US-based accelerator and venture capital investor Tandem Capital has raised a $100m fund featuring India-based backers including media company HT Media, VCCircle reported on Tuesday.
The Tandem III fund, which closed in January 2015, also secured capital from VC firm Aarin Capital, Laksh Vaaman Sehgal, who is responsible for new business development at auto parts group Motherson Sumi, and Russell Mehta, managing director of diamond producer Rosy Blue.
Tandem III has also been backed by additional, undisclosed investors from across the world. It will invest in three to four India-based startups per year with the aim of taking them to Silicon Valley and scaling them quickly and globally in order to provide investors with quick exits.
Founded in 2007, Tandem previously closed a $10m first fund in 2007 and a $33m second fund three years later.
Tandem III will provide startups with between $200,000 and $300,000 of seed funding, and could invest a further $10m or more in follow-on rounds.
Currently, Tandem’s portfolio is primarily based in the US, though it also includes startups sourced from Mexico, Canada, Portugal and Israel. It particularly focuses on startups in the mobile, connected devices and internet of things sectors.