Early-stage VC firm Ankur Capital receives commitments from BII, MacArthur for its third fund

Ankur Capital, an early-stage venture capital fund, has received commitments for its third fund (Fund III) from two of its existing Limited Partners—British International Investment (BII) and the John D. and Catherine T. MacArthur Foundation. 

They join the U.S International Development Finance Corporation (DFC) and Self-Reliant India (SRI) Fund, which had committed to the fund earlier, the firm said.

Investing in disruptive technologies

The third fund, Ankur Capital Fund III, has set a target of raising Rs 1,200 crore or about $150 million.

The firm aims to invest in disruptive technologies, focusing on digital transformation and decarbonization for both India and beyond.

“At Ankur, we continue to be attracted to entrepreneurs creating the next generation of technologies across sectors and are particularly bullish about the deep science technologies, agtech, and climate opportunities. We look forward to investing in the entrepreneurs building for the next decade with our sleeves rolled up,” said Ritu Verma, Co-Founder and Managing Partner of Ankur Capital.

The firm will continue its emphasis on pre-Series A investments, with initial investments ranging from $1 million to $2 million and potential follow-up support reaching up to $10 million.

Portfolio and impact

Since its inception, Ankur Capital has concentrated on deep technology innovations that address critical issues such as improving market supply chain efficiency, enhancing agricultural productivity, and developing climate and health-related solutions.

So far, the firm has invested in over 30 companies through its previous funds. 

Seafood B2B platform Captain Fresh, biotech company String Bio, B2B fruit marketplace Vegrow, battery chemistry developer Offgrid Energy Lab, agri inputs marketplace BigHaat, SaaS-based agritech startup Cropin, and AI-based breast cancer screening solution Niramai are some of its portfolio startups.

“Technology is key in addressing many developmental challenges, including poverty and climate change. Through our partnership with Ankur and the innovative businesses it supports, we can reach more smallholder farmers and vulnerable communities in India for better productivity and inclusion. This is also in line with the Government of India’s commitment to support sustainable development and prioritise support to agri-startups," said Abhinav Sinha, Managing Director and Head of Technology and Telecoms at BII.