Mumbai-based seed investor Blume Ventures which has invested in over 75 startups since its inception in 2011, has announced the first close of just over $30 million for its Fund II. With this first close, the firm has raised just over half of its Fund II targets corpus of $60 million. ICONIQ Capital participates as a Lead Investor with participation from early supporters including IIFLWealth and the Government’s India Aspiration Fund, administered through SIDBI.
Blume aims to complete the second close by late February as well as it also plans to make 35-45 investments over the course of the Fund investment cycle. Its portfolio companies include MockBank, IDfy, GreyOrange, RailYatri, RoadRunnr, ReGlobe, Tookitaki, Purplle, Zopper and NowFloats among others. And, the firm’s recent exits include TaxiForSure, Promptec, ZipDial and 1acquired by Ola, Havells, Twitter and FreshDesk, respectively.
“We will write larger cheques—close to half a million (dollar),” Karthik B Reddy, managing partner, Blume Ventures said. Further he added, “In the first fund we used to do $200,000 seed investment in each portfolio company. We will write $500,000-$700,000 now on. Valuations have gone up, teams are getting better and we want to put more money.”
“We will be more significant in the first round — both in stake an dollar terms — to maintain our stake in series A and B,” Reddy stated,