IvyCap Ventures Announces Angel Fund For Tech Sector, Targets $8.2 Mn Corpus

SUMMARY

IvyCap Ventures launches $8.2 Mn angel fund, to be invested in about 30-40 companies in the technology sector

Part of the fund will also be utilised in accelerating startups through collaborations with global accelerators

The fund will be primarily raised from high net-worth individuals, comprising alumni from IIT and IIM

Mumbai-based venture capital (VC) fund IvyCap Ventures said today (October 18) that it is raising an $8.2 Mn (INR 60 Cr) angel fund that will invest in 30-40 companies in the technology sector.

The development was confirmed to Inc42 by Vikram Gupta, founder and managing partner, IvyCap Ventures, who said that the fund will be raised in the next two-three months and sectors like health tech, consumer tech, and agritech will be the focus areas.

A part of the fund will also be used for accelerating startups through collaborations with global accelerators. Artificial intelligence, augmented reality/virtual reality, and hardware, including infrared cameras, are some of the specific areas the firm plans to evaluate.

The angel fund will see IvyCap take more risky bets than its earlier funds. “Compared to our regular fund, this fund will feature riskier bets. Although venture investing is generally risky, our first and second funds have had less risky investments relative to the risk we are looking at for the angel fund,” Gupta earlier told Mint.

The fund will be primarily raised from high net-worth individuals, comprising “alumni from Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs) who hold professional and influential positions today,” Gupta said. According to him, a quarter of the angel fund will be used to tie up with foreign startup accelerators, which will help companies scale globally.

In February, Gupta disclosed that IvyCap Ventures was is in talks to set up a $100 Mn (INR 640 Cr) cross-border fund between India and Israel.

The aim of the cross-border fund was to focus on startups that are based in Israel but are working on India-specific solutions in areas such as water, healthcare, agriculture, and cybersecurity. With the $100 Mn fund, the VC fund aimed to focus on startups that are based in Israel but are working on India specific solutions in areas such as water, healthcare, agriculture, and cybersecurity.

Some of IvyCap’s investments include BlueStone, GrabOnRent, ftcash and Purplle.com.