SEVA Growth closed its second fund, SEVA II, with $160 million in capital commitments after raising the fund in less than one month. The fund was multiple-times oversubscribed and exceeded its original $125 million target.
SEVA was founded in 2023 by Managing Partner Shalin Mehta to invest as a minority growth equity partner in fast-growing, capital-efficient, founder-led businesses.
The firm focuses exclusively on internet, software, data, marketplace, and technology-enabled services companies.
SEVA II brings the firm’s total assets under management to more than $250 million.
The firm did not use a placement agent for either of its first two fundraising efforts.
SEVA’s debut fund initially targeted $50 million and closed at $85 million in October 2023 after four months of fundraising.
Existing limited partners later added capital in 2025, bringing SEVA I’s total commitments to $91 million.
SEVA I has invested in five companies: Chicory, Teleskope Technologies, TitanFile, Pronto, and Serif Health.
The firm plans to make minority investments in two additional companies through the first fund.
Mehta has joined the board of each SEVA portfolio company as part of the firm’s investment model.
SEVA II is expected to invest in between seven and nine companies, continuing the firm’s strategy of making concentrated minority investments in founder-led technology businesses.
The fund received support from existing institutional investors, including university endowments, charitable foundations, family offices, and nonprofit-focused investment managers.
New investors also included university endowments, foundations, and cause-based institutional investors.
Founders from all five existing SEVA portfolio companies also invested as limited partners in SEVA II.
SEVA said that participation reflects support from founders who have worked directly with the firm as portfolio company partners.
The firm focuses on businesses that are profitable or near break-even, have strong organic revenue growth, high customer retention, scalable business models, established go-to-market capabilities, and little or no prior institutional capital.
SEVA works with portfolio companies on areas including strategic planning, go-to-market strategy, executive hiring, financial reporting, operational infrastructure, and exit planning.
The firm is led by Mehta, Principal Roshan Joshi, and a group of operating advisors.
KEY QUOTES:
“Amidst a prolonged and tumultuous fundraising environment, we are grateful and humbled by the support of our existing and new institutional limited partners, including leading endowments, foundations, and cause-based nonprofits, as well as support from company founders with whom we have partnered in our first fund.”
“Our thematic focus and concentrated data-centric approach to minority growth equity allow us to build deep relationships with our founder partners, who are looking for a trusted strategic advisor to help accelerate and scale their businesses via profitable growth without ceding control.”
Shalin Mehta, Founder and Managing Partner of SEVA Growth
