Venture Capital firm Blume Ventures recently announced the closure of its opportunity fund titled Fund IIA at $41mn. The fund will be used to support growth-stage portfolio startups. The announcement of the opportunity fund follows the closure of Fund III by Blume Ventures.
According to a company statement, the investment for the new fund was raised parallelly to the $102mn Fund III. Fund IIA would majorly focus on investing in the Series A to D rounds of their best performing portfolio companies.
“Blume Ventures completed the final close of its opportunity fund, titled Fund IIA, in December 2019. The final close was at USD 41 million, raised from both domestic and international investors,” the statement said.
As per the statement, Blume would be investing the latest fund follow-on rounds of the winner of Funds I, IA, and II which include 10 portfolio startups- Unacademy, GreyOrange, Servify, Turtlemint, Dunzo, Purplle, Railyatri, Milkbasket, Tricog, and Cashify.
Blume, which is considered as one of the largest domestic opportunity funds in the Indian venture capital funds space, has already deployed 80% of Fund IIA and the remaining fund will be deployed by the end of this year.
Talking about the recent development, Blume’s Managing Partner Karthik Reddy said, “Like any other early-stage VC firms, Blume is also looking to double down on its successful portfolio companies, and allow their limited partners (LPs), or investors, to go deeper in mature startups.”
Earlier, Blume had marked the closure of its third fund at $102mn. It had made the first close of Fund III at $45 million in October 2018. Since then, it has invested in over 10 startups focused on healthcare, consumer internet, agri-tech, deep-tech, and others.
Blume Ventures was launched in 2010 by Karthik Reddy and Sanjay Nath and since then has been backing early-stage and growth startups aggressively. It’s portfolio companies include, Cashify, Dunzo, TapChief, and Unacademy among others.
In the first year of operation, Blume had made the first close at $19mn which was followed by $60mn Fund II in 2016. In its decade-old journey, Blume has invested in over 100 startups across categories and maintains a 60:40 ratio while investing in domestic and global startups.
Last week, Blume Ventures invested $2.5 Mn in Pre-Series A round of Delhi-NCR based ed-tech startup Classplus, along with Sequoia Capital India’s Surge program. Angel investors such as Cred’s founder Kunal Shah, general manager of Xiaomi Indonesia Alvin Tse, and partner at Locus Ventures Eric Kwan had also participated in the round.
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