The city-based seed-stage Venture Capital Fund AngelPrime on Wednesday said it had raised Rs.300 crore for its second venture capital fund.
The investor in the new fund includes several institutional investors from Silicon valley, New York, Hong Kong, Europe and Singapore. Palo Alto-based globally renowned venture capital firm Social+Capital Partnership is the anchor investor in the new fund.
With the new fund raise, AngelPrime has rebranded itself as Prime Venture partners.
As part of the new strategy, the fund will continue to invest in early stage technology ventures and also will reserve capital for subsequent rounds.
Higher investmentsThe money raised in the new round will enable it make higher investments of up to $1 million (Rs.6.4 crore) in portfolio start-ups.
Sanjay Swamy, Managing Partner, Prime Venture Partners, said, “Our original intent was to raise a fund of approximately Rs.150 crore. However, we received significant interest from investors and we decided to extend our fund size to Rs.300 crore. This is a validation of our deep involvement model and ability to attract outstanding entrepreneurs addressing opportunities.”
Going forward, the fund said it would invest in start-ups focused on five major areas such as payment and financial services, consumer mobile internet, Internet of Things, healthcare and education.
The fund, which started operation in 2011 with a corpus of around Rs.50 crore, was founded by Sanjay Swamy, Sripati Acharya and Bala Parthasarathy.
It has invested in companies such as Zipdial, Ezetap, Smart Owner, HackerEarth, Happay and Vidgyor and Synup. The fund also exited one of the portfolio company Zipdial, when it was acquired by micro blogging site Twitter last year.
