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Gray Ghost DOEN Coöperatief Fund
GIIRS Pioneer | Certified B Corporation
Fund Manager Name: Gray Ghost Ventures
Fund Manager Website:

Fund Description

Gray Ghost DOEN is a leading impact investment fund focused on early-stage enterprises in the developing world that use innovative applications of existing technology to address the needs of poor populations. The fund was created in 2009.

Fund Mission

GG-DOEN invests in early-stage enterprises providing catalytic innovation and leapfrogging technologies in the developing world. The current investments are predominantly focused on the Information, Communication and Technology (ICT) sector, especially the new application of proven technologies. Key to any investment is the improvement of the lives of people whom traditional commercial products, services and technologies have ignored. The goal is to create demonstrable social impact, while generating sustainable long-term financial returns.

Vintage Year


Geographic and Industry Investment Targets

Target Industry

Financial & insurance activities | Information & communication | Other services

Target Industries Description

Information, Communication, and Technologies- leveraging technology to make information and products affordable, available, and accessible to BOP. Example: technology enabled distribution of goods to rural villages, mobile money, and mobile Health.

Investment Region(s)

Asia | Global (Only Emerging Markets)

Countries of Investment


Geographic Target Description

Emerging markets with underserved populations

Impact Investment Targets

Impact Targets

Socially beneficial prod/serv | Environmentally beneficial prod/serv | Targeting the underserved

Socially Beneficial Products & Services

Access to basic services | Infrastructure/market access | Economic &/or empowerment opportunities | Other

Socially Beneficial Products & Services Description

Using Information, Communication, and Technologies (ICT) as a platform, GG-DOEN invests in companies that provide access to affordable and much needed services, goods, and information for the base of the pyramid population.

Environmentally Beneficial Products & Services

Renewable energy/Cleantech

Environmentally Beneficial Products & Services Description

ICT platform companies also provide indirect environmental benefits by reducing the amount of air pollution produced from people traveling to obtain goods and services, which can now be completed via mobile handsets.