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Early to growth stage accelerator fund, 9Unicorns has announced the fifth closure of its maiden fund at $100 million.
While the fund was launched in late 2020 with a total size of $50 million, 9Unicorns said overall positive sentiment in the Indian startup ecosystem and its current portfolio performance has led the firm to double the fund at $100 million so far.
The accelerator fund has made investments in 110+ deals so far. It plans to invest $500K to $1 million in the idea stage and up to $2 million in high-growth stage Series C and above startups this year. The fund has invested in startups like Vedantu, Melorra, ShipRocket, Reshamandi, Biddano, BluSmart, IGP.com, Faarms, Instoried and GoQii. The focus will be on DeepTech, Enterprise SaaS, Web 3.0, FinTech, Media, InsureTech, HealthTech, EduTech and D2C startups.
Commenting on the fifth close, Apoorva Ranjan Sharma, Managing Director and Founder of 9Unicorns, said, “ Our unique approach to redefine idea stage funding has led to an increased fund size with several leading LPs believing in our strategy. Besides, last year was one of the best times for the startup ecosystem with a funding rush. We invested in 101 deals in 2021 and planned to double that amount this year. We will finish deploying the fund by mid next year, post which we plan to launch our second fund.”
9Unicorns is a stage and sector agnostic accelerator VC. It provides acceleration support and seed funding to early and growth-stage startups. 9Unicorns includes funding of $300K to $1M per startup in the first round and plans to invest a further $500K-$2 million in successive rounds with its co-investors. From the idea stage to the growth stage, it supports startups across various themes and sectors.
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