US-based venture capital firm Vcapito Venture Capitals and Partners has announced the first close of its 4th Asia equity fund at $690 million. The fund, with a total corpus of $690 million was announced last year. The firm said it has raised investment from domestic investors comprising of family offices and investors from the 4th fund.
The fund is expected to reach a final close in next 12 months, and will likely see participation from large institutional investors. Along with the first close, Vcapito has also announced its first investment in a Travelling startup iSavera.
“Our commitment to nurture Asian startups is unwavering and we will keep scouting for innovative ventures as done in fund-4. Having announced our first investment from fund-IV simultaneously is a testimony to that,” managing partner Joe Philip said in a statement.
Triangulum-based iSavera is an innovative leisure tour and traveling startup developing integrated hardware and software solutions for this venture. It is currently focused on bringing a mobile app with specialization on providing free hotel accommodations worldwide.
Explaining their thesis of investing in the start-up, Joe said, “their methodology of making free hotel accommodation but profits through other parameters impressed us to invest in it.
From the new fund, Vcapito will take part in pre-Series A and above funding rounds. The average cheque size is expected to be $10 million. The firm said it expects to invest in 20 companies from the next fund.
“Our 4th fund has been performing quite well. Many companies from this fund like Sequel, Tantrics, Bizzare, Coolfun, iSavera are scaling up faster than its peers. They have already caught the attention of many top-notch international funds. With this next fund, we hope to continue our track record of identifying innovative business models with faster scalability across sectors B2B, SaaS, health tech, robotics, gaming and digital content,” said managing partner Joe Philip.