Frost Capital Completes Acquisition of Award-Winning Social Innovation Firm Affinis Labs
The $8M deal expands Frost Capital’s capabilities for social impact investing and investment advisory services
PALO ALTO, CA | September 5, 2019— Frost Capital, an asset management and investment advisory firm based in Palo Alto, CA, announced today the acquisition of award-winning social innovation firm Affinis Labs to support the expansion of its fund management and advisory services capacity. The acquisition will enable Frost Capital to extend its offerings to disadvantaged communities and new regional markets around the world, connecting them to funding and expertise in Silicon Valley and beyond.
“We’ve had our eye on Affinis Labs for the past two years as an acquisition target,” explained Abrar Hussain, CEO of Frost Capital. “Their creativity and innovative approach to investment and ecosystem building, and their commitment to finding opportunities in challenging environments, gives Frost Capital a unique series of capabilities and market access that will help us grow and diversify.”
Since its founding in 2015, Affinis Labs has built entrepreneurship and innovation ecosystems that empower disadvantaged communities, particularly in the Muslim world, partnering with global players like Facebook, Google, 500 Startups, and the United Nations, among others. Thomson Reuters described the firm as “a key driving force behind developing the Digital Islamic Economy,” and the Dubai Islamic Economy Development Center highlighted Affinis Labs as a “shining example of an Islamic economy success story.” The company has run programming in 14 countries, from the US to Somalia to Indonesia, and its work has been featured in CNN, MSNBC, The Wall Street Journal, Forbes, Fast Company, and more. In 2015, the firm received the Global Islamic Economy Award in Dubai for its cutting-edge work.
“Affinis Labs has been building programs and technology tools to help improve the investment environment in disadvantaged communities, and we are thrilled to bring these to the world of private equity at Frost Capital,” commented Quintan Wiktorowicz, Managing Partner of Affinis Labs. “Frost Capital’s suite of private equity tools will enable us to quickly expand this work and to accelerate its impact dramatically. It also will help us apply what we do beyond Muslim countries so we can help more communities.”
Frost Capital will build on Affinis Labs’ experience and assets with the creation of multiple sharia-compliant investment funds and the development of digital investment tools.
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Frost Capital gives investors insight and hands-on operating expertise to create value in their investments throughout the due diligence, value creating, and exit process. The company has deep expertise in investing in the U.S., Europe, Asia, and the Middle East, and a proven track record of creating value. We enable our partners and investors to make direct investments and manage assets with the same sophistication and confidence as many of the world’s best fund managers.
Affinis Labs is an award-winning social innovation firm that leverages the tools of innovation, entrepreneurship, and technology to empower disadvantaged communities. This includes entrepreneurship ecosystem building programming — such as pitch competitions, mentorship, entrepreneurship bootcamps, and business services — as well as funding to catalyze new businesses in communities that often lack access to capital. Affinis Labs sits at the epicenter of a unique global network of entrepreneurs, investors, and government agencies that are dedicated to making the world a better place through entrepreneurship and investment, particularly in the Muslim world.