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Eric Yoo and Navin Honagudi
Bangalore-based growth stage investment firm Elev8 Venture Partners (Elev8) today announced the first close at $67 million of Elev8-Capital Fund 1 (Fund).
According to the firm's statement, The fund will strategically focus on investing$10-$15 million in 12 to 14 technology-enabled sector-agnostic companies within a valuation range of $100 million to $500 million.
Established in 2023, Elev8 is India's Pro-Rata fund, anchored by KB Investment, South Korea's Financial conglomerate and Venture Catalysts (VCats) is an institutional co-founder of the fund.
Elev8 said has already taken steps towards its investment strategy and has signed a Term Sheet with a company in Enterprise SaaS Space. The new fund aims to invest in digital-first companies across diverse sectors, including consumer tech, enterprise software, fintech and health tech, focussed on Series B and C rounds of financing.
Besides investing, The investment firm would also provide assistance to its portfolio startups in expanding global outreach and strengthening presence in SEA markets.
"We have spent a significant amount of time and concluded that Elev8's management team is by far the best team to invest in, at the growth stage. Their exceptional track record, prospective portfolio pipeline, and proprietary data algorithms have presented a strong proposition for us to join hands. Furthermore, Navin and the VCats group provide unprecedented access and network to early-stage startups, which will significantly enhance Elev8 in future deal flow and investments," said Eric Yoo, executive managing director, KB investment.
"Given overwhelming response we have received from our LP's we were able to announce the first close in 3 months, much earlier than expected. Way forward is to be aggressive in the current environment and invest in one company a quarter or more. We feel the existing vintage will uncover the finest companies in the coming decade," said Navin Honagudi, managing partner, Elev8 Venture Partners.
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