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Weave Capital announces $75 Mn multi stage VC fund

Weave Capital has announced the launch of its multi stage Venture Capital fund. The fund is the venture arm of SPVH group, a global investment and holding company having different verticals and business interests. 

Sujay Prakash and Karan Gupta are the general partner and managing partner of the fund respectively.

Weave Capital, a sector agnostic fund with an inclination for technology enabled businesses, will have a total corpus of $75 million along with a green shoe option of $25 million. Aiming for its first close at $20 million, the firm shall participate and lead investments in startups intending to raise funding between Seed+ stages to Series B capital.

According to the fund, it will commit a cheque between $1 million to $5 million across different stages of the portfolio company. Weave aims to build a portfolio of 15—20 startups with an average ticket size of $3- $3.5 million. 

Weave Capital will start deploying capital post the first close. It has filed category II AIF registration and is currently expecting the approval from the Securities and Exchange Board of India soon.

According to data compiled by Fintrackr, around 90 startup investment firms, including 63 VC firms, eight PE firms, and four debt firms, have launched or are in the final leg to announce their new fund in 2022 so far.

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