Blume Ventures marks final close of 4th fund at $250 mn
2 min read . Updated: 07 Dec 2022, 09:09 PM IST
PremiumThe new fund takes the VC firm’s total capital under management across all its funds to over $600 million.
NEW DELHI/BENGALURU : Early-stage venture capital firm Blume Ventures, which has backed unicorns like Unacademy and Purplle, on Wednesday said it has marked the final close of its fourth fund at more than $250 million (around ₹2,000 crore), exceeding its target corpus of $200 million.
The new fund takes the Bengaluru-based firm’s total capital under management across all its funds to more than $600 million.
In an interview, Ashish Fafadia, partner at Blume Ventures, said, “When we began the journey, the target corpus was $200 million and internally, we were deliberating with our core group of limited partners (LPs). Eventually, there were very few things that stood out, which helped us to get very quick conversions, so we just ended up over our target."
The firm made the first close of Blume Fund IV at $105 million in November last year.
In addition to existing LPs, or investors in the new fund, others who have joined include a combination of large format institutions and family offices and sovereign wealth funds.
The VC firm will look to back 30-35 startups from the fourth fund and has already made a dozen investments last year. These include EV battery solutions company Battery Smart, fintech firm Multipl, solartech startup Aerem and SaaS companies Zipy and Sourcewhiz.
It will have a cheque size of $0.5-2.5 million for each startup, with a few exceptions where it could go a little higher.
“We continue to look at investments in startups across consumer, financial services, deeptech and software-as-a-service (SaaS). The other emerging themes where we will be targeting will be climate tech," said Fafadia.
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“While in web3, we are not very deep on the crypto side; in gaming, we avoid real money gaming firms. We will look at more investments in direct-to-consumer (D2C) as well as in robotics and artificial intelligence," he said.
Blume Ventures was established by Karthik Reddy and Sanjay Nath in 2010. The firm closed its debut fund in 2011 to raise ₹100 crore and gradually increased the fund sizes taking the total managed capital to more than $250 million at present. Since then, it has backed more than 150 startups including Spinny, Slice, Grey Orange, Turtlemint, Carbon Clean, Servify, Smallcase, Exotel, Locus, Koo, Cashify, Healthifyme and IntrCity.
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