Mumbai based seed investor firm, Blume Ventures has now announced the first close of more than $30 Million for its Round II. The company has raised just more than half of its fund II target of $60 Million. The fund saw participation from ICONIQ Capital as the lead investor. Other investors like IIFL Wealth, Catamaran Ventures and the Government’s India Aspiration Fund, administered through SIDBI.
Blume Ventures is looking to complete the second close by the end of February 2016. The firm is also planning to make 35-45 investments by the end of the fund investment cycle. As of now, the firm has invested in more than 75 startups since its inception. The startups, who got investment from the company, are MockBank, IDfy, GreyOrange, RailYatri, RoadRunnr, ReGlobe, Tookitaki, Purplle, Zopper, NowFloats and others.
Blume Ventures was founded by Karthik Reddy and Sanjay Nath in 2010 and had launched Fund I in 2011. In addition to giving financial support to the startups, the firm also mentors them. Managing Partner of Blume, Karthik Reddy said, “We will write larger cheques—close to half a million (dollar), in the first fund we used to do $200,000 seed investment in each portfolio company. We will write $500,000-$700,000 now on. Valuations have gone up, teams are getting better and we want to put more money” he also added, “We will be more significant in the first round — both in stake an dollar terms — to maintain our stake in series A and B”