United States of America
Last updated 11 May 2020, by Impactyield.
First Light (FL) is an independent seed fund affiliated with Gray Ghost Ventures and launched in 2008. The fund serves as an incubator and investment partner to seed-stage, for-profit social ventures. FL accelerates the successful development of scalable and sustainable social enterprises that provide goods and services to low-income customers in emerging markets around the world, and help them reach the point where they can receive larger venture funding.
First Light is also an investor partner of Village Capital, in which we pre-commit capital to cohorts of social entrepreneurs gathered by incubators. The entrepreneurs then determine amongst themselves which of their businesses merit FL investment.
First Light is designed as an evergreen fund, perpetually reinvesting all profits other social enterprises. We strive for an IRR of 20-30%, understanding the risks involved in seed-stage investing. We measure success by dollars leveraged by our portfolio companies.
of track record
the year funded
Gray Ghost Ventures
Headquarters location: United States of America
Other funds managed by this asset manager: Gray Ghost Emerging Markets Fund III L.P.Gray Ghost DOEN Social Ventures Coöperatief
Key performance indicators
Asset manager: Gray Ghost Ventures
Product track record: Fund has 14 years of track record
Target IRR: 15%
Committed Capital: 10,000,000 USD (US Dollar)
Target return category: Risk-adjusted market-rate of return
Fund domicile: United States of America
Product status: Closed - no longer investing
Style/Stage: Early Stage, Seed Stage
Inception year: 2009
Vintage year: 2009
Target region: Africa, Emerging countries
Target close date: n.a.
Product term: Evergreen
Assets under management: 10,000,000 USD (US Dollar)
Investment size: Min: 50,000; Max: 200,000; Avg: 100,000
Currency of investments: USD (US Dollar)
Currency for fund / product figures: USD (US Dollar)
Fund investments to date: 17
Fund investments to date exited or repaid: 1
Management fee: n.a.
Carried interest: n.a.
Hurdle rate: n.a.
GIIN Investors' Council Investment: Yes
Limited Partners / Investors: n.a.
Limited Partner / Investor Type: Family Office
Phone number: 6783654756.00
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In its direct investments, First Light seeks to impact the lives of consumers at the base of the economic pyramid by increasing their access to basic goods and services. For each enterprise, we identify one core operational metric that is readily attainable and points to social impact, then roll those numbers up into two headline metrics: Lives Impacted and GHG emissions saved.
More broadly, we aim to attract other funders to seed-stage social enterprises. We closely track the amount of follow-on capital that our companies are able to raise from other funds and angel investors as a measure of our success in leveraging each dollar invested.