Rocketship announces final close of its second fund at $100 million

Los Altos, California headquartered early stage venture capital firm Rocketship.vc has announced the final close of its $100 million second fund (Fund II). 

The fund counts private equity major Vulcan Capital, global private funds manager  Adam Street Partners as well as the family office of Marc Andreesen and Chris Dixon as investors.

Rocketship has backed fintech platform Khatabook and mobility startup Yulu from Fund II. From its previous fund of $40 million raised in 2015, it had invested in online property rental platform NoBroker and business-to-business marketplace, Moglix. 

The fund also exited its investments in online fashion marketplace Fynd, which was acquired by Reliance Industries in 2019, and fintech lender Paysense that was bought by Prosus’ payment business PayU earlier this year. 

“Our deep data expertise allows us to take a different approach, leveraging data science, technology and analytics to find the best companies anywhere, at any stage, in any market,” Sailesh Ramakrishnan, partner at Rocketship said in a statement.

He told TechCircle that the fund was looking to back companies across seed, Series A and Series B rounds with cheque sizes of $1 million, up to $5 million.

Rocketship has thus far invested in 44 companies across India, Southeast Asia, Latin America, Europe and North America. Of these, 46% of the investments were made outside the US. The firm uses data sciences to make investment decisions and has backed companies in the technology, consumer and healthcare space. 

Multiple India-focused early-stage venture capital firms have announced their new funds in the past few months. Blume Ventures announced the final close of its $102 million Fund III earlier this year. In December 2019 Accel Partners announced its $550 million India fund.