Bengaluru-based venture capital firm StartupXseed Ventures has marked the final close of its second fund at Rs 243 crore with an oversubscription of 20%.
In 2020, StartupXseed, who has backed startups like DarwinBox, had launched its second fund of Rs 200 crore, focussed on early-stage investment in startups across deep technologies. Out of Rs 200 crore, Rs 65 crore was raised from individual technocrats, as per Mint’s report.
The second fund will focus on placing bets across enterprise SaaS (software-as-a-service) and deeptech verticals, with a first cheque between Rs 5 and Rs 12 crore. It also plans to onboard up to 10 disruptive startups over the next one year. So far, the fund has invested in seven startups, the statement added.
Founded in 2015 by BV Naidu, former director, Software Technology Parks of India, Mohandas Pai, Ravi Thakur and Ramakrishna V, StartupXseed is a VC firm that invests between seed and pre-Series A rounds. Till date, it has invested in 19 startups.
“Having expertise in the B2B segment, we have helped founders to gain commendable success and our average mark-up of past investments is more than 6x. Couple of Fund II LPs doubled their commitment at final close after witnessing similar growth indicators on Fund II portfolio,” Naidu said.
“On the Investments, we primarily look at solutions where the convergence of new business models and technologies is imperative. This way, we are helping ourselves in working on next big verticals ahead of the curve. We are also spending time helping founders double to triple their Topline year on year,” Thakur added.
In March 2020, StartupXseed had marked the final close of its first fund at Rs 50 crore which backed 12 startups including Bellatrix, CloudSEK, DarwinBox, ShieldSquare, Siliconch Systems, Singularity Dynamics, SmarterBiz and Steradian Semiconductors.
The year saw a slew of VC firms marking the final close of their funds.
Last month, Humalect, a no-code platform focused on organization automation, had raised $750,000 from StartupXseed Ventures.
In May, Mumbai-based venture capital firm BLinC Invest marked final close of its Fund II at Rs 100 crore. The firm aims to make 5-7 investments across edtech and fintech startups, with an average cheque size of Rs 10-20 crore, VCCircle reported.
In April, Speciale Invest, a venture capital firm focused on deep tech and software-as-a-service investments, had marked the final close of its second fund at Rs 286 crore and plans to make its first Web3 investment.
In March, Mela Ventures, which was floated by software services company Mindtree Ltd’s founders Krishnakumar Natarajan and Parthasarathy NS, had marked the final close of its maiden fund to raise Rs 320 crore, exceeding its target.
