8vdX, a venture debt marketplace, has launched the Seedex Booster initiative, which aims to provide up to $1 million in additional funding to startups in pre-Series A rounds.
The initiative’s new offerings will seek to provide bridge loans to Y-Combinator startups prior to demo day. In a statement, 8vdX stated that it is looking to address the challenges that founders face in the current fundraising environment by providing a funding runway that will allow startups to meet the expectations of Series A investors.
Seedex Booster will invest up to 25 per cent of the amount raised in a startup’s seed extension round, with an average ticket size of $250,000-1 million.
According to the company, the programme is intended to be repaid with Series A funding, but founders can create an amortisation schedule to prepay the loan or extend it upon maturity.
8vdX, named after Eight Capital venture debt, was founded in June 2021 by Ravi Chachra and his colleague Vijay Lavahle. Lavahle was previously an associate vice president at Eight Capital Management before becoming a full-time co-founder of 8vdX in January of last year.
8vdX entered the UK market in August of last year. By 2024, the company plans to fund 100 startups with $200 million in assets under management (AUM) and to expand to other countries such as Singapore and Australia.
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