Mumbai-based early-stage investor We Founder Circle has secured a commitment of $10 million for its Gift City Fund.
Additionally, WFC has also onboarded 250 investors for the We Founder Circle Global Angels Fund, launched last year.
The WFC Global Angels Fund, having a corpus size of $30 million with a greenshoe option of a similar amount, has already invested in six startups across AI, spacetech, gaming and healthcare, among others.
“We aim to complete the onboarding of at least 300 investors with a signed contribution of $ 15 million by March 2024. We have forged partnerships with incubators, accelerators and other startup funds. This network has enhanced our deal flow across diverse sectors, including healthcare, artificial intelligence, SaaS, space technology, and more.” said WFC c-founder Gaurav VK Singhvi in a statement.
Notably, the GIFT City Fund aims to strike around 10 deals by the end of the current fiscal year.
In terms of the average investment size, the fund targets investing between the range of $50,000-1.5 million.
WFC was founded by Singhvi, Neeraj Tyagi, Saurabh Deo, Bhawna Bhatnagar and Vikas Aggarwal in 2020. The platform’s portfolio companies include Zypp Electric, Oben, YPay, Soptle, and Humors Tech, among others.
Earlier, in June, the firm also launched a VC fund called Avinya Ventures to primarily back early-stage startups. The category-I alternative investment fund will invest in emerging startups across all stages from seed to Series C. The fund has received approval from the Securities and Exchange Board of India in February 2023.
Avinya, the VC fund, also has a target corpus of $30 million, along with a green shoe option of an equal additional amount.
WFC also runs an accelerator programme called EvolveX through which it invests Rs 25 lakh for a 5% stake in the company.
