Fireside Ventures, a direct-to-consumer (D2C) focussed fund, has announced the closing of its third and largest fund at $225 million. This is nearly double the size of its previous fund of $120 million. It counts Mamaearth, Boat, and Slurrp Farm among its existing portfolio firms.

The new fund will invest in 25-30 startups, said Kanwaljit Singh, managing partner, Fireside Ventures. ITC, Premji Invest, Waterfield Fund of Funds, Emami are among its limited partners, or LPs, who have invested in the third fund. 10 founders of Fireside Ventures have also invested in the new fund, Singh added.

"Most importantly the interesting thing is that 90% of the money has come from domestic funds. We will continue to invest in series A to series A (rounds)," Singh added, while announcing the close of the new fund.

Fireside's fund closing comes at a time when the D2C sector has seen demand slowing down after the peak it reached during the pandemic years when shoppers lapped up online buying. In an optimistic note, a report from Bernstein Research said the D2C brands market will reach over $100 billion by 2025.