Bengaluru: Seed-stage fund AngelPrime has raised 300 crore in its second fund from Palo Alto, US-based venture capital firm The Social+Capital Partnership and a clutch of wealthy individuals and institutional investors from Silicon Valley, New York, Hong Kong, Europe and Singapore.

The fund, which has re-branded itself as Prime Venture Partners, will invest the money in the next three years, infusing up to 6 crore in a single round in companies across business segments such as financial technology and services, mobile Internet, Internet-connected devices, education and healthcare.

About a fifth of the fund will be deployed this year.

With a bigger coffer now, Prime Venture Partners will also look to invest in first rounds of funding as well. “We will do $500,000 to $1 million in the seed stage and at least that much, if not more, in the next round," said Sanjay Swamy, managing partner at Prime Venture Partners.

The fund may also deploy up to $100,000 for incubating innovative ideas and helping entrepreneurs build prototypes of products.

Prime Venture Partners had earlier raised 50 crore from Mayfield Fund, Yahoo co-founder Jerry Yang and The Social+Capital Partnership. The earlier fund was invested in eight companies, including Zipdial, which was acquired by Twitter in January, HackerEarth and Ezetap.

“We look for entrepreneurs who want to build disruptive, category-heading companies using technology, disruption, an innovative business model, a differentiated go-to market strategy, something beyond plastering the town with billboards," said Amit Somani, another managing partner at Prime Venture Partners.

“Obviously, there are a lot of those companies that are doing very well. Technology and disruption are at the core of our investment philosophy and by that virtue much more capital efficient."

With smartphone adoption and Internet penetration soaring in India, a number of venture capital firms have set up India-focused funds or raised large amounts to invest in domestic start-ups.

Helion Venture Partners is close to raising $300 million for its fourth India fund, focused on technology ventures.

In April, Sequoia Capital, which missed out on the e-commerce bus but has been bullish on the hyperlocal delivery and food technology space, added $210 million to its $530 million India-focused fund.

In February, Mayfield Fund closed an India-focused fund at $108 million, while Lightspeed Venture Partners is closing a $115 million fund.

Additionally, Saif Partners raised $350 million in March, while Accel Partners closed a $305 million fund.

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