Blume Ventures, a VC firm which invests in early-stage startups, has announced that it has closed its second fund at USD 60 Million. The firm had initially planned to raise around USD 40 Million, but increased the fund size later to USD 60 Million. Blume Ventures, which was founded in 2010 by Kathik Reddy and Sanjay Nath. Karthik Reddy, Managing Partner of Blume Ventures has said that while the round is technically closed, paperwork is still remaining.

For this fund, Blume Ventures has raised funding from some domestic family offices and founders of companies as well as a few companies. However, the name of the investors has not been disclosed yet. Out of USD 60 Million, USD 40 Million came from overseas investors. USD 8 Million came from from Japanese investors and about USD  10-12 Million came from American investors, including ICONIQ Capital, an investment adviser which manages the fortunes of Silicon Valley billionaires like Mark Zuckerberg.
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Blume Ventures had raised Rs. 100 crore, for its debut fund in 2011. In 2015, the firm marked its first close of the fund at over $30 million. From the first fund, it invested $100,000-250,000 in each portfolio firm. Now, from the second fund, Blume Ventures is looking at signing larger cheques. Kathik said:

“This time, we will have 40-45 investments. We have been investing for the past 18 months and almost half of the fund has already been deployed.”

Blume Ventures initially invests in the range of USD 50K – USD 250K into early-stage tech-focused/tech-enabled ventures. Further, the firm provides follow-on investments to their portfolio companies, ranging between USD 500K and USD 1.5 Million. The firm has made around 81 investments in around 63 companies, including the likes of education startup Unacademy, WebEngage, warehouse automation startup GreyOrange, Runnr, among others. Its most recent investments include the ones it made in Tricog Health and Unocoin.

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Ruchi Pandita

Ruchi is a word-weaver, a painter, an amateur photographer and a poet at heart. The ease with with she can explain the most complex stuff impresses people around her. Being a gemini, she is never content, always looking for new ways to explore her self and the world around. The startup revolution has greatly influenced her and she is using her talent to help budding entrepreneurs find the way forward.

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