Venture capital firm Quona Capital on Tuesday announced that its third fund closed at $332 million, exceeding the targeted corpus of $250 million.

According to the company, the fresh funds will be used to make investments in fintech and the adjacencies of the fintech space. It will businesses expanding access to financial services for underserved consumers in Latin America, India, Southeast Asia, Africa and Middle East and North Africa.

The latest fund has a mix of investors including global asset managers, insurance firms, investment and commercial banks, university endowments, foundations, family offices and development finance institutions.

Co-founding managing partners Monica Brand Engel, Jonathan Whittle, and Ganesh Rengaswamy established the fund as an independent venture capital firm in 2015. Moreover, Quona Capital plans to make 20-25 investments in seed to Series A stages from the third fund with average ticket sizes of $5-6 million.

There will be also 6-10 more experimental investments of smaller cheque sizes, he said. Rengaswamy said that over the company’s lifetime, it can invest up to two to three times of that amount. Quona Capital marked the final close of its second fund at $203 million in 2020. This fund made initial investments of $3-$5 million.

The third fund brings Quona Capital’s aggregate of committed capital to over $745 million. Quona Capital was earlier called the Frontier Investment Group, which was a part of Accion International.

It became a separate firm although Accion remained as an anchor investor in its funds. In India, the company’s portfolio includes Bureau, Rupifi Technologies, Onsurity, CreditMantri, NeoGrowth, Fisdom, ZestMoney and SMEcorner.

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