Elev8 Venture Partners Marks First Close Of Maiden Fund At $67 Mn

Elev8 Fund
Indian Startup news

Elev8 Venture Partners, a Bangalore-based growth stage investor, has marked the first close of its maiden investment fund, Elev8-Capital Fund 1, at $67 million.

The development comes nearly a year after the launch of the fund.

Elev8 Fund | Growth Stage Fund

Led by former Kae Capital partner Navin Honagudi, Elev8-Capital Fund is a sector-agnostic fund. It looks to invest the corpus in 12 to 14 companies within a valuation range of $100 million to $500 million. With an average ticket size of investments ranging from $10-$15 million, the fund will primarily enter Series B and C rounds in growth-stage tech companies.

Speaking about the development, Navin Honagudi, Managing Partner, Elev8 Venture Partners, said,

“In a market environment where fundraising has been extremely challenging, Elev8, through its strong value proposition and stellar GP (general partner) track record, has been able to attract some of the leading family offices and prominent HNIs from across India, the Middle East, and Asia.”

(L to R) Eric Yoo, executive MD of KB Investment, and Navin Honagudi, co-founder and MD of Elev8 Venture Partners

The fund, which was launched in September last year with a target corpus of $200 million, is anchored by South Korea’s Financial conglomerate KB Investment. Also, incubator and early-stage venture capital firm Venture Catalysts (VCats) is an institutional co-founder of the Elev8 Fund.

With an AIF Cat II license from the Securities and Exchange Board of India, the fund also includes an undisclosed green-shoe option. Claiming to be India’s first pro-rata fund, Elev8 shares that it has access to oversubscribed rounds of tech companies by investing alongside top-tier growth funds.

The firm has also confirmed signing a term sheet with an enterprise SaaS company and is now directing its focus toward significant investments in digital-first enterprises.

Aside from providing financial backing, Elev8 will actively support its portfolio companies in expanding their global reach and enhancing their market presence in Southeast Asia (SEA). This move comes as KB, through its partnerships and investments, has already established a robust network in SEA markets, making it an advantageous position for the fund’s portfolio companies.

Recently, Together Fund, led by Freshworks founder Girish Mathrubootham and Eka Software founder Manav Garg, announced its second fund worth $150 million to continue backing startups in the Indian software-as-a-service (SaaS) and artificial intelligence (AI) space.

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