Venture capital firm Prime Venture Partners has closed its fifth fund at $100 million, aiming to support early-stage startups in sectors like fintech and artificial intelligence, among others.

The fund is estimated to make investments between $2.5 million and $3 million for 16 to 18 startups and keep a portion of the fund aside for the follow-on investments of bigger entities in the fund's portfolio.

Till date, by the way of Indian startups such as freo (then Moneytap), Niyo, MyGate, and healthcare startup Dozee, Prime Venture Partners has invested around $200 million since its inception.

The firm has also achieved successful exits from several of its investments, such as Tracxn, Recko (acquired by Stripe), Happay (acquired by Cred), Ezetap (acquired by Razorpay), and Perpule (acquired by Amazon).

Last week, Aviral Bhatnagar, former executive at Venture Highway, announced that his VC firm, A Junior VC, had closed its first Rs 100 crore fund for pre-seed investments in India. Meanwhile, Together Fund revealed plans to finalize its $150 million Fund II by June.

Over the past year, Stellaris Venture Partners, Ivy Cap, and Sorin Investments have also closed funds ranging from $150 million to $300 million.