Lightbox Ventures raises up to $178m for Fund III

Mumbai-based venture capital firm Lightbox Ventures has raised up to $178m for its third flagship fund.

Lightbox Ventures III is looking to raise up to $200m, according to the latest US SEC filing. It is unclear whether this figure is a target or a hardcap.

The vehicle has received contributions from at least 19 investors, so far.

Prior to this fund, the firm closed its second flagship fund in 2014 on $100m, and then an expansion vehicle on $54m in 2016 to provide additional capital. Its second vehicle has been tapped to make six investments. The firm has decided to only make a limited number of investments with each vehicle to help deepen its engagement with them each.

Founded in 2014, Lightbox looks to invest into early-stage consumer technology businesses.

One of Lightbox’s portfolio companies is India-based B2B payments company PayMate. The company enables businesses to simplify transactions through automated payment management, invoicing, and cash flow.

In a blog post Lightbox founding partner Sandeep Murthy said, “We don’t want to place bets everywhere to understand whether they will work or not. The desire to be more engaged with our companies moves us into a structure where we invest only in a few firms.”

Last month, Sequoia India held the $695m final close for its sixth vehicle, falling well short of the $920m capital pool raised by its predecessor. With this new fund the firm is looking to ‘double down’ on investments within early and growth stage companies in the technology, consumer and healthcare sectors across India and Southeast Asia (SEA).

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