Elev8 Venture Partners, based in Bengaluru, has achieved the significant first milestone of closing Elev8-Capital Fund 1, securing an initial amount of $67 million. This achievement comes with the participation of family offices and high net worth individuals (HNIs) from various regions including India, the Middle East, and Asia.
The firm’s primary focus is on investing in around 12 to 14 startups, targeting valuations ranging from $100 million to $500 million. Elev8 Venture Partners aims to actively engage in Series B and Series C funding rounds, typically within the range of $10 million to $15 million. The startups selected will span diverse sectors such as consumer tech, enterprise software, fintech, and healthtech.
The journey of Elev8 Venture Partners began in early 2023, following the acquisition of an AIF category II license from SEBI the previous year. Spearheaded by Navin Honagudi, a former partner at Kae Capital, Elev8 stands out as India’s first Pro-Rata fund. Notably, the fund has gained substantial support from KB Investment, South Korea’s leading financial conglomerate, and institutional co-founders Venture Catalysts (VCats).
Already making significant strides, Elev8 Venture Partners has secured a term sheet with an enterprise SaaS tech startup, although the identity of the startup remains undisclosed.
Beyond financial investment, Elev8 is committed to empowering its portfolio companies to expand their global presence, particularly in Southeast Asian (SEA) markets. This expansion is facilitated by KB’s strong network in SEA markets, established through partnerships and investments.
Navin Honagudi, Managing Partner at Elev8 Venture Partners, shared his enthusiasm about the fund’s rapid progress, stating, “Thanks to the overwhelming response from our LPs, we achieved the first close in just 3 months, ahead of our expectations. Our plan going forward is to take an assertive approach in the current environment, aiming to invest in one company per quarter or even more. We believe that this current phase will uncover some of the most exceptional companies of the next decade.”
Despite the ongoing challenges in the funding landscape, including the impact of the Russia-Ukraine conflict, the current year has seen notable fund announcements amounting to over $3.6 billion to support startups across various stages. Encouragingly, 65% of the funds announced in 2023 are dedicated to early and growth stage startups.
Remarkable fund closures this year include 3one4 Capital’s Fund IV at $200 million, Arkam Ventures’ second fund with a corpus of $180 million, and Chiratae’s successful final close of its Growth Fund I at INR 1,001 crore.
In a market marked by uncertainties, Elev8 Venture Partners’ achievement signifies a positive outlook for India’s startup ecosystem. Investment momentum remains strong, demonstrating resilience even in challenging circumstances.
