Unitus Seed Fund (USF) has filed a Form D for Unitus Seed Fund II, a limited partnership incorporated in 2017 in Delaware. Founding Partners of Unitus Seed Fund, Richard David Richards and William Poole have been signed as Manager of the General Partner of the Issuer.
Total amount sold so far is $12.8 million and the fund is still open to further external investments but does not expect the offering to last longer than a year.
This pooled investment fund for venture capital purposes is a new notice and date of first sale is 26 March, 2018.
The minimum investment accepted by an outside investor for this fund is $25,000. 35 investors are involved in the fund so far.
Unitus Seed Fund is a social impact investment venture fund based in Bangalore and Seattle. It funds early-stage Indian technology startups, primarily in the healthcare, education and financial sectors. As an impact investment fund, its focus is on startups that serve low and middle-income consumers.
Unitus Seed Fund was started in 2012 by Unitus Group, a financial services group founded in 2000 with the goal of making money while reducing global poverty. Unitus Seed Fund is backed by leading individual, family office, and foundation investors in the USA and India. Its early investors included Vinod Khosla, and the Michael and Susan Dell Foundation. Its current Assets Under Management are listed as worth $50 million.
In December 2013 it was reported that USF had raised a second fund called United Seed Fund India of $3.3 million. It received approval from Sebi to raise a maximum of $9 -12 million dollars from local investors and became the first of its kind impact fund for seed stage startups.
In April 2015, USF was reported as raising a 36 crore fund (close to $6 million) and its first seed fund to be registered with Sebi. This fund was combined with its offshore fund to make up a Rs 140 crore India-dedicated fund.
Most recently in February 2018, USF’s William Poole was reported in the media as saying that they are ready to make a first close of the second fund at Rs 100 crore (around $15.4 million) in coming weeks at the reported time. The final corpus size for this fund was expected to be Rs 300 crore (around $46 million) and would be closed later in 2018 or early 2019.
The VC firm has so far made 6 exits which include jiffstore, mGaadi, Jack on Block, OneClickWash, smilemerchants, and Urban Tailor.
Its current portfolio of active companies include DriveU, founded in 2015 and based in Bengaluru, a platform for getting on-demand drivers for consumers and businesses; Cuemath, founded in 2013 and based in Bengaluru, is an after-school math program revolutionising the way math is experienced by both educators and students; and Blowhorn, founded in 2013 and based in Bengaluru, is an on-demand logistics provider for moving goods.