Season Two Ventures, an early-stage and enterprise-focussed venture capital firm, is looking to raise $100 million (Rs 709 crore at current exchange rates) for a new fund, according to reports.
The firm, which was founded by former UST Global chief executive officer Sajan Pillai earlier this year, plans to invest in startups in sectors such as enterprise healthcare, financial technology, logistics, energy and utilities.
The new fund will seek to make around 30 investments from this fund, starting with an initial ticket size of $500,000 to $1 million, The Economic Times reported, citing Pillai. It will also look to invest $1 million in additional capital to scale up the ventures it invests in.
A third of the capital will be deployed towards backing founding teams and seeding ideas to help build businesses, the report said. Pillai said Season Two wanted to be committed to its distribution system, advisory and shared services so that its portfolio companies can build a $15 million-plus business in terms of revenues.
VCCircle has reached out to Season Two on the details of the planned fund and the investors it is in talks with, and will update this report accordingly.
In July, it was reported that Pillai was looking to launch a venture capital fund to invest in startups focusing on Kerala, with a corpus of $75 million (Rs 516 crore), news agency IANS had said at the time.
Pillai quit UST Global after over two decades earlier this year. UST Global has business operations through its centres in the US, the UK, Spain, India, Malaysia, the Philippines, Singapore, Mexico, Australia, Poland and Israel.
