A US$1.1 million fund was raised by Milaap Social Ventures, an impact fundraising platform based in South Asia. The company was backed by lead investor Jungle Ventures and angels Toivo Annus, founder of voice over internet protocol (VoIP) giant Skype, Jayesh Parekh of Sony Entertainment Television, and existing investors Unitus Seed Fund and Lionrock Capital.

Jungle Ventures, a seed stage investment company, is based in Singapore. The company is an approved tech incubator under the Technology Incubation Scheme of National Research Foundation.

Milaap Social Ventures' board of directors will be joined by Hari Kumar, Partner at Lion Rock Capital and Jayesh Parekh, former board member of Song Investment Management Company.

Milaap previously reported a US$250,000 accumulated fund from seed investments made by United Seed Fund, First Light Ventures, and Rajiv Madhok.

"Asia has the largest pool of people who do not have access to traditional banking systems. We are tapping on the long tail of the internet and disrupting how people - either individually or through their activated social networks can raise and provide capital to the millions who are unbanked," said chief executive officer and co-founter of Mileep Sourabh Sharma.