AngelList India head Utsav Somani launches micro VC fund to back 30 early-stage startups – TechCrunch
As investors get cautious about writing new checks to early stage startups in India amid the coronavirus outbreak, AngelList’s head in India is betting that this is the right time to back young firms.
On Wednesday, Utsav Somani announced iSeed, a micro VC fund to back up at least 30 startups over the course of two years. iSeed, which is not affiliated with AngelList, is Somani’s maiden venture fund.
In an interview with TechCrunch, Somani said he would write checks of $150,000 each to up to 35 early-stage startups in any tech category and enable his portfolio firms’ access to global investors and their knowledge pool. The fund will not participate in a startup’s follow-on rounds.
iSeed counts a range of high-profile investors, including Naval Ravikant and Babak Nivi, co-founders of AngelList, who are some of the biggest backers of the fund.