Ventureast announces first closing of $150-million fund

CHENNAI: Chennai-based venture capital firm Ventureast has completed the first closing of its sixth fund targeted to be a Rs 997 crore ($150-million) chest focused on relatively unaddressed sectors relevant to semi-urban and rural markets. The fund-raising, which has touched Rs 552 crore ($83 million) so far, is expected to be complete in six months.

This is Ventureast’s sixth fund, taking total money under management over Rs 2,660 crore ($400 million). The fund-raising saw participation from existing and new investors.

Sarath Naru, Managing Partner of Ventureast, said, “… the emphasis today is on the kind of startups where technology will be the primary differentiator. These businesses are leveraging the cloud, IOT, big data analytics/AI, mobile to build unique and globally scalable solutions.”

Over the last 12 months, the VC firm had partnered with peers for investments into start-ups from the new fund, the Ventureast Proactive Fund II. The company, along with other VC firms, has invested in Find me a Shoe, which offers digital foot profiling for shoe buyers; OS Labs, a smartphone technology platform, and a digital health start-up on stealth mode.

Ventureast, which predominantly engages with start-ups in their early stages, has its claims to fame from investments in companies such as Gland Pharma, semiconductor product company Moschip and Little Eye Labs, which was acquired by Facebook. Currently, Ventureast has over 100 investments in technology, healthcare and clean environment.