Elev8 Venture Partners has secured a USD 100 million (about Rs 820 crore) investment commitment from South Korea’s largest financial services provider KB Group as an anchor investor through its subsidiary KB Investment.
The funding commitment includes co-investments, Elev8 Venture said in a statement on Wednesday. KB Holdings manages over USD 430 billion in assets and prior to this investment, the KB Group has invested in domestic companies like Pharmeasy, Spinny, Tracxn, Fareye, Rupeek, Vedantu etc. Navin Honagudi, co-founder and managing director of Elev8, said he expects KB Investment’s expertise in the Southeast Asian markets will add value to growth-stage companies in his investment portfolio.
KB Holdings, which is the largest Korean financial services firm, offers a range of financial products and services and has USD 432 billion in assets and 35 million active customers across 13 countries. KB Investment is one of the 13 subsidiaries managed by the KB Group and is one of Korea’s leading venture capital and private equity funds with over USD 1.5 billion of assets under management across 1,000 companies and 30 funds around the globe.
Elev8 Venture Partners is a technology-focused growth stage fund extending series B and C financing rounds in high-growth companies. Elev8 will use the forthcoming money to invest in category-leading companies. The new fund from Elev8 is led by Navin Honagudi, who was earlier the cofounder and partner of Kae Capital and an early team member of Reliance Ventures.
