VC Fund Fireside Closes Third Fund At USD 225


The main focus of the Fireside III will be health, wellness, edutainment, lifestyle and FMCG space

Early-stage consumer-focused venture capital fund Fireside Ventures announces that it has closed its third fund at $225 million (Rs 1,830 crore).

The main focus of the Fireside III will be health, wellness, edutainment, lifestyle and FMCG space. The fund intends to invest in 25-30 startups that adhere to thesis of digital-first consumer brands.

Fund III will be seeking out brands with a strong purpose, responsible practices and healthy governance, the firm said in a statement.

The third fund is backed by new and existing Indian and global investors which include, Self-Reliant India Fund, Investment Corporation of Dubai, SBI, Premji Invest, Waterfield-Fund of Funds, ITC, Emami, Sharrp Ventures, and startup founders.

According to the company, the market for direct-to-consumer brands is expected to reach $100 billion by 2025. The pandemic, ecommerce penetration, and emphasis on health and wellbeing will hasten development. It anticipates that newcomers will compete with legacy brands in important categories such as cosmetics and personal care, food and beverages, and fashion.

Kanwaljit Singh started Fireside in 2017, after co-founding venture capital firm Helion Venture Partners, where he largely supervised investments in consumer startups.

Fireside Funds I and II have made investments in companies such as personal care unicorn Mamaearth and IPO-bound boAt, as well as fast-growing businesses that have become household names such as Slurrp Farm, Kapiva, 91 Cycles, Design Café, FS Life (formerly FableStreet), The Sleep Company, Gynoveda, Wellbeing Nutrition, and Pilgrim. Over the years, Fireside has made investments in a variety of areas, including personal care, processed foods, lifestyle, and home products.

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