[Funding alert] 9Unicorns announces fifth closure at $100 mn of maiden fund

9Unicorns, an early-to-growth stage accelerator fund, has announced the closure of its first fund for $100 million.

The fund was launched at the end of 2020 with a total size of $50 million, the overall positive sentiment in the Indian startup ecosystem and the fund’s current portfolio performance have made 9Unicorns more than double to $100 million so far.

The fund has so far invested in over 110 Idea and Product Startups, which includes some of the Startups like Vedantu, ShopKirana, ShipRocket, Reshamandi, Biddano, BluSmart, GoQii, IGP.com, Faarms and Instoried.

The startup plans to invest $500K to $1 million this year in the Idea stage and up to $2 million in high-growth stage Series C and above startups.

The company focuses on DeepTech, Enterprise SaaS, Web 3.0, FinTech, Media, InsureTech, HealthTech, Edutech and D2C startups.

“Our unique approach to redefine idea stage funding has led to an increased fund size with several leading LPs believing in our strategy. Besides, last year was one of the best times for the startup ecosystem with a funding rush. We invested in 101 deals in 2021 and plan to double that amount this year. We will finish deploying the fund by mid next year, post which we plan to launch our second fund”, said, Dr. Apoorva Ranjan Sharma, Managing Director and Founder of 9Unicorns.

The Mumbai-based 9Unicorns was founded in 2019 by Anil Jain, Anuj Golecha, Dr. Apoorva Ranjan Sharma, and Gaurav Jain, It is a stage and sector agnostic accelerator venture capital firm. The firm includes $300K to $1M of funding per startup in the first round and plans to invest $500K-$2 million in successive rounds with co-investors.

About 9Unicorns

9Unicorns – is India’s First Accelerator VC. The fund will operate uniquely as an accelerator & invest in very early-stage startups. It aims to disrupt idea stage funding in India by providing initial capital of $100K with further committed capital for deserving portfolio companies. The accelerator VC will fund 100+ early-stage startups in 3 years.