# Developing World Markets

> Developing World Markets is a VC fund backing Financial Services and Finance. See 5 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Stamford, United States
- Total investments: 5
- Last investment: Jul 2025
- Lead investor: 60%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/developing-world-markets/
- X (Twitter): https://www.twitter.com/dwmarkets
- Website: http://www.dwmarkets.com

Developing World Markets is an asset manager and investment bank dedicated to making socially positive investments.

## Contacts

5 contacts available for Developing World Markets. Shizune tracks 2 team members at Developing World Markets. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/developing-world-markets?utm_source=investor_profile

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Financial Services | 4 | 80% |
| Finance | 3 | 60% |
| Electric Vehicle | 2 | 40% |
| Energy | 1 | 20% |
| Banking | 1 | 20% |

8 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Funding Round | 1 | 20% |
| Post-IPO Debt | 1 | 20% |
| Debt Financing | 1 | 20% |
| Private Equity | 1 | 20% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| India | 3 | 60% |
| France | 1 | 20% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Judy Kirst-Kolkman | Co-Founder | 0 | https://shizune.co/investors/profile/judy-kirst-kolkman |
| Peter Johnson | Co Managing Partner | 0 | https://shizune.co/investors/profile/peter-johnson-22bd |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Mufin Green Finance | Mufin Green Finance is an NBFC that specialises in the electric vehicle (EV) market. | $6.5M | Post-IPO Debt | Jul 15, 2025 |  |
| Namdev Finvest | Namdev Finvest operates a non-banking finance platform that provides loans to rural and semi-urban agriculture, as well as the priority sector. | $38M | Debt Financing | Nov 27, 2024 |  |
| Ashv Finance | IntelleGrow serves the ‘missing middle’ enterprises working in sectors which make a positive Environmental, Social and Governance Impact. IntelleGrow offers debt without limiting them on their vintage or the security value offered for the loan – instead, the proposition is based on trajectory of business cashflows. It is not only lending from itsBalance Sheet but also syndicating and arranging debt from other sources – gradually emerging as a debt solutions provider for ‘early-stage’, ‘high-growth’ small and growing businesses (SGB) in India. | $20.1M |  | Jun 14, 2016 |  |
| Baobab Group | Baobab is a leading digital finance group focusing on financial inclusion for individuals and small businesses in Africa and China. Founded by Arnaud Ventura, its CEO, in 2005, Baobab employs more than 3,800 people and has over 1,000 points of presence across Madagascar, Senegal, Nigeria, Ivory Coast, Mali, Zimbabwe, Burkina Faso, Tunisia,Democratic Republic of Congo and China. Since its inception, the Group has originated more than EUR3Bn in loans to individuals and micro, small & medium sized enterprises, helping hundreds of thousands of people to unleash their potential. | $8M | Private Equity | Feb 10, 2010 |  |
| Baobab Group | Baobab is a leading digital finance group focusing on financial inclusion for individuals and small businesses in Africa and China. Founded by Arnaud Ventura, its CEO, in 2005, Baobab employs more than 3,800 people and has over 1,000 points of presence across Madagascar, Senegal, Nigeria, Ivory Coast, Mali, Zimbabwe, Burkina Faso, Tunisia,Democratic Republic of Congo and China. Since its inception, the Group has originated more than EUR3Bn in loans to individuals and micro, small & medium sized enterprises, helping hundreds of thousands of people to unleash their potential. | $7.2M | Private Equity | Aug 08, 2008 |  |

5 of 5 investments shown.

## Co-investors
- [AXA Group](https://shizune.co/investors/profile/axa) — VC Fund, 2 deals together
- [BlueOrchard Finance S A](https://shizune.co/investors/profile/blueorchard-finance-s-a) — VC Fund, 1 deal together
- [Calvert Impact Capital](https://shizune.co/investors/profile/calvert-foundation) — VC Fund, 1 deal together
- [Mirova](https://shizune.co/investors/profile/mirova) — VC Fund, 1 deal together
- [Omidyar Network](https://shizune.co/investors/profile/omidyar-network) — VC Fund, 1 deal together
- [OPIC - Overseas Private Investment Corporation](https://shizune.co/investors/profile/opic) — VC Fund, 1 deal together

## Similar investors

### Similar stage
- [Bpifrance](https://shizune.co/investors/profile/bpifrance) — VC Fund
- [SFC Capital](https://shizune.co/investors/profile/startup-funding-club) — VC Fund
- [HTGF (High-Tech Gruenderfonds)](https://shizune.co/investors/profile/high-tech-gr%C3%BCnderfonds) — VC Fund

## FAQ

### What does Developing World Markets invest in?

Developing World Markets invests primarily in Financial Services, Finance and Electric Vehicle startups, most often at Funding Round and Post-IPO Debt stage. Most of the 5 investments tracked by Shizune back companies in India. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### How do I contact Developing World Markets?

Public channels for Developing World Markets include LinkedIn, X (Twitter) and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Developing World Markets?

The team at Developing World Markets includes Judy Kirst-Kolkman (Co-Founder) and Peter Johnson (Co Managing Partner). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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