The venture arm of SPVH Group, Weave Capital, on Tuesday said it has launched a $75-million fund to invest in early-stage startups.
Aiming for its first close at $20 million, Weave Capital said it will participate and lead investments in startups intending to raise funding between Seed+ stages to Series B capital between $1 million and $5 million. It aims to build a portfolio of 15-20 startups with an average ticket size of $3-3.5 million.
Weave Capital’s fund launch announcement comes at a time global funds, including Sequoia, Accel, LightSpeed and Matrix Partners, have either raised new funds or are in talks to raise capital to tap tech investment opportunities in India.
There has especially been a rise in investors foraying into small-ticket fundraises. Most recently, Tiger Global led a $15-million funding round in fintech startup Jodo, its 12th early-stage bet in 2022, a threefold jump from last year, according to reports.
Early-stage venture capital firm Fundamental VC, founded by startup executives, launched its debut fund of $130 million in June while Mumbai-based portfolio management service Piper Serica Advisors launched a Rs 100-crore fund to invest in 30-40 early-stage tech companies in three years.
Last month, Axilor Ventures launched its second fund – Axilor Technology Fund II (ATF-II) – targeting to raise $100 million as it continues to focus on seed-funding opportunities in India.
Weave Capital is currently expecting approval from the Securities and Exchange Board of India for its new fund. It will include a greenshoe option of $25 million and is looking for the first close at $20 million soon.
On its website, Weave Capital mentions HR services company Congruity HR, baby-related products distributor Strolleria and revenue cycle management provider Knack Global in a list of companies it has invested in.