VenturEast launches $150 mn VC fund

VenturEast, previously APIDC Venture Capital, announced a $150-million 'VenturEast Proactive Fund' that will invest in both early-stage companies building new technologies and growth stage companies using technology to build growth.

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 of the small and medium enterprises (SMEs).

VenturEast Proactive Fund already has commitments of 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, a fund investor in West Asia; LIC, the leading investor in funds in India; and the International Finance Corporation, a member of the World Bank group, that focuses on private sector development through investment and advisory services to promote inclusive growth and competitiveness.

Prior to this fund, the fund manager had raised six funds "" two venture capital, two incubation, a listed fund, and a new fund focused on micro-equity "" totalling up to nearly $170 million

The core team of the VenturEast Proactive Fund consists of Sarath Naru, managing partner, and Raghu Mendu and Siddhartha Das, general partners.