About Gray Ghost Ventures
Gray Ghost Ventures is a venture capital firm founded in 2003. It is primarily based out of Atlanta, United States. As of Jan 2018, Gray Ghost Ventures has invested in 18 companies. It primarily invests in Series A round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to FinTech and Food and Agriculture Tech. Most recently it participated in the $***** Seed round of LifeCity Overall, Gray Ghost Ventures portfolio has seen 1 unicorn and 4 acquisitions, namely bKash, Indian School Finance Company and United Villages. A lot of funds co-invest with Gray Ghost Ventures, with names like Acumen Capital Partners sharing a substantial percentage of its portfolio. Gray Ghost Ventures has team of 3 people including 1 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Seed & 1 more
Portfolio Acquisitions
Portfolio Unicorns
Portfolio Soonicorns
Gray Ghost Ventures' List of Top Investments
Gray Ghost Ventures has a portfolio of 18 companies, one of which is a Unicorn. Their most notable investments are in Indian School Finance Company and Indian School Finance Company.Their portfolio spans across United States, India, Kenya and 3 more locations. They have invested in Enterprise Applications, FinTech, Food and Agriculture Tech and 9 other sectors, across stages such as Series A, Seed and 1 more. Here is the list of top investments by Gray Ghost Ventures:2. bKash
Mobile financial services and payment systems for consumers. It features a solution for money transfers, mobile recharges, utility bill payments, and others. Users can dial a number to initiate the transaction, fill in the account, and amount, and the money will be sent to the receivers mobile. Application is made available on Android and iOS platforms.
Key facts about bKash
- Founded Year: 2011
- Location: Dhaka (Bangladesh)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $261M
- Employee Count: 5,431 as on May 31, 2026
- Investors: SoftBank Vision Fund, Gates and 3 Others
- Latest Funding Round: Series C, Nov 14, 2021, $*****
- Highlight: Editors' Pick
3. M Kopa
Key facts about M Kopa
- Founded Year: 2011
- Location: Nairobi (Kenya)
- Stage: Series D
- Total Funding till date: $241M
- Employee Count: 3,279 as on May 31, 2026
- Investors: Generation Investment Management, Gates and 36 Others
- Latest Funding Round: Conventional Debt, Jun 06, 2024, $*****
- Highlight: Editors' Pick
4. PharmaSecure
SMS-based medication authenticity verification platform. The company Inc. designs and develops drug authentication platforms for consumers and pharmaceutical manufacturers in the United States and India. It offers an SMS authentication technology for consumers to verify whether medicine is authentic by sending a text message to a phone number using a unique identifier applied to the package. The company reports data to customers in real-time through its customized online dashboard, as well as provides a suite of graphs and visualizations to analyze market and sales trends.
Key facts about PharmaSecure
- Founded Year: 2007
- Location: New York City (United States)
- Stage: Series A
- Total Funding till date: $7.92M
- Employee Count: 73 as on May 31, 2026
- Investors: TSVC, Las Olas and 6 Others
- Latest Funding Round: Series A, Mar 05, 2013, $*****
5. CellBazaar
CellBazaar is an online listing platform for multi-category pre-owned goods. Product catalog includes electronics, vehicles, agricultural products, lifestyle, services, and more. The company offers a platform for sellers to update details on their products & users can browse through them to contact the sellers. Few of the brands available are HP, Sony, Xiaomi, JSAN Group, Hugo Boss, Apple, and more.
Key facts about CellBazaar
- Founded Year: 2006
- Location: Dhaka (Bangladesh)
- Stage: Funding Raised
- Employee Count: 5 as on May 31, 2026
- Investors: Gray Ghost Ventures
Gray Ghost Ventures' Year-on-Year Investment Trends
Gray Ghost Ventures has invested in 18 companies over the last 17 years, with an average of 0 new investment annually in the last 10 years. Its most recent first time investment was in LifeCity and most recent follow-on round was in Indian School Finance Company.Gray Ghost Ventures' Investments by Stage
Gray Ghost Ventures has made 6 investments in Series A stage with an average round size of $4.52M, 2 investments in Seed stage with an average round size of $2.58M and 1 investment in Series C stage with an average round size of $11M.Stage of entry | No. of Investments |
|---|---|
Series A | 6 |
Seed | 2 |
Series C | 1 |
Note: We have considered here, only first round of investments
Gray Ghost Ventures' Investments by Sector
Gray Ghost Ventures has a diverse portfolio, with companies operating in the Energy, Enterprise Applications, Environment, FinTech and Financial Services. Notably, it has invested in 12 Enterprise (B2B) companies, 12 Tech companies, 9 Consumer (B2C) companies and at least 6 companies focusing on Software.Sector | No. of Investments |
|---|---|
Energy | 2 |
Enterprise Applications | 2 |
Environment | 2 |
FinTech | 2 |
Financial Services | 2 |
Others | 5 |
Note: We have considered here, only first round of investments
Gray Ghost Ventures' Investments by Geography
Gray Ghost Ventures has made most investments in United States (4), followed by India where it has made 2 investments.Country | No. of Investments |
|---|---|
United States | 4 |
India | 2 |
Kenya | 2 |
United Kingdom | 1 |
Note: We have considered here, only first round of investments
Gray Ghost Ventures' recent investments
Gray Ghost Ventures has not made any investment in 2026 so far.Here are the most recent investments by Gray Ghost Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jan 14, 2018 | United States | Seed | 4122 | ||
Sep 13, 2016 | India | Series A | 9587 | [+2] | |
2014 | United States | Series A | 7810 | ||
Mar 05, 2014 | Kenya | Series C | 7961 | [+4] | |
Dec 2013 | Kenya | Conventional Debt | 8417 | [+4] |
Unicorns in Gray Ghost Ventures' Portfolio
Gray Ghost Ventures has 1 unicorn in its portfolio - bKash. The most recent unicorn in their portfolio is bKash which became a unicorn in 2021, 4 years before Gray Ghost Ventures first invested in it.Here is a list of unicorns in Gray Ghost Ventures' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
73 | Mobile financial services and payment system for consumers | 2011 | Dhaka | Series C | exrgiam |
Acquired companies in Gray Ghost Ventures' Portfolio
4 companies from Gray Ghost Ventures' portfolio have been acquired. The most recent acquisition was Indian School Finance Company in Mar 2024 by Varthana for $*****.Here are Gray Ghost Ventures' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Mar 22, 2024 | Nov 12, 2009 | Seed | 3608 | |
Jun 21, 2017 | Aug 08, 2012 | Series A | 7191 | |
Sep 11, 2014 | Nov 11, 2010 | Series A | 8426 | |
Aug 13, 2012 | - | - | 1373 |
Team profile of Gray Ghost Ventures
Gray Ghost Ventures has a team of 3 members located in United States. Gray Ghost Ventures' team does not sit on the board of any company as of now.Co-investors of Gray Ghost Ventures
Over the past 17 years, 86 investors have co-invested in Gray Ghost Ventures's portfolio companies. This includes funds and angels.
- Invested before Gray Ghost Ventures: DFJ, Omidyar Network and 12 others have invested in rounds before Gray Ghost Ventures. There is 1 company where DFJ has invested before Gray Ghost Ventures and 1 company where Omidyar Network has invested before Gray Ghost Ventures.
- Top Co-investors of Gray Ghost Ventures: 13 investors entered a company along with Gray Ghost Ventures. These include investors like Acumen Capital Partners (1 company).
- Invested after Gray Ghost Ventures: A total of 59 investors have invested in Gray Ghost Ventures's portfolio after their investments. Top Investors include FMO (2 companies), Norfund (2 companies) and Mirova (2 companies).
Recent News related to Gray Ghost Ventures
•
•
Cleantech firm D.Light raises $10.5 mn from Norfund, othersVCCircle•Jan 18, 2017•d light, Norfund, , Shell Foundation and 6 others
•
M-Kopa Solar raises Sh1.12B in additional funding - Capital BusinessCapital Digital Media•Feb 03, 2015•M Kopa, East Africa Bank, Gates, Shell Foundation and 2 others
•
•
M-KOPA Concludes Series A Investment | M-KOPA SolarM Kopa•M Kopa, Gray Ghost Ventures, DOB Equity, Acumen and 2 others
•
