Blume Ventures closes Fund IIA

New Delhi, Feb 24 () Blume Ventures on Monday said it has completed the final close of its opportunity fund, titled Fund IIA, at USD 41 million.

Fund IIA was raised in parallel to Blume's new USD 102 million-Fund III announced last week.

"Blume Ventures completed the final close of its opportunity fund, titled Fund IIA, in December 2019. The final close was at USD 41 million, raised from both domestic and international investors," a statement said.

Many of these are existing Blume investors, it added.

While Fund III targets new emerging startups, Fund IIA will invest in follow-on rounds of winners of Funds I, IA and II, the statement said.

Blume had marked the first close of Fund IIA at USD 22 million in second half of 2018, it added.

As many Fund I and II companies began to breakout, there were two counter-intuitive trends that were playing out, Karthik Reddy, co-founder and Investment Team member at Blume Ventures, said.

"We were playing a very active role in most of them even beyond Series B - on boards and leveraging the powerful Blume Platform Team, whereas we had little or zero reserves for any of these stars. Our LPs saw the rationale and sponsored our opportunity fund strategy," he added. SR ANU