Fireside Ventures , an early-stage investor focussed exclusively on consumer brands has announced the first close of their second fund, which has a target of $100 million. The total commitments have crossed $60 million to date. Fireside Fund II is anchored by Indian and global investors and institutions. The participation by global partners and the recent investment by the French personal care company L'Oréal is a validation of their confidence in new-age consumer brands and the strong performance of the fund and their portfolio companies.
Launched in May 2017, Fireside Ventures is an early stage venture fund with a focus on consumer brands. Fireside invests in young start-ups and supports them through their evolution by providing in house resources along with a partner and advisor network. The fund invests in consumer brands across sectors such as food and beverages, personal care, lifestyle and home products etc.
Fireside also announced its first investment from Fund II. They have invested in Gynoveda – a personal care brand that is built around a core objective of bringing back the goodness of Ayurveda specifically in the area of menstrual health. The company has built the world’s first ‘period bot’ which helps diagnose specific menstrual issues and then prescribe a personalized regime of Ayurvedic supplements to help alleviate the same.
On the second fund & new investment Kanwaljit Singh – Managing Partner, Fireside Ventures said, “The Indian start-up ecosystem for consumer brands is evolving rapidly and we are seeing significant new opportunities to build large consumer brands across multiple sectors and themes. We have witnessed a lot of interest from domestic and global investors including family offices, strategics, large Institutions, etc. in investing in Fireside Fund II. The second fund aims to double down on the success of the first fund and follow the same strategy of investing in exciting young millennial brands and helping them with a strong ecosystem support. We are also starting to see credible opportunities for Indian brands to go global”
“We are expanding and developing the portfolio across the consumer wallets and we believe brands in superfoods, personalized beauty, fashion and personal care will be the new frontrunners in the consumer segment. The space is currently unexplored and there lies an opportunity for a lot of start-ups to enter this business.” He added.
Fireside achieved the final closing of its first fund in February 2018 with a corpus of $50 million. They received investment interest from over 2,000 companies and deeply evaluated over 400 of them before making the 18 investments. The deal pipeline was across the consumer wallet. About 90% of the investible corpus of Fund I has been deployed and the remaining 10% is reserved for follow-ons. The fund has invested in diverse companies catering to the consumer segment including boAt audio, Mama Earth, Vahdam Teas, Design Café, Alpha Vector (Frog Bikes) and Yoga Bar – which have witnessed significant growth in a short period. In terms of exits, one of Fireside’s early investments, Kwik 24, was acquired by BigBasket in 2018.
Facebook has also tied up with Fireside Ventures for its SMB Ecosystem Incubator Programme. This partnership underpins the fund’s commitment to growing the ecosystem.