IntelleGrow raises $8 million
Shell Foundation’s partner and venture debt financier IntelleGrow
raised $8 million of debt finance to lend to high-impact social start-ups.
Calvert Foundation, a US-based community development financial institution provided the debt finance, with an investment guarantee from the Overseas Private Investment Corporation (OPIC) – the US government’s development finance institution.
The funding will enable IntelleGrow to provide badly needed early stage debt financing to more high-impact small businesses in India. This in turn will generate a range of positive impacts, such as job creation, economic growth and the provision of basic services to low income populations.
Since 2013, IntelleGrow has financed 93 small and growing companies in sectors such as financial inclusion, healthcare, clean energy, water and sanitation, waste recycling and agri-food processing. As well as this, to-date enterprises in the IntelleGrow portfolio have saved 322,000 tonnes of carbon and impacted more than 3.9 million livelihoods across India