Jungle Ventures Launches First Cheque@Jungle

SUMMARY

First Cheque@Jungle is sector-agnostic and will invest from idea to seed stages across India and Southeast Asia

Jungle Ventures will invest a minimum of $2 Mn as 50% in equity and 50% as a no-cap convertible note

The VC firm is also committed to lead or co-lead subsequent Series A funding rounds with investments ranging from $5 Mn to $10 Mn per company

Marquee venture capital (VC) firm Jungle Ventures has launched First Cheque@Jungle programme to back early stage startups in idea to seed stage.

The programme will be joined by Livspace founder and COO Ramakant Sharma, entrepreneur and angel investor Sayali Karanjkar and Neu Ventures founder Cameron Priest as venture builders. The trio will guide early stage teams selected for the programme throughout their 0 to 1 journey.

The programme will have two core concepts — focus on only a few teams at any given time and a sizeable first cheque with no minimum ownership criteria.

First Cheque@Jungle will remaing sector-agnostic and will back startups in India and Southeast Asia, the VC firm said in a press statement.

First Cheque@Jungle introduces a two-pronged investment structure. The firm will invest a minimum of $2 Mn as 50% in equity and 50% as a no-cap convertible note. According to Jungle Ventures, this would ensure “right sized early stage capital to go after big ideas but with limited early-stage dilution.”

The VC firm, which has backed the likes of Moglix, Livspace and more, is also committed to lead or co-lead subsequent Series A funding rounds with investments ranging from $5 Mn to $10 Mn per company.

“We don’t need anyone but the founders and us to validate if we are building something to last here and we will demonstrate it with our continued capital commitments,” Jungle Ventures said.

The VC firm recently merged with Singapore-based healthech investor HealthXCapital (HXC) to invest in the segment across India and Southeast Asia.

The launch of the early stage investment programme also comes months after Jungle Ventures announced the closure of its $600 Mn Fund IV, consisting of $450 Mn in the main fund and $150 Mn in additional managed commitments.

The VC firm had said at the time that it would make around 15-18 investments across startups based in India and Southeast Asia from the new fund.