India's Ventureast reaches $83m first close on tech fund

The vehicle, Ventureast's sixth, has a target of $150 million and will focus on seed and early-stage businesses using technology to differentiate themselves in unique ways, particularly in the finance and healthcare spaces. It is expected to close within the next six months, Ventureast Managing Partner Sarath Naru told Livemint.

Ventureast plans to deploy the fund over the next three years, with 12-13 deals each year. It has already committed to invest $10 million, with its co-investors, across three companies: Find Me A Shoe, which helps online shoppers find shoes in the proper size; OS Labs, which creates software platforms for mobile device makers and app developers; and an unnamed digital healthcare services provider.

While technology is a major element of Ventureast's portfolio, the GP has supported companies across a wide range of sectors. Its investments include yarn maker Polygenta, home healthcare business Portea Medical, and data security solutions provider Seclore. The firm was also an early-stage investor in genomics services provider BioServe, which it exited to US biotech firm Cancer Genetics in 2014.

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• Topics
• South Asia
• Venture
• Fundraising
• Technology
• GPs
• India
• Ventureast