Dallas Venture Capital (DVC) has closed an $80 million fund that positions the company to become one of the largest tech-focused funds in the Texas city.
“DVC plans to invest alongside its India fund, making it a true cross-border venture capital fund that is poised to bootstrap two large start-up ecosystems in U.S. and India,” the firm said in a news release Wednesday (May 25).
Among the investors in the fund were Gupta Capital Group, NewcrestImage Ventures, Eternal Lotus Capital Partners and Bioworld Merchandising.
DVC was co-founded in 2020 by serial entrepreneur Dayakar Puskoor and Abidali Neemuchwala, former chief executive of Wipro Limited.
DVC targets early- and growth-stage companies in the B2B Software-as-a-Service (SaaS) sector focused on leveraging deep tech in cloud, artificial intelligence/machine learning, extended reality, data and other emerging technologies.
So far, the fund has invested in four startups: Lucy.ai, Rollick, Citylitics and Disprz. It also has plans to invest in one company per quarter, or a total of approximately 20-25 companies over the next four to five years.
Read more: B2B Software VC Firm Elsewhere Announces $175M Fund
This fund comes on the heels of the close of a fund from another Texas VC firm, Austin’s Elsewhere Partners, which raised $175 million to back B2B software companies that it deems “Elsewhere Outliers,” or companies outside of traditional venture capital hubs.
“Not every B2B software founder subscribes to the hyper-growth mentality that tends to run rampant in traditional investment circles,” Chris Pacitti, founder and partner at Elsewhere Partners, said earlier this month.
“Investing, both our capital and our network, in companies that don’t always get the attention they deserve from the startup funding ecosystem at large, we’ve been able to make deeper connections and partner with founders on the path toward a meaningful exit.”
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