Leo Capital, an early-stage venture capital firm headquartered in Singapore, has received backing from fund-of-funds Dubai Future District Fund (DFDF) for its third fund with a corpus of $125 million.
Leo Capital has raised $106 million for two funds seeking technology-centric opportunities in India and Southeast Asia. The firm invests anywhere from $300k to $1.5 million in early seed rounds or pre-Series A rounds.
“We look forward to collaborating with DFDF to strengthen the UAE-India corridor and cement the UAE’s position as a global hub for technology startups,” co-founders Rajul Garg and Shwetank Verma said in a LinkedIn post.
Established by Garg and Verma in 2017, Leo Capital’s investments in India include cloud-based testing platform Lambdatest, online road transport marketplace Vahak, diabetes management startup BeatO, gold-focused digital alternative credit platform indiagold, and gaming platform Bombay Play.
Garg has been a serial entrepreneur for over two decades and also founded Pine Labs, GlobalLogic, and Sunstone Education.
The firm, which made the first close of the proposed investment vehicle in 2022, is looking to ramp up its investments in sectors such as fintech, gaming, DevOps, security ops, and cybersecurity, among others.
It has made six exits so far in companies including Indyfin, LoanSiple, and Edureka.