Growth stage and operational fund provider Avataar Venture Partners has launched its second fund with a corpus of $350 million. The new fund has come after a gap of three years. It raised $300 million in 2020 and another $100 million top-up round to invest in its portfolio companies.
According to Avataar Venture Partners, it would back 10-15 new companies with an average size of each investment in the range of $35-$40 million. Its focus would be largely across growth stage companies.
Avataar Ventures aims to close three new investments from the fund II by mid-November and is targeting companies across healthcare, urban mobility, agritech, deep-tech, blockchain and DevOps.
Earlier, Avataar Ventures had acquired stakes in six B2B SaaS companies – Appnomic, Capillary, CRMNext, ElasticRun, Manthan, and Zenoti. The fund’s portfolio company RateGain Travel Technologies, which provides software for the hospitality industry, got listed in the Indian bourses in December last year.
Over 90 VCs, PE, and debt funds had announced their new fund launch as of July, as per an Entrack report. Since then, Fundamentum, Stride Ventures, Merak Ventures, Cactus Ventures, Elev8 Venture Partners, StartupXseed, Blacksoil, Kettleborough VC and Fireside have also announced their new funds.
