Top 7 Venture Capital Firms for Emerging Markets Startups

For founders building businesses in emerging markets—whether in Africa, Latin America, or Southeast Asia—understanding the venture capital scene is a crucial part of preparing to raise funds. Identifying the right investors who are active in your specific region and industry can significantly shape your fundraising journey.

To help you with this process, our team has curated this guide to some of the top venture capital firms focused on emerging and frontier markets. We've designed it to be a straightforward overview to help you quickly identify investors who could be a great fit for your company.

Actively raising? You can now access non-dilutive funding options like venture debt and credit lines through Rho Capital. Rho also provides business banking, corporate cards, and bill pay—all built for startup teams moving fast.

Key Takeaways

• Securing venture funding provides startups in emerging markets with the capital and strategic support needed to scale their operations.

• Top venture firms focusing on emerging markets include Tribeca Venture Partners, MAGIC Fund, Class 5 Global, and VestedWorld, all notable backers of growing companies.

• Whether you're actively raising or have just closed a round, our platform helps you manage your new capital with integrated business banking, corporate cards, and automated bill pay.

Which VC Firms in Emerging Markets Are Right for Your Stage?

Whether your company is in its early days or preparing for an exit, it helps to know who to talk to. Here is a brief overview of venture capital firms that invest at each stage within emerging markets.

Pre-seed and Seed VC Firms in Emerging Markets

Pre-seed and seed funding is the initial capital you raise to validate your idea and build a minimum viable product. For founders in markets from Latin America to Africa, firms like MAGIC Fund and Class 5 Global specialize in providing this foundational support.

Early Stage VC Firms in Emerging Markets

Early-stage funding, typically Series A and B, is for companies with a proven product and initial traction that need capital to scale their operations and team. Investors such as VestedWorld and Mission Ventures are known for backing early-stage companies across various emerging markets, and our platform can help you manage that new capital with integrated banking and payment tools.

Late Stage VC Firms in Emerging Markets

Late-stage capital is for established businesses preparing for significant expansion, a potential acquisition, or an IPO. While investors like Lumia and Bienville provide equity financing, Rho Capital can also connect you with non-dilutive funding options like venture debt to fuel growth without giving up more ownership.

Keep in mind that some venture capital firms, like Tribeca Venture Partners, invest across all startup funding stages too.

To help you identify the right investors, we've gathered more information on the top VC firms that focus on emerging markets. Below, you'll find details on their preferred investment stages, geographic focus, and what makes each firm a strong potential partner for founders.

1. Tribeca Venture Partners

Tribeca Venture Partners is a New York-based firm that invests across multiple stages. They focus on companies using new technologies and business models to build or change large industries.

The firm invests from seed to late-stage, with a clear interest in financial services, FinTech, and companies in emerging markets. Their portfolio includes successful exits like the AppNexus acquisition and unicorns such as AlphaSense.

This firm is a good match if you are building a FinTech company or a business in an emerging market and want a long-term partner. Once you secure funding, our platform can help you manage it with integrated banking and payment tools.

• Investment stages: Seed, early stage, and late stage
• Industries of focus: Financial services, FinTech, and emerging markets
• Geographical presence: Based in New York City
• Founded: 2011
• Notable portfolio companies: ACV Auctions, AlphaSense, AppNexus, and ShopKeep
• Portfolio size: Over 130 investments and 18 exits

You can refer to their website here.

2. MAGIC Fund

MAGIC Fund is an early-stage venture fund built by a collective of founders from around the world. Their approach is centered on supporting other founders with capital and operational experience from day one.

The firm focuses on pre-seed and seed investments across a wide range of industries, including FinTech, SaaS, and businesses in emerging markets. Their portfolio includes high-growth companies like Retool, Payfazz, and Frubana, reflecting their founder-first model of backing strong teams early.

This firm is a strong fit if you're an early-stage founder looking for investors who have direct experience building companies. Once you secure funding, our platform helps you manage your new capital with integrated business banking, corporate cards, and automated bill pay.

• Investment stages: Seed and early stage
• Industries of focus: FinTech, SaaS, Health Care, E-Commerce, Developer Tools, Cryptocurrency, Real Estate, and Emerging Markets
• Geographical presence: Based in Los Angeles with a global focus
• Founded: 2017
• Notable portfolio companies: Retool, Bank Novo, Payfazz, and Frubana
• Portfolio size: Over 170 investments and 13 exits

You can refer to their website here.

3. Class 5 Global

Class 5 Global is a San Francisco-based venture fund that invests in entrepreneurs building companies in emerging markets. They focus on backing the next generation of founders in these rapidly growing regions.

The firm invests from seed to early stages, with a clear focus on FinTech and software companies. Their portfolio includes unicorns like Carsome, Southeast Asia’s largest used-car platform, and Fresha, a leading beauty-services software company.

This firm is a strong fit if you are an early-stage founder building a tech-driven business for markets in regions like Latin America or Southeast Asia. Once you secure funding, our platform helps you manage your new capital with integrated business banking, corporate cards, and automated bill pay.

• Investment stages: Seed and early stage
• Industries of focus: Businesses in emerging markets, FinTech, and Software
• Geographical presence: Based in San Francisco with a global focus
• Founded: 2019
• Notable portfolio companies: Carsome, Beam, Meliuz, and Fresha
• Portfolio size: 37 investments and 2 exits

You can refer to their website here.

4. VestedWorld

VestedWorld is an early-stage investment firm that supports businesses in emerging markets. Based in Chicago, they provide capital to help companies scale their operations and impact.

The firm invests from seed to late stages, with a clear emphasis on early-stage companies in markets across Africa. Their portfolio includes impactful businesses like Sendy, a logistics startup, and Victory Farms, an aquaculture company.

VestedWorld is a good match if you are an early-stage founder building a business in an emerging market with a focus on tangible impact. Once you secure funding, our platform can help you manage it with integrated banking and payment tools.

• Investment stages: Seed, early stage, and late stage
• Industries of focus: Businesses in emerging markets, Logistics, Food, and Mobility
• Geographical presence: Based in Chicago with a focus on Africa
• Founded: 2014
• Notable portfolio companies: Sendy, Viamo, Victory Farms, and Shuttlers
• Portfolio size: 23 investments and 1 exit

You can refer to their website here.

5. Bienville Capital

Bienville Capital is a New York-based investment firm that manages capital for select institutional and family office clients. They operate across a wide spectrum of investment types, from venture capital to private equity.

The firm invests from seed stage through to post-IPO, with a focus on financial services, FinTech, real estate, and companies in emerging markets. Their portfolio includes high-profile exits like Reddit and Unity, showing their ability to back companies to significant scale.

Bienville is a good fit if you're seeking a long-term financial partner that can support your company through multiple growth stages. While they provide equity financing, Rho Capital can connect you with non-dilutive options like venture debt to complement your funding strategy.

• Investment stages: Seed, early stage, late stage, and private equity
• Industries of focus: Financial services, FinTech, Real Estate, and businesses in emerging markets
• Geographical presence: Based in New York City
• Founded: 2008
• Notable portfolio companies: Reddit, Unity, PathAI, Procore, and Supergoop
• Portfolio size: 84 investments and 13 exits

You can refer to their website here.

6. Lumia Capital

Lumia Capital is an expansion-stage venture firm that backs US and European companies expanding into global markets. They focus on helping innovators achieve significant growth by moving into new international regions.

The firm primarily supports companies at the expansion stage, with a clear focus on enterprise software, FinTech, and retail technology. Their portfolio includes major exits like the Careem acquisition by Uber, the PagerDuty IPO, and Kabbage.

Lumia is a strong partner if you lead a US or European company ready for international expansion and need capital for that next phase. While they provide equity financing, Rho Capital can also connect you with non-dilutive funding options like venture debt to fuel growth without giving up more ownership.

• Investment stages: Early stage, late stage, and expansion stage
• Industries of focus: Enterprise, FinTech, SaaS, and businesses in emerging markets
• Geographical presence: Based in San Francisco with a focus on US and European companies expanding globally
• Founded: 2011
• Notable portfolio companies: Careem, PagerDuty, and Kabbage
• Portfolio size: 52 investments and 16 exits

You can refer to their website here.

7. Mission Ventures

Mission Ventures is a California-based firm that provides both investment and guidance to early-stage companies. They have a long history of supporting businesses in emerging markets, with a focus on software and financial technology.

The firm invests across multiple stages, from seed to late-stage, with a clear interest in software and FinTech. Their portfolio includes companies like Enevate, a developer of fast-charging EV batteries, and Verimatrix, a global leader in digital content security.

This firm is a strong fit if you are an early-stage founder building a software or FinTech company. Once you secure funding, our platform helps you manage your new capital with integrated business banking, corporate cards, and automated bill pay.

• Investment stages: Seed, early stage, and late stage
• Industries of focus: Businesses in emerging markets, Finance, FinTech, and Software
• Geographical presence: Based in San Diego, California
• Founded: 1996
• Notable portfolio companies: Enevate, Alpine Data, and Verimatrix
• Portfolio size: 104 investments and 30 exits

You can refer to their website here.

What This Tells Us About The VC Scene for Emerging Markets Companies

This overview shows that the venture capital support for companies in emerging markets is quite varied. There is a healthy number of funds focused on pre-seed and seed stages, which is great news if you are an early-stage founder. At the same time, many firms on this list invest through later stages, offering a path for long-term growth.

You will also notice that while many of these investors are based in the United States, their mandates are global, signaling a strong interest in opportunities beyond their home market. The recurring focus on sectors like FinTech and software also provides a clear signal about where investors see significant potential for growth.

As you plan your next steps, this information can help you build a targeted list of investors. And as you weigh your options, remember that equity isn't the only path. Our team at Rho Capital can also connect you with non-dilutive funding, like venture debt, to help you grow without giving up more of your company.

Raise Confidently with Rho

Having a focused list of relevant investors saves you valuable time and energy during a fundraise. It allows you to direct your efforts toward the firms most aligned with your company's goals.

If you’re seeking funding, Rho Capital connects you to non-dilutive funding options like venture debt and credit lines through a fast, guided process. We help you access financing tailored to your stage and business model without chasing lenders.

Once your capital is secured, our integrated platform helps you manage it with business banking, corporate cards, and automated bill pay. These tools are designed to help you deploy your funds efficiently as you grow.

FAQs about Venture Capital Firms Focused on Emerging Markets

What are the top VC firms in Latin America?

Firms like Kaszek Ventures and Monashees are key players in Latin America, often leading early-stage rounds. Global funds such as Andreessen Horowitz (a16z) and SoftBank also have a significant presence, backing high-growth companies across the region.

Which VC firms are most active in Africa?

VCs like VestedWorld, TLcom Capital, and Partech Africa are very active across the continent. They provide crucial early-stage capital to startups in key hubs like Nigeria, Kenya, and South Africa, often focusing on FinTech and logistics.

Are there VCs that focus on agtech in emerging markets?

Yes, a growing number of VCs specialize in agriculture technology. Firms like AgFunder and Ankur Capital invest in startups that are improving food production and supply chains, recognizing the sector's potential for significant impact and returns.

What are some leading VC firms in Southeast Asia?

Key investors in Southeast Asia include Monk's Hill Ventures, Golden Gate Ventures, and East Ventures. These firms are known for backing early-stage companies in markets like Singapore, Indonesia, and Vietnam, helping them scale across the region.

Which VC firms invest in the Middle East?

In the Middle East, firms like MEVP and BECO Capital are prominent backers of technology startups. They provide capital and support to founders in hubs like Dubai and Tel Aviv, fueling innovation in FinTech, SaaS, and other sectors.

How can Rho help me manage my venture funding?

Once you secure capital, our integrated platform helps you manage it with business banking, corporate cards, and automated bill pay. Rho also connects you to non-dilutive funding options to extend your runway.