Unitus Ventures (formerly known as Unitus Seed Fund), an impact venture fund investing in early-stage startups, has announced to have raised $15 Mn (INR 100 Cr) towards the first close of its $45.2 Mn (INR 300 Cr) Unitus Ventures Fund II.
The fund will be utilised for onward investing of $753K – $2.2 Mn (INR 5 Cr -INR 15 Cr) each to 25 to 30 startups specialising in education, healthcare and inclusive fintech.
Existing investors Michael and Susan Dell Foundation, Bill Gates, Hemendra Kothari from DSP BlackRock, Sify cofounder Padma Chandrasekaran, Bank of Baroda Chairman Ravi Venkatesan among others participated in Unitus Ventures’ latest fund.
Commenting on the development, Unitus Ventures Partner Srikrishna Ramamoorthy said, “We are now raising twice as much to invest in entrepreneurs and teams that are creatively tackling some of India’s unique challenges in healthcare, education and access to finance.”
“The opportunity to bring together private capital and market-based principles for social change is significant,” said Bill Gates, co-founder of Microsoft. “I’m optimistic about the growth prospects in India and am pleased to invest again with Unitus,” he added.
Founded in 2013 by Dave Richards, Will Poole and Srikrishna Ramamoorthy, Unitus Ventures closed its first fund in 2013 at $21 Mn (INR 140 Cr) and made 23 investments in early-stage startups like edtech startup Hippocampus Learning Centres, mobile based safety applications BetterPlace, online taxi rental company DriveU, etc.