Tech-focussed 3one4 Capital marks first near of possibilities fund

Early-stage assignment capital company 3one4 Capital on Wednesday introduced the primary close of its dedicated opportunities fund to be able to are looking for to invest in pick portfolio firms that are elevating investment from the Series B level onwards.

The devoted opportunities fund — Continuum I — is focused on a total corpus Rs 350 crore ($50 million) and has hit the primary near at Rs 150 crore ($21 million), 3one4 Capital said in an announcement.

The company stated that the fund has received commitments from several of the larger Limited Partners (LPs) and investors from its previous funds as well as new LPs.

3one4 Capital had marked the very last year of its 2nd fund last 12 months at Rs 250 crore ($39 million), exceeding its goal corpus after exercising the overallotment choice.

Institutions, businesses, circle of relatives workplaces, fund managers and people had committed capital to that vehicle.

The new LPs inside the possibilities fund encompass pinnacle-tier university endowments in the US and Japanese conglomerate Sojitz Corporation, which is likewise making plans to open a new workplace in India by using April this yr.

These new LPs will even explore co-investment opportunities in rounds raised by way of the portfolio businesses, 3one4 Capital added.

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Continuum I’s normal price tag size will range among $3 million and $five million.

With the final year of this new fund and different projects in the pipeline, 3one4 Capital will control a blended corpus of more than Rs 750 crore ($a hundred million), the mission capital company said.

Established in 2015, 3one4 Capital is managed through Pranav Pai and Siddarth Pai, sons of TV Mohandas Pai, former finance chief at software services firm Infosys Ltd and an active angel investor.

It had released its first fund in early 2016 and raised Rs a hundred crore (approximately $15 million).

3one4 Capital invests in machine intelligence offerings for firms, automation, ambient intelligence technology, ed-tech, fin-tech, media and content development, and fitness. It also allocates a part of its capital to US-focussed companies with an India play.

3one4’s portfolio consists of human resources startup Darwin box; online meat and fish ordering startup Licious; biotech firm Bugworks; ed-tech startups Magic Crate and Oust Labs; fintech startups Faircent.Com and SwitchMe Technologies; farm-tech firm Akebono; digital media company Yourstory Media; and information analytics company Tracxn.

Last month, it wagers on Mumbai-primarily based LoanTap Financial Technologies Pvt. Ltd, a virtual platform that gives loans and overdraft products to salaried specialists.

Opportunities funds

In the past, a few other VC companies have additionally raised possibilities finances earlier than launching new full-fledged vehicles.

In April 2016, Matrix Partners India raised an “meantime fund” of $110 million (Rs 730 crore) to make new investments in early-stage tech startups.

Matrix Partners India finally released its 1/3 fund and stated closing month that it had closed fundraising at $300 million.

In December 2016, assignment capital company Lightbox had raised an ‘growth fund’ of $fifty four million to make investments greater in present portfolio groups.

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