#Fundlaunch is your quick summary of notable fund launches for startups. This segment includes announcements on funds launched by Ventureast, YourNest, Oil India Limited and Madhya Pradesh Government.
Ventureast Closes $85M to Invest in Technology Startups
VC firm Ventureast has closed about $85 million for its sixth fund – Ventureast Proactive Fund II (VPF2). The firm intends to raise another $65 million within the ongoing financial year to invest in early stage technology firms. Firm’s Managing Partner Sarath Naru confirms that the fund would back seed-staged startups, particularly in the field of finance and healthcare.
The fund would be deployed over a period of 3 years, targeting to invest in 12-13 startups on an annual basis. It has already identified a few firms it will invest in, including Bangalore-based Find me a Shoe and Mumbai-based OS Labs. Besides FinTech & HealthTech, it is seeking for companies in the areas of cloud, mobile internet, and IoT(internet of things). Read More
YourNest Raises Rs. 300 Cr for its Second Fund
India-based startup venture fund YourNest has closed Rs 300 crore for its second fund. The fund would focus on backing tech startups in Pre-Series A stage. It is seeking investment proposals from companies in areas like Internet of Things, Electronic System Design, Artificial Intelligence, Advanced Robotics, Enterprise Software and Mobile Internet. YourNest will invest in 4-8 startups within this year itself. Read More
Oil India Unveils Rs 50 Cr Startup Fund
Oil exploration and production company, Oil India Ltd has announced a Rs 50 crore OIL Startup Fund to promote entrepreneurship and support startups innovating in fields related to the oil and gas sectors. The aim of the fund is to empower the young entrepreneurs, particularly in the North East India region. ONGC too had launched a Rs 100 crore startup fund in August 2016 for startups in the same sector. Read More
MP Government Sets Up Rs 100 Cr Fund for State Startups
Following the trend similar to other states, Madhya Pradesh State Government has created a venture capital fund to invest in startups and SMEs in the state. The initial fund of Rs 100 crore will also be deployed in firms creating facilities for startups in MP. Firms found within the last 5 years, having a turn over not more that Rs 25 crore can share their proposals. Read More
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