Startup accelerator platform 9Unicorns, which was set up by incubator and accelerator Venture Catalysts, has rebranded itself to 100Unicorns and launched its second venture capital fund with a target of $200 million (Rs 1,670 crore).
The target corpus includes a green-shoe option of $100 million.
“Rebranding to 100Unicorns is the next step in our evolution process. We have seen significant growth in the Indian startup ecosystem and massive funding inflow in the past couple of years,” said Apoorva Ranjan Sharma, managing director of Venture Catalysts Group and cofounder of 100Unicorns.
From its first fund, erstwhile 9Unicorns, invested in several startups including ShipRocket, Klub, OTO, Videoverse, Progcap, Trunativ, ZyppElectric, Renee Cosmetics, and IGP. It claims that besides capital, it offers a support ecosystem for startups through several initiatives.
The accelerator fund provides funding ranging from $300,000 to $1 million per startup in the first round, followed by $500,000 to $2 million in subsequent rounds in participation with co-investors.
”100Unicorns has proved its model of identifying the best founders and enabling them with the right support at every step of the journey. We have institutionalised support for startups with a focus on growth and fundraising,” said Rajesh Mane, partner at 100Unicorns.
100Unicorns claims that it has reviewed over 14,000 startups and invested in more than 140 deals through its first fund. Today, 12% of its portfolio companies are in the deeptech sector, 22% are led by women and 20% hail from smaller towns.
Its focus areas from the first investment vehicle were fintech, deeptech, enterpriseSaaS, web3.0, fintech, media, insurtech, healthtech, edutech and D2C.
