9Unicorns Launches Student Fund, Plans To Invest Up To $75K Per Startup
VC firm 9Unicorns has announced that it is launching a student-focused VC fund known as campus fund, university fund, or student capital.
According to a press statement, the fund would enable students at premier institutes such as IITs and IIMs to launch their startup in the coming campus placement season even before passing out of the college. Additionally, through this sector-agnostic fund, 9Unicorns plans to write cheque sizes ranging from $50,000 to $75,000 each in about 20-odd startups every year.
Indian VC firms are doing their best to accelerate the startup ecosystem in India. Recently, VC firm Kalaari Capital has set aside $10 million annually, to invest in startups that have women founders or decision-makers, ideally as CEOs.[Read: How E-Cells Contribute To The Growth Of Entrepreneurs]
Speaking about the development, Dr. Apoorva Ranjan Sharma, Co-founder and President at 9Unicorns, said,
“Colleges are the hotbed of innovations. The idea is to sensitise the students about the startup ecosystem and enable them to be a part of it right from the beginning. Besides, several institutes these days have started entrepreneurship-focused courses, proving that India is fast emerging as the land of startups. We are targeting concept-stage startups, which we will mentor and nurture further.”
Dr. Sharma added that the decision to tap institutes such as IITs and IIMs come solely because IITs have created the maximum startups with unicorn status in the country and have a ready talent pool. Though, the firm will move to second-rung institutes and those in the Tier 2 cities.
9Unicorns is India’s First Accelerator VC that operates uniquely as an accelerator & invest in very early-stage startups. Startups in which 9Unicorns has invested include qZense Labs, Instoried, Mitron, Toch, Klub, Tagz Foods and Qin1.
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