Gujarat Venture Fund Ltd (GVFL), one of the first venture funds in the country has invested in URM (Universal Resource Manager) technology. GVFL has invested over $1 million in Net4Nuts, which focuses on activity hub, a product of URM technology, at the incubation stage.

The investment has been made by Gujarat IT Fund, which has a corpus of Rs 18 crore and is the fourth fund launched by GVFL. GVFL, formed in 1990 as part of a World Bank initiative, has already invested around Rs 124 crore in high growth sectors, primarily at the start-up stages.

The venture fund has invested over Rs 4.3 crore in the first round of financing of Net4Nuts.Vishnu Varshney, president & CEO of GVFL Ltd, said: “The fund was started with a view to incubate promising start-ups. GVFL is among the pioneers of Venture Capital India, much earlier than the concept gained popularity.”

Varshney has also been a member of Sebi committee of Venture Capital, CII's National Panel of Economic Affairs and Executive Council of Indo-American Chambers of Commerce. The fund has also invested a total of over Rs 8 crore in three other Gujarat-based companies - Icenet, E-Cube and Anupam Infosys.

Earlier, GVFL has invested in companies such as Arvind Mills, Cadilla Labs, Broadcast Worldwide, Deccanet Designs Ltd.