Lok Capital on Thursday announced that it had raised $40.5 million to close the first round of its new fund, Lok Fund III. With the latest raise, the total amount of assets under management for Lok Fund reaches around $125 million.
The participants in the latest raise were CDC Group Plc, FMO, Proparco and TIA Global Asset Management. Lok Fund III is planning to raise a total of $100 million and it plans to do the same by the end of next year.
The raised funding will be used to back startups in services like fintech, healthcare, agriculture and livelihood sectors. It plans to invest $2 – $10 million in the growth rounds of startups spread over next 5 years.
Lok Capital said that the process of fund raise is not yet complete and the company will be in constant touch with the investors to raise more money for the latest round.