Dallas Venture Capital LLC (“DVC”) announces closing of $80 million early-stage B2B SaaS Fund
Dallas Venture Capital Fund II LP (“Fund II”) oversubscribed with strong support from strategic investors, fund-of-funds, and family offices
Dallas, Texas, May 25th, 2022 – DVC today announced the closing of an oversubscribed $80 million fund (the target amount was $75 million) and is set to become one of the largest technology focused funds to operate out of Dallas. 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 US and India. Investors in the fund include Gupta Capital Group, NewcrestImage Ventures, Eternal Lotus Capital Partners, Bioworld Merchandising, and others.
DVC was 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.
“We are overwhelmed by the response to our DVC Fund II and particularly delighted to onboard several institutional investors, family offices, prominent founders, and executives into the fund,” said Dayakar Puskoor, Managing Director of DVC. “The extensive due diligence performed by our strategic investors has sharpened our investment thesis. The continued guidance of our strategic investors and advisors are going to help us create differentiated value for our portfolio companies,” added Puskoor.
“We partner with our portfolio companies as mentors offering strategic guidance during the most important phase of the start-up’s journey to accelerate their revenues from $1 million to beyond $10 million through our time tested and honed DVC Advantage program leveraging our network of venture partners and advisors,” said Abidali Neemuchwala Co-founder & Director of DVC. “Our experience and familiarity with both US and India enable us to bring exceptional operational and growth strategies to our portfolio companies,” added Neemuchwala.
The DVC Advantage is focused on start-up companies’ needs in multiple areas such as product & technology strategy, executive mentorship, corporate governance, business development, and talent acquisition. DVC is committed to helping portfolio companies transform their growth journey by providing strategic guidance across product, domain, strategy, customer success and growth, or financial specific matters.
DVC has begun deploying its fund and has already invested in four start-ups as announced earlier – Lucy.ai, Rollick, Citylitics, and Disprz. DVC has a healthy pipeline of companies and plans to, on an average, invest in one company per quarter for total of approximately 20-25 companies over the next 4-5 years. DVC’s typical investment stage is post-product market fit and its initial capital is focused on enabling the start-ups to scale through its DVC Advantage Program.
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.
About Dallas Venture Capital
DVC is a Dallas TX, US and Hyderabad, India based venture capital firm investing in cloud infrastructure, B2B SaaS, AI/ML, mobile, XR and other emerging technologies. In addition to providing capital and financing needs, our investment philosophy centers around guiding business development, product, and technology strategy for our portfolio companies through the ‘DVC Advantage’ program to achieve successful outcomes. Operating from both the US and India, DVC creates a bridge that connects two of the largest start-up ecosystems in the world. DVC is co-founded by Dayakar Puskoor, a pioneering Dallas based venture capitalist with a record of investments in 25+ companies and 9 exits to date, and Abidali Neemuchwala, the former CEO of Wipro Ltd.