Venture Capital firm Accel has announced the launch of its Pre-seed programme — Accel Atoms. Under this, the VC will invest up to $250 K as uncapped convertible in early stage startups.
What this means is that Atoms will let startups use the money to create value in their startup, make progress towards material milestones, and only when they raise a subsequent round at a more meaningful valuation that the Atoms investment converts to equity.
Early stage startups that do not have product, customer, or revenue, can apply to the Atoms programme as well.
The programme Accel Atoms is part of Accel’s sixth fund, which is $550 Mn.
The firm claims that it has curated almost hundred founders and operators across a range of companies. Under the programme, startups will get one-on-one coaching with mentors, including Freshworks’ Girish Mathrubhootham, Urban Company’s Abhiraj Singh Bhal, Swiggy’s Sriharsha Majety, Zetwerk’s Amrit Acharya, and others.
Priyank Swaroop, partner, Accel said, “You get personalised mentoring — not 1:many but 1:1 with experts and investment team members at Accel. Discuss and debate the objective and key results (OKRs) of your startup and what you should be doing for the next 30/60/90 days with your mentor. The first 100 days — how to make them effective.”
Besides, the startup will also be supported by a dedicated Accel Investment Manager who will work closely to set up goals, ensure tangible progress and guide companies in every step.
“The Accel network of entrepreneurs and experts help you get almost all questions answered, like how to file VAT in Germany, the best practices for ESOP, or how to go about choosing a sales consultant. Giving you verified advice, so you can speed up your progress,” Swaroop added.