Jenina Ibañez · · 1 min readIndian startup accelerator to launch new $100m seed fund
Indian startup accelerator Axilor Ventures has announced a new US$100 million seed fund for early-stage technology companies.
Axilor CEO and co-founder Ganapathy Venugopal chatting with founders / Photo credit: Axilor
The second round under its Axilor Technology Fund, the new investment vehicle is four times the size of the first and will support companies in the enterprise SaaS, B2B commerce, agritech, consumer tech, fintech, and healthtech industries.
Axilor said the new fund will also have a longer tenure and a higher follow-on reserve than the first one.
Launched in 2018, the first Axilor Technology Fund invested in 54 startups and saw a follow-on rate of over 75%. Of this group, 21 startups have closed series A or later rounds.
“With our first fund, we have demonstrated our deep engagement model and a programmatic approach that predictably delivers better outcomes for startups,” said Ganapathy Venugopal, Axilor Ventures co-founder and CEO, adding that the team hopes to bring the same idea to the next fund.
The announcement follows an overall decline in VC funding in Indian startups in the second quarter of the year amid an anticipated economic downturn.
See also: A list of India’s unicorns and their early investors
Editing by Miguel Cordon and Lorenzo Kyle Subido
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