Surat-based micro venture investment firm and startup accelerator Ivy Growth Associates Pvt Ltd said on Thursday that it plans to launch a $30 million venture capital fund, Ivy Growth Fund, by the next financial year.
The fund will be led by Ivy Growth cofounders Rachit Poddar, Prateek Toshniwal, Sharad Todi and the investment firm’s advisor Mehul Shah, the company said.
The fund managers will invest in the fund in their personal capacities. Its other investors will include family offices, ultra-high-net-worth individuals, and global investors.
Ivy Growth is looking to deploy the fund in three to five years. It will invest in companies in their pre-series A and subsequent funding stages. Its key areas of investment will be sustainability, agritech, healthcare, deeptech, Web 3.0, and artificial intelligence.
"Through the $30 million fund and our global fund setups and collaborations, we will provide funding to pre-series A and above level startups in jurisdictions all across the globe focusing on regions like Asia and the Middle East which have the growth potential to become successful in their respective sectors," said Toshniwal. Ivy Growth Fund will also partner with other funds based in the Middle East, Singapore, Japan, the UK, and the US.
Ivy Growth has so far invested in over 70 startups including Zypp Electric, Airmeet, BluSmart, Emotorad, Bebeburp, Bummer, Regrip, GrowIt, Evify Logistics and Navitas Alpha. The firm also aspires to go global with a $30 million global fund in Dubai International Financial Centre, which it plans to launch by 2026.
In the past few years, several micro-investment firms and angel networks have launched venture capital funds. Angel investment platform We Founder Circle floated Avinya Ventures earlier this year, while Inflection Point Ventures launched its $50 million venture capital fund Physis Capital last year.
