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Weave Capital Announces $75 Mn Multi-Stage Venture Fund

Weave Capital, a sector agnostic fund with an inclination for technology-enabled businesses, will have a total corpus of US$ 75 million along with a green shoe option of US$ 25 million. Aiming for its first close at US$ 20 million

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Weave Capital has announced the launch of its multi-stage Venture Capital fund, its managing partner Karan Gupta said on Thursday. The fund is the venture arm of SPVH group, a global investment and holding company having different verticals and business interests. The Fund’s General Partner is Sujay Prakash who is also the UBO of SPVH Group.

Weave Capital, a sector agnostic fund with an inclination for technology-enabled businesses, will have a total corpus of US$ 75 million along with a green shoe option of US$ 25 million. Aiming for its first close at US$ 20 million, the firm shall participate and lead investments in start-ups intending to raise funding between Seed+ stages to Series B capital.

The fund shall commit a cheque between USD 1mn to USD 5mn across different stages of the portfolio company. Weave aims to build a portfolio of 15—20 start-ups with an average ticket size of USD 3- 3.5million. The fund shall start deploying capital post the first close. The fund has filed category II AIF registration and is currently expecting approval from the Securities and Exchange Board of India soon.

Karan Gupta, Managing Partner, Weave Capital says, "Weave is the culmination of our insights and extensive know-how of the start-up ecosystem. Our team at Weave has led diverse & cross-sector transactions and growth advisory engagements both in India and overseas. Our intent now is to build inroads and ascend our position in the new shoes of Venture Investing. Our team brings forth the expertise in Corporate Finance, Strategy, Entrepreneurship, Operations, and Fund Management as well as a close association with diverse businesses and funds globally alike to help these businesses succeed".

We firmly believe that our relationships, experience, and capabilities will enable the portfolio to succeed. We offer the portfolio's leadership an integrated ecosystem of technical, operational, business, and strategic mentorship all of which comes on board with the funding". Karan in his erstwhile role has held leadership positions and been a part of Lodha Ventures and earlier led the Corporate Finance practice at BDO India LLP.

Sujay Prakash, the General Partner at the firm said, “The venture capital ecosystem is changing dramatically. What was relevant a decade ago sounds like a questionable decision today. The next decade will be even different and we all are still in phases of learning and evolving. Today, the VCs are going beyond to create value and insights-driven ecosystems. Further, we need to come out of this standard theme of “IRR” and “exit” and start questioning the “why and beyond”. As for Weave Capital, we are certainly different from the standard VCs. Our ability to leverage our cross-functional business, strategic relationships, and in-house experts shall play an important role in the success of our portfolio. We are willing to take up opportunities which solve real problems and are demonstrating its need in the start-up ecosystem.”

Further, the team at Weave comes from diverse backgrounds and has experience in large transaction advisory that comes very handy in the overall process right from evaluation to closure and then monitoring and supporting strategically. The firm is actively onboarding new team members across different levels. The fund team is all geared up to identify and build a strong pipeline of transactions and shall be also keen to do warehousing in case of exceptional opportunities.


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