3one4 raises USD 40 million of commitments for new VC fund

The USD 100-million fund will be the third early-stage venture capital fund from the company and the last fundraise done by it was in December last year. The capital under management for the company will go up to Rs 1,550 crore or USD 210 million, it said.

Bengaluru-based venture capital firm 3one4 Capital on Wednesday said it has received USD 40 million or Rs 300 crore in commitments for a new USD 100-million fund focused on betting on start-ups. "The fund currently has subscribed more than 40 per cent of its targeted corpus of USD 100 million with commitments from new and existing investors," according to an official statement, which also announced the launch of the fund.

The investors in the fund include family offices, endowments, foundations, corporates and financial institutional investors, it said. The company will continue with its strategy of deploying a fund in 25-30 early-stage start-ups, and the investments will be in themes such as software-as-a-service and enterprise automation, direct-to-consumer, media and content, financial technology and deep technology.

Sectors such as health, machine-driven intelligent services, education technology, agri-tech, logistics and distribution and mobility will be invested in through the new fund, it said. Ticket sizes for investment will vary between USD 500,000 and USD 4 million, it added.

"Our objective is to work with Indian entrepreneurs and help build transformative companies," its Managing Partner Pranav Pai said. The USD 100-million fund will be the third early-stage venture capital fund from the company and the last fundraise done by it was in December last year. The capital under management for the company will go up to Rs 1,550 crore or USD 210 million, it said.