SucSEED Indovation Fund Announces first closing of INR 40Cr fund, 3 New Investments2 years ago Saritha Keshamoni
The fund will invest in tech innovation for India mass needs, works closely with early stage tech incubators like IIITH CIE and IITM to support, Invest in their Tech enabled startups, targets 20+ investments Year on Year
Hyderabad-headquartered SucSEED Indovation, the SEBI registered Alternative Investment Fund (AIF-1) Venture Capital Angel Fund, today announced the first closure of its maiden 100Cr fund by raising INR 40 Crore, and its 3 new investments. Through this fund, SucSEED aims to support 50+ startups till they become large enterprises over their 3-stage funding thesis.
Making the announcement, Vikrant Varshney, Co-founder & Managing Partner of Fund said, “We are excited to state an overwhelming response and oversubscription to our First Closing of the maiden 100Cr Fund. Angel Investors, CXOs in large Domestic and global enterprises, Family offices, and few family Trusts have participated in the first successful closing of INR 40Cr.”
Announcing the details of new early-stage investments, Vikrant said “Indovation Fund has identified 3 startups Stargate, Auris, and Freestand for investment and has signed term sheets.”
Stargate is a direct-to-retail (D2R) cross-border platform for curated lifestyle products. While Auris, an AI-powered insights platform, curate insights in real-time to capture, enrich and analyse data, Freestand, a Marketing Tech platform enables FMCG brands to deliver physical product samples to digitally targeted customers.”
Further, we have shortlisted 3 startups in HealthTech and RegTech space, where the due-diligence is still underway. Our goal is to close 20 investments YoY, and we hope to accomplish this as we tap into new potential early-stage ventures.” Vikrant added.
SucSEED Second closing is targeted for Feb-March 2021, with a focus on Corporate Ventures, Financial Institution, Institutional Entities, Fund of Funds, and Family offices to join Indovation for discovery & growth of the early-stage segment.
Ramesh Loganathan, Co-founder of the Fund said: “As one of first seed-stage VC funds, the fund has a unique longitudinal model of working with seed-stage startups helping them through three rounds of growth and funding”.
The fund addresses the under-served formal fund needs of seed-stage tech startups. The Fund will drive investments in seed to pre-series A-stages and will help portfolio companies to strengthen their product offerings, go-to-market strategy, and build governance structure so that they progress to become category leaders.
“The fund has signed MOUs with many technology incubators like IITM Incubation Cell, CIE-IIITH, IIT Ropar and has started to work very closely. In the first 2 months, the Fund has screened 200+ startup interests, and the Investment Committee has shortlisted 6 startups already for investment.” – highlighted Vineeta Gupta, Head – Deal Discovery & Investment
SucSEED Indovation Fund received a license as Angel Fund from market regulator SEBI in August 2020.
Indovation fund, as the name suggests, aims to nurture & promote Indian Innovation for problem statement of masses; by supporting early-stage technology-enabled startups in 6 emerging sectors such as HealthTech, Edtech, Fintech; Enterprise SaaS; Cyber Security & RegTech; Digital Economy & Smart Living, using emerging deep-tech innovations.
Six GPs of the fund, namely Vikrant Varshney, J A Chowdary, Dhiraj Kumar Sinha, Lax Chepuri, Ramesh Loganathan, V V S N Raju, and Team members have 200+ years of cumulative experience within technology, fund management, and startup ecosystem. They have invested in 50+ companies and even founded/ exited a few of them. The fund grew out of SucSEED Angel network and IIIT Tech Ventures.