Mumbai-based venture capital firm 100X.VC said that its investment about USD 2.3 million in 15 startups that belong to its 10th class.
Utilising iSAFE (India Simple Agreement for Future Equity) notes, the firm has been able to support these startups. This investment model involves cash investments in exchange for convertible instruments, making iSAFE notes a unique form of convertible security that is not considered debt.
By adopting iSAFE notes, 100X.VC claims to be the first venture capital firm to invest in early-stage startups using this innovative mechanism. Each of the chosen startups has received an investment of Rs 1.25 crore, as stated by the firm.
The exciting announcement of the new portfolio companies was made during the in-person VC Pitch Day held in Mumbai. Attended by more than 400 investors, including high-net-worth individuals, family offices, venture capital funds, and corporations, this event served as a platform for showcasing the potential of the startups.
These selected portfolio companies are geographically spread across nine cities such as Mumbai, Bengaluru, Delhi, Pune, Ahmedabad, Hyderabad, and Gurgaon, the firm said in a statement.
Ninad Karpe, Founder and Partner, 100X.VC said, “We are thrilled to announce our newest cohort, Class 10, consisting of 15 innovative startups. With these additions, we have now invested in 142 early stage startups spanning diverse sectors. We firmly believe that India’s early-stage startup landscape has many game-changers, and the startups of Class 10 epitomise these promising opportunities.”
The 15 startups which received the funding were, Arthum, Bepure, Buckmint, Cutbox, Dailybee, Datavio, Flabs, Hatchfast, HYRGPT, JoySpoon, MiClient, Offside, Sprentzo, THAP, and Wastefull Insights.
With this latest investment, 100X.VC has now funded a total of 142 startups since its launch in July 2019. Prior to the VC Pitch Day, the firm dedicated more than 100 hours to mentorship, assisting the latest portfolio ventures.
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