LetsVenture and Pioneer Fund collaborate to invest in Indian startups
The fund, which has been named 'Future of India', will invest in startups selected for investment by Pioneer Fund.
LetsVenture, a marketplace for startup funding, and Pioneer fund, a fund of Y Combinator (YC) alumni, have announced a strategic collaboration to invest in top Indian startups in the next YC batch.
This year, YC has selected a record 15 Indian startups. Through this first-of-its-kind partnership with Pioneer Fund, LetsVenture has raised $5 million for Pioneer Fund through its family office platform, LV Titans, and sits on Pioneer Fund’s LP Advisory Board.
LetsVenture will soon launch an India-dedicated fund to invest in select Indian startups of the summer batch (June to August 2019). The fund has been named 'Future of India' and it will invest in startups selected for investment by Pioneer Fund. Through this, LetsVenture’s investor base will get an opportunity to back some of the top YC startups as selected by YC alumni.
The “Future of India” Fund will also leverage the expertise of Indian YC alumni that are Venture Partners with the Fund.
Speaking of this collaboration, Jason Gray, Managing Partner of Pioneer Fund, said:
“We are thrilled with the continued growth of our relationship with LetsVenture, India's largest startup funding marketplace. This "Future of India" will allow LetsVenture and Pioneer Fund to provide local investors with access to top Indian startups and provide these startups with access to the support and mentorship of over 170 YC alumni.”
Pioneer Fund has created a proprietary platform that enables collaboration between the Fund’s YC alumni to identify, perform diligence, and invest in the top startups of each YC batch.
Shanti Mohan, Founder and CEO of LetsVenture, said in a press statement: “At LetsVenture, we believe in bringing exclusive investment opportunities to our investor base, along with providing easy curated capital access to startups. The “Future of India” Fund fits this thesis for us - we are excited to be partnering with the best entrepreneurs and investors in this.”