India: Unitus Seed Fund launches second India-focussed fund of $50m

Bengaluru and Seattle-based seed stage investor Unitus Seed Fund is launching a second India-focussed fund of $50 million aimed at investing in 50 companies, according to a Times of India report.

Unitus expects to get the first tranche of the new fund by the third quarter of the calendar year.

Its first fund of $23 million, which is almost fully deployed, was established in 2012 and had attracted investors including Gates Foundation, Ranjan Pai, Mohandas Pai and others. Most of the participants in the first fund are also expected to invest in the second fund.

According to the report, the new fund will be raised from existing investors with increased proportion from the Indian investors who had contributed one-third of the first round.

The fund invests in startups based on their potential impact in sectors like education, healthcare, fintech and agriculture. Unitus has invested in startups including DriveU, Hippocampus, Blowhorn, iBreastExam, Jack on Block, Labinapp, and BetterPlace among others.

“At a time when there is a pullback by some investors, it is important that we have money to help our companies survive with follow-on funding,” Will Poole, co-founder and managing partner of Unitus, told Times of India.

He said that eight of Unitus’ portfolio companies have raised Series A funding, two have raised Series B and one startup is about to raise Series C investment. “In good companies, we plan to participate in follow on fund raising as well,” Poole said.

Recently, another early stage investor Deepak Shahdadpuri-led investment firm DSG Consumer Partners made the first close of its second fund at $35 million, with 40 per cent participation from its existing investors.

Also, Patni scions Amit and Arihant Patni along with Aarin Capital‘s Rajan Pai and T V Mohandas Pai; and Sasken Technologies CMD Rajiv Mody have together floated a Rs 125-crore (around $19 million) fund, called Ideaspring Capital, to back domestic product startups.

Also Read:

India: Unitus names former Mckinsey veteran Aditya Sharma as venture partner

Unitus Seed Fund expands StartHealth investing initiative

India: DriveU raises $1m from Unitus Seed Fund, Silicon Valley angel investors

Early stage investor DSG Consumer gets backing for larger rounds in Fund II: Deepak Shahdadpuri

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.