3one4 Capital announces closure of two dedicated seeds and opportunity funds

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Published: December 12, 2019 5:32:51 AM

The fund currently stands oversubscribed and has confirmed Rs 45 crore ($6.5 million) in commitments towards its final close. It is a dedicated seed fund that will focus on investing in the very first rounds of companies pursuing markets where 3one4 has developed core sets of thesis.

3one4 Capital, closure, two dedicated seeds, opportunity funds, industry news, smeSiddarth Pai

Early-stage venture capital firm 3one4 Capital on Wednesday announced the successful closure of its two new funds – 3one4 Capital Continuum I, a dedicated opportunity fund (Rs 400 crore), and 3one4 Capital Rising I, a dedicated seed fund (Rs 45 crore).

3one4 Capital Continuum I, a 2019 vintage vehicle, had targeted Rs 350 crore (around $50 million) and announced its first close in February 2019 for Rs 150 crore. It currently stands oversubscribed and has confirmed Rs 400 crore (around $56 million) in commitments towards its final close. Continuum I will focus on investing into a curated selection of opportunities from the 3one4 capital portfolio and will aim to invest in the growth stages of these companies.

3one4 Capital managing partner Siddarth Pai said, “At 3one4, we firmly believe that the Indian start-up ecosystem has achieved critical mass and now supports the development of market-leading businesses at scale. These companies combine deep domain expertise, sustainable competitive advantages and uncompromising customer experiences to build a gravity well around themselves. Our deep involvement model has helped our companies optimise for defensibility and growth in revenue and scale. With Continuum, we will mesh these learnings into a solid reference framework for our companies entering the growth stage of their journeys.”

3one4 Capital managing partner Pranav Pai said, “We are grateful to be working with a stellar set of LPs. With large strategic and financial institutional investors  entering the funds, we continue to have an excellent and intellectually-diverse set of minds who bring unparalleled advantages to the firm and its portfolio companies. The investors span multiple geographies and have synergetic interests in 3one4 Capital and its portfolio. These new LPs will explore co-investment opportunities in rounds raised by the portfolio companies and will work closely with the founding teams to help deploy and scale their value propositions globally.”

The fund’s objective is to develop a strategic and long-term partnership with top-tier institutional pools of capital globally, and help improve access to high-quality growth capital for the portfolio companies across 3one4 Capital’s funds. It will focus on Series B+ rounds of companies from the 3one4 Capital portfolio with cheque sizes between $3 million and $5 million.

The fund has welcomed several new LPs (limited partners) to the 3one4 Capital family, with several of the larger LPs in earlier funds continuing their support. The new LPs are top-tier institutions, including the Emory Investment Management, a large US endowment that manages assets of Emory University, Emory Healthcare and The Carter Center, Sojitz, Catamaran, Infina (a private investment company owned by the Kotak family) and several top tier Indian institutions and family offices.

3one4 Capital Rising I, a 2018 vintage vehicle, targeted Rs 25 crore ($3.5 million) and completed its first close in December 2018. The fund currently stands oversubscribed and has confirmed Rs 45 crore ($6.5 million) in commitments towards its final close. It is a dedicated seed fund that will focus on investing in the very first rounds of companies pursuing markets where 3one4 has developed core sets of thesis.

Rising I will enter idea stage and seed stage companies with cheque sizes of between Rs 50 lakh and Rs 3.5 crore ($100,000-500,000). With drill-down frameworks for product development, market segmentation, financial planning, tech road map management and corporate development, Rising I will aim to help accelerate flywheels of growth within seed stage tech start-ups.

 

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