[Funding alert] Rocketship.vc raises $125 mn in first close of third fund

Rocketship.vc, a Silicon Valley-based venture capital firm, has raised $125 million in the first close of its third fund.

Through the new fund, it remains optimistic about investing in the Indian startup ecosystem, which has received nearly a third of its total allocation in the past, roughly equal to its domestic market.

According to the company, it will continue to invest in Indian startups, and it did not disclose the size of the average investment size, any target sectors, and how many startups it invested in.

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The latest third fund follows its $100 million second fund which was raised in 2019-20 which was backed by US investors including Vulcan Capital, Adams Street Partners and family offices. And its first fund of $40 million was raised in 2015.

The VC firm has around 20 Indian startups in its portfolio, including Khatabook, Moglix, NoBroker, Jar, and others.

Through the second fund, the VC firm has invested in over 20 companies, while the remaining capital will be deployed to invest in its existing companies.

“One-third of our investments have been in India, one-third in the US, and the remaining in other countries. Fund II is almost fully deployed and we are currently investing out of Fund III,” said, Venky Harinarayan, partner at Rocketship.

“We are excited about India and want to invest in companies which we call ‘growth outliers’ where the flywheel is spinning, and they are growing quickly,” he added.

While he also said that the third fund is likely to have a larger corpus than the first one, he did not disclose the exact amount.

About Rocketship.vc

Smart Investment though Data Science. They are an early stage venture capital fund investing in companies using models built though data science. Their proprietary Escape Velocity™ algorithm identifies companies with a Sustainable Growth Engine at their core.