Hyderabad-based SucSEED Indovation announces closure of Rs 100 crore fund by raising Rs 40 crore
The licensed and registered angel fund along with its first closure also announced its three new startup investments.
Hyderabad-headquartered SucSEED Indovation, the SEBI (Securities and Exchange Board of India) registered alternative investment and venture capital angel fund, announced the first closure of its maiden Rs 100 crore fund by raising Rs 40 crore, and its three new startup investments which comprise of Stargate, Auris and Freestand. Through this fund, SucSEED aims to support 50 plus startups till they become large enterprises over their three-stage funding thesis.
Vikrant Varshney, the co-founder of SucSEED, tweeted saying that the second closing is targeted for February-March 2021, with a focus on corporate ventures, financial institutions, institutional entities, fund of funds and family offices.
Second closing is targeted for Feb-March 2021, with a focus on Corporate Ventures, Financial Institution, Institutional Entities, #FundofFunds and #Familyoffices to join #IndovationFund for discovery & growth of early stage segment. @SucSEED_IN
— Vikrant Varshney (@Vikrant_risk) December 21, 2020
Stargate is a direct-to-retail (D2R) cross-border platform for lifestyle products. While AI-powered insights platform Auris curates insights in real-time to capture and analyse data, Freestand, a marketing tech platform, enables FMCG (Fast-Moving Consumer Goods) brands to deliver physical product samples to digitally targeted customers.
SucSEED Indovation Fund received a license as an angel fund from market regulator SEBI in August 2020.
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