Venture Debt Marketplace 8vdX Raises $3 Million In Fresh Funding
8vdX, a venture debt marketplace, has raised $3 million in a funding round from Silicon Valley’s famed accelerator Y Combinator. Tokyo-based venture capital firm GMO Venture Partners, along with global investors like Zillionize, Asymmetry Ventures, Earlsfield Capital Partners and Fox Ventures, participated in the funding round.
The funding round also saw participation from angel investors Vikram Chachra, founding partner of 8i Ventures and Kevin Moore, who has backed companies like Drip and Robinhood.
As per the startup, the freshly raised funds will be used towards building its tech platform and provide acceleration capital to around 250 startups in India and other countries.
8vdX | Revolutionizing Venture Debt
Founded by Ravi Chachra and Vijay Lavhale in 2021, 8vdX is a digital venture debt marketplace providing investors early access to an index of promising startups, while startups get access to founder-friendly acceleration capital to fuel their growth to a successful fundraise.
Named after Eight Capital (8) venture debt (vd) exchange (X), 8vdX facilitates venture debt founders to minimize equity dilution across sectors and geographies.
Speaking about the development, Ravi Chachra said,
“In just three months, we have an AUM of $5 million and are growing 25% per week. We have garnered strong interest from institutional investors who want to get exposure to the debt of high growth tech companies. In addition, we plan to set up an India-specific alternative investment fund (AIF) that may invest in startups outside of Y Combinator.”
Part of Y Combinator’s winter batch of 2022, 8vdX offers investors to participate in funding each batch of Y Combinator. It also plans to offer venture debt to startups beyond Y Combinator. As per the firm, over the next 18 months, 8vdX will complete the build-out of the technology platform, provide acceleration capital to 250 startups and have an AUM of $75mn.
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