OPIC LOAN TO SUPPORT EXPANSION OF DEVELOPMENT-FOCUSED TECHNOLOGY BUSINESS
The Overseas Private Investment Corporation (OPIC) has committed a $10 million loan to Dimagi, Inc., a Cambridge, Massachusetts technology company that builds mobile solutions to improve the quality and efficiency of global development programs.
The loan will support Dimagi’s expansion into Tanzania, Myanmar, and Guatemala.
Dimagi was founded in 2002 with a mission to develop mobile solutions for low-resource settings and underserved populations. With subsidiaries in South Africa, India and Senegal, the company offers an open source mobile data management platform, CommCare, to track and monitor workflow process, and supply management in healthcare delivery. These apps enable program teams to collect real-time data to improve decision making. More than 600 organizations including the U.S. Agency for International Development (USAID), the National Institutes of Health (NIH) and Catholic Relief Services (CRS) use CommCare today to support healthcare screenings, disease management and other healthcare functions.
“OPIC is committed to incorporating advanced technology to further our development mission,” said Ray W. Washburne, OPIC President and CEO. “This partnership will help to advance that commitment. American business is the source of tremendous technological innovation and has much to contribute to the developing world.”
After expanding to more than 60 countries with the support of grant capital from Bill & Melinda Gates Foundation, USAID, UNICEF, and others, Dimagi is now focused on growing its base of paying CommCare product subscribers to build a self-sustaining commercial business.
“As a benefit corporation, we must find capital partners that understand both our impact and market-driven approach,” said Jonathan Jackson, co-founder and CEO of Dimagi. “We are thrilled to work with OPIC as a lender who understands both our challenges and opportunities to achieving our mission in a sustainable commercial way.”
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity investment fund managers.
OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States.
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