Mumbai-based early stage investor Blume Ventures has raised $30 million for its Fund II, led by ICONIQ Capital and participation from IIFLWealth and the Government’s India Aspiration Fund.
ICONIQ Capital is a global multi-family office and merchant bank for a group of influential families, Mumbai-based IIFL Wealth is a wealth management firm, and Catamaran is venture fund floated by chairman emeritus of Infosys Narayan Murthy.
Founded by Karthik Reddy and Sanjay Nathco-founded in 2010, Blume Ventures had its Fund I in the domestic market in 2011. The venture funds early-stage seed, startups, pre-series A, series B and late stage investments. It backs startups with both funding as well as active mentoring and support.
So far, Blume has invested in more than 75 startups and plans to continue its investment spree. It aims to make 35-45 investments over the course of the Fund investment cycle, with each startup receiving $500,000 to $700,000 in seed investment.
Karthik Reddy said –
We will write larger cheques—close to half a million (dollar), in the first fund we used to do $200,000 seed investment in each portfolio company. We will write $500,000-$700,000 now on. Valuations have gone up, teams are getting better and we want to put more money. We will be more significant in the first round — both in stake an dollar terms — to maintain our stake in series A and B.
Blume Ventures eyes an overall fund of $60 million. Its second and final close for Fund II is expected shortly, in 1st quarter of 2016. Blume Ventures recently announced investments into Zentaix, Roadrunnr, Chillr, and MockBank- and is expected to close another three or four investments by mid-January.