Venture firm Better Capital has raised its maiden fund of $15.2 million (around Rs 113 crore) to scale its pre-seed and seed investment strategy backing early-stage startups.
According to the statement, Better Capital Ventures I is a $15.28 million fund and the solo general partners (GP) fund is backed by founders, operators and investors who have been associated with companies such as Meta (Facebook), Google, Uber, LinkedIn, Tiger Global, TPG, World Bank and more.
Over the last two years, the micro venture firm has backed companies like Teachmint Technologies Pvt Ltd, Kutumb, Filo and others. It claims that Teachmint, funded by Better Capital, has over 10 million users and raised more than $100 million (approximately Rs 744 crores) in venture funding within 16 months.
Last week, Teachmint announced plans with which its employees will be able to liquidate their vested ESOPs (employee stock ownership plans) against cash at any point of time over the span of a year.
Founded in 2018 by Silicon Valley entrepreneur Vaibhav Domkundwar, Better Capital invests in businesses. It plans to invest in 35-40 companies from this fund in the pre-seed and seed rounds across sectors with the median check size being $300K (around 2 crore).
“We learn deep insights when we invest early in a new category and that has played a big role in helping us find breakout companies in those categories”, said Domkundwar.
Better Capital has been an early high-conviction investor in several new categories since 2018 like Neobanks, fintech infra, product-led edtech, SME digitisation and learning communities. It is now also actively investing in Crypto/Web3, Creator Economy and Climate.