8vdX, a venture debt firm launched by Eight Capital Management’s Ravi Chachra and Vijay Lavhale, on Friday said it has secured $3 million (around Rs 23.1 crore) from Y Combinator, GMO Venture Partners, Zillionize, Cathexis and Grant Park, among others.
The round also saw participation from super angels Vikram Chachra (Slice, M2P, CarWale) and Kevin Moore (Drip, RobinHood, ZoomCar).
With the latest fundraise, 8vdX continues to being founder friendly. In the past three months, the platform has offered $2.8 million in debt to 16 startups, including two from India, it said in a statement.
Named after Eight Capital (8) venture debt (vd) exchange (X), 8vdX was founded by Chachra along with his colleague Vijay Lavahle in June 2021.
Part of US investor accelerator Y Combinator’s winter 2022 batch, 8vdX facilitates venture debt founders to minimize equity dilution across sectors and geographies.
“Over the next 18 months, we will complete the build out of the technology platform, provide acceleration capital to 250 startups and have an AUM of $75mn. In just three months, we have an AUM of $5 million and are growing 25% per week.
We have garnered strong interest from institutional investors who want to get exposure to the debt of high growth tech companies. In addition, we plan to set up an India-specific alternative investment fund (AIF) that may invest in startups outside of Y Combinator,” said Ravi Chachra, Co-Founder of 8vdX.
Silicon Valley investor Y Combinator, which is American technology startup accelerator launched in March 2005, provides seed funding to startups and has helped over 3,000 startups to take off through its programmes.
In March, VCCircle reported that Eight Capital chairman Ravi Chachra is set to launch a venture debt fund to raise $50 million through 8vdX.