Fireside Ventures, an early-stage venture investment fund focused on consumer brands, Tuesday announced the first close of its second fund after securing total commitments of $60 million.
Fireside Fund II, which targets to raise $100 million, is anchored by Indian and global investors and institutions. L’Oréal’s corporate venture capital fund, BOLD (Business Opportunities for L’Oréal Development), has also invested in the second fund.
“We have witnessed a lot of interest from domestic and global investors including family offices, strategics, large institutions, etc. in investing in Fireside Fund II. The second fund aims to double down on the success of the first fund and follow the same strategy of investing in exciting young millennial brands and helping them with a strong ecosystem support. We are also starting to see credible opportunities for Indian brands to go global,” Fireside Ventures managing partner Kanwaljit Singh said.
Concurrently, the second fund also announced its maiden investment in Gynoveda, a personal care brand. Gynoveda claims to have built the world’s first ‘period bot’ which helps diagnose specific menstrual issues and then prescribe a personalised regime of Ayurvedic supplements to help alleviate the same.
“We are expanding and developing the portfolio across the consumer wallets and we believe brands in superfoods, personalized beauty, fashion and personal care will be the new frontrunners in the consumer segment. The space is currently unexplored and there lies an opportunity for a lot of start-ups to enter this business,” Singh said.
Fireside Ventures achieved the final close of its first fund in February 2018 with a corpus of $50 million. It counts Premji Invest, Westbridge Capital, Mariwala Family Office, Unilever Ventures, Emami Ltd., RP-Sanjiv Goenka Family Office, Sunil Munjal’s Hero Enterprise Investment Office and ITC Ltd among its investors.
About 90 per cent of the investible corpus of Fund I has been deployed and the remaining 10 per cent is reserved for follow-ons, the firm said. The fund has invested in diverse companies catering to the consumer segment including boAt audio, Mama Earth, Vahdam Teas, Design Café, Alpha Vector (Frog Bikes) and Yoga Bar.
In terms of exits, one of Fireside’s early investments, Kwik 24, was acquired by BigBasket in 2018.