Weave Capital has launched a multi stage venture capital fund. The fund is the venture arm of SPVH group, a global investment and holding company that has different verticals and business interests. The fund’s general partner is Sujay Prakash who is also the ultimate beneficial owner (UBO) of SPVH Group.
According to Karan Gupta, managing partner, Weave Capital, the company is the culmination of insights and extensive know-how of the start-up ecosystem. “Our team at Weave has led diverse and cross sector transactions and growth advisory engagements both in India and overseas. Our intent now is to build inroads and ascend our position in the new shoes of Venture Investing. Our team brings forth expertise in corporate finance, strategy, entrepreneurship, operations and fund management as well as a close association with diverse businesses and funds globally alike to help these businesses succeed,” he added.
Weave Capital, a sector agnostic fund with an inclination for technology enabled businesses, will have a total corpus of $75 million along with a green shoe option of $25 million. Aiming for its first close at $20 million, the firm shall participate and lead investments in start-ups intending to raise funding between Seed stages to Series B capital.
The fund shall commit a cheque between one million dollar to five million dollar across different stages of the portfolio company. Weave aims to build a portfolio of 15—20 start-ups with an average ticket size of $3- 3.5 million. The fund shall start deploying capital post the first close. The fund has filed category II AIF registration and is currently expecting the approval from the Securities and Exchange Board of India (SEBI) soon.
For Sujay Prakash, general partner, Weave Capital, the venture capital ecosystem is changing dramatically, what was relevant a decade ago sounds like a questionable decision today and the next decade will be even different. “Today, the VCs are going beyond to create value and insights driven ecosystems. Further, we need to come out of this standard theme of “IRR” and “exit” and start questioning the “why and beyond”. As for Weave Capital, we are certainly different from the standard VCs. Our ability to leverage our cross functional business, strategic relationships and in-house experts shall play an important role in the success of our portfolio. We are willing to take up opportunities which solve real problems and are demonstrating its need in the start-up ecosystem,” he added.
Further, the team at Weave comes from diverse backgrounds and has experience in large transaction advisory that comes very handy in the overall process right from evaluation to closure and then monitoring and supporting strategically. The firm claims to be actively onboarding new team members across different levels. The fund team is all geared up to identify and build a strong pipeline of transactions and shall be also keen to do warehousing in case of exceptional opportunities.