Early stage VC Fireside Ventures, raised $52.12 Mn, from Unilever Ventures, Enami Ltd., PremjiInvest, ITC Ltd., and others. The firm aims to invest the corpus fund of Rs 340 crores ($52.12 Mn) over a period of next two to three years, in 20-25 consumer brands.
The fund is led by Kanwaljit Singh, Vinay Singh and Kannan Sitaram. It provides ’Seed to Series A’ funds to startups as well as access to a unique support ecosystem.
The current portfolio of Fireside Ventures includes Kwik 24, Mama Earth, Magic Crate, Frog Bikes, Bombay Shaving Company, and Design Café. According to one of its co-founders, Kannan Sitaram, ‘we primarily look at the quality of the entrepreneur, apart from the space and the specific idea of the startup. These are key when investing in a consumer brand’.
Fireside Ventures secured its initial backing from PremjiInvest, RP-Sanjiv Goenka Group, and Marico’s Mariwala back in June 2017.
‘The millennia shopper is looking at authenticity, production, and clean labels. These are key elements to build an excellent consumer brand. Consumers don’t mind spending something that is unique and catering to their personal preferences. We can help the startups/companies in marketing, brand building, and digital marketing’, asserted Kanwaljit.