying and optimizing these therapeutic agents, particularly ion channel modulators, to address unmet medical needs in these critical areas. Through its innovative research services, Scion Pharmaceuticals aims to advance drug discovery and contribute to the development of effective treatments for patients suffering from complex health conditions.
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