Hyderabad-based SucSEED announces closure of Rs 100 crore fund
Vikrant Varshney, Co-founder & Managing Partner of the fund said, “We are excited to state an overwhelming response and oversubscription to our first closing of the maiden Rs 100 crore fund."
Hyderabad: Hyderabad-headquartered SucSEED Indovation, the Sebi registered Alternative Investment Fund (AIF-1) Venture Capital Angel Fund, on Monday announced the first closure of its maiden Rs 100 crore fund by raising Rs 40 crore, and its three new investments. Through this fund, SucSEED aims to support 50+ startups till they become large enterprises over their three-stage funding thesis.
Vikrant Varshney, Co-founder & Managing Partner of the fund said, “We are excited to state an overwhelming response and oversubscription to our first closing of the maiden Rs 100 crore fund. Angel Investors, CXOs in large domestic and global enterprises, family offices, and few family trusts have participated in the first successful closing of Rs 40 crore.” He added that the fund has identified three startups — Stargate, Auris, and Freestand — for investment and has signed term sheets.
“Further, we have shortlisted three startups in the HealthTech and RegTech space, where the due-diligence is still underway. Our goal is to close 20 investments year-on-year,” he said.
The fund addresses the under-served formal fund needs of seed-stage tech startups. The Fund will drive investments in seed to pre-series A-stages and will help portfolio companies to strengthen their product offerings, go-to-market strategy, and build governance structure so that they progress to become category leaders.
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