Sequoia India’s Surge programme extends seed fund range up to $3 million

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, 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 in our #Surge family. We are expanding the range to invest upto $3m per company.”

Surge 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 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 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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *