What is Progcap?
Founded in 2017, Progcap operates as a fintech company and business management platform. Its core mission is to expand financial access for micro and small businesses, a critical segment of the economy. The company's innovative approach aims to bridge the gap in financial services for underserved entrepreneurs, providing them with the tools and capital necessary for growth and stability.
How much funding has Progcap raised?
Progcap has raised a total of $152.4M across 5 funding rounds:
Angel/Seed
$1M
Series A
$5M
Debt
$1.4M
Series B
$25M
Series C
$120M
Angel/Seed (2019): $1M with participation from growX Ventures
Series A (2019): $5M led by Sandeep Tandon, GrowX Ventures Fund, Somak Ghosh, Sequoia India, and MV Nair
Debt (2021): $1.4M supported by Stride Ventures
Series B (2021): $25M featuring Sequoia Capital India and Tiger Global Management
Series C (2022): $120M backed by Tiger Global Management, Beams Fintech Fund, Google, and Creation Investments
Key Investors in Progcap
Tiger Global Management
Tiger Global Management is an investment firm deploying capital in both public and private markets. The company was founded in 2001 and is headquartered in New York City, New York.
Google's mission is to organise the world's information and make it universally accessible and useful. Through products and platforms like Search, Maps, Gmail, Android, Google Play, Chrome and YouTube, Google plays a meaningful role in the daily lives of billions of people and has become one of the most widely-known companies in the world. Google is a subsidiary of Alphabet Inc.
Creation Investments
Creation Investments Capital Management, LLC specializes in impact-driven private equity and credit portfolios aimed at enhancing financial inclusion in emerging markets. The firm focuses on investing in financial services firms that cater to the unbanked and underbanked populations, with a commitment to improving social and financial growth.
What's next for Progcap?
The recent major strategic investment, alongside its substantial total funding of $152.4M, positions Progcap for accelerated expansion and product development. This capital infusion is expected to fuel the company's efforts to reach a wider base of micro and small businesses, enhance its platform capabilities, and potentially explore new markets. The backing from prominent investors suggests strong confidence in Progcap's business model and its potential to drive financial inclusion.
See full Progcap company page
