StartupXseed's Second VC Fund Oversubscribed, Marks Final Close At INR 243 Cr
StartupXseed is a VC firm that invests in seed and pre-Series A rounds. It has invested in 19 startups, till date. I In 2020, the firm had launched its second fund of Rs. 200 crore, primarily focused on early-stage investment in startups across deep technologies.
StartupXseed Ventures, a Bengaluru-based venture capital firm, has successfully completed the final close of its second fund at Rs 243 crore. The firm has witnessed an oversubscription of 20 per cent.
StartupXseed in 2020 had launched its second fund of Rs. 200 crore, primarily focused on early-stage investment in startups across deep technologies. As per Mint’s report, out of Rs 200 crore, around 65 crore was raised from individual technocrats.
Further, the second fund will focus on funding across enterprise SaaS (software-as-a-service) and deeptech verticals, with a first cheque of between Rs 5 and Rs 12 crore. It also plans to onboard up to 10 disruptive startups over the next year. So far, the fund has invested in seven startups, as learned from the firm’s statement.
BV Naidu, former director, Software Technology Parks of India, Mohandas Pai, Ravi Thakur, and Ramakrishna V, founded the company in 2015. StartupXseed is a VC firm that invests in seed and pre-Series A rounds. It has invested in 19 startups, till date.
Naidu said, "Having expertise in the B2B segment, we have helped founders to gain commendable success and our average mark-up of past investments is more than 6x. Couple of Fund II LPs doubled their commitment at final close after witnessing similar growth indicators on Fund II portfolio,"
"On investments, we primarily look at solutions where the convergence of new business models and technologies is imperative. This way, we are helping ourselves by working on the next big verticals ahead of the curve. We are also spending time helping founders double or triple their topline year on year, "Thakur stated.
In March 2020, StartupXseed successfully completed the final close of its first fund at Rs 50 crore, which backed 12 startups, including Bellatrix, CloudSEK, DarwinBox, ShieldSquare, Siliconch Systems, Singularity Dynamics, SmarterBiz and Steradian Semiconductors.
Last month, Humalect, a no-code platform for carteting organisation automation, raised $75 million from StartupXseed Ventures.