Bangalore-based Erasmic Venture Fund, a seed-stage venture capital fund, has merged with Silicon Valley-based VC firm — Accel Partners. The new entity is relaunched as the Accel India Venture Fund and will retain its role of working with India’s best entrepreneurs from the earliest stages of the new venture creation process.
Accel India will be raising a $60 million fund later this year, targeting opportunities in Technology, Internet, Mobile, Media, Life Sciences, Consumer Products and Services, and other high-growth sectors of the Indian economy. Initial investment would be in the range of $300K to $1 million.
Accel’s investments have included Facebook and Walmart and the fund manages over $4 billion of assets across the US, Europe and Israel, as well as in China via a joint partnership between Accel and IDGVC China, which counts leading Chinese online video sharing site Tudou.com in its portfolio.
Erasmic’s current partners will join as partners of Accel India Venture Fund and manage the fund. Erasmic has made 12 investments since its inception in 2007 and its portfolio includes HolidayIQ, Kaati Zone, Myntra among others.
Other early stage funds focused on startups in India include Mumbai-based Seedfund, The Chennai Fund, Ventureast TeNet Fund II, Mumbai Angels, Indian Angel Network and Mentor Partners. (Source: VCCircle)
10:24 pm on July 30th, 2008 1
[...] Bangalore-based Erasmic Venture Fund, a seed-stage venture ca= pital fund, has merged with Silicon Valley-based VC firm =97 Accel P= artners. The new entity is relaunched as the Accel India Venture Fund and will retain its role of working …Posted from By karmic latte [...]