Companies

N/Core launches accelerator fund to support non-profit start-ups

Our Bureau Bengaluru | Updated on March 20, 2019 Published on March 20, 2019

N/Core, a Bengaluru-based incubator for non-profits, announced the launch of Series/N, an accelerator fund that will support 30 non-profit start-ups over 5 years with grants of up to ₹2 crore for each non-profit.

Series/N will provide growth capital exclusively as grants to high potential, non-profit start-ups with special focus on tech solutions and accelerate their impact. N/Core has already incubated 35 non-profits since it started in September 2017.

“With this fund, N/Core has significantly increased its commitment to India’s non-profit ecosystem in the country. We believe that talent is key to unlock levers such as capital, innovation and policy in order to make India’s growth story inclusive and equitable. Series/N is a means to invest in exceptional entrepreneurs whose work will give millions of Indians a life of dignity as well as a path out of poverty,” said Sudha Srinivasan, CEO, N/Core.

Series/N is inviting applications from entrepreneurs solving problems faced by the bottom of the pyramid. Non-profits that have registered within the last three years can apply at http://ncore.foundation.

Today’s announcement also deepens N/Core’s multi-year partnership with Cisco. Speaking of their participation in the fund, VC Gopalratnam, Senior VP, IT and Executive Sponsor – Cisco India CSR, said “The N/Core tech cohorts have amazed us with their vision and ability to use technology to solve some of our biggest social challenges. Their work takes us closer to our vision to positively impact 50 million lives by 2025.” IRB Infrastructure is another participant in the fund and has committed their support for multiple years.

“India’s development sector has a deficit of start-up capital. With our support, we hope Series/N will be able to bridge some of this gap and increase mind share for non-profit entrepreneurs” said Pradeep Nair, Regional Director, Ford Foundation, which has also participated in the fund.

Beyond grants, selected entrepreneurs will also be mentored by N/Core Partners such as KR Lakshminarayana (Lan), Chief Endowment Officer of Azim Premji Foundation, Sanjay Purohit, Chief Curator of Societal Platform, and SK Jain, Co-Founder and former Managing Director of WestBridge Capital.

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Published on March 20, 2019
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