LetsVenture, a platform for emerging startups to raise funds, is all set to join hands with US-based Pioneer Fund to invest in Indian enterprises. The collaboration will be nurtured by Y Combinator, a famed Silicon Valley startup accelerator.
After the collaboration, LetsVenture will set up a fund to back five to seven Indian startups from the summer batch of Y Combinator. The fund will be called as ‘Future of India’.
“They (Pioneer Fund) typically invest in five to seven companies globally. The new partnership will allow them to back a similar number of Indian firms. These investments would be of $1,50,000-$2,00,000 for each of the Indian firms,” Shanti Mohan, founder and CEO of LetsVenture.
Founded by Sanjay Jha and Shanti Mohan in 2013, LetsVenture provides a platform to connect startups looking to raise funds with the angel investors looking to invest.
Pioneering Fund, based out of Switzerland, was founded in 2004 by Ron Pal. It is a team of investors and entrepreneurs, organizing, deploying, and growing capital to catalyse the transformation of under-served India through industrial-scale ventures, delivering sustainable financial returns with solid governance and verifiable social and environmental impact.
Launched in 2005, Y Combinator is based out of US which provides seed funding for startups. It pays expenses for startups while they get themselves ready for the initial stage.
The update comes at a time when Y Combinator has picked a record number of startups 15, for its summer batch of 2019.
“This (partnership) will allow LetsVenture and Pioneer Fund to provide local investors with access to top Indian startups and provide these firms with access to the support and mentorship of YC alumni,” Jason Gray, managing partners at Pioneer Fund.
Importantly, LetsVenture has 6,500 investors and over 120 family officer on its platform.
Pioneer Fund’s overall fund size is abour $30 million.
Interestingly, it will be the entrance investment for Pioneer Fund in India. LetsVenture’s investor base will get an opportunity to put money in Future of India fund.