Mumbai-based venture capital firm, 100X.VC, has invested $2.3 million in 15 startups as part of its tenth class. These investments were made using iSAFE (India Simple Agreement for Future Equity) notes, allowing investors to exchange cash for a convertible instrument without incurring debt.
100X.VC stands out as the first venture capital firm to use iSAFE notes for early-stage startup investments. Each of these startups received an investment of Rs 1.25 crore, as stated in the company’s announcement. The unveiling of this new startup portfolio took place during a VC Pitch Day event in Mumbai, attended by over 400 investors, including high net worth individuals, family offices, venture capital firms, and corporations.
This venture capital fund employs a class-based investment model, supporting startups from various sectors even before a formal class commences. For its tenth class, the firm initially shortlisted 450 companies from a pool of over 2,000 startups and eventually selected and funded these 15 startups. These portfolio companies are located in nine different cities, including Mumbai, Bengaluru, Delhi, Pune, Ahmedabad, Hyderabad, and Gurgaon.
The 15 chosen startups encompass Arthum, Bepure, Buckmint, Cutbox, Dailybee, Datavio, Flabs, Hatchfast, HYRGPT, JoySpoon, MiClient, Offside, Sprentzo, THAP, and Wastefull Insights.
With the completion of its tenth class, 100X.VC has now invested in a total of 142 early-stage startups since its inception in July 2019. Ninad Karpe, Founder & Partner of 100X.VC, expressed excitement about the latest cohort of 15 startups, emphasizing their potential to be game-changers in India’s early-stage startup landscape. The company also highlighted that it provided over 100 hours of mentorship to the newly funded ventures before presenting them at the VC Pitch Day.
Source: Start up Story