Through the new fund raise, Speciale Invest expects to invest in about 18-20 startups in the space of enterprise software products, developers tools and frontier technologies
Bengaluru: Seed-stage investor, Speciale Invest, on Friday announced the first close of its second fund, at ₹140 crore as it looks to further invest in deep tech startups.
Through the new fund raise, Speciale Invest expects to fund about 18-20 startups in the space of enterprise software products, developers tools and frontier technologies, including space tech, robotics, photonics, and alternative energy.
The early-stage backer which closed its first fund in 2018 has invested across 14 cutting-edge startups so far, with an average deal size of under $500,000.
“We are excited to announce the launch of our second fund to support and boost the deep-tech startup ecosystem in India amid the ongoing pandemic. The oversubscribed round of funding and interest in our subsequent round demonstrate the support of our investors in our team in creating a long standing venture institution. It also reaffirms our commitment towards looking out for entrepreneurs who have unconventional ideas in building futuristic companies," said Vishesh Rajaram, managing partner at Speciale Invest.
Speciale Invest added that the investment strategy and portfolio construct continues to remain the same across funds, and a larger corpus will allow for more follow-on allocation to the portfolio.
“We’re thrilled that our second fund enables us to continue this journey of partnering with early stage founders building companies at the bleeding edge of innovation from India. We take the learnings and progress from the first fund portfolio as motivation to double down on our core deep tech thesis and strive harder to explore newer areas of tech and science led disruption," said Arjun Rao, general partner at Speciale Invest.
Until now, Speciale Invest has invested in several enterprise software companies, including Wingman, True Lark, TotalCloud, Scapic; and hardware startups including The ePlane Company, Agnikul, Astrogate Labs, CynLr, and Kawa Space.