100X.VC to pump in ₹2.25 crore in 9 startups
By MYBRANDBOOK
Mumbai-based fund investor, 100X.VC has invested Rs 25 lakh per startup and the total invested amount so far is Rs 2.25 crore. The venture capital fund has pumped money into– Fyllo, Mindpeers, Robotics, Pacify, Battery Pool, Ava, SharedPro, OurEye, and Sawo Labs.
It works with growth-stage VCs to prepare startups for bigger rounds. The startups were selected from over 4,500 applications for being disruptive.
The nine startups were selected from its second batch through iSAFE Notes (India Simple Agreement for Future Equity).
Under this, an investor makes cash investment in return for a convertible instrument. An iSAFE note is not a debt instrument, but a founder-friendly convertible security note which is beneficial for both the startups and investors..
“This batch has displayed tenacity, determination and perseverance to pursue their vision. These startups traverse diverse sectors with their innovative ideas endeavouring to make our world a better place to live. At 100X.VC, we are confident that each startup of Class 02 is capable of becoming a leader in its space," said Ninad Karpe, Partner at 100X.VC.
The sector-agnostic fund will focus its investments in companies across a broad range of industries, picking startups with disruptive business models, high growth, and scale. The investment size for each early-stage startup would range from $30,000 to $140,000. The fund size has not been disclosed, but sources pegged it at $5 million.
Sanjay Mehta, Founder and Partner at 100X.VC, said, “The time has come for us in India to make a huge leap in investing in startups, using globally successful models that will lend depth and scale to the VC industry. When startups become part of the 100X.VC ecosystem, they will get all that they truly need.”
100X.VC also organized an online VC pitch day for all these nine seed-stage startups, which saw the participation of 1,500+ investors from across the world.
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