 "unicorn startup")
Early-stage accelerator fund 9Unicorns, part of the Venture Catalysts Group, announced its rebranding as 100Unicorns as it announced the launch of its second fund with a target size of $200 million.
The second accelerator fund called 100Unicorns Fund II with a target size of $200 million includes a green-shoe option of $100 million.
In its first fund, 100Unicorns Fund I (formerly 9Unicorns) had invested in over 140 startups that went on to become multi-bagger success stories. Notable examples include Videoverse, Trunativ, ZyppElectric, Renee Cosmetics, and IGP, which have all emerged as leaders in their respective domains.
“Rebranding to 100Unicorns is the next step in our evolution process. We have seen significant growth in the Indian startup ecosystem and massive funding inflow in the past couple of years,” said Apoorva Ranjan Sharma, managing director of Venture Catalysts Group and cofounder of 100Unicorns.
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With the new fund, the vision is to nurture a pool of 200 outlier startups and propel them to join the billion-dollar club over the next decade, said the company.
Sharma added: “Today, Indians are targeting moonshot ideas in emerging sectors like space tech, biotech, electric vehicles, and cleantech. On the back of these developments, we are excited about this next step of launching a $200 million fund that aligns us to the needs of the Indian startup ecosystem,”
The accelerator fund provides funding ranging from $300,000 to $1 million per startup in the first round, along with extensive product, business, and fundraising support. This is followed by $500,000 to $2 million in subsequent rounds with co-investors.
Ankit Jain, partner at 100Unicorns said, “100Unicorns’ early vision of supporting startups from Tier-II/III cities, backing founders solving local problems with global vision, and focus on climate-tech/sustainability has proven right over the past four years. With the upcoming fund, we strive to create an integrated ecosystem and build a full-stack growth portfolio for early-stage startups to navigate a seamless journey to become a category leader.”
