Blume Ventures Launches Blume Founders Fund, Its Founder Network Initiative
Blume Ventures, an early stage venture capital firms, announced the launch of Blume Founders Fund, its founder network initiative. The fund which will utilizes 1-2 percent of the core investment funds is aimed at investing in startups outside the VC fund’s core investment program and foster strong partnerships with more founders. In a statement, the firm said that the program will invest a range of $25K to $100K depending on the size of the round, the strength of the relationship etc and will not reserve capital to invest beyond this first cheque.
Founded in 2010 by Karthik Reddy and Sanjay Nath, Blume Ventures is a Founder First firm that provides pre-series A and early stage funding to tech-focused/tech-enabled ventures. The VC firm had had closed its Fund III at $102 million in February 2020 to back early-stage startups followed by closing its opportunity fund at $41 million to back its growth-stage portfolio startups.
With the Blume Founders Fund, the firm expects to nurture founders who are Blume Alums (Blume portfolio founders, Blume team members, Portcos’ team members) and Blume “Scouts” (Blume founders as well as advisors who have a strong long-term affinity to Blume).
The program will be managed by Sarita Raichura, who joined Blume, from Indian Angel Network, in Jan 2020 and will be mentored by Sanjay Nath, one of the Partners at the firm.
Speaking about Blume Founders Fund, Sanjay Nath, Co-Founder, Blume Ventures) said, “Founder journeys are about taking the long road, and all start with relationships and trust established early on with their investors. We are excited to bring Blume’s aggregate brand value, networks and knowledge base to help our Blume Founders Fund cohort build, hire, collaborate and scale. With 2020 continuing to fuel the rise of entrepreneurship, the new year is a great time to launch this Fund and partner more closely with new Indian founders starting up”.
Launched in the last quarter of 2020, the program has already invested in five startups including Chingari, a short-form video commerce & content app; indiagold, a fintech firm; Monrow, a D2C brand along with two undisclosed ventures.