Singapore-based venture capital firm Grayscale Ventures today announced the first close of its debut fund, raising about half its target size of $20 million.
Grayscale was founded by Siddharth Verma and Nikhil Kapur, who were previously part of the Japanese early-stage venture firm STRIVE.
The 10-year term fund intends to invest in 15-20 pre-seed stage startups and has already allocated funds to a couple of startups, such as Olvy, a cloud-based feedback software-as-a-service (SaaS) provider, and Localwell, a mobile SaaS startup catering to Indian pharmaceutical retailers.
Grayscale Ventures primarily funds startups that have a product in some stage of development prior to achieving product-market fit. However, Verma said that the firm may also occasionally consider companies in the pre-product stage.
The firm said it has attracted limited partners from various parts of the world, including India, the United States, Japan, and Southeast Asia. The majority of these limited partners (LPs) are founders and operators from reputable firms such as Zendesk, Hasura, Slack, GlobalWay, Nexus Venture Partners, and STRIVE.
Source @Indianstartupnews
