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Tuesday, July 24, 2007

Google invests in in Ventureast TeNet Fund II

Ventureast TeNet Fund is managed by Ventureast Fund Advisors India Ltd. The fund began with a corpus of $15 million with a mandate to finance start-ups in the telecom and IT industries. Ray Stata, Chairman and co-founder of Analog Devices of the US, had invested $10 million alone in Fund I. The TeNet group of IIT, Chennai, is the technology advisor, while Sarath Naru of APIDC is one of the co-founders of the fund. It typically will invest $2.5 million $10 million in an early stage venture.Now, Google acquired 30 per cent in Fund II for $3.75 million.
TeNet, Analog devices and Google make a formidable combination.
Source: VC Circle

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