Global investment firm Eight Roads Ventures backed by Fidelity has announced $250 million funds for its first India-focused healthcare and life sciences.
The new funds will support 15 to 20 companies in the space, ranging from small investments to checks of up to $40 million.
According to a statement released by the fund, the new funds will continue to focus on early-to-growth-level investments in life sciences, health services, consumer health and digital health.
“Eight Roads has backed innovative businesses in India since 2007. The launch of this healthcare fund reflects our confidence in the evolution of the Indian market and our commitment to helping ambitious founders scale”, said, Daniel Auerbach, Senior Managing Partner and Head of Global Ventures at Eight Roads Ventures.
Daniel further said that the fund’s network manages more than $8 billion in capital across China, India, Japan, Europe and the US.
With assets under management (AUM) of $1.6 billion, Eight Roads Ventures India has a portfolio of around 60 companies and invests in a wide range of health and technology sectors.
The fund has backed the companies like Pharmeasy parent API Holdings, Nicotex brand owner Cipla Health, OZiva, eKincare, and Toothsi, among others.
“Today is our day one, as we deepen our commitment to the healthcare sector in India. We have had the privilege of partnering with some of the best healthcare entrepreneurs in the country to build category-defining businesses”, said, Dr Prem Pavoor, Senior Partner, Head of India and Healthcare Investments at Eight Roads Ventures.
“Our aspiration is to continue backing such bold founders as India leapfrogs many other markets in delivering high-quality healthcare infrastructure, products and services. We are grateful to our founders, partners and the Fidelity ecosystem, for providing long-term and patient growth capital for our companies “, he added.
The fund’s health-focused investment team in India has 15 members ranging from academics to professionals.
Eight Roads Ventures also announced a technology-focused fund for China in March 2022, as part of its strategy to build sector-specific funds by geographic regions.
About Eight Roads Ventures
Eight Roads Ventures is a global venture capital firm backed by Fidelity that helps entrepreneurs scale. We back and partner with game-changing technology and healthcare companies. With a presence in China, Europe, India and Japan, our global platform has 50+ years of venture investing experience, $8bn in AUM, over 300 portfolio companies and 60+ IPOs.