Saturday, April 13, 2024
Outlook India
Outlook Business

Grayscale Ventures Raises $10 Million For Micro-Fund Targeting Pre-Seed AI, SaaS Start-ups

The investment company has already backed SaaS start-up Olvy and pharmaceutical billing software provider Localwell

Grayscale Ventures Raises $10 Million For Micro-Fund Targeting Pre-Seed AI, SaaS Start-ups

Outlook Start-Up Desk

POSTED ON February 27, 2023 3:54 PM

Singapore-based investment firm Grayscale Ventures has raised $10 million for its micro-fund, which will focus on pre-seed AI, vertical software as a service (SaaS) and development infrastructure start-ups. The $20 million fund will invest between $200,000 and $1 million in 15 to 20 companies over a decade, with a target ownership of 10 per cent in each invested start-up. 

The firm said it prefers to lead or co-lead fundraising rounds with other specialised funds. Grayscale Ventures, founded by Nikhil Kapur and Siddharth Verma, has limited partners from Japan, Southeast Asia, the US and India, including founders of Zendesk, Slack and Nexus.

The pair previously worked at STRIVE, backing pre-seed funding rounds in India for companies including Hasura, Classplus, 100ms, Reshamandi and Testsigma. During their time at STRIVE, the two founders also led secondary sales and mergers and acquisitions for portfolio firms such as Hasura, SuperK and PopXO. 

Grayscale Ventures has already invested in SaaS-based start-up Olvy and pharmaceutical billing software provider Localwell.

The announcement comes at a time when Indian start-ups are struggling to secure funding investments, although venture capital and private equity funds have been launched to support the sector. In February, PeerCapital completed the first closure of its maiden fund, raising $37.5 million.

  • Related Articles

    The company has entered into a strategic collaboration with a D2C (direct-to-consumer) company to tap the export market, where Indian snacks and samosas are sought after

    Bengaluru-Based Samosa Singh Gears Up To Go Global

    The company has claimed that this chatbot has been developed by and it enables a quick and seamless ordering experience for customers

    Wow! Momo Introduces End-To-End Food Ordering On WhatsApp

    Employees who have spent a year (12 months) in the company (approximately 30 in number) will be able to benefit from this scheme

    Pilgrim Announces First ESOP Scheme, Eyes 3x Current Run Rate in 2023