Blume Ventures, an early-stage venture capital firm, announced the final close of its fourth fund at more than $250 million (approximately Rs 2,000 crore), exceeding its target corpus of $200 million.
The new fund brings the venture capital firm’s total capital under management across all funds to more than $600 million. Blume Ventures, a backer of unicorns such as Unacademy and Purplle, raised $105 million in the first close of Blume Fund IV in November of last year.
Through its fourth fund, the venture capital firm will look to back around 30-35 startups, having already made 12 investments last year. Among them are EV battery solutions provider Battery Smart, fintech firm Multipl, solartech startup Aerem, and SaaS providers Zipy and Sourcewhiz.
Blume has set an average ticket size of $1.5-2.5 million for startups seeking pre-Series A funding, with the option of an upside in select cases.
We are not very deep in the crypto space at Web3, and we also avoid real money gaming firms, said Fafdia, emphasising that their interest in this space is in D2C companies focused on artificial intelligence and robotics.
Karthik Reddy and Sanjay Nath founded Blume Ventures in 2010.
Blume Ventures, founded in 2010 by Karthik Reddy and Sanjay Nath, has backed over 150 startups through its four funds, including Spinny, Slice, Grey Orange, Turtlemint, Carbon Clean, Servify, Smallcase, Exotel, Locus, Koo, Cashify, Healthifyme, and IntrCity.
TaxiforSure (to Ola), Runnr (to Zomato), Agara (to Coinbase), Zipdial (to Twitter), Superset (to Byju’s), Promptec (to Havells), and Threadsol (to Coates) are among the startups Blume Ventures has exited.
It closed its first fund in 2011 to raise Rs 100 crore and has gradually increased fund sizes, bringing total managed capital to more than $250 million at the moment.
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