Venture capital firm Nexus Venture Partners has announced the closure of its Nexus Ventures VII fund at $700 Mn. The VC firm will use the new fund to back AI, SaaS, fintech, and commerce startups in India and the US.

“There has been no better time for technology innovation. The pandemic has accelerated digital adoption worldwide across enterprises and consumers. Remote workforces have enabled startups to flourish by leveraging talent independent of geography. The recent breakthroughs in AI is enabling technologies to disrupt every sector faster than ever before,” the VC firm said in a blog.

With one of the largest developer bases in the world, India is emerging as a key innovation and talent hub for global companies driving AI and software revolution, Nexus Ventures added.

“Our ‘one fund one team’ approach, with entrepreneurial and operating experience across Menlo Park, Mumbai, and Bengaluru uniquely positions us to assist entrepreneurs in building pathbreaking product-first companies in two of the most important technology startup ecosystems in the world, the US and India,” it added.

Nexus’ portfolio includes unicorns Delhivery, Unacademy, Druva, PubMatic, and PostMan.

Founded in 2006 by Naren Gupta, Sandeep Singhal and Suvir Sujan, Nexus mainly infuses money into tech-enabled startups based in the US and India. It counts global pension funds, family office and endowment funds as its investors.

In the last few months, Nexus Ventures has invested Covvalent, Intello, and Investmint, among others.

On Tuesday, Singapore-based Grayscale Ventures made the first closure of its $20 Mn micro-fund at $10 Mn. The investment firm plans to invest in AI, vertical SaaS, and DevInfra-based startups.

According to Inc42, a total of 126 funds, including VCs, micro funds, debt funds, and CVC funds, among others, cumulatively raised more than $18 Bn in 2022, as against $6 Bn raised by 61 funds in 2021.