Gray Matters Capital

Gray Matters Capital is an impact investment firm based in Atlanta, Georgia, founded in 2006. The firm focuses on improving access to quality education, particularly for underserved populations, and prioritizes investments that align with market demand and social impact. Gray Matters Capital aims to be both collaborative and catalytic in the education sector, actively seeking social enterprise opportunities for research and development. By leveraging its understanding of emerging market dynamics, the firm co-creates programs and makes early-stage equity investments to foster positive social change. It works closely with investees and external partners to explore and support innovative concepts and business models that can enhance the lives of target communities, with a particular emphasis on the ed-tech and clean-tech sectors.

Ragini Chaudhary

CEO

Srinita Mitra

Venture Manager

Robert Pattillo

Founder

Raunak Singhvi

CFO

33 past transactions

Kreedo Early Childhood Solutions

Series A in 2024
Kreedo is an Edtech company that offers customers an end-to-end solution, from naming their preschool, marketing support, layout, admissions process, and so on, to running a premium preschool, which includes curriculum, educational materials, teacher and owner training, and assessment solutions.

PickMyWork

Seed Round in 2024
PickMyWork is a gig platform that helps Fintech / Digital Companies acquire SMBs for their Products through a Pay-per-task Model using upskilled unemployed youth.

Finagg

Debt Financing in 2024
FinAGG is a fintech company that specializes in providing flexible financing solutions, such as stock now pay later and invoice financing. By leveraging AI-enabled analytics, the company offers insights into sales and operations, which helps determine funding eligibility and amounts. FinAGG's platform allows suppliers, distributors, and retailers to apply for loans without the need for collateral by submitting essential business information and documents. This innovative approach facilitates easier access to financing, enabling businesses to manage their cash flow effectively.

Convegenius

Series A in 2024
ConveGenius is a social enterprise focused on enhancing educational outcomes in emerging markets through innovative technology solutions. The company has developed a mobile-based platform that utilizes conversational AI and big data analytics to create personalized and adaptive learning experiences for students. This platform, known as PAL, tailors educational content to meet individual student needs and incorporates gamification elements to engage learners effectively. Additionally, ConveGenius provides real-time impact dashboards that offer valuable insights and data to stakeholders, facilitating informed decision-making and ongoing improvements in educational implementation. Through its commitment to affordable and accessible education, ConveGenius aims to foster sustainable educational impact for diverse learning communities.

uFaber

Series A in 2023
uFaber is an educational platform focused on enhancing student success through innovative online learning solutions. Catering primarily to the Indian market, the platform offers a variety of courses designed to break geographical barriers and provide access to quality education and training. By leveraging the growth of smart devices and affordable internet, uFaber aims to create opportunities for a diverse range of learners. The courses are developed in-house by qualified trainers and industry experts, ensuring that students receive relevant and practical knowledge tailored to their needs. Through its commitment to education, uFaber strives to make a significant impact on the lives of millions by democratizing access to learning resources.

Kreedo Early Childhood Solutions

Seed Round in 2022
Kreedo is an Edtech company that offers customers an end-to-end solution, from naming their preschool, marketing support, layout, admissions process, and so on, to running a premium preschool, which includes curriculum, educational materials, teacher and owner training, and assessment solutions.

OYE

Pre Seed Round in 2022
OYE is a wellness app focused on enhancing emotional well-being through mind-body practices and community engagement. The platform offers daily emotional check-ins, personalized goal setting, and mindful notifications to help users transform their emotions into creative actions. Available in both Spanish and English, OYE provides guided reflections and expressive movement practices aimed at shifting moods and improving interpersonal relationships. By fostering a supportive environment, OYE enables members of the Latino community to enhance their mental health, experience personal growth, and build connections regardless of their location.

iDream Career

Venture Round in 2022
iDream Career is an education company that has developed a 3S framework program to help students plan their career. It is currently being used by over 100,000 students every year in India, Middle East, and East Africa. It has launched a tangible physical career planning product, iDC Career Planning Kit, through its platform. iDream Career’s Career Guidance Program empower students to take informed career decisions via iDC Career Assessment tool, access to information, and one-on-one career mentoring. It has a board of quality mentors from various professions, colleges, and psychologists who have helped over 150,000 students in the last 2 years. iDream Career got selected as the top 14 fastest growing companies in India by CNBC TV 18 in its reality show “Masterpreneurs Award 2014”. It was selected as the Best Social Enterprise by IIM, Indore in 2012 and selected as one of the 6 enterprise in SEED Program at Villgro. It was founded in 2012 and is based in New Delhi, India.

Shamba Pride

Seed Round in 2021
Shamba Pride is a technology-driven company focused on transforming the agricultural landscape for smallholder farmers in Africa. By providing an online platform that connects farmers with essential services, Shamba Pride enables them to access agricultural inputs, information, and financial services directly, eliminating intermediaries and reducing costs. The company's offerings include agro dealer upscaling, financial management, soil testing, and logistics management, all aimed at enhancing the efficiency and productivity of rural agriculture. Through its innovative approach, Shamba Pride empowers farmers with the tools and resources needed to improve their farming practices and market access.

Valera Health

Venture Round in 2021
Valera Health, established in 2015, operates a behavioral healthcare platform focused on delivering personalized mental health services to individuals with a range of conditions from mild to severe, including depression and schizophrenia. The company integrates digital technology and data science with traditional clinical services to enhance patient outcomes and address the needs of hard-to-reach populations. By providing a comprehensive approach that combines therapy, medication, and continuous connectivity with care teams, Valera Health aims to offer efficient mental healthcare solutions, particularly for employers seeking to improve access to mental health support for their employees.

Applied Cognition

Venture Round in 2021
Applied Cognition is a clinical-stage therapeutic company focused on advancing the biology of brain glymphatic function for medical applications. It has developed a healthcare innovation platform aimed at preventing and treating age-related cognitive decline. The company creates unobtrusive, wearable sensors that monitor disease progression and has designed a medical device for measuring critical brain biology linked to neurodegeneration. This technology assists healthcare professionals in diagnosing, monitoring, and delivering treatments for Alzheimer's disease.

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 an agricultural platform based in Nairobi, Kenya, designed to connect farmers, buyers, and service providers. The platform facilitates trade on mutually beneficial terms, offering valuable advice and support information. By providing transparent management of the agriculture value chain, Farmshine enables smallholder farmers to enhance their income by aggregating and selling their harvests directly to larger commodity companies. This approach not only streamlines the trading process but also fosters greater collaboration among participants in the agricultural sector.

iDream Career

Seed Round in 2019
iDream Career is an education company that has developed a 3S framework program to help students plan their career. It is currently being used by over 100,000 students every year in India, Middle East, and East Africa. It has launched a tangible physical career planning product, iDC Career Planning Kit, through its platform. iDream Career’s Career Guidance Program empower students to take informed career decisions via iDC Career Assessment tool, access to information, and one-on-one career mentoring. It has a board of quality mentors from various professions, colleges, and psychologists who have helped over 150,000 students in the last 2 years. iDream Career got selected as the top 14 fastest growing companies in India by CNBC TV 18 in its reality show “Masterpreneurs Award 2014”. It was selected as the Best Social Enterprise by IIM, Indore in 2012 and selected as one of the 6 enterprise in SEED Program at Villgro. It was founded in 2012 and is based in New Delhi, India.

Guvi

Seed Round in 2019
Guvi Inc. is an online technical learning platform based in Chennai, India, that was incorporated in 2014. The company focuses on making engineers employable by transforming the learning experience through its technical video courses. These courses cover a wide range of subjects, including programming languages like Android, Python, Java, C, and C++, as well as advanced topics such as Machine Learning and Big Data. What sets Guvi apart is its commitment to delivering these courses in vernacular languages, including Tamil, Telugu, Hindi, Kannada, and Bengali, which allows learners to engage with the material in their native tongues. Additionally, Guvi provides personalized mentorship to enhance the learning experience and facilitate connections between learners and information technology companies.

ThinkZone (Odisha)

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. is an educational institution based in Hyderabad, India, founded in 2014, with additional branches in Khammam, Karimnagar, Vijayawada, and Kurnool. The company specializes in English language training, offering courses designed to improve business communication skills and enhance inter-cultural interactions. Its curriculum includes practical training through real corporate scenarios, focusing on essential skills such as client management, presentations, meetings, and negotiations. Additionally, Ignis Careers provides a professional communication program and a career orientation program that emphasizes study skills, self-awareness, teamwork, and life skills. The placement training program further assists individuals in preparing for job applications and interviews, covering aspects such as CV writing and aptitude tests. By addressing the challenges faced by learners, Ignis Careers aims to unlock the potential of individuals, guiding them toward fulfilling career paths aligned with their abilities.

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 based in Port Harcourt, Nigeria, founded in 2015, that specializes in on-demand mobile 3D/4D diagnostic imaging services. It provides a variety of on-site ultrasound services, including obstetrics and gynecology, abdominal, arterial, breast, carotid, echocardiogram, pelvic, renal, scrotal, and thyroid ultrasounds. In addition to diagnostic imaging, SonoCare offers comprehensive healthcare solutions, such as telemedicine, home testing, drug delivery, and healthcare networking. The company aims to improve access to affordable healthcare by leveraging innovative technology and artificial intelligence, connecting medical service providers with patients to ensure vital care is accessible. Through its consumer experience brands, SonoCare and SonoCare Clinics, the company partners with healthcare providers, NGOs, and health systems to transform healthcare delivery, enabling patients to monitor their health and access essential services conveniently.

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 is a provider of health monitoring services aimed at improving the lives of patients with chronic diseases in Africa. Recognizing that millions of individuals suffer from chronic conditions without adequate means to manage their health, Redbird supplies pharmacies with the necessary tools to offer rapid diagnostic services. This approach transforms pharmacies into accessible centers for health management, allowing patients to monitor their conditions conveniently. By facilitating health testing options, Redbird helps patients avoid the lengthy travel and waiting times typically associated with overburdened hospitals, ultimately promoting better health outcomes and enhancing the quality of life for those living with chronic diseases.

Ared

Seed Round in 2018
ARED Group is a company focused on bridging the digital divide, particularly in developing countries. Founded in 2013 and headquartered in Kigali, Rwanda, ARED has developed a business-in-a-box solar kiosk platform that provides various services, including Internet access, intranet solutions for offline users, phone charging, airtime, mobile money, prepaid electricity, and tax payment services. The company aims to support underserved communities, including women and individuals with disabilities. ARED's innovative approach utilizes renewable energy through solar kiosks and mini-server platforms, which store digital applications closer to users, thereby reducing internet costs and enabling access to digital services. After several years of development, ARED began piloting its technology in six African countries in 2020, with a mission to eliminate the digital divide by creating a distributed infrastructure that enhances connectivity and accessibility for users.

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

Series A in 2016
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, founded by doctors Anand Lakshman and Anoop Radhakrishnan, aims to ensure that every child achieves positive health. The company operates three clinics in Bangalore, offering comprehensive pediatric primary healthcare services. AddressHealth focuses on making pediatric care accessible, particularly for children from low-income backgrounds, by partnering with schools, pre-schools, and residential groups. Their approach includes providing health education, conducting health checkups, and organizing awareness campaigns, along with Telemedia-based school health centers to facilitate clinically recommended care. This initiative reflects their commitment to improving child health outcomes in the community.

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 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.

d.light

Series A in 2008
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.

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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