Golden Sparrow Ventures Announces First Close of USD 20 Mn Fund II Fund II plans to back about 22 pre-seed and seed startups, with an average investment cheque of roughly USD 650,000.

Golden Sparrow Ventures has announced the first close of its second fund, Fund II, with a target size of USD 20 million.

The venture capital firm said that over half of the fund has already been committed, supported in part by returning investors, with more than 60 percent of limited partners from its first fund re-investing.

Fund II will focus on backing around 22 startups at the pre-seed and seed stages. The average cheque size is expected to be about USD 650,000.

According to the firm, the portfolio will be evenly divided, with 50 percent allocated to deep-tech companies and the remaining 50 percent to enterprise AI startups. Around 12 percent of the fund has been set aside for follow-on investments in companies that show strong early traction. The fund is targeting a 5x gross return over a 10-year horizon.

Golden Sparrow Ventures has already made its first investment from Fund II. The firm backed a repeat founder building an enterprise data platform designed to clean and structure legacy data for large organisations. The investment was made at the earliest institutional stage and is part of a cross-border strategy.

The firm's first fund, sized at USD 8 million, was fully deployed across 18 companies between 2023 and 2025. Golden Sparrow said the fund has delivered top-decile performance. Its portfolio includes companies such as space-tech startup EtherealX, semiconductor company Morphing Machines, MyoLab, Theranautilus, and GPU virtualisation firm Hosted AI.

The announcement comes as India's Union Budget 2026–27 places increased emphasis on building full technology ecosystems, alongside infrastructure, manufacturing, and talent development.

Founded in 2023 by Rishaad Currimjee, Golden Sparrow Ventures is based in India and invests in AI, deep tech, SaaS, and related sectors.