VenturEast Proactive Fund launched

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VenturEast, previously APIDC Venture Capital, announced a $150 million 'VenturEast Proactive Fund' that will invest in both early stage companies building new technologies, as well as growth stage companies using technology to build leadership. A significant focus of the Fund will be to invest in businesses that address the needs of the digital divide / bottom of the pyramid markets, and the needs of SME's. This approach is different from the "later stage" businesses focus (as opposed to "early stage"), as well as the urban/westward looking focus of the other funds.

 

VenturEast Proactive Fund already has commitments close to $100 million, and plans to close at $150 million. The Fund is well differentiated even in terms of investors, with a globally diverse range of marquee investors. These include Argonaut Private Equity USA, itself a strong direct investor in India; SEDCO Saudi Arabia, the leading Fund investor in the Middle-East; LIC, the leading investor into funds in India; and the IFC, a member of the World Bank group, that focuses on private sector development through investment and advisory services to promote inclusive growth and competitiveness.   

 

Unveiling the fund, Sarath Naru, Managing Partner, VenturEast says, "Our thesis is simply differentiate! This enables our investees and investors to be successful. Unlike other large-size VC funds, our model is based on the businesses and technologies that are relevant to India and on having multiple funds with a pioneering focus in each. Over the last ten years, VenturEast has helped companies expand rapidly, agnostic to their stage and sector with capital, besides aiding them with technology and business intervention. Proactive Fund continues with this approach of a pioneering focus towards using technology to address needs of the digital divide / bottom of the pyramid markets, and the SME's."

 

Speaking at the launch of the VenturEast Fund, Prasad Gopalan, Head of Operations (South India) , IFC, said, "It is heartening for IFC to be able to support a VC Fund Manager that thinks differently. We have great confidence in this management team who champion businesses and technologies that are truly relevant to India."

 

Mr. Anil Kathod, Managing Director Argonaut Private Equity communicated that, "VenturEast is a Fund Manager that "makes money differently". We are very selective in the Funds we invest in, choosing to directly invest in companies ourselves, but VenturEast is an opportunity we did not want to miss".

 

Mr. Rasheed Yar Khan, of SEDCO sent a message from Jeddah, "VenturEast (previously APIDC Venture Capital) was amongst the first fund managers we invested in as we started looking Eastwards. We have not been disappointed, and we are repeat investors now into Proactive Fund."

 

LIC's Executive Director, Mr. S. Sarkar said, "We typically invest in infrastructure funds and funds that invest in large mature businesses. But VenturEast (previously APIDC Venture Capital) persuaded us to back their 'different' approach. We were amongst the first investors in the APIDC Biotechnology Venture Fund previously, and now we are the first Indian investor to commit to Proactive Fund".

 

Sourced From: Text 100 Public Relations Consultancy