IvyCap Fund 2 Hits the Target; Raises 300 cr
Bengaluru: Venture Capital firm IvyCap Ventures has achieved the first close for its second fund of .₹ 600 crore. The fund raised .₹ 300 crore with sponsor investor IIT Alumni Trust chipping in .₹ 120 crore.
Institutional investors from the first fund have also extended their commitment to the new fund.
Focused on early and growth-stage startups founded by alumni of premier institutions like IITs and IIMs, Ivy Cap Fund 2 has already invested in TaskBob and FTCash.
IvyCap expects to complete the funding round by September. “We have earmarked 90% of our Fund 2 for investments in series A and B rounds. We have also set aside a corpus of .₹ 60 crore for IvyCap Startup Platform,” Vikram Gupta, managing partner at IvyCap said.