Weave Capital Announces $75 Million Venture Fund

The fund aims to build a portfolio of 15 to 20 startups with an average ticket size of $3 to $3.5 million

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Weave Capital has announced the launch of its multi-stage venture capital fund, as per a statement given by its managing partner, Karan Gupta. The fund is the venture arm of SPVH group, a global investment and holding company having different verticals and business interests.

Company handout

"Weave is the culmination of our insights and extensive know-how of the startup ecosystem. Our team at Weave has led diverse and cross-sector transactions and growth advisory engagements both in India and overseas. Our intent now is to build inroads and ascend our position in the new shoes of venture investing. Our team brings forth the expertise in corporate finance, strategy, entrepreneurship, operations and fund managements as well as a close association with diverse businesses and funds globally alike to help these businesses succeed," said Karan Gupta, managing partner, Weave Capital.

Weave Capital, a sector agnostic fund with an inclination for technology-enabled businesses, will have a total corpus of $75 million along with a green shoe option of $25 million. Aiming for its first close at $20 million, the firm shall participate and lead investments in startups intending to raise funding between Seed stages to Series B capital, as per company statement.

"As for Weave Capital, we are certainly different from the standard VCs. Our ability to leverage our cross-functional business, strategic relationships and in-house experts shall play an important role in the success of our portfolio. We are willing to take up opportunities which solve real problems and are demonstrating its need in the startup ecosystem," said Sujay Prakash, general partner, Weave Capital.

The fund shall commit a cheque between $1 million to $5 million across different stages of the portfolio company. It aims to build a portfolio of 15 to 20 startups with an average ticket size of $3 to $3.5 million. The fund shall start deploying capital post the first close and has filed category II AIF registration, and is currently expecting approval from the securities and exchange board of India soon, claimed by the company in a statement.

The team at Weaves come from diverse backgrounds and has experience in large transaction advisory that comes very handy in the overall process right from evaluation to closure and then monitoring and supporting strategically. The fund team is all geared up to identify and build a strong pipeline of transactions and shall be also keep to do warehousing in case of exceptional opportunities.