8i Ventures announces first close of second investment fund worth $50 mn

8i Ventures, an early-stage venture capital fund for fintech and commerce, announced on Thursday the first close of its second $50-million fund.

The firm raised $25 million in its first close, 50 per cent of its targeted assets under management, largely from family offices of the Salgaocars and Kothari (DSP) who have also invested in 8i Venture’s first fund. The second fund was launched in December last year.

8i Ventures Fund II had seed rounds with $1.5 million to $2 million cheques and it expects to back companies with investments of up to $10 million across subsequent rounds, the company said in a statement.