pi Ventures raises $8 mn for 2nd fund from British International Investment

Deep tech-focused early-stage venture fund pi Ventures has raised $8 million led by UK-based development finance institution British International Investment (BII). The investment comes after pi Ventures announced the first closing of its second fund at $40 million early this year.

The fund is backed by Nippon India Digital Innovation AIF (NIDIA), Accel and entrepreneurs and family offices such as Binny Bansal, Varun Alagh, Samit Shetty, Rajesh Ranavat, Vikram Kailas, Anupam Mittal, Hemendra Kothari, Hitesh Oberoi, Ullas Kamath, Deep Kalra, senior leaders from IBM, Facebook and Google among others.

The second fund was launched in March 2021 with a base target corpus of $75 million and including a green shoe target of $100 million.