Ground Squirrel Ventures

Untapped Global is a company focused on transforming investment in emerging markets by providing a data-driven platform that connects global investors with high-growth businesses. The platform utilizes an innovative Smart Asset Financing model that tracks the usage and revenue of productive assets in real-time, allowing investors access to transparent and secure investment opportunities. With a presence in San Francisco, Brussels, and across Africa, Untapped aims to foster shared prosperity by unlocking economic opportunities in regions where they are most needed. By facilitating connections between small businesses and international investors, the platform enhances transparency and reduces risk, ultimately enabling higher returns on investment in these markets.

Necessary Ventures, LLC is a venture capital firm based in San Francisco, California, founded in 2020. The firm specializes in providing growth capital to early-stage companies across various sectors, including healthcare, climate, education, fintech, food, and agriculture. Necessary Ventures aims to invest in businesses that address critical global needs, partnering closely with founders to develop scalable solutions. The firm predominantly focuses on pre-seed investments but also participates as a non-lead investor across seed to pre-IPO stages.

MindMics is an innovative wearable technology company focused on health monitoring through sound-based platforms integrated into earbuds and hearing aids. By capturing clinically meaningful biometrics in real-time, such as circadian rhythms, breathing rates, body temperature, and heartbeats, MindMics aims to enhance mental performance and overall well-being. The technology allows users to gain insights into their health, facilitating improved focus, satisfaction, and mindfulness. Through this approach, MindMics seeks to provide users with tailored products and experiences that promote mental peace and enhance daily living.

Africa Eats is a pan-African holding company founded in 2020 and based in Bainbridge Island, Washington. The company focuses on investing in high-growth food and agriculture enterprises across Africa. By supporting native businesses in these sectors, Africa Eats aims to foster sustainable development and innovation within the continent's food systems.

Appload is an online logistics platform that connects logistics companies with customers seeking cargo transport services. The platform aims to create a structured, efficient, and transparent supply chain system, allowing clients to easily plan, book, and track shipments through a user-friendly application. It features secure scheduling and an electronic payment system, ensuring the safety of transactions and shipments. Additionally, Appload provides customer services to enhance user experience, positioning itself as a key player in the B2B transportation and logistics technology sector.

Wunder is a Modern Energy Company. We help businesses, municipalities, and schools save money by delivering clean on-site power. We convert simple warehouses into electrified industrial platforms built for the future. We enable the nation’s leading commercial and industrial real estate firms to capture the benefits of solar across their properties. We align ESG goals with revenue targets. We deploy renewable energy assets today that will power America’s tomorrow. We open new markets, we launch new partnerships, and we build new solar and energy storage projects every day. Join us at www.wundercapital.com/careers

Fortis Green Renewables Investment Management provides flexible capital to renewable energy assets in Sub-Saharan Africa. The management team has extensive African investment experience: $14 billion across 20 African countries. The company was founded in 2020 and is based in Kigali, Africa.

Desert Bloom is a venture capital firm founded in 2019 and based in New York, New York. The firm specializes in providing support and consultation services to innovative businesses within the food and beverage industry. With a focus on fostering growth and development in this sector, Desert Bloom aims to invest in and collaborate with companies that are redefining the food landscape. Its expertise and strategic approach position it as a key player in promoting advancements in the food industry.

Rally Cap is a global community of tech folks investing in an exclusive portfolio of top-tier early stage venture funds in Latin America and sub-Saharan Africa.

Sherpa Africa Partners focuses on early stage tech and tech-enabled startups in Africa providing funding and expertise to scale up business.

Atmos Financial is a banking startup focused on facilitating the transition to a clean economy. The company provides banking services that promote environmental sustainability by accepting deposits and lending to sectors that contribute to a fair and transformed economy. Atmos aims to empower depositors to make a positive impact by redirecting their funds away from harmful activities and towards initiatives that support clean energy and environmental preservation. Through its operations, Atmos Financial seeks to foster a more sustainable future while enabling individuals and organizations to align their financial practices with their values.

Farmstead is an artificial intelligence-powered farm to doorstep grocery delivery startup. Farmstead's personalized Smart Shopping List helps the user discover new dishes to cook and buy what they love in minutes. The user saves time, waste less food, and eat healthier with their fresher-than-theirr-supermarket supply chain.

Farmland LP is a real estate fund that acquires conventional farmland and converts it into Organic, sustainably managed farmland. We specialize in enhancing soil fertility and productivity through science-based livestock and crop rotations. Through their expertise in agriculture, soil biology, real estate, and farm management, they have forged a new model for how farmland is owned and managed. Our investors benefit from the security of owning farmland while participating in the growth and profitability of local, organic food markets. They are demonstrating that sustainable agriculture at scale is more profitable today than chemical-dependent commodity agriculture.

Sunwealth is a clean energy investment firm focused on advancing commercial solar projects. By utilizing a proprietary methodology, the company identifies high-performing projects that deliver both financial returns and social impact. Sunwealth offers a Solar Impact Fund, which enables the rapid scaling of investments in a diversified portfolio of solar assets. This approach allows investors to directly engage in meaningful projects while benefiting from the efficiency and reliability of solar energy. The firm leverages its extensive expertise in solar technology and investment to support businesses, municipalities, and non-profit organizations in achieving significant financial returns alongside their clean energy goals.

Money254 operates a loan comparison platform designed to simplify financial decision-making for users in Kenya. By aggregating and reviewing financial and insurance products from established institutions, it provides a centralized marketplace where customers can easily search and compare various offerings. The platform aims to create transparency and equal access to financial information, helping users make informed choices in a fast and efficient manner.

Twende is a technology company that specializes in carpooling solutions, connecting drivers with empty seats to travelers heading in the same direction. Its software enables users to search for available rides, offer trips, accept booking requests, and process payments, thereby streamlining the travel experience. By providing mobility services that are transparent and cost-effective, Twende aims to meet the diverse travel needs of its customers while promoting shared transportation.

Terraformation wants to solve climate change.

MCJ is a company that emphasizes the transition to cleaner energy and industry by investing in startups that address climate change challenges. It supports exceptional founders who are innovating to create industries that are more sustainable and resilient. In addition to its investment activities, MCJ fosters a collaborative environment through the MCJ Collective, a network that connects skilled leaders from technology and industrial sectors with its portfolio companies. The company also operates a media platform, which includes the Inevitable podcast, that shares vital insights relevant to its investments and broader industry trends, reaching a wide audience of professionals on a regular basis.

Catalyst Opportunity Funds, established in 2019 and headquartered in Cottonwood Heights, Utah, is an investment firm dedicated to fostering economic growth in underserved U.S. markets designated as opportunity zones. The firm focuses on smaller and mid-sized markets where there is significant potential for transformation yet a history of underinvestment. By targeting these areas, Catalyst aims to create a dual impact: generating financial returns while also driving social change. Their strategy emphasizes place-based investments that redevelop infrastructure, create job opportunities for local residents, and attract additional resources through collaboration with public, philanthropic, and non-profit partners. Through these efforts, Catalyst seeks to help communities overcome barriers to sustainable prosperity.

Oze is a digital platform designed to support small and medium-sized enterprises (SMEs) in Africa by providing tools for managing sales, expenses, and customer data. The app enables entrepreneurs to track their financial activities efficiently and offers tailored recommendations, reports, and business education to enhance their operations. Oze also provides access to coaching for users seeking additional guidance. By leveraging data and machine learning, Oze can assess credit risk and facilitate affordable financing options through banking partners. With a user base exceeding 150,000, Oze has established itself as the largest online community of SMEs in West Africa, demonstrating significant impact as 97% of businesses using Oze for over nine months have reported growth or profitability.

4G Capital, founded in 2013 and based in Nairobi, Kenya, specializes in providing instant access credit to small business owners in Africa, particularly targeting self-employed informal market traders. The company offers unsecured loans and financial literacy training tailored to micro-entrepreneurs operating in low-income sectors, including agriculture and trade. Utilizing proprietary machine learning technology, 4G Capital delivers insights from data-scarce environments to create scalable credit products that align with clients' business risks and affordability. Clients can access loans quickly through mobile money, and the company achieves high collection rates without requiring collateral or refinancing. With operations in Kenya and Uganda, 4G Capital has positively impacted over one million individuals and demonstrates a strong commitment to improving financial literacy and sustainable growth for small businesses. The company reports significant increases in client revenues and boasts a high percentage of repeat customers, particularly among women and rural traders.

Dr CADx is an AI-based healthcare company founded in 2016 and based in Bulawayo, Zimbabwe. The company specializes in developing a computer-aided diagnostic system that leverages deep learning algorithms to assist healthcare professionals in interpreting medical images. By recognizing disease patterns within these images, Dr CADx aims to enhance diagnostic accuracy and reduce costs for medical practitioners. The platform ultimately seeks to improve patient outcomes by supporting doctors in making informed decisions based on advanced image analysis.

Carry1st is a mobile games publisher focused on social games and interactive content, primarily in frontier markets like Africa. Founded in 2018 by Cordel Robbin-Coker, Lucy Hoffman, and Tino Mundangepfupfu, the company has assembled a diverse team of 29 professionals from 14 countries, drawing talent from notable organizations such as Carlyle, King, and Jumia. Carry1st offers a comprehensive platform for game developers that includes publishing, distribution, localization, user acquisition, marketing, customer experience, and monetization services. This approach enables developers to collaborate with global content owners and tap into previously underserved markets. The company has successfully raised over $10 million in funding, including a recent $7 million Series A led by prominent investors such as Riot Games and Konvoy Ventures. The funds will be utilized to enhance its existing game portfolio, foster new partnerships with international gaming studios, and expand its workforce.

GET IT is providing produce and dry goods delivery services, including cold storage, beginning with hotels and restaurants. Through its focus on systems, training and superior execution, GET IT seeks to solve the deficiency of cold storage and logistics services in Rwanda and beyond. The company sources produce directly from farmers, cutting out several middlemen who add little value, providing higher quality products at lower cost. GET IT is also introducing new, high demand products to the East African market.

Brio is a digital transformation and software development company that focuses on improving individual health through innovative diagnostic testing solutions. The company offers a secure platform designed for employers, utilizing SMS authentication to protect sensitive health data. Brio provides a comprehensive COVID-19 testing system, which includes laboratory testing, fulfillment of collection kits, medical supervision, and digital reporting, to help businesses maintain safety and continuity during the pandemic. This turnkey solution is supported by a network of FDA-certified laboratories capable of processing up to 50,000 tests daily. Established in 2017 in Boston, Massachusetts, Brio aims to empower organizations across various industries by enabling them to make informed, data-driven decisions regarding workforce health and safety. Additionally, Brio offers personalized blood-testing services on a subscription basis, allowing consumers to monitor key health metrics and trends effectively.

4G Capital, founded in 2013 and based in Nairobi, Kenya, specializes in providing instant access credit to small business owners in Africa, particularly targeting self-employed informal market traders. The company offers unsecured loans and financial literacy training tailored to micro-entrepreneurs operating in low-income sectors, including agriculture and trade. Utilizing proprietary machine learning technology, 4G Capital delivers insights from data-scarce environments to create scalable credit products that align with clients' business risks and affordability. Clients can access loans quickly through mobile money, and the company achieves high collection rates without requiring collateral or refinancing. With operations in Kenya and Uganda, 4G Capital has positively impacted over one million individuals and demonstrates a strong commitment to improving financial literacy and sustainable growth for small businesses. The company reports significant increases in client revenues and boasts a high percentage of repeat customers, particularly among women and rural traders.

SFR3 Fund is a real estate agency focused on acquiring, renovating, and providing affordable rental homes. The company specializes in identifying single-family houses in need of renovation, enhancing their value through improvements, and subsequently offering them as affordable rental options. By streamlining the process of finding and renting homes, SFR3 Fund aims to connect individuals with suitable properties while addressing the demand for affordable housing in the market.

Sigora Solar offers solar installation, roof replacement, energy storage, ev charging, home energy automation, electrical services, and energy efficiency.

Linger provides home textiles directly to the consumer. They partner with factories around the world to craft inspirational designs through a transparent and sustainable supply chain.

MyPerfectStitch manufactures an array of stylish and desirable boutique items that embraces Zambian fashion and modern needs.

Kakbima Ltd. is an insurtech company based in Nairobi, Kenya, founded in 2017. It offers a software-as-a-service platform designed to streamline the management and distribution of insurance and micro-insurance products. The platform connects insurers, distribution partners, and customers, facilitating the buying, managing, and selling of insurance. By removing barriers to product development and distribution, Kakbima aims to support new businesses and accelerate growth for existing ones while enhancing global consumer coverage. Its services include policy management, claims automation, quote generation, and real-time risk analytics, enabling users—such as individuals, agents, brokers, micro-insurers, and insurers—to easily track their policies, claims, and premiums. The company focuses on making insurance accessible to anyone with internet access, thereby transforming the insurance landscape.

GladeFinance is focused on accelerating the growth of merchants and small to medium-sized enterprises (SMEs) by providing digital financial solutions that promote financial inclusion. The company has developed a payment platform that facilitates seamless and secure transactions between customers and businesses. By offering a robust financial technology infrastructure, GladeFinance enhances secure transaction processing, allowing businesses across Africa to access hassle-free digital payment solutions.

Akido Labs, Inc. is a technology company based in Los Angeles, California, that specializes in developing a data management and care delivery platform tailored for healthcare organizations. Founded in 2014, the company integrates its solutions with hospital health record systems, facilitating HL7 integration, ETL processes, and connections to lab systems and other health data sources. Akido's platform utilizes advanced security measures to safeguard sensitive information while enabling health institutions to harness their data effectively. The company focuses on addressing the complex needs of vulnerable populations, leveraging modern technology and proprietary datasets to enhance the quality of life and affordability of care for underserved individuals. Akido's solutions are employed nationwide, helping health systems and government service providers to implement technology-driven public health initiatives aimed at improving community health outcomes, especially during crises such as the COVID-19 pandemic.

Copia PBC operates an online platform that connects businesses with excess food to individuals and organizations in need, such as shelters and food banks. By facilitating real-time matches between surplus food providers, including restaurants, markets, and caterers, and those requiring assistance, Copia addresses the logistical challenges of food distribution. Founded in 2011 and headquartered in Berkeley, California, the company aims to reduce food waste while simultaneously feeding low-income communities. Its technology allows food donors to easily request pickups for their surplus, ensuring that perishable items are donated efficiently. In addition to supporting community needs, partnering businesses benefit from potential tax savings and improved sustainability metrics, contributing to a reduction in overall food waste and carbon emissions. Copia serves clients across several cities in California, including San Francisco, San Jose, and Oakland.

An Investment app which aims to make the process of finding and selecting investments — specifically stocks & Bonds— easy and approachable for beginners. With Trove You’ll find stock from public companies from the Nigeria and the U.S (In View) , as well as various bonds, 10 cryptocurrency assets and mutual funds. From the kyc & sign up process to the range of financial assets offered by the Trove platform , down to payment and buying and selling & a display of a personalized news feed of finance headlines about the stocks & assets you trade. Trove makes the whole process around micro investing seamless from start to finish

Bluefield Technologies Inc. specializes in the development of microsatellite sensors aimed at monitoring methane emissions. The company employs advanced artificial intelligence for imaging and analysis, allowing for precise and continuous detection of methane leaks, particularly in the oil and gas sector. Its technology not only aids in identifying emissions but also provides insights into environmental monitoring and livestock management. By offering a subscription-based platform, Bluefield enables its clients, including oil and gas companies, government agencies, and environmental organizations, to access real-time alerts and analytics, thereby supporting efforts to track climate change and reduce greenhouse gas emissions. Founded in 2017, Bluefield is headquartered in Palo Alto, California.

Community Investment Management provides responsible and transparent financing to small businesses in the United States in partnership with a select group of technology-driven lenders. CIM combines experience, innovation, and values to align the interests of small business borrowers and investors. It was founded in 2012 and headquartered in San Francisco, California.

10Power is a social enterprise focused on developing and financing commercial-scale solar projects. By providing renewable energy solutions, the company aims to address critical issues such as access to clean water, gender empowerment, livelihood improvement, education, and technology. Through its financial platform, 10Power enables communities lacking electricity to benefit from sustainable energy innovations, fostering regenerative international development. By reinvesting its revenue, the company seeks to amplify its impact and promote a more sustainable future.

Kwara GmbH is a Berlin-based company that specializes in providing a digital banking platform specifically designed for savings and credit co-operative societies (SACCOs). Founded in 2018, Kwara's cloud-based platform facilitates loan application servicing and approval for members, along with offering integration services, customer support, real-time financial tracking, and compliance services. The company also features Kwara Pronto, a tool for loans management. With a presence in Nairobi, Kenya, Kwara has successfully transformed over 200 SACCOs into modern digital financial institutions across Kenya, South Africa, and the Philippines, enhancing their operational efficiency and financial inclusion through its advanced core banking system and mobile banking experience.

Virunga Power is an electric utility company that develops, invests, and operates of renewable power projects and rural distribution grids. Their focus is on megawatt-scale rural utility projects across several countries in East Africa and beyond with a goal of bringing high-quality, low-cost power to rural communities that currently lack reliable access to modern energy. They engage local and regional stakeholders to tailor renewable power solutions to match local needs and resources. The company's mission is to build the leading rural utility company in sub-Saharan Africa and to continuously strive to bring the full benefits of electrification to new rural communities and consumers in a sustainable manner. It provides clean electricity to communities living in and around Virunga National Park in North Kivu, Eastern Congo.

Majika offers solutions to enable rural communities to access to electricity.

In 2014, Etho Capital’s co-founders, Conor Platt and Ian Monroe, were introduced by a mutual stakeholder in both of their respective companies. Conor was managing his own absolute return fund, Confluence Capital, LP. Ian had started Oroeco, a web application where users calculate their individual carbon footprints and compare them. Believing the two entrepreneurs might learn from each other, and that a meeting to share ideas would be valuable, their mutual stakeholder made the introduction.

Goat 'n Chips offers a wide variety of freshly prepared and delicious food

Democracy Brewing is a worker-owned cooperative that operates a brewery and pub dedicated to crafting quality beers while fostering a sense of community. The establishment combines the inviting atmosphere of a neighborhood pub with the charm of an old-world beer hall. It provides patrons with a diverse selection of beers, accompanied by food, live music, and movie screenings, all at affordable prices. Through its commitment to community support and engagement, Democracy Brewing aims to create a welcoming space for social interaction and enjoyment.

Global Student Embassy (GSE) develops community leaders through action oriented environmental education.

Betaksys is a traveler information system with free services for Antananarivo.

Versara is a provider of small loans and advances to individuals and small businesses. Using mobile technology and a wide distribution network, Versara promises a fast and convenient process for accessing loans and cash advances. Versara gives you a peace of mind, knowing that you can get cash anytime you need it for Emergencies, Unplanned and Unexpected events, or for taking advantage of an opportunity that comes your way.

CleanCapital is a financial technology company focused on facilitating investments in clean energy. It provides a platform for accredited investors, including institutional investors, family offices, and investment funds, to invest in secure and diversified clean energy projects. The company specializes in identifying, performing diligence on, and managing these projects, ensuring that investors can monitor their investments in real time through a user-friendly online interface. CleanCapital is committed to contributing to climate crisis mitigation by enabling more accessible investment opportunities in the clean energy sector.

Outsource Now helps businesses and NGOs manage their technology needs by providing business management software and IT support.

ZPOS is a technology company that specializes in developing business management systems, particularly point-of-sale software. Its offerings include inventory management solutions that allow businesses to track stock levels, manage credit customers, and apply discounts. The software also facilitates the addition of new stock and the ability to save transactions for later processing. In addition to its software products, ZPOS provides IT consulting services aimed at enhancing operational efficiency for small and medium-sized enterprises (SMEs) and non-governmental organizations (NGOs). Through these services, ZPOS aims to support clients in achieving profitable and streamlined operations.

SunFunder Inc. is a solar energy finance company based in San Francisco, California, that specializes in providing various forms of financing to solar energy enterprises, particularly in emerging markets. Founded in 2012, the company offers short-term working capital, inventory, construction, and structured finance loans to solar product distributors, manufacturers, and project developers primarily in East and West Africa, as well as Asia. SunFunder's mission is to catalyze the development of solar energy infrastructure by leveraging its expertise in the solar market and facilitating efficient due diligence processes. By acting as a financial intermediary, SunFunder enables investors to engage in high-impact, fixed-income debt offerings that support the growth of solar assets in regions with inadequate energy access.

Musanga, a logistics company, is solving Africas $140b transport problem by connecting shippers to loaders in real time. Whether its the delivery of FMCG products or the delivery of vital medicines, Musanga is leading in the delivery of efficiency across industries.

ConnectDER LLC is a solar technology company based in Philadelphia, Pennsylvania, specializing in solutions that facilitate the connection of distributed energy resources, particularly solar photovoltaic systems, to residential homes and the grid. The company designs and manufactures innovative meter collars that serve as a connection point between residential electric meters and meter sockets, effectively transforming these sockets into a grid-friendly platform for solar energy, battery storage, and electric vehicle charging. Additionally, ConnectDER offers ConnectDER Cloud, a system that allows fleet operators to access metering and operational data, manage firmware, and oversee the commissioning and decommissioning of ConnectDER units. Founded in 2011 and rebranded in 2015, ConnectDER aims to simplify the integration of renewable energy technologies, benefiting both users and the broader energy grid.

Quona Capital Management Ltd. is a venture capital firm established in 2014, headquartered in Washington, D.C., with additional offices in Bengaluru, Lima, Cape Town, and Mexico City. The firm specializes in early to growth stage investments in the fintech sector, focusing on disruptive innovations that enhance financial inclusion in emerging markets, particularly in Africa, Latin America, and Asia. Quona Capital targets companies that provide a range of financial products and services, including alternative lending, remittances, insurance, and payment solutions. The firm emphasizes investments that improve access to financial services for underserved consumers and small to medium enterprises (SMEs). Its investment strategy also encompasses adjacent sectors such as agriculture, health, education, and mobility. Quona Capital typically invests between $1 million and $10 million, supporting entrepreneurs dedicated to creating innovative financial solutions.

Digital Financial Services Innovation Lab (DFS Lab) is an early-stage incubator that supports high potential entrepreneurs refine, grow and launch fintech businesses in developing countries. Focused on empowering communities in sub-Saharan Africa and South East Asia, DFS Lab delivers mentorship and strategic counsel to early-stage start-ups pioneering transformative business models that empower the poorest, profitably, and at scale. We give the highest quality entrepreneurs access to extensive networks and relevant, world-class advice on how to build successful ventures that change the way low-income consumers interact with digital financial services.

The Baobab Network is a prominent start-up accelerator based in Africa, with offices in Nairobi, South Africa, Nigeria, and London. It focuses on supporting early-stage technology ventures across the continent by connecting them with talent and global investors. The organization provides a range of services, including leadership development, entrepreneurship training, strategy design, and resource planning, all aimed at fostering growth and enhancing revenue for participating businesses. In exchange for equity, The Baobab Network offers financial support and a platform for companies to expand their operations and access vital resources, ensuring they receive real-time guidance to navigate the challenges of the entrepreneurial landscape.

Clip Health is a health-tech company that specializes in developing smartphone-based rapid test technology for decentralized health testing. The firm has created products that enable smartphones to function as medical devices, allowing users to detect and quantify biological targets such as bacteria, viruses, hormones, and protein biomarkers from small samples. This innovative approach provides consumers with immediate access to critical health information at a molecular level, facilitating on-demand health assessments. By integrating advanced testing capabilities into everyday devices, Clip Health aims to enhance individual health management and improve accessibility to essential health data.

Sigora specializes in utility-management systems designed for emerging markets, focusing on both established urban grid utilities and rural micro-grid developers. The company offers a platform that enhances energy access by transforming it into a viable business model. This platform integrates specialized hardware and web-managed software with straightforward payment solutions, effectively streamlining bill collection, minimizing revenue losses, preventing energy theft, and improving operational efficiency for energy providers. Sigora’s innovative approach positions its technology as a crucial operating system for financeable micro-utility business models, catering to the specific needs of energy industry players in frontier markets. Founded in 2016, Sigora is headquartered in Chicago, Illinois.

OffGridBox is a modular and compact unit that provides renewable energy and clean water in remote areas and developing countries. Their OffGridBox™, an all-in-one system, fits entirely inside a 6x6x6 feet shipping container and is equipped with all the hardware needed to produce electricity and clean water. This innovative technology is a solution for more than 2 billion people worldwide that need energy and clean water on a daily basis. One unit potentially managed by a local women co-op in a Rwandese village can impact up to 300 families (circa 1500 people) providing Tier 1 electricity and sterilized water. They deployed 38 units in 9 Countries (Italy, South Africa, Rwanda, Nigeria, Philippines, Madagascar, US and Colombia) for different segments: humanitarian, household retail, service to industry. These units have operated more than 400,000 working hours.