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Deepti Sri · · 1 min readReport: Sequoia India closes $195m second seed fund for its Surge program
“Sequoia Capital India has closed a US$195 million second seed fund as part of its Surge program, which backs seed- and early-stage startups through funding and mentorship,” reported The Economic Times.
Details:
- Sequoia plans to introduce new offerings for engineers who are building at the pre-launch stage, increase hiring for its team, and develop its Surge app.
- Among the startups that are part of Surge’s four cohorts, one-third are in the SaaS sector and a quarter are in consumer internet, while the rest are divided between the B2B, consumer brands, edtech, healthtech, and fintech segments, among others.
Context:
- The Surge program invests in pre-series A startups in India and Southeast Asia, of which around 60% have raised about US$390 million in follow-on capital.
- In November, Sequoia selected 17 early-stage startups for its fourth cohort, with the founders receiving US$1 million to US$2 million in early funding.
Editing by Collin Furtado and September Grace Mahino
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