100X.VC has backed 15 startups in its 10th group with $2.3 million, opting for iSAFE notes, a method they successfully adopted in 2019. With iSAFE notes, investors invest money now with the possibility of converting it into shares later.
An iSAFE note isn’t a loan but can be turned into shares. 100X.VC claims to be the frontrunner in using iSAFE notes to support young businesses. They have invested Rs 1.25 crore in each startup, as per their statement.
The latest batch of startups that were chosen was revealed during a face-to-face VC Pitch Day in Mumbai today. Over 400 investors, including wealthy individuals, family offices, venture funds, and corporations, attended the event.
The fund works on a class-based investment approach and supports startups from various sectors even before the formal classes begin. For their 10th class this year, 100X.VC selected 450 companies from a pool of over 2,000 startups before choosing these 15.
These companies are located in nine cities, including Mumbai, Bengaluru, Delhi, Pune, Ahmedabad, Hyderabad, and Gurgaon.
100X.VC funds invests in 142 startups since its launch
The 15 chosen startups are Arthum, Bepure, Buckmint, Cutbox, Dailybee, Datavio, Flabs, Hatchfast, HYRGPT, JoySpoon, MiClient, Offside, Sprentzo, THAP, Wastefull Insights.The completion of Class 10 takes the fund’s total investment to 142 startups since its launch in July 2019.
“We are thrilled to announce our newest cohort, Class 10, consisting of 15 innovative startups. With these additions, we have now invested in 142 early stage startups spanning diverse sectors. We firmly believe that India’s early-stage startup landscape has many game-changers, and the startups of Class 10 epitomise these promising opportunities,” said Ninad Karpe, Founder & Partner, 100X.VC.
Post investment, 100X.VC spent more than 100 hours on mentorship to help the latest portfolio ventures, before announcing them at the VC Pitch Day, said the company in a statement.
