Bengaluru-based Elev8 announces first close of its maiden fund at $67 mn

Elev8 Venture Partners, a Bengaluru-based growth venture capital firm, has announced the first close of its Elev8-Capital Fund 1 at $67 million. This announcement comes as a significant milestone for the firm, which was backed by early-stage startup investor and accelerator Venture Catalysts and had launched a $200-million fund to invest in Indian startups.

The first close of the fund saw participation from family offices and high net worth individuals (HNIs) from India, the Middle East, and Asia. The firm plans to invest in 12-14 startups, with valuations ranging from $100 million to $500 million. Each investment would vary from $10-$15 million, targeting Series B and Series C funding rounds. The sectors of interest include consumer tech, enterprise software, fintech, and healthtech.

Elev8 Venture Partners began its operations in early 2023 after receiving an AIF category II license from SEBI. Founded by Navin Honagudi, a former partner at Kae Capital, Elev8 claims to be India's first Pro-Rata fund. The fund is anchored by KB Investment, South Korea's largest financial conglomerate, and Venture Catalysts (VCats), marking the first time a global institution has anchored a maiden fund in India.

The firm has already signed a term sheet with an enterprise SaaS tech startup, indicating its active steps towards its investment strategy. Beyond investments, Elev8 aims to assist its portfolio companies in expanding their global outreach and strengthening their presence in SEA markets, leveraging KB's established network through partnerships and investments.

Navin Honagudi, managing partner at Elev8 Venture Partners, expressed his optimism about the future, stating that the overwhelming response from their LP's allowed them to announce the first close in just three months. He added that the firm plans to be aggressive in the current environment and invest in one company a quarter or more, believing that the existing vintage will uncover the finest companies in the coming months.

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