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.
“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.