Mumbai-based, early-stage investment firm White Unicorn Ventures has closed its $20 Mn maiden fund. The fund was initially announced in May 2016 with a commitment to invest $20 Mn in early-stage startups.
Reportedly, Lakshachandi Realty, the family business of Rohit Chokhani, Principal founder at White Unicorn and another family-run group engaged in petrochemicals, have together invested $10 Mn in the fund. The remaining amount has been raised from an unnamed Singapore-based sovereign wealth fund.
As stated by Rohit in an interaction with Inc42, with the newly raised funds, the venture firm aims to make significant investments in European startups in sectors such as fintech, cybersecurity, and blockchain.
The firm has already finalised two startups – an Ireland-based blockchain startup and a Silicon Valley-based cyber security solutions provider- for investing around $109K – $156K (INR 70 Lakhs to INR 1 Cr) in each.
White Unicorn usually invests in the range of $78K -$468K (INR 50 Lakhs to INR 3 Cr). With the new fund, the firm will be focussing overall on sectors such as real estate, technology, IoT, QSRs, cybersecurity and pure SaaS platforms. It does plan to stay away from ecommerce and hyperlocal, as per the founder.
As Rohit stated, “We intend to deploy $5 Mn across a minimum of 10-12 companies and also a part of the money will be deployed in existing portfolio companies.” Also, there are plans to open an office in London this year.