AngelPrime is now Prime Venture Partners

Raises INR 300 crores in new fund for seed-stage investment

Bangalore, July 30 2015: AngelPrime, a seed-stage venture capital fund based in Bangalore, today announced that it has raised Rs. 300 crores as a new fund. The Social+Capital Partnership, a globally renowned venture capital firm, is the anchor investor in the new fund along with several institutional investors from Silicon Valley, New York, Hong Kong, Europe and Singapore.

With this new fund, AngelPrime will now be known as Prime Venture Partners. As a classic venture fund that invests in the seed stage and reserves capital for subsequent rounds, the investment philosophy and horizon is distinct from that of individuals or angel syndicates. The name ‘Prime Venture Partners’ better represents the institutional nature of the fund.

Prime Venture Partners will continue to focus on a handful of start-ups every year, maintaining its deep involvement approach. The firm actively supports entrepreneurs with business and product strategy, hiring, partnerships, marketing, finance, all the way through raising subsequent capital.

Supporting Quotes:

Chamath Palihapitiya, Venture capitalist, founder and managing partner, The Social + Capital partnership

“Prime Venture Partners has a unique, hands-on approach to investing in startups, a philosophy we share at Social+Capital. Shripati, Sanjay & Amit bring their rich experience on board and get actively involved in supporting each startup. I am excited about their approach and their ability to tap into the explosive growth in India.”

Rajesh Mashruwala, Partner Emeritus, Prime Venture Partners

“I have been an LP and advisor to AngelPrime since their inception. With Indian entrepreneurial ecosystem mature enough to create world class products and services, I plan to get even more deeply involved with Prime Venture Partners as they continue to build out more path-breaking companies.”

Sanjay Swamy, managing partner, Prime Venture Partners

“Our original intent was to raise a fund of approximately Rs.150 crores. However, we received significant interest from investors and we decided to extend our fund size to Rs.300 crores. This is a validation of our deep-involvement model and our ability to attract outstanding entrepreneurs addressing monster opportunities.”

Amit Somani, managing partner, Prime Venture Partners

"We are looking to partner closely with high quality entrepreneurs to bring disruptive world-class companies to market. They could be targeting India or global markets in the fintech, financial services, consumer internet, IoT, Aadhaar and healthcare sectors."

Shripati Acharya, managing partner, Prime Venture Partners

“The name 'Prime Venture Partners' better reflects our investment model where we bring substantial capital to work along with continued deep involvement from the partners. We work with entrepreneurs anywhere from paper napkin to early revenue stage.”