Two former executives of early-stage startup investor LetsVenture have formed a new venture capital firm that has hit the road to raise as much as $130 million for its maiden fund.
Bengaluru-based Fundamental VC is a sector-agnostic firm that plans to invest across sectors such as consumer internet, healthcare, insurance, financial services, SaaS, gaming, and artificial intelligence.
The VC firm said its fund received approval from the Securities and Exchange Board of India in March. The fund has already started deploying capital and plans to lead investments in pre-seed and seed rounds.
The fund will invest up to $1.5 million in each startup and aims to support 30 startups over a period of two years.
Fundamental said the fund is backed by an equal mix of domestic and international Limited Partners from regions such as Singapore, the Middle East, and the US. The mix comprises a host of unicorn founders, affluent individuals, family offices, and senior technology executives, the firm said.
Fundamental VC is led by general partners Saswat Sundar and Abhishek Rathi, who both previously worked at LetsVenture. Sundar has also worked at StashFin and Oyo previously, while Rathi was with Citibank for three-and-a-half years.
The two general partners have also invested in more than 20 ventures in their individual capacity. Some of their portfolio startups include Agnikul, Kenko, TradeX, BluSmart, StockGro, Dukaan, Elo Elo, and Redcliffe Lifesciences.
“Our focus on early-stage startups is primarily due to our extensive experience-driven ability to understand the pulse of the ecosystem, and build companies from the ground-up and scale them globally,” said Sundar.