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First Cheque closes its second fund at $5M

Early-stage venture capital (VC) firm First Cheque on Wednesday said it has raised Rs 38 crore (about $5 million) from global investors for its second fund and plans to invest in 50 startups in the next 18 months.

The fund, which used to operate as an AngelList syndicate and had invested in more than 100 startups in the past three years. The firm will focus on first-time founders and will invest $100,000 in each of its portfolio companies.

The Bengaluru-based pre-seed stage VC firm aims to be the earliest institutional capital available for founders. The firm has a sector agnostic approach and is open to backing founding teams at the paper-plan stage. The closure of its second fund takes the firm’s total AUM to Rs 90 crore.

First Cheque has streamlined its deployment process to less than 30 days—from initial discussion to capital deployment. It is also launching an in-house programme, featuring leading founders, sector experts and venture capitalists who will share their experiences around building a company, GTM (go-to-market) strategy, hiring and retention, monetisation, and fundraising.

Additionally, the VC firm will be organising bi-annual demo days with leading VCs, simplifying the fundraising process for their portfolio companies. The team will also actively work with its portfolio companies to improve their pitch and help them identify the right product metrics.

First Cheque seems to be an interesting startup with spurring new development on venture capital and private equity principals platform. I’m certain this startup would keep on flourishing in its excursion ahead. Congratulations on your startup. May this new business bring you huge success and fulfillment.

Shishir Gupta, Founder and CEO, StartupLanes

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