As investors get cautious about putting new money in startups in India amid coronavirus outbreak, AngelList’s head in India is betting that this is the right time to back young firms.
Utsav Somani announced iSeed, a micro VC fund to back up at least 30 startups over the course of 2 years. iSeed, which is not affiliated with AngelList, is Somani’s maiden venture fund.
In an interview with TechCrunch, Somani said he would write checks of $150,000 each to up to 35 early-stage startups in any tech category and enable his portfolio firms’ access to global investors and their knowledge pool. The fund will not participate in a startup’s follow-on rounds.
iSeed counts a range of high-profile investors, including Naval Ravikant and Babak Nivi, co-founders of AngelList, who are some of the biggest backers of the fund.
Others include founders of Xiaomi, Jake Zeller, a partner at AngelList and Spearhead, Sheel Mohnot, general partner at 500 Fintech, Brian Tubergen of CoinList, and Kavin Bharti Mittal of Hike.
Somani has also been an angel investor in more than a dozen startups including BharatPe,a firm that it is helping small businesses accept online payments and access working capital, and Jupiter, a neo-bank.