Vertex Ventures pivots $540M fund V to deeptech as Kuku FM, Pilgrim line up consumer IPO exits
Vertex Ventures is steering its $540M fifth fund toward semiconductors, robotics and batteries, writing $2-10M cheques for 15-20% stakes. Meanwhile, consumer bets are harvesting: Kuku FM targets a $200M IPO this year and beauty brand Pilgrim is IPO-ready within 24 months, signaling a maturing exit window for India's D2C cohort.
What happened
Vertex Ventures is pivoting to deeptech (semis, robotics, batteries) from its $540M fifth fund, while consumer portfolio names Kuku FM ($200M IPO this year) and
Key facts
- $540 million fund V
- 30% Temasek anchor
- $2-10 million cheques
- 15-20% stake
- Pilgrim IPO in 24 months
- Kuku FM $200M IPO
Why this matters
Watch Kuku FM and Pilgrim IPO trajectories as comp anchors for D2C and audio M&A pricing, while deeptech assets get scarcer and pricier as fund mandates rotate.