Unitus Ventures will close its third $100 million fund the following year and concentrate on job-tech startups
- ByStartupStory | November 16, 2022
According to Poole, Unitus Ventures will sharpen its focus on industries like corporate SaaS, job tech, sustainability and the environment with the third fund. Unitus Ventures, an early-stage venture capital firm that has invested in companies like CueMath, GigForce, Masai School, and CareerNinja, plans to close its third fund in India with a $100 million corpus next year, according to co-founder and managing partner Will Poole. A 300 crore opportunity fund will also be closed by the VC fund, which has locations in Seattle and Bengaluru, through which it will invest in profitable startups from its first two funds.
“Right moment, two of our funds are functioning in India. The funds’ vintages are in 2013 and 2018, and a total of $50 million is under administration in each one. Both of them have given their all and are largely deployed. Before Fund III, which will be completed somewhere in 2019, is closed, we are also beginning to do certain deals, according to Poole. Unitus Ventures has made investments through its first two funds in industries including finance, employment, education, healthcare, artificial intelligence, and enterprise technology. Most recently, the fund invested Rs 7 crore in the most recent fundraising effort of its portfolio company Masai School, a platform for skill development.
According to Poole, Unitus Ventures will sharpen its focus on industries like corporate SaaS, job tech, sustainability and the environment with the third fund. In late 2021, the VC company began raising funds for the fund. “Since we made our initial investment in India in 2014, one area on which we have significantly increased our focus is job-tech. We see ourselves putting more effort into that. Enterprise SaaS for domestic or international markets is another trend that is starting to gain traction. Sustainability and climate are new areas that we’re only now beginning to investigate, he said.
Poole stated that the fund will consider investing in solutions for every stage of the employment journey while discussing the job-tech ecosystem. “Our first investments in the field were made in a business named BetterPlace that specialised in blue-collar job tech. They have achieved remarkable success and are currently India’s top HRMS for blue-collar jobs. With the help of a business named GigForce, we have additional interests in the gig economy. Additionally, job technology for white-collar professionals is beginning to emerge, he added. “We’re going to take a broader view of the entire employment process, including recruiting, hiring, onboarding, training, compliance, and finally offboarding. Additionally, there are chances in the financial services industry, particularly in the blue-collar sector, said Poole.
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