100X.VC Invests $2.3M in 15 Startups in its 10th Cohort
- ByStartupStory | October 28, 2023
Mumbai-based venture capital firm, 100X.VC, has injected $2.3 million into 15 startups forming part of its 10th class. The fund utilized iSAFE (India Simple Agreement for Future Equity) notes for these investments. These notes allow investors to make a cash investment in exchange for a convertible instrument that is not debt.
100X.VC claims the distinction of being the first venture capital firm to invest in early-stage startups through iSAFE notes. Each startup received an investment of Rs 1.25 crore, as disclosed in a company statement. The announcement of this new portfolio of startups took place during an in-person VC Pitch Day event held in Mumbai, which attracted more than 400 investors, including high net worth individuals, family offices, venture capital funds, and corporations.
The venture capital fund operates based on a class-based investment model, investing in startups from various sectors even before the class formally begins. For its 10th class this year, 100X.VC initially shortlisted 450 companies from a pool of over 2,000 startups, ultimately selecting and funding these 15 startups. These portfolio companies are located in nine different cities, including Mumbai, Bengaluru, Delhi, Pune, Ahmedabad, Hyderabad, and Gurgaon.
The 15 selected startups include Arthum, Bepure, Buckmint, Cutbox, Dailybee, Datavio, Flabs, Hatchfast, HYRGPT, JoySpoon, MiClient, Offside, Sprentzo, THAP, and Wastefull Insights.
With the completion of Class 10, 100X.VC has now invested in a total of 142 early-stage startups since its launch in July 2019. “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 epitomize these promising opportunities,” said Ninad Karpe, Founder & Partner of 100X.VC.
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The company also revealed that post-investment, it dedicated more than 100 hours to mentorship for the latest portfolio ventures, prior to unveiling them at the VC Pitch Day.
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