About Gray Matters Capital
Gray Matters Capital is a venture capital firm founded in 2006. It is primarily based out of Atlanta, United States. As of Aug 2024, Gray Matters Capital has invested in 70 companies. It primarily invests in Seed round in India based startups. Its investments are spread across a wide range of sectors from EdTech to Food and Agriculture Tech and Enterprise Applications. Most recently it participated in the $***** Series A round of Kreedo Overall, Gray Matters Capital portfolio has seen 8 acquisitions including key companies like GUVI, Kopo Kopo and Kickboard. A lot of funds co-invest with Gray Matters Capital, with names like Nexus Venture Partners sharing a substantial percentage of its portfolio. Gray Matters Capital has team of 10 people including 2 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 3 more
Portfolio Acquisitions
Portfolio Soonicorns
Gray Matters Capital's List of Top Investments
Gray Matters Capital has a portfolio of 70 companies. Their most notable investments are in iDreamCareer and UFaber.Their portfolio spans across India, United States, Kenya and 9 more locations. They have invested in EdTech, Food and Agriculture Tech, Enterprise Applications and 19 other sectors, across stages such as Seed, Series A and 3 more. Here is the list of top investments by Gray Matters Capital:
2. ConveGenius
ConveGenius is an AI-first infrastructure company that provides technology solutions to governments and institutional players. Its products—SwiftChat (conversational-AI platform), Swift Academy (adaptive learning), and Swift Insights (assessment and analytics) are deployed through partnerships with state governments and central bodies across 20+ Indian states, reaching 180M+ users.
Key facts about ConveGenius
- Founded Year: 2013
- Location: Noida (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $16.4M
- Employee Count: 444 as on Aug 31, 2025
- Investors: Michael & Susan Dell Foundation, BAce Capital and 23 Others
- Latest Funding Round: Series A, Feb 09, 2024, $*****
- Highlight: Editors' Pick
3. Kreedo
Provider of non-franchise preschool and school solutions. It offers an academic partnership, assisting schools in setup and operation. This includes a play-based learning framework, comprehensive support such as branding, marketing, training, assessments, and technology solutions. The curriculum aligns with national education policies, focusing on literacy, numeracy, and socio-emotional development. Support extends to teacher training and mentoring. The company also provides educational materials and learning resources.
Key facts about Kreedo
- Founded Year: 2013
- Location: India
- Annual Revenue: ₹50 - ₹100 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $6.3M
- Employee Count: 434 as on Aug 31, 2025
- Investors: UBS, OCTAVE Capital and 10 Others
- Latest Funding Round: Conventional Debt, Dec 10, 2024, $*****
- Highlight: Editors' Pick
Provider of international student loans. It provides bridge loans to financially underserved students enrolled full time at accredited institutions. It disburses payments directly to the universities on behalf of students to pay for tuition or university sponsored services like housing,meal plans and health insurance. It also allows institutional and accredited retail investors to invest on the platform.
Key facts about MPOWER Financing
- Founded Year: 2014
- Location: Washington, DC (United States)
- Stage: Series C
- Total Funding till date: $156M
- Employee Count: 316 as on May 31, 2026
- Investors: Deutsche Bank, Varde Partners and 31 Others
- Latest Funding Round: Conventional Debt, Nov 07, 2023, $*****
- Highlight: Editors' Pick
5. GUVI
Developer of vernacular-based hyperlocal mentoring platform for providing online programming. Some of the courses offered by the platform include data structures, C, C++, Java, Python, ROR, machine learning, R programming, IOS, and Android, among others. The courses are in the form of video lectures focusing on context-based learning, short notes, coding playground, assignment, and assessments. These video lectures are in vernacular languages, while the text contents are in English and the platform provides users with the option to choose the language of their choice as well.
Key facts about GUVI
- Founded Year: 2014
- Location: Chennai (India)
- Annual Revenue: ₹50 - ₹100 Cr as on Mar 31, 2025
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $3.79M
- Employee Count: 718 as on Mar 31, 2026
- Investors: Bharat Inclusion Initiative, Corporate Business Advisors and 11 Others
- Latest Funding Round: Seed, Sep 19, 2022, $*****
- Highlight: Acquired
Gray Matters Capital's Year-on-Year Investment Trends
Gray Matters Capital has invested in 70 companies over the last 18 years, with an average of 3 new investments annually in the last 10 years. Its most recent first time investment was in PickMyWork and most recent follow-on round was in Kreedo.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 3 | 2 | 5 |
2023 | 2 | 0 | 2 |
2022 | 2 | 1 | 3 |
2021 | 2 | 1 | 3 |
2020 | 3 | 5 | 8 |
2019 | 5 | 1 | 6 |
2018 | 10 | 1 | 11 |
2017 | 4 | 0 | 4 |
Gray Matters Capital's Investments by Stage
Gray Matters Capital has made 29 investments in Seed stage with an average round size of $518K, 9 investments in Series A stage with an average round size of $6.47M, 2 investments in Series B stage with an average round size of $12.5M, 1 investment in Conventional Debt stage and 1 investment in Unattributed stage with an average round size of $86.8K.Stage of entry | No. of Investments |
|---|---|
Seed | 29 |
Series A | 9 |
Series B | 2 |
Conventional Debt | 1 |
Unattributed | 1 |
Note: We have considered here, only first round of investments
Gray Matters Capital's Investments by Sector
Gray Matters Capital has a diverse portfolio, with companies operating in the EdTech, Enterprise Applications, Consumer, FinTech and Education. Notably, it has invested in 44 Tech companies, 38 Enterprise (B2B) companies, 36 Consumer (B2C) companies and at least 20 companies focusing on Software.Sector | No. of Investments |
|---|---|
EdTech | 19 |
Enterprise Applications | 10 |
Consumer | 9 |
FinTech | 6 |
Education | 5 |
Others | 33 |
Note: We have considered here, only first round of investments
Gray Matters Capital's Investments by Geography
Gray Matters Capital has made most investments in India (26), followed by Kenya where it has made 4 investments.Country | No. of Investments |
|---|---|
India | 26 |
Kenya | 4 |
United States | 4 |
Colombia | 2 |
Ghana | 1 |
Others | 5 |
Note: We have considered here, only first round of investments
Gray Matters Capital's recent investments
Gray Matters Capital has not made any investment in 2026 so far.Here are the most recent investments by Gray Matters Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Aug 27, 2024 | India | Series A | 8887 | [+4] | |
May 31, 2024 | India | Seed | 6781 | ||
Feb 15, 2024 | India | Unattributed | 8704 | [+45] | |
Jan 18, 2024 | India | Conventional Debt | 6730 | - | |
Jan 11, 2024 | India | Series A | 6700 | [+4] |
Acquired companies in Gray Matters Capital's Portfolio
8 companies from Gray Matters Capital's portfolio have been acquired. The most recent acquisition was Pairin in May 2025 by Digital Capital Partners for $*****.Here are Gray Matters Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
May 20, 2025 | - | - | 8538 | |
Mar 22, 2024 | Sep 13, 2016 | Series A | 8532 | |
Aug 24, 2023 | 2010 | Seed | 3821 | |
Sep 29, 2022 | Mar 12, 2019 | Seed | 2362 | |
Nov 10, 2021 | - | - | 6670 |
Team profile of Gray Matters Capital
Gray Matters Capital has a team of 10 members including 2 Partners and 1 Principal located in India, United States and 1 more location. Gray Matters Capital's team sits on the board of 2 companies.Here is a list of all team members in Gray Matters Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Jodhpur | |||
Partner | Atlanta | - | - | |
Principal | Kenya | - | - |
Co-investors of Gray Matters Capital
Over the past 18 years, 471 investors have co-invested in Gray Matters Capital's portfolio companies. This includes funds and angels.
- Invested before Gray Matters Capital: Mumbai Angels, Pankaj Grover and 229 others have invested in rounds before Gray Matters Capital. There are 3 companies where Mumbai Angels has invested before Gray Matters Capital and 2 companies where Pankaj Grover has invested before Gray Matters Capital.
- Top Co-investors of Gray Matters Capital: 52 investors entered a company along with Gray Matters Capital. These include investors like Nexus Venture Partners (1 company).
- Invested after Gray Matters Capital: A total of 188 investors have invested in Gray Matters Capital's portfolio after their investments. Top Investors include UBS (2 companies), OCTAVE Capital (2 companies) and Menterra Venture Advisors (2 companies).
Recent News related to Gray Matters Capital
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Edtech Startup Kreedo Nets $4 Mn From Heritas Capital, OthersInc42•Aug 27, 2024•Kreedo, UBS, 1Crowd, Gray Matters Capital and 2 others
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ConveGenius secures $1.8 million in funding for AI-driven edtech platformStartup Story•Feb 09, 2024•ConveGenius, Searce, UBS, Mount Judi Ventures and 4 others
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Shamba Pride Gains $3.7 Million Investment to Transform Agricultural Distribution in KenyaTech In Africa•Jan 23, 2024•Shamba Pride, AgriFI, Seedstars Africa Ventures, Gray Matters Capital and 5 others
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FinAGG Technologies secures USD 11 mn funding led by Blue Orchard, Tata CapitalNewsDrum•Jan 18, 2024•FinAGG, BlueOrchard, Tata Capital, SIDBI and 4 others
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GONVEGENIUS received $ 6.98 million in Series A financingJinglingshuju•Jan 15, 2024•ConveGenius, UBS, Mount Judi Ventures, Michael & Susan Dell Foundation and 3 others
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ConveGenius Nets $7 Mn To Boost Its Conversational AI Bot Store Capabilitieshtsyndication.com•Jan 12, 2024•ConveGenius, UBS, Mount Judi Ventures, Michael & Susan Dell Foundation and 3 others
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Edtech startup Ufaber raises $3m funding and other India dealsShareandstocks•May 26, 2023•UFaber, Mastermind JPIN, Gray Matters Capital
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Edtech Platform uFaber Raises Rs25 cr in Series A RoundViestories•May 24, 2023•UFaber, Mastermind JPIN, Gray Matters Capital
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Digital health tech infrastructure startup Healthie scores $16MMobiHealthNews•Jul 19, 2022•Healthie, Greymatter Capital, Watershed, Builders VC and 3 others
