Sequoia India’s Surge programme extends seed fund range up to $3 million
Sequoia India and South East Asia-focused early-stage programme Surge is further widening its cheque size as it looks to support a larger number of founders at an early stage.
In its current avatar, Surge invests in seed rounds for $1 million to $2 million. The VC fund, in its blog, said that it is now extending the range up to $3 million, and with no minimum floor. “This will allow us to make Surge relevant for a far larger set of founders, including those who are just starting up or those who have already raised a seed,” said the VC fund.
“Raising the ceiling gives early-stage founders the runway and time they need to find product-market fit and build a strong team before raising a Series A. This is critical in any market cycle, and even more so at a time when investors are being more cautious and follow-on rounds may take longer to close,” said the fund.
Also Read: Sequoia Capital leads $37 mn funding in UAE-based proptech startup Huspy
Rajan Anandan, managing director, Sequoia India and Surge, in a tweet, said: “We are doubling down! @Surgeahead launched 3 years ago and we are incredibly grateful to our 246 amazing founders from 112 startups in our #Surge family. We are expanding the range to invest upto $3m per company.”
Surge startups have collectively raised over $1.5 billion in follow-on rounds, equipping them with firepower to hire top talent, expand their offerings and make a big impact on many industries and markets in the years to come.
The VC fund also said that applicants for Surge 08 and beyond could raise up to $3 million from Surge to help them construct an even larger round, or, do a smaller round – say $300,000 to $500,000 – and still be part of the program. While some Surge startups have traction, others are at the idea stage – over 20% of Surge startups were pre-launch when we partnered with them.
“Our founders are solving a wide range of problems, from food security to financial inclusion. And they’re building in sectors including EdTech, FinTech, AgriTech, HealthTech, logistics and consumer brands. Over 40% of Surge startups are software companies that are building for the world, from Day One, everything from application and vertical SaaS, to Dev Tools and cybersecurity,” said the fund.
Sequoia which recently raised $2.8 billion for the region has also done away with a dedicated fund for Surge. According to report, Anandan has stated that Surge will now directly use funds from the larger pool.
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