Gray Ghost Ventures

Gray Ghost Ventures (GGV) is an Atlanta-based impact investing firm and Certified B Corporation founded in 2003 by Bob Pattillo, a former real estate developer whose company was the eighth-largest industrial developer in the United States before he redirected his capital toward social investment. GGV is dedicated to market-based solutions that serve entrepreneurs addressing the needs of low-income communities in emerging markets, with geographic focus on South Asia and Southern Africa. The firm manages approximately $64.4 million in AUM across two private funds and has committed over $100 million to investments since inception. Pattillo also founded Gray Matters Capital (education-focused impact investing) and co-founded Village Capital. GGV invests at Seed through Series B stages with typical cheques of $500K to $3 million across fintech, clean energy, education, health, and agricultural supply chain. The firm was among the earliest private investors in microfinance, establishing the Gray Ghost Microfinance Fund in 2003. Notable portfolio companies include bKash (mobile financial services in Bangladesh, which became a unicorn in 2021), M-Kopa (solar and fintech, Africa, invested December 2017), d.light (solar energy, invested in an $11 million Series C in February 2014), PharmaSecure (drug authentication), SourceTrace (agricultural supply chain), and Babajob (job platform in India). Kopo Kopo, a mobile payments company in Africa, was exited in August 2023. GGV pursues patient capital rather than short-cycle returns, working alongside entrepreneurs who use technology to deliver essential services to populations underserved by traditional markets. The nine-member team, with partners in both the US and India, brings deep regional networks and decades of impact investing experience to each partnership.