Prime

AngelPrime, a seed-stage venture capital firm, has rebranded as Prime Venture Partners, and launched a new INR 300 crore (approximately US$47 million) fund.

The Bangalore-based fund will continue to make early-stage investments in technology startups, with a provision to make Series A investments in the portfolio companies.

Prime aims to invest between US$500,000 and US$1 million in three to five startups a year.

Also Read: From a high-paying job in Nigeria to launching Bangladeshi beauty site

The fund has already made the final close, its Managing Partner Sanjay Swamy told e27. Silicon Valley-based The Social + Capital Partnership is the anchoring investor. It also saw participation from several institutional investors from Silicon Valley, New York, Hong Kong, Europe and Singapore.

AngelPrime, which started with a US$8 million fund in 2011, has already invested in eight companies, most of which are financial technology firms. The VC fund is now expanding to other sectors such as consumer Internet, healthcare, education and Internet of Things (IoT).

The fund has also roped in Rajesh Mashruwala as Partner Emeritus.

Also Read: India’s Droom raises US$16M in Series A funding led by Lightbox

“Our original intent was to raise a fund of approximately US$24 million. However, we received significant interest from investors and we decided to extend our fund size to US$47 million,” said Swamy.

Prime Venture Partners is a Bangalore-based seed fund led by serial entrepreneurs Sanjay Swamy, Shripati Acharya and Amit Somani. Prime Venture Partners’ portfolio companies include ZipDial (acquired by Twitter), Ezetap, Smart Owner, Synup, HackerEarth, happay and Vidgyor.

Image Credit: Cranach/Shutterstock