Seedfund raises $30 Mn fund
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Bangalore: Seedfund, an early-stage venture capital fund founded by Pravin Gandhi, is looking to raise its second fund with a corpus of $30 million, reported Business Standard. Seedfund's first fund with a corpus of $15 million has almost been invested fully and industry sources indicate that the fund managers have sounded out that they are looking at a second fund. Bharati Jacob, partner, Seedfund, said it is too early to comment on their second fund. Seedfund is focusing on investing in companies that can 'significantly change the Indian and global markets through innovations in media, mobile, internet, retail and consumer-facing businesses.' The first fund has made investments in around 10 companies including agencyfaqs.com and redbus.in. The firm's investors include Google, Reliance ADA Group, Motorola and billion dollar U.S. VC funds like Sierra Ventures and Mayfield. Seedfund looks to invest around Rs 1-5 crore in each firm. Seedfund's move to raise fund comes close on the heels of another early stage VC fund Erasmic, which is also looking at a $30 million fund. Venture capitalists invested some $928 million in 80 deals for entrepreneurial companies in India during 2007, according to Dow Jones VentureSource. This was a whopping 166 percent increase over the $349 million invested in 36 deals in 2006. Seedfund's founder Pravin Gandhi was earlier with Infinity Ventures, which had funded IndiaGames and IndiaBulls.

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