Early-stage venture fund Blume Ventures has entered into a strategic partnership with Draper Venture Network (DVN), an alliance of independent venture capital firms that connects leading entrepreneurs and investors around the world.
DVN was formed in 1990 by Tim Draper, a leading venture capitalist in the US, who invested in companies such as Skype and Baidu. The California-based VC firm claims to have funded more than 600 companies and exited over 200, including Skype, Baidu, Twitch, and most recently Cruise Automation.
The alliance will give Blume Ventures’ portfolio companies access to a global network of corporate and ecosystem relationships, the fund said in a press statement. The firm will continue to raise its own capital and manage investment decisions independently.
“Blume has one of the strongest B2B portfolios in India, that leverages our Valley global connects for geographic expansion. DVN’s partner funds and its large corporate and investor network makes for an exciting partnership,” Karthik Reddy, managing partner at Blume Ventures said in the press note.
DVN is spread across four continents and has $1.6 billion in collective assets. The network’s member firms, which are typically post-seed or Series A and B funds, collaborate on investment insights, deal syndication and share a portfolio services team located in Silicon Valley.
Draper first entered the country with the launch of VC firm DFJ India in 2007. DFJ invested in around a dozen Indian firms through its US-based fund, but put its India portfolio on the block after shutting its local office in 2013. It had stake in companies such as travel website Cleartrip, electronic waste management firm Attero Recycling, renewable energy company Bharat Light and Power, mobile advertising firm RevX and online photography company Canvera. In May 2016, the firm sold almost its entire Indian portfolio to Hong Kong-based NewQuest Capital Partners.
“With all the positive changes we see happening in India, we have decided to re-enter, this time via a partnership with the dynamic duo of Sanjay and Karthik at Blume Ventures,” Tim Draper said.
The Mumbai-based venture capital firm had closed its second fund of $60 million from investors such as ICONIQ in October last year. The fund focuses on enterprise software, SaaS and several cutting-edge technologies in robotics, healthcare and manufacturing, among other sectors. Some of Blume Ventures’ portfolio companies include energy management startup Zenatix, bitcoin exchange startup Unocoin, food delivery platform Runnr, student micro-financing startup SlicePay, medical devices firm Tricog Health, and food-tech startup MonkeyBox to name a few.
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