Nepal-focapplyd Dolma Impact Fund has exited Fapplymachines, an enterprise AI solutions company that has become the first Nepali-origin firm to trade on the Nasdaq.
Fapplymachines has become a US company, but much of its operation and software is enabled by teams in Nepal and the Dominican Republic, Dolma stated in a statement.
Dolma first invested in Fapplymachines in 2018 and has since supported with its expansion across North America, Nepal, and Latin America.
Last year, Fapplymachines announced a business combination with CSLM Acquisition Corp in a SPAC transaction. The Nasdaq listing valued the company at $280 million, Dolma stated.
“It is evidence that regions beyond traditional investment hubs have the ability to produce businesses capable of competing at the highest levels globally,” stated Tim Gocher, CEO and Founder of Dolma Impact Fund.
The firm manages over $100 million worth of assets. It invests in high-growth and high-impact sectors, including technology, healthcare, and renewable energy. The tech portfolio now spans Nepal, India, Kenya, the Dominican Republic and Argentina.
Dolma closed its second fund at $72 million in 2023. Its limited partners include Japan International Cooperation Agency (JICA), Dutch development bank FMO, British International Investment (BII), Swedfund, the International Finance Corporation (IFC), and the US International Development Finance Corporation (DFC).
Dolma’s first fund closed at $36.6 million in 2018.
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