First Light Ventures (FLV) is an independent fund within the Gray Ghost Ventures’ family of initiatives. The fund serves as an incubator and investment partner to seed-stage, for-profit social ventures. FLV’s unique investment strategy is designed to accelerate the successful development of scalable and sustainable social enterprises that provide goods and services to low-income customers in emerging markets around the world. FLV distinguishes itself by focusing on pilot or proof-of-concept-stage business models and is characterized by small deal size, high volume, and tolerance for the risks associated with seed-stage investing.

First Light Ventures is currently testing a new model, Village Capital, to facilitate seed
stage investing and to support entrepreneurs. First Light is providing funding for the
testing of the model through four distinct pilot programs:

• West Coast Village Capital; San Francisco, CA
• Idea Village Capital; New Orleans, LA
• Dasra Village Capital; Mumbai, India
• Unreasonable Village Capital; Boulder, CO

Following an evaluation of the pilots, First Light will seek additional partners to replicate the Village Capital model worldwide. More information on each pilot can be found at www.vilcap.com.