SPVH group's venture capital arm Weave Capital announced the launch of its multi-stage VC fund, its managing partner Karan Gupta said on Thursday. The fund will have a total corpus of $75 million along with a green shoe option of $25 million.
The company said in a statement that it shall participate and lead investments in start-ups looking to raise funding in rounds between Seed+ stages to Series B capital and aim for its first close at $20 million. The fund shall commit a cheque between $1 million to $5 million across different stages of the portfolio company.
“Weave aims to build a portfolio of 15—20 start-ups with an average ticket size of $3- 3.5 million. The fund shall start deploying capital post the first close. The fund has filed category II AIF registration and is currently expecting the approval from the Securities and Exchange Board of India soon,” the company further added.
"Weave is the culmination of our insights and extensive know-how of the start-up ecosystem. Our team at Weave has led diverse & cross sector transactions and growth advisory engagements both in India and overseas. Our intent now is to build inroads and ascend our position in the new shoes of Venture Investing. Our team brings forth the expertise in Corporate Finance, Strategy, Entrepreneurship, Operations and Fund Management as well as a close association with diverse businesses and funds globally alike to help these businesses succeed,” said Karan Gupta, Managing Partner, Weave Capital.
“We firmly believe that our relationships, experience and capabilities will enable the portfolio to succeed. We offer the portfolio's leadership an integrated ecosystem of technical, operational, business and strategic mentorship all of which comes on board with the funding,” added Gupta.
Sujay Prakash, the General Partner at the firm, said, “The venture capital ecosystem is changing dramatically. What was relevant a decade ago sounds like a questionable decision today. The next decade will be even different and we all are still in phases of learning and evolving. Today, the VCs are going beyond to create value and insights driven ecosystems. Further, we need to come out of this standard theme of “IRR” and “exit” and start questioning the “why and beyond”.
Prakash, who is also the UBO of SPVH Group, added that “As for Weave Capital, we are certainly different from the standard VCs. Our ability to leverage our cross functional business, strategic relationships and in-house experts shall play an important role in the success of our portfolio. We are willing to take up opportunities which solve real problems and are demonstrating its need in the start-up ecosystem.”
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