Hyderabad-headquartered SucSEED Indovation, an Alternative Investment Fund (AIF-1) venture capital angel fund, on Tuesday announced the first closure of its maiden Rs 100 crore fund by raising Rs 40 crore. Through this fund, SucSEED aims to support over 50 startups till they become large enterprises over their 3-stage funding thesis. Vikrant Varshney, co-founder & managing partner of the find said that angel investors, CXOs in large domestic and global enterprises, family offices, and few family trusts participated in the first successful closing of Rs 40 crore. Indovation Fund has identified three startups Stargate, Auris, and Freestand for investment and has signed term sheets, he said.
India: SucSEED hits first close of maiden fund, makes three new bets
Team SucSEED Premium
Early-stage investment firm SucSEED Ventures Monday announced that it has reached the first close of its maiden fund at about $5.4 million (Rs 40 crore), and made three new investments.
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SucSEED Indovation Fund announces first closing of Rs 100 Cr fund, backs three new startups
The fund said it will invest in tech innovation for India s mass needs, and works closely with early-stage tech incubators like IIITH CIE and IITM to support, invest in their tech-enabled startups. It is targeting 20+ investments year-over-year.
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SucSEED Indovation, the SEBI-registered alternative investment and venture capital angel fund, on Monday
announced the first closure of its maiden Rs 100 crore fund by raising Rs 40 crore, and its three new investments.
Through this fund, SucSEED said it aims to support 50+ startups till they become large enterprises over their three-stage funding thesis.
SucSEED raises ₹40 crore, anounces first close of debut fund
December 21, 2020
To invest in 50 start-ups in 3 years
SucSEED, a venture capital angel fund, has raised ₹40 crore, with a few angel investors, top corporate executives, family offices and family Trusts participating in this round. This is part of the ₹100-crore maiden fund that SucSEED plans to build to invest in start-ups quite early in their journey.
The fund addresses the under-served formal fund needs of seed-stage tech start-ups.
The investment firm has also announced investments into three start-ups Stargate, Auris, and Freestand for investment. It has signed term sheets with the three entities.