PremiumClose to 60 limited partners, including Prasanna Sankar, co-founder of employee management unicorn Rippling; Lachy Groom, former executive of payments major Stripe; Ankur Nagpal, founder and chief executive officer (CEO) of edtech startup Teachable, invested in iSeed II
BENGALURU : Micro-venture capital fund iSeed on Thursday said that it has closed $15 million as part of its second fund, iSeed II, in a bid to ramp up its investments in the Indian startup ecosystem.
Close to 60 limited partners, including Prasanna Sankar, co-founder of employee management unicorn Rippling; Lachy Groom, former executive of payments major Stripe; Ankur Nagpal, founder and chief executive officer (CEO) of edtech startup Teachable, invested in iSeed II.
Institutional investors, including RTP Global, FJ Labs, Tribe Capital, Hummingbird and Kamco Jedi Fund also participated in the fundraise.
Besides AngelList founder Naval Ravikant, other big backers of iSeed include Jack Herrick, founder and CEO of wikihow and Bryce Maddock, co-founder and CEO of IPO-bound TaskUs.
iSeed’s first fund was anchored by Ravikant and was launched last May, with a $5 million corpus. So far, iSeed has invested in close to 36 startups from its first fund, co-investing with institutional investors including Sequoia Capital India and Lightspeed India Partners.
Some investments from iSeed’s first fund include Pepper Content, FloBiz, Velocity, BimaPe, and PagarBook.
Through the second fund, iSeed will invest in 50 startups, participating with ticket sizes of $100,000-$250,000 during seed stages. Through the new close, the firm may also look at follow-on investment in its existing portfolio.
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