Leading venture capital firm Sequoia Capital India has closed a new $ 195 million seed fund to invest in very early-stage startups. This latest seed fund will focus on Sequoia’s Surge program, which launched in 2019 to offer $ 1 million to $ 2 million of equity in pre-Series A funding rounds, according to an announcement by Sequoia India.
A joint statement from Shailendra Singh and Rajan Anandan, both CEOs of Sequoia Capital, said: “We are pleased to announce that Sequoia Capital India recently closed its second seed fund at $ 195 million, to support the next set of founding missions driven by India and Southeast Asia. “
According to Sequoia, four cohorts have been through the Surge program in the past two years since its launch, with 69 startups spanning more than 15 industries and 164 founders from 17 different nationalities.
One-third of Surge’s startups are building SaaS products, the majority for global markets; 25 percent are creating new consumer internet businesses; 13 percent are creating consumer brands and 12 percent are in the B2B space.
It also has startups in the segments of edtech, health tech, deep-tech, fintech, and more. “We pioneered the idea of ’open architecture’ to make Surge a collaborative effort with other seed funds and angel investors, and we do not charge program fees so other investors can invest on the same terms,” the statement said. Surge’s four startup cohorts have raised a combined $ 172 million. It also has more than 100 co-investors.
News Source: YourStory
