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April 18, 2013

Fund Alert: 5ideas closes first seed fund Startup Superfuel

5ideas announces the first close of Startup Superfuel, a seed stage fund that provides early stage tech start-ups a blend of human, financial and social capital. Start-up Superfuel is the first of the five ideas that Pearl Uppal and Gaurav Kachru launched in October last year under 5ideas platform.

Startup Superfuel aims to invest in 40 start-ups in the next 3 years, of which 10 to 12 investments will be made this year. The fund will invest between Rs.25 lakh to Rs.1.5 crore in a startup, with the ability invest to up to Rs.2.5 crore in follow-on rounds. The sector agnostic fund looks for tech start-ups targeting digital market. Startup Superfuel is targeting to raise a total of $10 million (Rs.55 crore) and will continue to raise the funds while simultaneously making investments post this closure.

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