The first close of its $50 million second fund has been announced by early-stage venture capital fund 8i. The firm said that t he fund has raised 50 percent of its targeted assets under management and achieved a first close of $25 million, raised primarily from family offices such as Salgaocars and Kothari (DSP), who also invested in 8i Venture’s first fund.
The fintech and commerce-focused fund intends to write checks for $1.5-2 million at the seed stage, increasing to $10 million in subsequent rounds. Vikram Chachra and Vishwanath V founded it in 2019. According to media reports, it recorded one of India’s highest venture exits in April when it partially exited a seed investment in portfolio company M2P at a 36X multiple over two years.
Vikram Chachra mentioned that Fund 2 will have 15-20 companies that we will invest in over the next 3 years. It will invest in seed companeis with a USD 1.5-2 million cheque, going up to series B in the winners.
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