Venture capital firm Theia Ventures has announced the first close of its inaugural fund, raising $15 million toward its $30 million target. The fund will focus on deeptech, energy transition, and decarbonisation, targeting startups in areas such as green mobility, sustainable materials, battery technologies, clean logistics, and industrial decarbonisation.

Theia has already secured commitments exceeding 50% of its target. The fund is structured as a Category II Alternative Investment Fund (AIF) under SEBI regulations.

British International Investment (BII) joins as an anchor investor, with additional support from global investors including Allocator One (Germany), Cisco Foundation (US), and Vitality Capital Partners (Australia). Domestic backers include family offices and industrial groups such as Anand Mahindra, Thermax’s Meher Pudumjee, JM Financial, Vimson Group, and Shivanand Salgaocar Group.

The fund plans 18–20 early-stage investments, with individual cheque sizes ranging from $500,000 to $1 million, reserving roughly 50% of capital for follow-on rounds. Early investments include Sarla Aviation (aerospace) and Climitra Carbon (industrial biochar), with commitments also made in startups working on precision fermentation and AI-based energy modeling.

Theia Ventures expects to reach its final close by the end of FY26, aiming to drive innovation across sustainable and deeptech sectors.