Dallas Venture Capital closes $80M DVC US Fund II, to invest in enterprise B2B SaaS startups
Backed by former Wipro CEO Abidali Neemuchwala and Dayakar Puskoor, the DVC US Fund II was oversubscribed as the initial target was $75 million.
(DVC) on Wednesday announced the close of its $80 million DVC US Fund II. Backed by former Wipro CEO Abidali Neemuchwala and Dayakar Puskoor, the fund was oversubscribed as the initial target was $75 million.
With the two US-focused funds, DVC plans on deploying $130 million across enterprise-focused business-to-business (B2B) SaaS startups.
DVC has started deploying the capital from the new fund and has backed four companies, including Lucy.ai, Rollick, Citylitics, and Disprz. The fund will back one company per quarter, and it is looking to back between 20 and 25 companies over the next four to five years.
Moreover, the technology-focused early-stage venture capital firm is also raising a $50 million DVC India Fund I. The firm has raised $20 million for the India fund, and the DVC US Fund II will co-invest in companies along with the India fund, it said in a statement.
The India fund—which writes cheques in the range of $2-$10 million—has invested in enterprise skilling company and has backed anti-money laundering company .
“We are overwhelmed by the response to our DVC Fund II and particularly pleased with the recognition as a cross-border VC by our investors as they benefit from the startup revolution taking place in India,” said Dayakar Puskoor, Managing Director, DVC.
Officially launched as DVC in September 2020, the Texas, US, and Hyderabad-headquartered VC has a portfolio of nearly 27 companies across the US and India and has clocked nine exits.
The fund backs deep-tech companies in the areas of cloud, AI/ML, XR, data, and other emerging technologies in the software infrastructure sector or with a focus on specific industry verticals.
“We partner with our portfolio companies as mentors, offering strategic guidance during the most important phase of the startup's journey to accelerate their revenue from $1 million to beyond $10 million through our time tested and honed DVC Advantage programme, leveraging our network of venture partners and advisors,” said Abidali Neemuchwala Co-founder and Director, DVC, in a statement.
Edited by Suman Singh
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