IvyCap Ventures which is known for investing in early and growth stage companies, has raised around $45 million for the first close of its second fund of $90 million with sponsor investor IIT Alumni Trust chipping in $18 million. Institutional investors from the first fund have also extended their commitment to the new fund.
Founded in 2011 by Vikram Gupta, Norbert Fernandes and Vishal Gauri, Ivy Cap Ventures has earmarked 90% of its Fund 2 for investments in series A and B rounds. It has also set aside a corpus of around $9 million for IvyCap Startup Platform. Ivy Cap Fund 2 has already invested in TaskBob and FTCash.
The firm has done a seed investment of $148.49K in FT Cash and led the series A round of Taskbob of around $4.5 million. It focuses on investing in Healthcare, Education, Food based businesses, technology, eCommerce & mCommerce domains and generally invests $4-5 million by picking up 25%-35% stake in each of its portfolio companies.
The other investment is due and will be announced by end of April or at the beginning of May.
From its Trust Fund – I, it invested in several startups, including RML Information Services Private, Aujas Networks, FieldEz, Vinculum,Leixir Dental Labs, eShakti, Purplle, Sokrati, Clovia and BlueStone.
In addition, IvyCap is also working towards building a strong entrepreneurial ecosystem across educational institutions of the country. Towards this goal, the VC firm has created a "Give Back" program to share part of its own profits with the educational system of the country, primarily to encourage further entrepreneurship.
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