Fireside Ventures has announced the first close of its second fund, Fund II, which has a target of $100 million. The total commitment to the fund has crossed $60 million.
Fund II has made its first investment in Gynoveda. Gynoveda is “a personal care brand that is built around a core objective of bringing back the goodness of Ayurveda specifically in the area of menstrual health,” the venture firm said in a release.
Announcing the developments, Kanwaljit Singh, managing partner, Fireside Ventures, said: “We have witnessed a lot of interest from domestic and global investors including family offices, strategics, large Institutions, etc. in investing in Fireside Fund II.
“The second fund aims to double down on the success of the first fund and follow the same strategy of investing in exciting young millennial brands and helping them with a strong ecosystem support. We are also starting to see credible opportunities for Indian brands to go global,” he added.
Bengaluru-based Fireside Ventures is an early-stage investor that focusses exclusively on consumer brands. Its first fund had a corpus of $50 million.
Including Gynoveda, the venture firm has now invested in 18 startups. Yoga Bar, Samosa Singh, Goodness Beverages, Design Cafe, Bombay Shaving Company, and boAt audio are some of the firms that count Fireside Ventures as their investors.
Fireside Ventures started operations in 2017 and counts Amazon India head Amit Agarwal and Oyo Rooms CEO Aditya Ghosh on its first fund’s advisory board.
First Published: IST