Speciale Invest, a seed-stage VC that targets deep science and enterprise technologies, has closed its oversubscribed second fund at 2.86 billion rupees (US$37.8 million).
Speciale Invest partners Vishesh Rajaram (left) and Arjun Rao/ Photo credit: Speciale Invest
The firm originally aimed to secure around US$18.5 million in commitments for the new fund.
Without identifying the limited partners behind the raise, Speciale said the group included founders of global software-as-a-service companies, founders and family offices of Indian conglomerates, and senior leaders at startups and large organizations.
The fund will invest in over 20 early-stage startups through pre-seed and seed rounds, with average check sizes of around US$100,000 to US$1 million. It currently has startups such as Agnikul and The ePlane Company in its portfolio.
Speciale is focused on investing in startups building enterprise software products including SaaS, developer tools, and frontier technologies including climate, advanced materials, space tech, robotics, and alternative energy.
Founded in 2017 by Vishesh Rajaram and Arjun Rao, Speciale raised its first fund in 2018 and has backed 18 startups so far, with an average check size of US$500,000. The firm said that its second fund has nearly grown 4x in capital commitments from its predecessor fund.
See also: These are the most active investors in India’s startups
Currency converted from Indian rupees to US dollars: US$1 = 75.5 rupees.
Editing by Miguel Cordon and Eileen C. Ang
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