Sequoia India’s Surge To Raise Seed Stage Investment Ceiling To $3 Mn
- ByStartupStory | June 23, 2022
Sequoia Capital‘s venture capital arm, Surge, has announced plans to invest up to $3 million in seed and pre-series A rounds of firms in India and Southeast Asia. According to Rajan Anandan, MD, Surge and Sequoia India, Sequoia Capital’s accelerator programme Surge will raise the amount of capital it will invest in seed-stage entrepreneurs in order to support a larger spectrum of businesses and stay with them longer as they establish product market fit.
In its present incarnation, Surge contributes between $1 million and $2 million to seed rounds. According to the VC fund’s blog, it has now increased the range to $3 million without a minimum floor. As a result, the VC fund added, “We will be able to make Surge relevant for a much broader range of founders, whether those who are just starting up or those who have previously received a seed.”
Early-stage entrepreneurs can raise up to $1 million to $2 million in pre-seed and seed rounds through Sequoia’s 16-week programme called Surge. In a total of six batches, the VC firm has so far invested in 64 firms in India and 45 in Southeast Asia. While registration for Surge 08 has already begun, Surge 07 will soon be announced. The VC companies underlined that surge startups had raised over $1.5 Bn in total in follow-on rounds.
Additionally, the VC fund stated that applicants for Surge 08 and later might receive up to $3 million from Surge to aid in the development of an even larger round, or they could conduct a lesser round of financing (between $300,000 and $500,000), and still be eligible for the programme. Over 20% of Surge startups were in the pre-launch stage when we collaborated with them, while others are still in the idea stage.
“Our founders are tackling a variety of issues, from financial inclusion to food security. Additionally, they are expanding in industries like logistics, consumer brands, agritech, fintech, edtech, and healthtech. According to the fund, more than 40% of Surge startups are software businesses that produce products for the global market from day one. These products range from applications and sector SaaS to dev tools and cybersecurity. Sequoia, which recently raised $2.8 billion for the area, has also eliminated a Surge-specific fund.
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