Venture Capital firm Blume Ventures, an investor in startups such as edtech unicorn Unacademy, beauty marketplace Purplle and used car selling platform Spinny, has held the first close for its fourth fund at $105 million, it announced on Wednesday.
Blume Fund IV, which has a target corpus of $200 million, is aiming to achieve the final close by March 2022, it said in a statement.
The first close of Fund IV exceeds Blume’s Fund III total raise of $102 million in 2018-19. The venture capital firm’s AUM currently stands at $300 million (60% in its core seed funds and 40% in continuity funds).
With Fund IV, Blume will continue to invest in pre-seed to pre-Series A technology startups across India consumer internet and SMB marketplaces, as well as global opportunities in software and enterprise technology being addressed by Indian founders, the statement added.
“We are grateful to our existing anchor LPs for renewing their confidence and belief in Blume with their strong and emphatic participation in our first close. In addition to overseas institutional investors, domestic wealth management platforms and family offices that have backed us, our LP base also includes unicorn operators and seasoned founders who mentor and advise our portfolio founders on critical challenges of building, scaling, hiring and growth,” said Ashish Fafadia, Partner at Blume.
Launched in 2010, Blume claims to have been the first institutional investor in over a hundred ventures. The firm has so far backed over $150 startups and exited 24 of its investments.
With this, Blume joins a host of other India-focused funds that have either floated maiden funds or are on the verge of closing their existing funds as fundraising hits a new high in India this year.
Earlier this week, WaterBridge Ventures marked the final close of its second fund at $150 million, which seeks to invest $500,000 to $3 million each in 25 startups across seed and Series A rounds.
Last week, 3one4 Capital announced that it had raised $133.3 million or Rs1,000 crore for its third flagship fund from both domestic and international institutional investors. The fund surpassed its target of Rs750 crore riding on strong investor interest. A91 Partners, too, announced the final close of its second fund at $550 million this month.