Elev8 Venture Partners Announces First Close of Its Fund 1 At $67 Million The funds strategic focus lies in investing in 12 to 14 tech-enabled sector agnostic companies within a valuation range of $100 million to $500 million
By Teena Jose
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Bangalore based, Growth stage investor Elev8 Venture Partners (Elev8) has announced their first close at $67 million of Elev8-Capital Fund 1 (Fund). According to an official statement, the funds strategic focus lies in investing in 12 to 14 "tech enabled sector agnostic companies" within a valuation range of $100 million to $500 million, adding that each investment would vary from $10-$15 million.
Commenced operations earlier this year Elev8 is India's Pro-Rata fund, anchored by KB Investment, South Korea's Financial conglomerate and Venture Catalysts (VCats) is an institutional co-founder to the fund. The statement said that this would be the first time in India that a Global Institution has anchored a Maiden fund.
"We have spent a significant amount of time and concluded that Elev8's management team is by far the best team to invest in, at the growth stage. Their exceptional track record, prospective portfolio pipeline, and proprietary data algorithms have presented a strong proposition for us to join hands. Furthermore, Navin and the VCats group provide unprecedented access and network to early-stage startups, which will significantly enhance Elev8 in future deal flow and investments," said Eric Yoo, executive managing director, KB investment.
As per the company, Elev8 has already taken steps towards its investment strategy and has signed a Term sheet with a company in Enterprise SaaS Space. It now aims to bet big on digital-first companies across diverse sectors including consumer tech, enterprise software, fintech and healthtech, focussed on Series B and C rounds of financing.
"Given overwhelming response we have received from our LP's we were able to announce the first close in 3 months, much earlier than expected. Way forward is to be aggressive in the current environment and invest in one company a quarter or more. We feel the existing vintage will uncover the finest companies in the coming decade," said Navin Honagudi, managing partner, Elev8 Venture Partners.
Beyond investments Elev8 will assist its portfolio companies in expanding their global outreach and strengthen their presence in SEA markets where KB has already established a strong network through partnerships and investments. KB's experience, operational capabilities, and network of strategic relationships can be a valuable asset for the portfolio companies, the statement further added.
