For its second fund, First Cheque has raised Rs 38 crore from worldwide investors. The business will prioritize first-time entrepreneurs and invest $100,000 in each of its portfolio firms.
First Cheque, a pre-stage venture capital business, has announced its second fund, which will invest in 50 firms over the next 18 months. The fund, which previously operated as an AngelList syndicate and invested in over 100 businesses over the previous three years, has secured Rs 38 crore from worldwide investors for its second fund. The firm will focus on first-time entrepreneurs and will invest $100,000 in each of its portfolio firms, which will be necessary for founders to get their business off the ground.
First Cheque promises to be the first institutional financing available for creators by investing at the pre-seed stage.
The business takes an agnostic approach to sectors and is willing to assist starting teams at the paper-plan stage. With the conclusion of its second fund, the firm’s total AUM now stands at Rs 90 crore.
Prateek Agarwal, Investment Lead at First Cheque, stated, “We are seeking to back ambitious creators with less focus on conventional qualifications such as educational credentials, past founding experience, and conviction from other VCs. ‘Founder Market Fit‘ will take precedence over these aspects in our investment choice.”
He further added, “We believe that India needs more seed stage institutional capital and mentorship, which we aim to provide via our founder community. We feel that India requires more seed stage institutional financing and mentorship, which we want to deliver through our founder community, focused program, and network of seasoned investors and venture partners.”
First Cheque has reduced its deployment time from first conversation to capital deployment to less than 30 days.
It will also establish an in-house program with top entrepreneurs, industry experts, and Venture Capitalists who will share their experiences with building a company, GTM strategy, recruiting & retention, monetisation, and financing.
During its initial fund, First Cheque collaborated with over 20 venture partners and added around 100 firms to its portfolio.
Among its portfolio ventures are Fashinza, Rocketlane, Giva, Drink Prime, Bellatrix Aerospace, and Fleetx.
India Quotient’s founding partner, Anand Lunia, says, “We have all witnessed the huge success that YC has had abroad. Following the United States and China, India has the biggest startup environment, and First Cheque is well positioned to capitalize on the pre-seed market. For first-time entrepreneurs, the comprehensive training, engaged founder community, and demo day will serve as catalysts. The firm’s underlying founder-first attitude distinguishes it as well.”