Former Tiger Global exec’s Tanglin Venture Partners to raise $250M for new fund
The fund has previously invested in startups such as audio tech platform Pocket FM and sport and fitness startup Lifelong, among others.
Venture capital fund Tanglin Venture Partners, founded by Ravi Venkatesh, former executive at Tiger Global, is looking to raise $250 million for its third fund, according to filings with the US Securities and Exchange Commission (US SEC) as seen by YourStory.
The VC firm, which has its offices in both India and Singapore, had previously raised $50 million in 2021 from limited partners including, Flipkart co-founder Binny Bansal, Udaan co-founder Sujeet Kumar, Flipkart Group CEO Kalyan Krishnamurthy, among others. In 2021, it had filed to raise $45 million as part of Tanglin Venture Fund II.
Tanglin has invested in a series of technology startups, including audio tech startup PocketFM, fintech platform Credgenics, and sports and fitness startup Lifelong, among others.
According to the VC firm’s website, the fund usually has an average cheque size of up to $8 million and primarily invests in early-stage startups.
Most recently, the fund led eco-friendly home and personal care brand Beco’s $10 million pre-Series B round, which also saw participation from Titan Capital Winners Fund, Asian paints promoter Manish Choksi, and existing investor Rukam Capital and Synergy Capital.
Tanglin joins the list of VC firms that has launched new funds this year such as Accel, which launched a $650 million new fund to fuel early-stage startups; and Riceberg Ventures’s new $20 million fund to support deep tech startups.
Early-stage funds are gearing up to inject more capital into the ecosystem after a dip in early-stage funding last year, which coincided with a rise in growth and late stage startup funding.
Edited by Megha Reddy