Surat-based micro venture investment firm and startup accelerator Ivy Growth Associates Pvt Ltd on Thursday said it is planning to launch a $30 million venture capital fund by the next financial year.
The IVY Growth Fund will be led by Ivy Growth co-founders Rachit Poddar, Prateek Toshniwal, Sharad Todi and the investment firm’s advisor Mehul Shah, the company said in a statement.
The fund managers will invest in the fund in their personal capacities. Its other investors will include family offices, ultra-high-net-worth individuals, and global investors.
Ivy Growth is looking to deploy the fund in a time span of around three to five years. It will invest in companies in their pre-series A and above funding stages. Its key areas of investment will be sustainability, agritech, healthcare, deeptech, Web 3.0, and the artificial intelligence domain.
"Through the $30 million fund and our global fund setups and collaborations, we will provide funding to pre-series A and above level startups in jurisdictions all across the globe focusing on regions like Asia and the Middle East which have the growth potential to become successful in their respective sectors," said Toshniwal.
IVY Growth Fund will also partner with other funds based in the Middle East, Singapore, Japan, the UK, and the US.
To date, Ivy Growth has invested in over 70 startups. Some of its portfolio companies include Zypp Electric, Airmeet, BluSmart, Emotorad, Bebeburp, Bummer, Regrip, GrowIt, Evify Logistics, and Navitas Alpha, among others.
Meanwhile, the micro venture investment firm is also aspiring to go global with a $30 million global fund in Dubai International Financial Centre. It plans to launch this fund by 2026.
In the past few years, several micro-investment firms and angel networks have set up their venture capital funds. For instance, early this year, angel investment platform We Founder Circle floated Avinya Ventures. Similarly, Inflection Point Ventures launched its $50 million venture capital fund Physis Capital last year.