Elev8 Venture Partners raises $67M as first close of maiden $200M fund

Elev8 Venture Partners, a Bengaluru-based growth stage venture fund, has raised $67 million as the first close of its $200 million maiden fund.

Elev8 aims to invest in 12-14 tech-enabled sector-agnostic startups in Series B and C funding rounds, valued between $100 million and $500 million, with investments ranging between $10-15 million.

The first close saw participation from family offices and HNIs from across India, the Middle East, and Asia. It received an AIF category II license from SEBI last year.

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Backed by KB Investment, a South Korean financial institution and Venture Catalysts, Elev8 claims to be India’s first pro-rata fund. Under pro rata, an investor can maintain the ownership stake in subsequent funding rounds.

“Way forward is to be aggressive in the current environment and invest in one company a quarter or more. We feel the existing vintage will uncover the finest companies in the coming decade,” said Navin Honagudi, Managing Partner, Elev8 Venture Partners.

The firm has already signed a term sheet with an enterprise SaaS startup and is looking at other sectors, including enterprise software, consumer tech, fintech and healthtech.

Venture Catalysts Co-founder Anuj Golecha said, “Elev8’s investment strategy involves a data-driven algorithm, which is highly targeted and leverages the firm’s extensive repository of 600+ companies within a valuation range of $100-400 million.”