Latest News | Growth Stage Investor Elev8 Venture Partners Raises USD 67 Mn
Get latest articles and stories on Latest News at LatestLY. Bengaluru-based growth stage investor Elev8 Venture Partners has announced the first closure of its maiden fund with a commitment of USD 67 million from a few family offices, HNIs from India, the Middle East, and the rest of Asia.
Mumbai, Aug 4 (PTI) Bengaluru-based growth stage investor Elev8 Venture Partners has announced the first closure of its maiden fund with a commitment of USD 67 million from a few family offices, HNIs from India, the Middle East, and the rest of Asia.
The fund in a statement on Friday claimed that this is the largest-ever first closure for a home-grown fund, and has corpus target of USD 200 million.
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The fund will invest USD 10-15 million each of the money into over 10 tech-enabled but sector-agnostic companies with a valuation of USD 100 million or more.
Elev8 began operations earlier this year and is claimed to be the first pro-rata fund in the country, anchored by KB Investment, which is a South Korean financial company and also a venture catalyst. The fund received the AIF category II licence from Sebi late last year.
Navin Honagudi, managing partner of Elev8 said the first closure comes within three months of the announcement. He said the money will be deployed into companies in the consumer tech, enterprise software, fintech and health tech segments which are looking for series B & C funding.
KB Financial Group is among South Korea's leading financial services providers with over USD 539 billion in assets and 35 million active customers across 13 countries.
KB Investment is one of the 13 subsidiaries managed by the KB Financial Group and is one of Korea's leading venture capital and private equity funds with over USD 2.3 billion in assets under management across 1,000 companies and 40 funds around the globe.
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