Blume Ventures has declared its First Close for its Fund II. With this first close, Blume has raised just over half of its Fund II target corpus of $60 million. ICONIQ Capital participated in this close as a Lead Investor. The other larger and early supporters in Fund II include IIFLWealth and the Government’s India Aspiration Fund, administered through SIDBI.
ICONIQ Capital is a global multi-family office and merchant bank for a group of influential families.
IIFL Wealth is an influential and leading wealth management firm, headquartered Mumbai. Blume was also amongst the earliest recipients of the Government of India’s renewed support to startups through the India Aspiration Fund, which is administered through SIDBI.
Blume has invested in over 75 startups since its inception in 2011. It plans to continue investing in great founding teams and expects to make 35-45 investments over the course of the Fund investment cycle.
Blume’s second and final close for Fund II is expected shortly, in Q1 CY2016.
Its emerging stars in the portfolio include companies such as Grey Orange Robotics, Zopper, Purplle, Nowfloats and its recent large exits include Taxiforsure, Zipdial, and Promptec.