YourNest launches fast-track funding plan for early-stage startups
The coronavirus pandemic has brought the world to a grinding halt. The startup and venture funding industries have also suffered, with India’s downturn set to intensify.
Amid the gloom, there’s some good news as YourNest Venture Capital has developed SOAR, a unique programme to identify and fund startups within just four weeks from the close of applications.
The Gurgaon-based early-stage, pre-Series A VC firm’s programme will invest between $250,000 and $1 million in each startup. The SOAR application process is open for two weeks from May 1, 2020. Shortlisted startups will be contacted after May 14, and term sheets will be issued by June 15 after another round of screening.
Sunil K Goyal, Managing Director of YourNest Venture Capital, says, “We will continue to fund the most promising startups in deep tech and SaaS domains, particularly if they are building IPs and have a global outlook to make the world a better place to work and live in.”
“The impact of the COVID-19 pandemic along with the global macroeconomic uncertainty is tough and will last a long time, but we feel this is the right time to encourage committed entrepreneurs in India, who will create not just life-changing solutions but also employment opportunities.”
Apart from the funds, the first cohort of SOAR startups will also benefit from YourNest’s Nurture Capital framework that unlocks access to a large range of advisors and mentors in diverse disciplines and functional experts.
SOAR startups will receive support in key entrepreneurial matters related to strategy, compliance, legal, secretarial, talent sourcing, etc. They will also be eligible for a follow-on funding and YourNest’s proprietary Post-investment 100-day Playbook to focus and achieve scale quickly along with credits/rewards from eco-system partners.
YourNest is focused on startups in the deep tech domain, including AI/ML, distributed ledger technologies, cloud offerings, developer tools, enterprise SaaS, robotics, hardware, industrial IoT, robotic process automation software, wearables, and AR/RV/ Mixed Reality.
Startups who apply must be:
● Registered with certification from DPIIT or should have applied
● Businesses with a Minimum Viable Product
● IP-led businesses with the potential to go global
The SOAR programme is also supported by Amazon Web Services, Cisco, Freshworks, Intel India Maker Lab, and JioNext. AWS and Freshworks will offercredits to the startups to utilize their services, while Cisco, Intel, and JioNext will work with the YourNest team to help assess and shortlist applicants.
(Edited by Teja Lele Desai)