SucSEED Indovation Fund announces first closing of Rs 100 Cr fund, backs three new startups
The fund said it will invest in tech innovation for India's mass needs, and works closely with early-stage tech incubators like IIITH CIE and IITM to support, invest in their tech-enabled startups. It is targeting 20+ investments year-over-year.
Hyderabad-headquartered SucSEED Indovation, the SEBI-registered alternative investment and venture capital angel fund, on Monday announced the first closure of its maiden Rs 100 crore fund by raising Rs 40 crore, and its three new investments.
Through this fund, said it aims to support 50+ startups till they become large enterprises over their three-stage funding thesis.
“We are excited to state an overwhelming response and oversubscription to our first closing of the maiden Rs 100 crore fund. Angel Investors, CXOs in large domestic and global enterprises, family offices, and few family trusts have participated in the first successful closing of Rs 40 crore,” said Vikrant Varshney, Co-founder and Managing Partner of the fund.
Announcing the details of new early-stage investments, Vikrant added, “Indovation Fund has identified three startups Stargate, Auris, and Freestand for investment and has signed term sheets.”
Team SucSEED
Stargate is a direct-to-retail (D2R) cross-border platform for curated lifestyle products. While AI-powered insights platform Auris curates insights in real-time to capture, enrich and analyse data, Freestand, a marketing tech platform, enables FMCG brands to deliver physical product samples to digitally targeted customers.
“Further, we have shortlisted three startups in the healthtech and regtech space, where the due-diligence is still underway. Our goal is to close 20 investments YoY, and we hope to accomplish this as we tap into new potential early-stage ventures,” said Vikrant.
According to SucSEED, the second closing of the fund is targeted for Feb-March 2021, with a focus on corporate ventures, financial institutions, institutional entities, fund of funds, and family offices to join Indovation for discovery and growth of the early-stage segment.
“As one of the first seed-stage VC funds, the fund has a unique longitudinal model of working with seed-stage startups helping them through three rounds of growth and funding,” added Ramesh Loganathan, Co-founder of the fund.
The fund, which addresses the under-served formal fund needs of seed-stage tech startups, will drive investments in seed to pre-Series A stages and will help portfolio companies to strengthen their product offerings, go-to-market strategy, and build governance structure so that they progress to become category leaders.
SucSEED Indovation Fund received a license as an angel fund from market regulator SEBI in August 2020.
Edited by Kanishk Singh