First Cheque Closes its Second Fund at Rs 38 Cr ($5 Mn); Plans to Invest in 50 Companies Over the Next 18 Mths

Invest in firms at the pre-seed stage together with paper-plan concepts

Focus on first-time founders

An preliminary funding of USD 100K in all portfolio firms

First Cheque, an early-stage VC, launches its second fund to make investments in 50 startups in the subsequent 8 months. The fund, which used to function as an AngelList syndicate and had invested in 100+ startups in the previous three years, has raised ₹38 Crore from international buyers for its second fund. The agency will give attention to first-time founders and can make investments $100K in every of its portfolio firms, which is crucial for founders to get their enterprise began from scratch.

First Cheque goals to be the earliest institutional capital out there for founders and seeks to obtain this by investing at the pre-seed stage. The agency has a sector agnostic method and is open to backing founding groups at the paper-plan stage. The closure of its Second fund takes the agency’s complete AUM to Rs 90 Crore.

First Cheque has streamlined its deployment course of to lower than 30 days – from preliminary dialogue to capital deployment. It can also be launching an in-house program, that includes main founders, sector consultants and Venture Capitalists who will share their experiences round constructing an organization, GTM technique, hiring & retention, monetisation and fundraising.

Additionally, the VC agency might be organising bi-annual demo days with main VCs, simplifying the fundraising course of for his or her portfolio firms. The staff may also actively work with its portfolio firms to enhance their pitch and assist them establish the proper product metrics.

First Cheque works intently with 50+ Venture Partners (VPs) who assist in curating a portfolio that’s inclusive and numerous in nature. This checklist consists of founders, product managers, group managers, sector consultants and progress managers. It additionally plans to onboard undergraduate enterprise fellows, who will join the fund with high-potential pupil startups from their respective schools. First Cheque labored with 20+ enterprise companions throughout its first fund, and added ~100 startups to its portfolio, by way of the similar. Some of its famend portfolio ventures embrace Fashinza, Giva, Rocketlane, Fleetx, Wint Wealth, Plaza/Rigi, Global Fair, Drink Prime and (*18*) Aerospace.

Speaking of the imaginative and prescient, Prateek Agarwal, Investment Lead, First Cheque mentioned, “We are trying to again aspirational founders with lesser emphasis on typical stipulations corresponding to the academic pedigree, earlier founding expertise and conviction from different VCs. In our funding resolution, ‘Founder (*38*) Fit’ will take priority over these components. We consider that (*50*) wants extra seed stage institutional capital and mentorship, which we purpose to present through our founder group, devoted program, and a community of seasoned buyers and enterprise companions. Our dedication is to foster a assist system that may assist our founders all through their journey. It is a small step aligned with PM Narendra Modi’s “Startup (*50*)” initiative.”

One further differentiation for First Cheque is its lively group of 200+ founders. This group presents real-time mentorship and options for the day-to-day issues that founders face. The staff at First Cheque additionally actively helps portfolio firms by securing profitable offers with massive enterprises like AWS, Cloudflare, and MongoDb, amongst others. It has secured offers with 50+ such enterprises, up to now.

Anand Lunia, Founding Partner, (*50*) Quotient, additional provides, “We all have seen the large success that YC has had globally. After the US and China, (*50*) has the largest startup ecosystem and First Cheque is uniquely positioned to seize the pre-seed alternative right here. The complete program, the engaged founder group and the demo day will act as catalysts for first-time founders. The agency’s underlying founder-first ethos additionally separates it from the relaxation.”

About First Cheque VC

First Cheque is a Bengaluru-based pre-seed stage VC Firm. It has investing experience in early-stage expertise startups and has invested in over 100 ventures, up to now. The Firm began with the genesis of constructing easy-to-access capital assist for aspirational founders and groups whereas maintaining old-school analysis metrics at bay. First Cheque’s restricted companions largely comprise international Family Offices throughout (*50*) and Singapore. It is welcoming startups from mature sectors corresponding to SaaS, EdTech, HRTech and FinTech, in addition to the rising ones, together with SpaceTech, Gaming, Web3 and CleanTech.

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