Former Mumbai Angels' chief launching $25-mn fund

Anil Joshi, who headed Mumbai Angels network, is mulling to raise $25 million for a new fund which would make pre-Series-A investments in technology-based startups. Joshi's fund will invest in 15-20 companies with the investment size in the $300,000 to $2 million range.

Joshi had joined Mumbai Angels as a vice-president in July 2010 and took care of deal sourcing and due diligence. In January 2012, he became the president of the angel investors network. He was also involved with Bangalore Angels.

Joshi's proposed fund would seek to bridge the funding gap faced by startups after raising angel or seed round and before getting VC firms to shell out more money in a Series-A round. Although most VC firms invest first in a Series-A round, over the last two to three years a bunch of angel and seed funds have emerged, who back startups with small token of institutional funding.