The fund is the venture arm of the SPVH group, a multinational holding corporation with a variety of business sectors and interests.
Weave Capital declared the opening of its multi-stage venture capital fund and identified Karan Gupta as its managing partner. The venture arm of the SPVH group, a global investment and holding corporation with a variety of business verticals and interests, is the fund.
Sujay Prakash serves as the Fund's General Partner. Weave Capital, a sector-neutral fund with a preference for tech-enabled companies, will have a $75 million overall corpus and a $25 million green shoe option. The firm will participate in and lead investments in start-ups planning to raise funds between Seed+ stages and Series B capital, with the first close of $ 20 million.
The fund must write a check in the range of $1 million and $5 million for use at various phases of the portfolio firm. A portfolio of 15 to 20 start-ups with an average ticket value of $3 to 3.5 million is what Weave hopes to create. The fund will begin allocating funds after the first closure. The fund is registered as a category II AIF and is presently awaiting approval from the Securities and Exchange Board of India.