Capria Ventures, a global venture capital investment firm, has announced the first close of its second $100-million fund that will focus on investing in 20-25 tech startups in India, Southeast Asia, Latin America, the Middle East, and Africa, according to a statement.
Limited partners in the new fund include OIP Investment Trust and Gates Ventures as well as numerous foundations, individuals, and family offices, including Crystal Springs Foundation, Sall Family Foundation, Brakeman Family Trust, and two founders of Pioneer Square Labs.
Capria’s first emerging markets fund had marked its first close in November 2018 and final close in June 2020. It typically makes direct bets in the Series B rounds of $10-30 million.
Aligning with current trends, the second fund will seek founders harnessing the potential of generative AI to transform companies across multiple sectors as well as focus on climate startups.
In India and Southeast Asia, Capria has invested in Alami (fintech), BharatAgri (agritech), Betterplace (jobtech), EdenFarm (foodtech), and Eduvanz (fintech).
Capria’s second fund will make early-growth (Series A/A+) investments in sectors including fintech, mobility/logistics, agtech/foodtech, climate, and jobtech/HRtech, supporting tech-enabled innovators primarily focused on domestic-first transformative solutions of many of the fastest-growing emerging economies.
“The startup ecosystem in India and Southeast Asia is thriving with immense potential for growth and innovation. India has over 20,000 startups, while Southeast Asia’s venture capital investment is on the rise, with the Internet economy projected to reach $330 billion by 2025. Capria’s Fund II recognises these synergies and aims to invest in the most promising early-growth tech startups in both regions,” said Dave Richards, Co-founder and Managing Partner, Capria Ventures.
In Southeast Asia, last year, the investment firm invested in AVV Alpha, the debut fund of venture capital firm Ascend Vietnam Ventures, which is targeting global startups emerging from Vietnam. The fund will be seeding up to $2 million into 25 startups by next year and following up with cheques of up to $5 million.
Earlier, Capria Ventures made its first limited partner (LP) investment in Indonesia, backing the early-stage VC firm AC Ventures. Capria had previously backed general partners including Singapore-based Genesis Alternative Ventures, India’s Arkam Ventures and Unitus Ventures, and Dubai-based Global Ventures.