LetsVenture, a platform for startup investments, has tied up with Silicon Valley-based Pioneer Fund to invest in Indian enterprises nurtured by top startup accelerator Y Combinator.
LetsVenture will invest in 5-7 Indian startups from the summer batch of Y Combinator in the June-August period. For same, LetsVenture and Pioneer Fund is setting up a startup fund called ‘Future of India‘ with a corpus of $1- $1.5 million.
LetsVenture’s investor base will get an opportunity to put money in Future of India fund.
The development comes at a time when Y Combinator has recently selected a record number of 15 India-based startups for its summer batch of 2019.
For California-based Pioneer Fund, this will be the first time it will invest in India, through the upcoming Fund.startup selected by YC.
Pioneer is itself created by Y Combinator alumni — Jared Heyman and Jason Gray, along with support of 170 fellow Y Combinator alumni founders.
Pioneer Fund pools capital and expertise from 170+ Y Combinator alumni to invest in the top 10% of YC startups. The fund is building a diversified portfolio of top YC startups across several verticals, by leveraging the unique access, knowledge, and connections of its YC alumni investors and advisors. Pioneer Fund is backed by billion-dollar family offices, high net worth individuals, and small institutional investors.
In a statement to Economic Times, LetsVenture Founder & CEO, Shanti Mohan said, “They (Pioneer Fund) typically invest in five to seven companies globally. The new partnership will allow them to back a similar number of Indian firms. These investments would be of $1,50,000-$2,00,000 for each of the Indian firms.”
Pioneer Fund’s managing partner, Jason Gray, said, “This (partnership) will allow LetsVenture and Pioneer Fund to provide local investors with access to top Indian startups and provide these firms with access to the support and mentorship of YC alumni.”
Source – Economic Times
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