This is the third fund by Tandem Capital which is also called Tandem III or Habit Fund. Before this the Silicon Valley based accelerator firm had raised two funds including the last round of $32 million last year.
It is a $100 million fund according to a SEC filing which mentions Rohit Bhagat as the General Partner. Rohit who joined Tandem early last year confirmed this to NextBigWhat in a telephonic interaction.
Couple of months ago there were reports of Tandem Capital launching a fund for India.
Former Infosys director T V Mohandas Pai and Manipal Group CEO Ranjan Pai have invested in the fund through Aarin Capital, a VC fund set up by the duo. Previously, the two have invested in four startups and also announced a private equity fund in August 2011.
The fund will be managed by founders of Tandem Capital, Sunil Bhargava and Doug Renert along with Rohit Bhagat, former Asia Pacific chairman of BlackRock Inc.
The latest portfolio of Tandem includes three startups, Shoptimize, AcceptPay and PacketZoom. Shoptimize is the first Indian company to get selected for the six months course.
Shopitimize is a Pune based mobile commerce platform targeted for traditional merchants in emerging markets. It is a mobile first SAAS based ecommerce solution provider. Currently, it is working with more than 20 businesses outside the US. The product directs traffic to merchant sites using content curation techniques.
AcceptPay is a US based cash-on-delivery platform which supports ecommerce. It works closely with merchants and banks in US.
PacketZoom is working to improve user’s experience on the mobile. As a mobile content delivery network it accelerates mobile application performance across the last mile of mobile networks.
Founded by Doug Renert and Sunil Bhargava in 2007, Tandem invests in six companies at the maximum with a $200,000 of seed capital per startup.