Early-stage venture capital firm 3one4 Capital has made the final close of its two new funds – Rising and Continuum. Both the funds are extension strategies of 3one4 Capital’s core focus on early-stage tech venture capital.
While seed fund Rising has a corpus of Rs 45 crore ($6.5 million), growth-stage focused Continuum has a corpus of Rs 400 crore ($56 million). According to a press statement by the Pranav Pai and Siddarth Pai founded firm, both funds were oversubscribed.
Dubbed as Rising I, the one-year-old investment vehicle had targeted Rs 25 crore and completed its first close in Dec 2018. On the other hand, Continuum I had targeted Rs 350 crore and announced its first close in Feb 2019 for Rs 150 crore.
Continuum will focus on Series B and beyond rounds of companies from the 3one4 Capital portfolio with cheque sizes between $3 to $5 million. Continuum has roped in several renowned LPs (limited partners), including Emory Investment Management, Sojitz, Catamaran, Infina and several top-tier Indian institutions and family offices.
Backed by existing supporters of 3one4 Capital’s previous funds as well as new family offices, Rising I will focus on idea and seed-stage companies with cheque sizes between Rs 50 Lakh to Rs 3.5 crore.
According to Siddarth Pai, the new LPs will explore co-investment opportunities in rounds raised by the portfolio companies and will work closely with the founding teams to help deploy and scale their value propositions globally.
With a combined corpus of Rs 800 crore, 3one4 Capital has a portfolio of over 50 investments across sectors — machine learning, artificial intelligence, enterprise automation, consumer products, fintech, media and multi-lingual content generation, and health.
3one4’s investments include Licious, Open, Betterplace, DarwinBox, Faircent, Bugworks, Pocket Aces, YourStory, and Tracxn.