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2014-10-15

Facebook co-founder Eduardo Saverin to invest in India

Saverin, who was one of the five co-founders of the social networking company, had settled a dispute out of court with Facebook (which was the central plot of the movie Social Network).

Eduardo Saverin, the billionaire co-founder of Facebook, will soon start making investments in India, among other countries in Asia Pacific, through a private equity firm he co-founded in 2013, as first reported by VCCircle.

 

His firm, Velos Partners, with offices in Los Angeles and Singapore, will provide growth capital to companies focused on retail innovation, health & wellness and luxury & entertainment. The firm has hired Samrat Ganguly, who was earlier CEO and managing partner of the venture capital arm of SREI Infrastructure Finance Ltd, as head of Asia Pacific markets including India.

 

Saverin, who was one of the five co-founders of the social networking company, had settled a dispute out of court with Facebook (which was the central plot of the movie Social Network). He was said to be owning less than 5 per cent shares in the company worth more than $4 billion in 2012 at the time of Facebook IPO.

 

Velos, which has made about half a dozen investments till now in the US, will make investments straddling between Series A and Series B in the range of $1-10 million.  The firm is expecting to close its first investment in the country by the end of the year. The firm will look at companies which have crossed the basic thresholds such as going beyond proof of concept, generating revenues, fast growing and at a stage where they are reaching an inflexion point, the report states further.

 

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