Dallas Venture Capital, a Dallas TX, US and Hyderabad, India based venture capital firm, closed a new early-stage B2B SaaS fund, at $80m.
Dallas Venture Capital Fund II LP received support from strategic investors, fund-of-funds, and family offices. Investors in the fund include Gupta Capital Group, NewcrestImage Ventures, Eternal Lotus Capital Partners, Bioworld Merchandising, and others.
DVC plans to invest alongside its India fund making it a cross-border venture capital fund that is poised to bootstrap two large startup ecosystems in US and India.
Founded in 2020 by Dayakar Puskoor, a serial entrepreneur, and co-founded by Abidali Neemuchwala, former CEO of Wipro Limited, and a 30-year veteran public company, information technology and investment executive, the fund focuses on early and growth stage companies in B2B SaaS sector focused on leveraging deep tech in the areas of cloud, AI/ML, XR, Data, and other emerging technologies with infrastructure software or industry vertical focus. DVC is known for its proprietary sourcing methodology through its extensive network of advisors that include CIOs, CXOs, industry experts, and technologists.
DVC has begun deploying its fund and has already invested in four startups as announced earlier – Lucy.ai, Rollick, Citylitics, and Disprz.
The firm’s US & India funds jointly plan to deploy approximately $130 million in the next 4-5 years.
DVC is also currently raising a separate fund in India, DVC India Fund 1, to provide opportunities to Indian investors and has raised $25 million of its $50 million target. The focus in India is on institutional investors, family offices and high net worth individuals focused on participating in the flourishing Indian deep technology B2B SaaS sector. The US and India funds together plan to deploy approximately $130 million in the next 4-5 years.