Blume Ventures forms alliance with Draper Venture Network

The partnership will give Blume’s portfolio companies access to DVN’s global network for collaboration and support, while allowing DVN’s member VCs to enter India’s technology sector. It is the network’s first partnership with an independent Indian VC since its founding in 1990.

DVN’s alliance with Blume marks Tim Draper’s reentry into India. Draper Fisher Jurvetson (DFJ), part of his global network of VC funds, opened an India office in 2007 but later closed it, along with its China office, in 2013. DFJ sold most of its India portfolio to NewQuest Capital Partners last year.

“The dramatic growth of the Indian market speaks for itself, and startups are now serious contenders at addressing the needs of this huge market, which was not the case when we were here in the mid-2000s,” said Gabe Turner, executive director of DVN, in a statement. “VCs like Karthik and Sanjay are inspiring their founders to push forth and succeed.”

Blume will continue to raise its own capital and invest independently. The firm recently closed its second India early-stage fund at $60 million, seeking to provide early stage capital to tech-enabled ventures in India along with follow-on investments in existing portfolio companies.

Typically Blume invests alongside other GPs rather than on its own. Recent investments include a INR300 million ($4.4 million) Series A round for learning platform Unacademy co-led with Nexus Venture Partners in January and a $6 million round for health and fitness app developer HealthifyMe with IDG Ventures and Inventus Capital last May.

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• Topics
• South Asia
• GPs
• Venture
• India
• Blume Ventures
• Timothy C. Draper
• Draper Fisher Jurvetson