A target corpus of $130 million around Rs 1,014 crore is set to be launched by the venture capital firm Fundamental VC on Friday.
The Bengaluru-based firm said in a statement that the sector-agnostic fund will actively evaluate ventures across the space such as consumer internet, healthcare, insurance, financial services, SaaS, gaming and artificial intelligence AI.
The fund received Sebi's approval in March and has already started investing with plans to lead investments in seed and pre-seed rounds.
The fund will invest up to 1.5 million dollars for each startup and will support 30 startups over a period of two years.
The fund is backed by an equal mix of domestic and international Limited Partners from geographies such as Singapore, the Middle East, and the US. The mix includes unicorn founders, high net worth individuals, HNIs family offices, and senior technology executives, who have been long associated with the early-stage startup ecosystem as operators, digital-first entrepreneurs, domain experts, and enablers.
The founding of Fundamental VC was founded by former startup operators, Saswat Sundar and Abhishek Rathi.
Sundar said that our focus on early-stage startups is primarily due to our extensive experience-driven ability to understand the pulse of the ecosystem, and we can build companies from the ground up and scale them globally. He said that in order to focus on the sustainable growth and success of each startup in our portfolio, we have a highly curative investment strategy, wherein we will invest in a limited set of businesses with sound fundamentals instead of a spray-and- pray approach. Fundamental VC has exclusive partnerships with several industry stalwarts to enable better GTM, user acquisition, product distribution, hiring and growth strategy for its portfolio startups. We have been associated with the early-stage startups ecosystem for over a decade and have seen thousands of startups grow from idea stage to growth and beyond, and we have seen a need for an approachable institutional capital support for early-stage founders. Rathi said that the vision is to fill the gap by being the most reliable, approachable, founder-centric, and smart institutional capital support from day zero.