Top 7 Venture Capital Firms for Emerging Markets Startups

For founders in emerging and frontier markets, preparing to raise capital means more than just perfecting your pitch. It’s about finding the right investors who understand your region and share your vision. Knowing which venture capital firms are actively investing in your space is a critical first step to building a strong partnership.

To help with your research, our team has curated this guide to some of the top VC firms focused on emerging markets. We've gathered key information to give you a quick overview of potential investors, whether you're actively fundraising or planning your next round.

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

From your first round to a future exit, it helps to know which investors to approach. Here’s a quick look at some of the top VC firms and the stages they focus on within emerging markets.

Pre-seed and Seed VC Firms in Emerging Markets

This initial funding stage is for getting your idea off the ground, often before you have significant revenue. For founders in this phase, firms like MAGIC Fund and Class 5 Global specialize in backing entrepreneurs from the very beginning.

Early Stage VC Firms in Emerging Markets

Early-stage funding, such as a Series A or B, is designed to help you scale operations once you've established product-market fit. For founders in markets from Latin America to Africa, investors like VestedWorld—which supports agtech and logistics startups—and Lumia Capital partner with innovators to fuel international growth.

Late Stage VC Firms in Emerging Markets

Late-stage capital supports mature companies as they prepare for major milestones like an acquisition or an initial public offering (IPO). Some of the venture capital firms that participate in these later rounds are Bienville and Tribeca Venture Partners, both with experience guiding companies toward successful exits.

It's also worth noting that many venture capital firms invest across multiple stages, from seed to exit.

To help you find the right partner, here is a closer look at some of the top VC firms focused on emerging markets, including their investment stages, geographic focus, and what makes each one’s approach distinct.

1. Tribeca Venture Partners

Based in New York City, Tribeca Venture Partners is a multistage firm that backs companies from seed to late-stage rounds. They look for businesses that use new technologies and models to create or transform significant markets.

The firm has a history of supporting companies toward major outcomes, such as the AppNexus acquisition by AT&T and ACV Auctions' successful IPO. Their portfolio also includes market intelligence platform AlphaSense, which reached a $4 billion valuation in 2024.

Tribeca may be a good match if you're a founder in FinTech or financial services with a business that can scale in a large industry. Their multistage strategy means they can be a long-term partner as your company grows.

• Investment stages: Seed, early, and late-stage venture
• Industries of focus: Financial Services, FinTech, and startups in emerging markets
• Geographical presence: Based in New York City
• Founded: 2011
• Notable portfolio companies: AlphaSense, ACV Auctions, AppNexus, 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 capital firm built by founders, for founders. Their model is centered on a collective of founders who pool capital, share insights, and support the next generation of entrepreneurs across industries like FinTech, SaaS, and e-commerce.

Their portfolio includes high-growth companies like internal-tools builder Retool and the Indonesian fintech Payfazz, which secured a Singapore digital-bank license. This fund could be a great fit if you're an early-stage founder looking for a community-driven partner with a global network and a founder-first approach.

• Investment stages: Seed and early-stage venture
• Industries of focus: FinTech, SaaS, E-Commerce, Health Care, Developer Tools, and startups in emerging markets
• Geographical presence: Based in Los Angeles with a global investment focus
• Founded: 2017
• Notable portfolio companies: Retool, Bank Novo, Payfazz, Frubana, KiwiBot
• 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 for emerging markets. They primarily back founders at the seed and early stages, providing capital to help new businesses scale.

The firm shows a strong focus on software and fintech, with a portfolio that includes major regional players. Notable investments include Carsome, which became Malaysia’s first tech unicorn, and the Brazilian fintech platform Meliuz, which successfully went public.

Class 5 Global may be a good partner if you are a founder in an emerging market with a fintech or software company. Their track record suggests they are well-equipped to support startups aiming for significant regional growth and market leadership.

• Investment stages: Seed, early-stage venture, and secondary market
• Industries of focus: FinTech, Software, and startups in emerging markets
• Geographical presence: Based in San Francisco
• Founded: 2019
• Notable portfolio companies: Carsome, Beam, Meliuz, 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 companies from seed through later venture rounds.

The firm has a clear focus on companies building foundational solutions in Africa, with portfolio companies in logistics, agtech, and mobile engagement. Notable investments include Sendy, a Kenya-based logistics platform, and Viamo, a mobile engagement service active across dozens of markets.

VestedWorld could be a strong partner if you are a founder addressing critical infrastructure or access challenges in an emerging market. Their portfolio shows a commitment to businesses with the potential for significant regional impact.

• Investment stages: Seed, early, and late-stage venture
• Industries of focus: Startups in emerging markets, particularly in agtech, logistics, and mobile technology
• Geographical presence: Based in Chicago, with a focus on Africa
• Founded: 2014
• Notable portfolio companies: Sendy, Viamo, Victory Farms, 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 clients and family offices. Their investment strategy is notably broad, supporting companies from their initial seed round all the way to post-IPO stages.

The firm invests across financial services, real estate, and technology, with a history of backing companies through to major outcomes. Their portfolio includes several notable exits, such as Reddit and the game engine developer Unity.

Bienville could be a strong partner if you're seeking a long-term investor that can provide capital across multiple growth phases. Their experience with late-stage financing and public markets is particularly relevant for founders with ambitious exit goals.

• Investment stages: Seed, early, late-stage, private equity, and post-IPO
• Industries of focus: Financial Services, FinTech, Real Estate, and startups in emerging markets
• Geographical presence: Based in New York City
• Founded: 2008
• Notable portfolio companies: Reddit, Unity, PathAI, Procore, 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 partners with US and European companies to fuel their international growth. They provide capital and support for businesses ready to scale beyond their home markets.

The firm has a track record of backing companies to successful outcomes, including Careem's $3.1 billion acquisition by Uber and PagerDuty's IPO. This highlights their focus on enterprise SaaS and fintech companies with breakout potential in new regions.

Lumia Capital could be a great partner if you're a founder of an established company looking to expand globally. Their expertise is particularly suited for businesses in SaaS or fintech aiming for significant international market share.

• Investment stages: Early to late-stage venture, convertible note, debt, and secondary market
• Industries of focus: SaaS, FinTech, Enterprise, and Retail Technology, with a focus on international expansion
• Geographical presence: Based in San Francisco
• Founded: 2011
• Notable portfolio companies: Careem, PagerDuty, Kabbage
• Portfolio size: 52 investments and 16 exits

You can refer to their website here.

7. Mission Ventures

Mission Ventures is a California-based venture capital firm that provides investment and guidance to companies in emerging markets. With a history dating back to 1996, they support businesses from their earliest stages through to later rounds of funding.

The firm invests across software, finance, and fintech, with a portfolio that includes deep-tech companies like Enevate, which develops fast-charging batteries for electric vehicles. Their multi-stage approach shows a focus on backing founders for the long haul, from seed funding through to significant growth.

Mission Ventures may be a good match if you are an early-stage founder in a technology-focused industry. Their experience and ability to invest across multiple rounds make them a potential long-term partner for businesses aiming to scale.

• Investment stages: Seed, early, and late-stage venture
• Industries of focus: Software, FinTech, Finance, and startups in emerging markets
• Geographical presence: Based in San Diego, California
• Founded: 1996
• Notable portfolio companies: Enevate, Alpine Data, 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 review of venture capital firms shows a healthy and varied funding environment for companies in emerging markets. While many of the investors are based in major US financial centers, their mandates are clearly global. For you as a founder, this indicates that a strong business model with regional potential can attract significant capital, regardless of where the fund is headquartered.

The investment stages are also quite balanced. You have access to firms that specialize in pre-seed and seed rounds, as well as multi-stage partners that can provide capital from your first check through to a potential IPO. This diversity offers you flexibility as you plan your fundraising strategy, whether you need an initial boost or a long-term financial partner for growth.

Raise Confidently with Rho

Fundraising requires significant focus. This list is designed to help you concentrate your efforts on the investors who are most aligned with your company's vision and stage.

Once your round is closed, the work of managing that capital begins. Rho can help you set up your financial stack in minutes.

Our platform gives you the tools to manage your new funding with confidence. We offer integrated business banking, corporate cards, and automated bill pay designed for growing startups.

FAQs about Venture Capital Firms Focused on Emerging Markets

Which VC firms focus on African tech startups?

Many global and regional firms invest in Africa's growing tech scene, with hubs in Nigeria, Kenya, and South Africa. Funds like VestedWorld focus specifically on the continent, backing companies in sectors from logistics to financial technology.

Are there specific VCs for Latin American startups?

Yes, numerous venture firms specialize in Latin America, particularly in markets like Brazil and Mexico. These investors offer deep local networks and an understanding of regional business dynamics, which is a major asset for founders there.

What should I know about venture capital in Asia?

Venture activity in Asia is concentrated in hubs like Singapore, Bangalore, and Hong Kong. Firms based here often invest across Southeast Asia and India, supporting a wide range of software, e-commerce, and fintech companies.

How can I find VCs with founder-friendly term sheets?

Research a firm’s reputation and speak with founders in their portfolio. The best insights come from entrepreneurs who have direct experience with an investor’s partnership style, negotiation process, and overall transparency on deal terms.

How can Rho help after I close my funding round?

Once your round is closed, our platform helps you manage your new capital. We provide integrated business banking, corporate cards, and automated payments, giving you clear financial control so you can focus on growth. Get started with Rho.