Early-stage venture capital firm Prime Venture Partners has announced its fifth $100 million fund with plans to invest in 16-18 startups over the next four to five years.
“Fund V will deploy initial checks of $2-4 million per startup, with follow-on investments reaching up to $12 million per company. Unlike many VC firms that pursue aggressive expansion, Prime VP remains committed to a disciplined, right-sized approach,” said Sanjay Swamy, co-founder and managing partner.
Based in Bengaluru, Prime Venture Partners is an India-focused early-stage venture capital firm with an advisory office led by Amit Somani, Shripati Acharya and Sanjay Swamy. The fund focuses on building disruptive product companies in India.
Prime has secured commitments for around 80% of the fund and expects to close it in the coming months. The firm will start deploying capital from the fund in the second half of the year.
The firm will invest in fintech, artificial intelligence-based services, and software as a service startups. It has increased its cheque sizes from $500,000 to a median of $3.5 million and now focuses on pre-Series A investments.
Swamy said the firm aims for multiple successful investments rather than chasing unicorns. He added that maintaining a consistent strategy has helped attract investors.
The firm shared its investment philosophy with AIM in a past interview. Since 2012, the firm has backed over 50 startups, including Quizizz, Happay, Mygate, MFine, Dozee, NiYO, Sunstone Eduversity, KredX, Wheels Eye, etc.
