AngelPrime, a seed-stage venture capital fund based in Bangalore, has re-branded itself and will now be known as Prime Venture Partners. Along with re-branding today the firm announced that it has raised Rs.300 crores as a new fund.
The Social+Capital Partnership, a globally renowned venture capital firm, is the anchor investor in the new fund along with several institutional investors from Silicon Valley, New York, Hong Kong, Europe and Singapore.
As a classic venture fund that invests in the seed stage and reserves capital for subsequent rounds, the investment philosophy and horizon is distinct from that of individuals or angel syndicates. The name ‘Prime Venture Partners’ better represents the institutional nature of the fund.
“Our original intent was to raise a fund of approximately Rs.150 crores. However, we received significant interest from investors and we decided to extend our fund size to Rs.300 crores. This is a validation of our deep-involvement model and our ability to attract outstanding entrepreneurs addressing monster opportunities.”
Prime Venture Partners will continue to focus on a handful of start-ups every year, maintaining its deep involvement approach. The firm actively supports entrepreneurs with business and product strategy, hiring, partnerships, marketing, finance, all the way through raising subsequent capital.
Prime Venture has invested in eight Indian startups that include ZiDial,Ezetap, Smart Owner, Synup, HackerEarth, Happay and Vidgyor. It exited Zipdial after Twitter acquired the Bengaluru startup in a deal at $30-$40 million.
Angel Prime now known as Prime Venture Partners, is a Bangalore-based seed fund led by serial entrepreneurs Sanjay Swamy, Shripati Acharya and Amit Somani. The fund is focused on building disruptive product companies out of India, and addresses a much needed gap in the Indian startup ecosystem – by bringing a combination of first-hand entrepreneurial experience, operating expertise and meaningful capital.