Soon after closing early-stage focused third fund, Blume Ventures has now marked the final close of its opportunity fund titled Fund IIA at $41 million to back its growth stage portfolio startups.
The latest investment round is secured from Blume’s domestic and international investors. The add-on fund would majorly focus on investing in the Series A to D rounds of their best performing portfolio companies.
As per the press statement, Blume would be investing the latest fund follow-on rounds of the winner of Funds I, IA, and II which include 10 portfolio startups- Unacademy, GreyOrange, Servify, Turtlemint, Dunzo, Purplle, Railyatri, Milkbasket, Tricog, and Cashify.
Being considered as one of the largest domestic opportunity funds in the Indian venture capital funds space, Blume already has deployed 80% of Fund IIA and the entire fund will be deployed by the end of this year.
“Like any other early-stage VC firms, Blume is also looking to double down on its successful portfolio companies, and allow their limited partners (LPs), or investors, to go deeper in mature startups,” said Blume’s managing partner Karthik Reddy.
Recently, Blume had marked the closure of its third fund at $102 million. It had made the first close of Fund III at $45 million in October 2018. Since then, it has invested in over 10 startups focused on healthcare, consumer internet, agritech, deeptech, and others.
Launched in 2010 by Reddy and Sanjay Nath, Blume had made the first close at $19 million in the first year of operations followed by $60 million Fund II in 2016.
In its decade-old journey, Blume has invested in over 100 startups across categories and maintains a 60:40 ratio while investing in domestic and global startups.