Inventus Capital Partners announces final close of Fund III for tech companies at $52M

The Inventus Capital Partners’ third fund will focus on India. It is looking at startups harnessing technology trends such as blockchain and AI, and is likely to make about 15 investments.

Inventus Capital Partners has closed its third fund with a corpus of $52 million. The company, known to fund early-stage ventures, has invested in 63 startups and has had 32 successful exits, including Sierra Atlantic, Sokrati, and Intellivision.

The company raised $120 million in funds I and II. Based out of San Mateo and Bengaluru, Inventus is one of the oldest VCs in the country. It invests anything between $900,000 and $2 million in startups.

Fund III, announced last year with a corpus of Rs 200 crore, has taken a good two years to close. The fund will be dedicated to India, and its general partners include Samir Kumar, Parag Dhol, and Rutvik Doshi. It is looking at upcoming trends and currently eyeing blockchain and AI for vertical-specific solutions. It is expected to make about 15 investments in all.

Sources say the current mix of limited partners includes Small Industries Development Bank of India, family offices, and technology entrepreneurs such as Phanindra Sama of redBus and Ramesh Emani of Insta Health.

Notable Inventus companies include Poshmark in the $330 billion fashion industry, Credit Sesame in the $500 billion consumer credit and finance markets, Sierra Atlantic in the $100 billion outsourced product development industry, and Vivu in the $150 billion business communications market.

Inventus’ India exits include redBus, which was sold to Naspers-owned Ibibo Group. Sokrati was acquired by Dentsu Aegis Network for an undisclosed sum, and Insta Health was sold to Practo.

The company will be making a slew announcements on its current investments and follow-on rounds soon.

(Edited by Teja Lele Desai)