Early-stage venture capital firm Prime Venture Partners on Thursday said it has marked the final close of its fourth fund at $120 million (Rs 900 crore), exceeding its target corpus of $100 million, its largest fund till date.
The new fund takes the venture capital firm's total capital under management across all its funds to over $250 million, said Prime Venture Partners in a statement.
In addition to existing Limited Partners (LPs), or investors in the new fund, other LPs include International Finance Corp (IFC), a university endowment, a Fund of Funds and several global technology entrepreneurs, it added.
The new fund will seek to invest in startups across fintech, edtech, healthtech, consumer internet and global software as a service (SaaS) sectors, it said. It has also expanded its focus to include new areas such as electric vehicles (EVs), business-to-business (B2B), Web3 and gaming infrastructure platforms, it added.
Prime Venture Partners had announced the first close of its fourth fund at $75 million in August last year.
Started in 2012, Prime Venture Partners is an India-focussed early stage firm with an Indian advisory office led by Shripati Acharya, Sanjay Swamy, Bala Parthasarathy and Amit Somani. Formerly called AngelPrime, it was renamed to Prime Venture Partners in 2015.
Prime Venture Partners had launched its Mauritius-based first fund of $8 million in 2012. The early-stage investor closed its second fund worth $46 million in 2016, and closed its Fund III in 2018 at $72 million.
The Bengaluru-based venture capital firm has invested in over 30 companies including invoice discounting platform, KredX; interactive learning platform, Quizizz; security management startup MyGate; edtech platform for kids PlanetSpark; logistics-tech startup WheelsEye; and EV infrastructure platform Revos.
In the past 12 months, three of Prime Venture Partners' early fintech investments were acquired including the acquisition of payments and travel management platform Happay by Cred for $180 million.
Last month, Singapore-based secondaries specialist Foundation Private Equity acquired all of the LP interests in the first fund of Prime Venture Partners.
Last year, several early-stage VC firms announced fundraising milestones. Chiratae Ventures, Stellaris Venture Partners and WaterBridge Ventures announced the final close of their new funds and Blume Ventures announced the first close.
This year, IvyCap Ventures and pi Ventures announced the first close of their new funds.
