Jungle Ventures, the Singapore based VC has launched a new initiative, First Cheque@Jungle, designed to provide crucial backing for startups operating at the pre-seed and seed stages across India and Southeast Asia. This move is expected to invigorate the startup ecosystem by offering much-needed support and resources for emerging ventures.
Jungle Ventures, renowned for its successful backing of companies like Livspace, Moglix, BookMyShow, and Atomberg Technology, has initiated this sector-agnostic fund that will allocate investments ranging from $500,000 to $20 million for eligible businesses. Notably, the firm intends to adopt an innovative investment structure with a minimum investment of $2 million, wherein 50% will be provided in equity, and the remaining 50% will be dispensed as a no-cap convertible note.
Amit Anand, Founding Partner at Jungle Ventures, emphasized the significance of this initiative, stating, “First Cheque@Jungle introduces a first-of-its-kind investment structure that ensures right-sized early-stage capital to go after the big ideas but with limited early-stage dilution,” in a recent LinkedIn post.
Jungle Ventures Appoints Rishab Malik as Partner Seed Investments
To spearhead this transformative venture, Jungle Ventures has appointed Rishab Malik as the Partner for Seed Investments. Alongside Malik, industry stalwarts such as Ramakant Sharma, Sayali Karanjkar, and Cameron Priest will serve as the venture builders, working closely with startup founders to facilitate product-market fit and bolster hiring efforts.
With a strong track record of collaborating with over 45 founders across diverse sectors including consumer brands, platforms, B2B, and software, Jungle Ventures is poised to leverage its extensive network and expertise to empower the next generation of visionary entrepreneurs.
This development comes in the wake of similar programs like the Peak XV-backed Surge program, focused on nurturing early-stage companies in India and Southeast Asia, and Accel’s Atoms, which also concentrates on the early-stage cohort with a cheque size of up to $500,000.
The introduction of First Cheque@Jungle is expected to further stimulate the startup landscape, fostering an environment conducive to innovation and growth.
