Prime Venture Partners, an early-stage venture capital firm, announced the final close of its fourth fund at $120 million, exceeding its initial target of $100 million.
The investment firm will look to expand its portfolio into new sectors such as electric vehicles (EVs), business-to-business (B2B), Web3 and gaming infrastructure platforms, in addition to its core focus areas of fintech, edtech, healthtech, consumer Internet, and global Software as a Service (SaaS), the company said in a statement.
In addition to existing limited partners, the fourth fund has received investments from the International Finance Corporation (IFC), a university endowment, a Fund of Funds, and several global technology entrepreneurs.
With the fourth fund’s final close, the total capital under management across all Prime VP funds has surpassed $250 million. From its previous three funds, the company has invested in 32 companies and claims that Fund I has delivered a 4x return to all of its LPs. Sunstone, MFine, MyGate, Bolt, Niyo, Ezetap, Freo (Moneytap), and KredX are among the companies in its portfolio. In the last year, Prime has also seen three acquisitions: Happay by Cred, Recko by Stripe, and Perpule by Amazon.
“We are grateful for and humbled by the unwavering support and confidence of our long-term LPs and new investors, which enabled us to complete an oversubscribed fundraise,” said Amit Somani, managing partner at Prime Venture Partners. “Prime VP is well-positioned with Fund IV to support a new group of category-defining technology startups and inspiring entrepreneurs in India.” Fund IV is already off to a rousing start, and we couldn’t be more optimistic about the breadth of entrepreneurial talent and the rising level of ambition among Indian founders.”
