Early-stage VC fund Blume Ventures has announced the names of around half a dozen new startups that it invested in, during the second half of last calendar year (July-December 2013), but was kept under wraps. This list also includes the names in which Blume Ventures had led the round, as well as the ones in which it had syndicated investments.
Blume Ventures has also said that it is now in reserve mode, limiting the new company interactions to minimal number till it raises Fund II.
Seed-stage fund Blume Ventures has been the most aggressive early stage investor since 2011, leading the charts consistently. Founded in 2010 with a corpus of Rs 100 crore for the maiden fund, its investments are relatively smaller compared with other funds on the list but it has been consistently closing new deals. Blume Ventures comes in at an early-stage seed and pre-Series A venture funding.
It is planning to launch its new venture capital fund in the second half of 2014 where it aims to raise $50 million for the second fund. The VC firm is looking to raise a larger corpus to have more dry powder for follow-on rounds in its portfolio companies.
Meanwhile, here's a peek at the previously undisclosed investee companies:
a) Lead investments:
AudioCompass: It provides a free app, called AudioCompass Guide, which turns smartphones into personal audio tour guides, and helps travellers explore India through stories of cultural and historical sites, museums and monuments.
The firm received $400,000 led by Blume Ventures, with participation from Urrshila Kerkar of Cox & Kings Ltd. It will use the fund to expand its destination coverage, strengthen its product development and fund new marketing initiatives.
IndianStage: It is an online event tick booking platform for performing arts. Google India chief Rajan Anandan co-invested in the firm.
PescaFresh: A seafood e-tailer which seeks to deliver fresh and customised seafood to the doorstep of the seafood consumers. Orios Venture Partners was the co-investor.
b) Syndicate investments:
Systemantics: It designs, manufactures and markets factory automation components and systems. Its first product is a pick-and-place robot that is ideal for small parts feeding and assembly. Its co-investors include Accel Partners and a few individual investors including Ravi Gururaj.
Tripvillas: An online portal that allows travellers to book holiday homes and home-stays instead of hotels and resorts. Blume Ventures co-invested with Neoteny Labs, MENA Venture Investments and others.
(Edited by Joby Puthuparampil Johnson)