Mumbai-based investment firm, 100X.VC led by Sanjay Mehta Unveils 10 Startups Joining its Seventh Cohort
- ByStartupStory | April 9, 2022
Sanjay Mehta-led micro VC fund 100X.VC, is a Mumbai-based investment firm that has unveiled 10 startups that are part of its seventh cohort – Class 07.
The venture fund received 2,488 pitches for the seventh cohort, shortlisted 454 and narrowed down to 10 startups after a rigorous selection process. These startups will get investment from 100X. VC via iSAFE notes that are an alternative to convertible notes used for investments.
The Mumbai-based VC firm that uses an alternative to convertible notes used for investment — iSAFE has selected cybersecurity startup BugBase, fintech startups Zerobalance and GoCrow, EV startup Emo Energy, direct-to-consumer (D2C) brands Plik and Papa Pawsome, productivity tools provider Helppr, SaaS startups Kloudmate and ToastApp, and social media platform Quriverse.
100X.VC was founded in 2019 and is led by angel investor Sanjay Mehta’s Mehta Ventures. With the first batch having 20 early-stage startups, 100X.VC’s cohort-based investment model was initiated in 2019. Following this, it invested in nine startups in Class 02 batch; 11 startups in Class 04 batch; 10 startups in Class 03 batch; 10 startups in Class 06; and 10 startups in Class 05.
100X.VC is a SEBI-registered sector-agnostic AIF. A INR 125 Cr fund (over $16.5 Mn) was recently launched by venture capital firm 100X.VC in order to back 100 early-stage startups in the next 12 months.
Startup applications would be reviewed, accepted and invested on a rolling basis for the INR 125 Cr fund with no deadlines. Within two weeks of startup applications being accepted, investments would be completed through iSAFE Notes. In each startup using iSAFE notes, it is mulling to invest the amount for 15% future equity ownership.
100X.VC has now reached the 80 investment mark, with the 10 new investments. A total of $60 Mn have been raised by 70 startups, with an individual cheque size between $400K-$500K, of the 80 startups selected in the cohort-based model.
In short, in a fund that will be used as a fund to invest in metaverse-based companies, an investor will be asked to invest in it.
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