On Friday, venture capital firm Silverneedle Ventures said it has launched a Rs 100 crore fund and plans to invest in 30 startups over the next 18 months. The fund, founded by Xseed Partners founders Ajay Jain and Deepesh Agarwal, was approved by market regulator SEBI in August.

“We will invest in 30 startups over the next 18 months and support them until we exit – usually a healthy exit within 3 to 5 years. The fund aims to invest 10 to 60 million per deal Rupee, managing partner of co-founder Ajay Jain Silverneedle Ventures, said in a statement.

Silverneedle Ventures (SNV) shared its first investment in creator monetisation platform Knorish for an undisclosed amount.

The round was backed by large investors, including Andrew Holland, Bharat Serum Family Office, IPV, Mumbai Angels and Jet Synthesys.

“Knorish aims to capitalise on the fund by expanding into new markets while planning to recruit more creators and use the remaining funds to improve its technical capabilities. Currently, the startup has a 32-person team of technical, sales and, customer success, content design and marketing teams,” the statement said.