Theia Ventures Announces First Close of USD 30 Million Fund Theia Ventures Fund I plans to invest in 18–20 early-stage startups creating emission-reducing technologies across key sectors, allocating USD 500,000–1 million per company.
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Venture capital firm Theia Ventures has announced the first close of its maiden USD 30 million fund, marking a significant step toward advancing India's decarbonisation goals. The fund claims to have already secured commitments exceeding half of its target and has begun deploying capital into early-stage ventures.
The new fund aims to back technology-driven companies that are working to decarbonise critical sectors of the Indian economy. Its investment focus will span deeptech, energy transition, and sustainability, supporting startups in green mobility, sustainable materials, clean logistics, battery technologies, and industrial decarbonisation.
British International Investment (BII) is the anchor investor in the fund. Other key global backers include Allocator One from Germany, Cisco Foundation from the United States, and Vitality Capital Partners from Australia.
The fund has also attracted participation from a strong base of domestic and international family offices and investors such as Anand Mahindra, Meher Pudumjee of Thermax Group, JM Financial, Vimson: Shivanand Salgaocar Group, and former Citibank India CEO Pramit Jhaveri.
Theia Ventures Fund I plans to invest in 18 to 20 early-stage startups that are developing innovative solutions to reduce emissions across heavy industry, manufacturing, material science, mobility, and supply chains.
The firm typically invests between USD 500,000 and USD 1 million per company, with over half of the fund reserved for follow-on rounds. The investment team has prior experience in the energy transition space, having previously backed ventures such as Exponent Energy, AltM Bio, Octolife, and Metastable Materials.
Recent investments from the fund include Sarla Aviation, an Accel-backed electric air taxi startup, and Climitra Carbon, a biocoal company serving the steel industry. The fund has also committed to two more startups in precision fermentation and AI-based energy data modelling.
The final close of the fund is expected by the end of the current financial year.
