Jungle Ventures, a Singapore-based venture capital firm, recently made a significant announcement that has sent ripples through the startup ecosystem. They have unveiled a groundbreaking program called “First Cheque” designed to nurture and invest in startups at the pre-seed and seed stages. This move is poised to provide invaluable support and financial backing to budding entrepreneurs and innovative early-stage companies across India and Southeast Asia.
Under the “First Cheque” program, Jungle Ventures is poised to leverage the expertise of three of its current and former portfolio startup founders who will join the investment team. These founders bring with them a wealth of experience and insights into the intricacies of the startup world. Ramakant Sharma, co-founder of Livspace, Sayali Karanjkar, co-founder of PaySense, and Cameron Priest, co-founder of TradeGecko, will play a pivotal role in mentoring and guiding the startups that become part of this innovative program. Their invaluable insights will help startups navigate the challenges of achieving early-stage product-market fit and building robust, dynamic teams.
The financial aspect of this program is equally impressive. Jungle Ventures has committed to investing a minimum of $2 million in each startup selected for the “First Cheque” program. This investment will be divided into two parts: half in the form of an equity investment and the other half as a no-cap convertible note. Such a financial injection at the pre-seed and seed stages can be transformative for startups, providing them with the runway they need to develop and expand their ideas. Moreover, it demonstrates Jungle Ventures’ confidence in the potential of the startups they are investing in.
Amit Anand, a partner at Jungle Ventures, revealed that the funds for these investments will be sourced from Jungle Ventures’ latest $600 million fund. This strong financial backing underscores their commitment to supporting early-stage startups. Notably, the founders themselves will also contribute as angel investors, aligning their interests with the success of the startups they are backing. This dual commitment by the venture capital firm and its founders reflects the shared belief in the promising future of the startup ecosystem in India and Southeast Asia.
One distinctive feature of the “First Cheque” program is its sector-agnostic approach. Unlike some investment initiatives that focus on specific industries or niches, First Cheque is open to startups from various sectors and industries. This inclusivity reflects Jungle Ventures’ vision of empowering a diverse range of startups with the potential to disrupt and innovate across different fields.
Furthermore, “First Cheque” is not limited by geographic boundaries. The program is actively seeking and considering startups from both India and Southeast Asia. This broad scope opens up a wealth of opportunities for entrepreneurs and early-stage companies in these regions to access the support and funding they need to realize their visions.
In addition to its investment at the pre-seed and seed stages, Jungle Ventures also has its sights set on supporting startups in their growth journey. The firm aims to lead or co-lead growth stage funding rounds, with investments ranging from $5-10 million per startup. This holistic approach demonstrates their commitment to being a long-term partner in the startups’ growth and development, providing essential financial backing during various stages of their evolution.
Jungle Ventures has a remarkable track record when it comes to fostering innovation and supporting startups. The firm was founded by Amit Anand and Anurag Srivastava and embarked on its journey with a modest first fund of $10 million in 2012. Since then, it has consistently expanded its portfolio and increased its influence in the startup ecosystem. In 2016, Jungle Ventures secured $100 million for its second fund, and in 2019, it successfully raised $240 million for its third fund.
However, the most noteworthy achievement came in May 2022 when Jungle Ventures closed its fourth fund, amassing a staggering $600 million. This amount far exceeded their initial target of $350 million, a testament to the trust and confidence that investors have placed in the firm’s ability to identify and nurture promising startups.
Jungle Ventures’ impressive portfolio in India includes notable companies such as Turtlemint, an insurtech platform, Leap, an edtech company, BetterPlace, which focuses on blue-collar workforce management, CityMall, a social commerce platform, and Atomberg, a startup specializing in consumer appliances. Their investments reflect the diversity and potential of the Indian startup landscape.
In August, Jungle Ventures absorbed HealthXCapital, an early-stage VC firm, to bolster its presence in the healthcare sector across India and Southeast Asia. This strategic move reflects the firm’s commitment to being at the forefront of emerging trends and opportunities within the startup ecosystem.
As Jungle Ventures continues to expand its reach and influence, the launch of the “First Cheque” program stands as a significant milestone. It signifies their unwavering dedication to supporting early-stage startups, providing them with the capital, mentorship, and guidance required to transform their innovative ideas into successful businesses. With the combined expertise of the founders and the financial strength of Jungle Ventures, “First Cheque” is poised to empower the next generation of entrepreneurs, fostering innovation and growth in the startup ecosystem across India and Southeast Asia. The future looks promising for startups, thanks to the forward-thinking approach of Jungle Ventures and their “First Cheque” program.