KB Group, a South Korean financial services provider, has partnered with Elev8 Venture Partners as an anchor investor and Co-GP through its subsidiary, KB Investment. KB has committed $100 million, including co-investments, to the total fund size. KB investment is part of KB holdings has assets under management (AUM) of over $400 billlion, a press release said.
Prior to this, KB group has invested in companies like Pharmeasy, Spinny, Tracxn, Fareye, Rupeek, Vedantu, etc. Going forward, KB Group will work closely with Elev8 to identify investment opportunities in India's leading technology companies and to support Elev8 with portfolio management, the release added.
"In a market environment where fundraising has been difficult, Elev8, through its strong value proposition, has been able to get marquee anchor investors. This is especially relevant as very few Indian GPs have managed to get an anchor investor in their maiden fund," the statement read.
Elev8 said KB's global experience, operational capabilities, and network of strategic relationships in multiple locations will assist its portfolio companies in expanding their global presence and strengthening their products in markets where KB has an established, strong network.
"Given that over 54% of companies in the growth stage are looking to expand in SEA, Elev8 shall help the portfolio companies expand across SEA," the statement read.
"We have spent over a year with diligence and concluded that Elev8's management team is by far the best team to invest at the growth stage. Their exceptional track record, prospective portfolio pipeline, and proprietary data algorithms have presented a strong proposition for us to join hands," Eric Yoo, Executive Managing Director of KB investment, said.
Meanwhile, Navin Honagudi, co-founder and MD of Elev8, said they believe their expertise in the SEA market will add value to growth-stage companies in their portfolio.
"We are working towards creating a strong Institutional investor base for Elev8. Given the LPs' overwhelming response, we are targeting a first close in the first quarter of next year, much ahead of our plan," Anuj Golecha, co-founder of Venture Catalysts, said, adding, "With recent events creating global capital distrust, the world's attention is sharpening to India's lucrative tech opportunities and the value that could be created."
