India-based venture capital firm 3one4 Capital has collected Rs 1.5bn ($21m) for a growth-stage fund, having raised capital from limited partners including diversified trading group Sojitz, Hindu Business Line reported on Wednesday.
Continuum I fund is looking to raise up to $50m and has also received backing from an unnamed US-based university endowment. It will invest in some of 3one4 Capital’s existing portfolio companies, targeting series B stage and later with cheques ranging between $3m and $5m.
Founded in 2015, 3one4 invests in compaies operating in the enterprise intelligence and automation, media and content development, education healthcare and financial technology sectors.
The firm’s portfolio includes HR software developer Darwin Box, online media company YourStory, online butcher Licious, education provider Jigsaw Academy and data analytics platform Datascore.
3one4 Capital closed its second fund at $39.3m in January 2018 following limited partner commitments from Reliance Ventures, a subsidiary of conglomerate Reliance Industries, as well as investment manager DSP Investments and an assortment of private investors.
Pranav Pai, Founder of 3one4 Capital, told Business Line: “With large strategic and financial institutional investors entering the fund, we continue to have an excellent and intellectually diverse set of minds who bring advantages to the fund and its portfolio companies.”
Japan-based Sojitz also partnered Fenox Venture Capital to launch a $33m corporate venturing fund earlier this month.