Prime Venture Partners Marks Final Close of Fourth Fund at $120M, Exceeds Target

Startup venture capital firm Prime Venture Partners said on Thursday it had marked the final close of its fourth fund at $120 million (Rs 900 crore), surpassing its target corpus of $100 million, its largest ever. funds to date.

The new fund brings the venture capital firm’s total capital under management to more than $250 million, Prime Venture Partners said in a statement.

In addition to existing limited partners (LPs) or investors in the new fund, other LPs include International Finance Corp (IFC), a university endowment, a fund of funds and several global tech entrepreneurs, he added.

The new fund will seek to invest in startups in fintech, edtech, healthcare, consumer internet and global software as a service (SaaS), he said. It has also broadened its scope to include new areas such as electric vehicles (EVs), business-to-business (B2B), web3 and gaming infrastructure platforms, he added.

Prime Venture Partners announced the first close of its fourth fund at $75 million in August last year.

Launched in 2012, Prime Venture Partners is an India-focused start-up company with an Indian advisory office led by Shripati Acharya, Sanjay Swamy, Bala Parthasarathy and Amit Somani. Formerly called AngelPrime, it was renamed Prime Venture Partners in 2015.

Prime Venture Partners had launched its first $8 million Mauritius-based fund in 2012. The startup investor closed its second fund worth $46 million in 2016 and closed its Fund III in 2018 at 72 millions of dollars.

The Bengaluru-based venture capital firm has invested in over 30 ventures including bill discounting platform, KredX; interactive learning platform, Quizizz; security management startup MyGate; edtech platform for kids PlanetSpark; logistics tech startup WheelsEye; and the EV Revos infrastructure platform.

Over the past 12 months, three of Prime Venture Partners’ early fintech investments have been acquired, including the acquisition of payments and travel management platform Happay by Cred for $180 million.

Last month, Singapore-based secondary specialist Foundation Private Equity acquired all of LP’s interests in Prime Venture Partners’ first fund.

Last year, several early-stage venture capital firms announced fundraising milestones. Chiratae Ventures, Stellaris Venture Partners and WaterBridge Ventures announced the final closing of their new funds and Blume Ventures announced the first closing.

This year, IvyCap Ventures and pi Ventures announced the first closing of their new funds.

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