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Ankur Capital, an early-stage venture capital fund, has received commitments from two of its existing limited partners for its third fund.

British International Investment and John D and Catherine T MacArthur Foundation have both made subsequent commitments to Ankur Capital Fund III.

With a target of Rs 1,200 crore (~$150 million ), Ankur Capital Fund III will continue to invest in disruptive technologies, tapping into opportunities in digital transformation and decarbonisation, for both India and beyond, the VC firm noted in a statement.

“At Ankur, we continue to be attracted to entrepreneurs creating the next generation of technologies across sectors and are particularly bullish about the deep science technologies, agtech and climate opportunities,” said Ritu Verma, Co-founder and Managing Partner, Ankur Capital.

With Fund III, Ankur will continue its focus on pre-Series A investments, with entry check sizes of $1 million- $2 million, and its support up to $10 million. 

Since inception, Ankur Capital has been backing deep technology innovations that address critical problems such as improving market supply chain efficiency, agricultural productivity, climate and health-linked innovations, and new products and services for mass markets. Its past funds have invested in over 30 portfolio companies. 

“Technology is key in addressing many developmental challenges, including poverty and climate change. Through our partnership with Ankur and the innovative businesses it supports, we can reach more smallholder farmers and vulnerable communities in India for better productivity and inclusion,” said Abhinav Sinha, Managing Director and Head of Technology and Telecoms at BII.

“This is also in line with the Government of India’s commitment to support sustainable development and prioritise support to agri-startups,” he added.