Early-stage consumer-focused venture capital fund Fireside Ventures announced the final close of its third fund at $225 million. This Fund will invest in 25 to 30 start-ups that adhere to its thesis of digital-first consumer brands. It will focus on health and wellness, edutainment, lifestyle and FMCG.
Fund III will also seek out brands with a strong purpose, responsible practices, and healthy governance. It is anchored by new and existing Indian and global investors. This includes Self-Reliant India Fund, Investment Corporation of Dubai, State Bank of India, Premji Invest, Waterfield Advisors, ITC Limited, Emami Limited, Sharrp Ventures and other start-up founders.
Kanwaljit Singh, managing partner, Fireside Ventures said, “Fireside Ventures was created with a very clear vision, to invest in the next generation of consumer brands, a space that was witnessing the start of disruptive changes. Five years later, we are delighted to see the magnitude of change these brave new digital-first brands are creating, and we look forward to seeing them create even more value in the future.”
Since 2017, Fireside has backed this new wave of consumer brands. The fund has been the first institutional investor in 75 per cent of its 31 portfolio companies, one of which is an unicorn, another is IPO-bound, and an inspiring 50 per cent of which have been founded or co-founded by women.
Fireside Funds I and II have successfully powered some of India’s best-known new-age consumer brands, including personal care unicorn, Mamaearth, and IPO-bound boAt, as well as brands like Vahdam, Slurrp Farm, Kapiva, 91 Cycles, Design Café, FS Life (erstwhile FableStreet), The Sleep Company, Gynoveda, Wellbeing Nutrition and Pilgrim.