Unitus Ventures and Capria Ventures Merge to Form $188 Million Multi-Stage Portfolio Entity

• ByStartupStory     |    September 21, 2023

Bengaluru-based early-stage technology investor Unitus Ventures has announced its merger with its US-based affiliate venture capital firm, Capria Ventures. This merger will create a multi-brand, multi-stage portfolio entity, while both firms’ funds will continue to be separately owned. The combined assets under management for the new entity will amount to $188 million.

As part of this development, Surya Mantha, the Managing Partner at Unitus, has assumed the role of Managing Partner at Capria. Dave Richards and Will Poole will continue as Managing Partners at Capria Ventures, while Srikrishna Ramamoorthy, Senior Partner at Unitus, will become a Venture Partner for the India region at Capria.

The decision to merge the Unitus Ventures brand with Capria Ventures is driven by the strategic direction to leverage GenAI, support global firm growth objectives, and enhance capabilities as a specialist venture capital firm focused on the Global South. Capria Ventures will concentrate on Seed, Pre-Series A, and Series A rounds in India, and outside of India, it will continue to invest in early-growth stage companies in Series A and bridge rounds.

Will Poole, Managing Partner at Capria Ventures and former Managing Partner for Unitus Ventures, mentioned that more than 75% of their investments will be directed towards applied GenAI companies. The alignment of Unitus Ventures with the Capria brand and strategy is expected to create additional value for founders.

“The decision to merge the Unitus Ventures brand with Capria Ventures was made to better reflect our strategic direction to leverage GenAI, support global firm growth objectives, and strengthen our capabilities as a Global South specialist venture capital firm, providing better support to the founders we work with,” said a statement issued by Capria Ventures.  

It added that Capria’s focus in India will span Seed and Pre-Series A, as well as Series A rounds. Outside of India, Capria will continue to invest in early-growth stage companies in the Series A and bridge rounds. 

 “Going forward, more than 75% of our investments will be placed in applied GenAI companies. We are also confident that Unitus Ventures’ alignment with the Capria brand and strategy will create more value for founders,” said Will Poole, Managing Partner, Capria Ventures and former Managing Partner for Unitus Ventures. Globally, Capria invests in emerging technology hubs including Mexico City, São Paulo, Buenos Aires, Cairo, Lagos, Nairobi, Bangalore, Delhi, Mumbai, Singapore, Jakarta, and Ho Chi Minh City.

Globally, Capria Ventures invests in emerging technology hubs across various cities. This merger will not affect the board seats or stake ownership of portfolio companies of Unitus Ventures. The India team of the combined entity will drive strategy and investment decisions for the region across all portfolios.

Earlier in the year, Unitus Ventures announced the first close of its Rs 300 crore Opportunity Fund at Rs 75 crore. This fund is designed to provide growth capital to 39 portfolio companies backed by Unitus Ventures Fund I and Fund II. Unitus Ventures typically supports companies in sectors such as food tech, edtech, and jobs tech, and its portfolio includes companies like Masai School, BharatAgri, CueMath, and BetterPlace, among others.

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