Fireside Ventures, a Bengaluru-based early stage venture investment fund, is all set to raise $100 million second fund, reported Livemint, citing anonymous sources.
The company’s first fund had a corpus of ₹340 crore and was backed by Unilever Ventures, Emami Ltd and ITC Ltd.
“Fireside Ventures is a vertical specific venture fund and has an advantage as no one else has with such a strong sector focus on consumer brands. There are good opportunities to invest in this space,” said Anil Joshi, managing partner, Unicorn India Ventures, a venture capital firm.
Fireside Ventures was founded by Kanwaljit Singh in 2017. It has invested across segments such as personal care, processed foods, lifestyle and home products.
Earlier in 2018, the VC firm had said that it intends to create as many as 20-25 iconic consumer brands, with revenue of as much as ₹1,000 crore per portfolio firm, over 10-15 years. To be sure, the fund’s focus has been on backing founders who are creating brands catering to the emerging millennial consumers.