360 One WAM, India’s largest wealth manager focused on ultra-high-net-worth individuals, has agreed to acquire popular Indian mutual fund investment app ET Money for about $44 million.
360 One disclosed (PDF) the deal in a stock exchange filing Wednesday evening.
ET Money boasts over 900,000 transacting clients and tracks assets under management of approximately $8.3 billion.
The platform has been a popular choice for retail investors, with monthly mutual fund net flows of around $89.9 million.
ET Money is the second startup from local media powerhouse Times Internet’s portfolio to be sold in recent weeks.
Despite having 47 IPOs, 28 M&As and 58 FDA-approved drugs under its belt, the 13-year-old multi-stage healthcare and life sciences firm took two years to raise its sixth fund.
On Wednesday, Foresite announced that it closed its sixth fund with $900 million.
Last summer, Foresite co-led a $115 million Series F into CG Oncology, a drug discovery company that had a successful IPO listing in January.
Foresite intends to back about 20 companies from its sixth fund, writing checks from a couple of million up to $75 million.
“Over a decade ago, we named the firm Foresite because we thought we had an idea of where healthcare was headed,” Tananbaum said.
When they first met in 2007, the now brothers-in-law bonded over their passion for venture capital, eventually leading them to invest together from their personal capital.
By 2020, Anderson and Fogelsong decided to take their investing relationship to the next level by launching their first fund with external capital.
That fund, which the firm considers its second vehicle, closed at $91.5 million, well above its initial target of $60 million.
So,they named their firm “Friends & Family Capital” to capture that spirit, their own family connection, and Fogelsong’s roots in a prominent Silicon Valley VC family.
Like its previous fund, Friends & Family’s third fund will be used to invest in “classic B2B enterprise software” companies and hardware businesses with recurring revenue components.
The early-stage venture capital firm took a unique take on the industry by spearheading public relations for its portfolio companies.
Through Fund I ($20 million) and Fund II ($50 million), the Silicon Valley firm’s portfolio has had 22 exits, including an IPO with Terran Orbital.
It also has backed eight unicorns, including Superhuman, Remote, Worldcoin, Truebill (which exited to Rocket Companies in 2021) and DuckDuckGo.
“When we connected, he was already the founder of three unicorns, which was quite surprising,” Bucher told TechCrunch.
A year later, Bucher exited M&A PR Studio and started Day One Ventures.
The folks at Collaborative Fund certainly like a challenge.
Oh, and they decided to raise their sixth flagship fund at a time when limited partners have grown more miserly.
Collaborative recently raised $125 million for its sixth flagship fund, the firm exclusively told TechCrunch, completing the process in just over 90 days.
“This fundraising environment is tougher than any I’ve seen since starting the firm well over a decade ago,” founder and managing partner Craig Shapiro told TechCrunch.
Part of that could be the fact that Collaborative has recently returned capital to its LPs, Shapiro said.
While funding for Italian startups has been growing, the country still ranks eighth in Europe by VC investment, according to Dealroom.
Newly created Italian Founders Fund (IFF) hopes to help with the catching up, both in quantity and in quality.
It will use this geographical flexibility to also back Italian founders operating abroad, as well as foreign startups interested in entering the Italian market.
It will also help that some of its LPs are GPs of foreign funds, and that it plans to back Italian founders with global ambitions.
Global Italian startups include Bending Spoons, the owner of popular apps and services like Evernote and Meetup, which is valued at $2.55 billion.
TechCrunch has kept readers informed regarding Fearless Fund’s courtroom battle to provide business grants to Black women.
Today, we are happy to announce that Fearless Fund CEO and co-founder Arian Simone will speak at the Disrupt 2024 Builders Stage in a fireside chat discussing her organization’s fight for racial equity.
This June, an appeals court ruled that Fearless Fund’s business grant likely violates Section 1981 of the Civil Rights Act of 1866 and has banned the grant’s deployment indefinitely.
Fearless Fund is one of many organizations facing the heat for having programs focused on diversity, equity, and inclusion.
Register for your Disrupt pass today and join 10,000 tech leaders for 3 days of startup innovation this October.
Powerhouse venture capital firm Andreessen Horowitz is promoting Jennifer Li to general partner after six years at the firm.
She’s being tapped to help invest the new $1.25 billion Infrastructure fund managed by longtime a16z general partner Martin Casado.
The Infrastructure fund is part of the fresh $7.2 billion that the Silicon Valley VC giant just raised.
Li has been an investing partner on the Infrastructure team for a while, which means she was already writing checks and taking board seats.
Plus she’s one of only four GPs on the Infrastructure team.
Spend management startup Ramp has raised another $150 million at a post-money valuation of $7.65 billion, the company confirmed to TechCrunch today.
New investor Khosla Ventures and existing backer Founders Fund co-led the raise, which also included participation from new backers Sequoia Capital, Greylock and 8VC.
Other existing investors Thrive Capital, General Catalyst, Sands Capital, D1 Capital, Lux Capital, Iconiq Capital, Definition Capital, Contrary Capital also put money into the latest round.
Apparently, there were no hard feelings on the part of Founders Fund, which still participated in the financing, even without Rabois.
(It’s worth noting that Rabois originally represented Founders Fund and has sat on Ramp’s board since 2019.)
It’s against this backdrop that Evolution Equity Partners, a growth capital investment firm based in NYC, on Tuesday launched a $1.1 billion cybersecurity and AI fund, the third such fund in Evolution’s history.
The fund, called Evolution Technology Fund III, was oversubscribed, with participation from existing and new endowments, sovereign investors, insurance companies, foundations, fund of funds, family offices and angels.
“The Evolution Technology Fund III has already backed fifteen leading cybersecurity companies, initiating its investment period over 12 months ago,” Seewald said.
“We believe that provides private markets investors with diversified exposure to cybersecurity opportunities.”ESG will be another factor, according to Seewald.
Evolution’s 30-person teams manages around $2 billion in assets and has backed 60 companies to date; its previous fund was $400 million.
