Fund News
Early-stage VC firm Theia Ventures makes first close of $30-M fund with 50% commitments
Bengaluru-based early-stage venture capital firm Theia Ventures has made the first close of its USD 30 million maiden fund with British International Investment (BII) as the anchor investor. With the first close, the firm has secured commitments for over 50% of its target corpus.The fund’s investor base also includes Germany-based Allocator One, US-based Cisco Foundation, and Australia-based Vitality Capital Partners. It is also backed by the family offices of Anand Mahindra, Thermax Group’s Meher Pudumjee, JM Financial, Vimson: Shivanand Salgaocar Group, and Pramit Jhaveri, the former CEO of Citibank India.The firm is looking to invest in 18 to 20 early-stage startups developing differentiated technologies to decarbonise sectors such as heavy industries, manufacturing, material science, mobility, and supply chain, with an average ticket size between USD 500,000 and USD 1 million. Over 50% of the new fund will be reserved to make follow-on investments in portfolio companies.Theia Ventures has previously backed companies like AltM Bio, Exponent Energy, and Metastable Materials, among others.The final close of the fund is expected by the end of the current financial year.
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