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Mumbai-based venture capital firm 100X.VC has invested $2.3 million in 15 startups that are part of its 10th class.

The fund has utilised iSAFE (India Simple Agreement for Future Equity) notes to invest in these startups. The VC firm started using iSAFE notes in 2019.

Through iSAFE notes, an investor makes a cash investment in return for a convertible instrument. An iSAFE note is a convertible security that is not debt.

100X.VC says it is the first VC to invest in early-stage startups using iSAFE notes.

The venture capital firm has invested Rs 1.25 crore per startup, it said in a statement.

The new set of portfolio companies were announced during the in-person VC Pitch Day, which was held in Mumbai today. The event was attended by over 400 investors, comprising high networth individuals, family offices, venture capital funds, and corporations.

The fund operates on a class-based investment model and invests in startups spanning various sectors, even before the class formally begins. For its Class 10 this year, 100X.VC had shortlisted 450 companies from a pool of over 2,000 startups, before funding these 15 startups. These portfolio companies are based in nine cities, including Mumbai, Bengaluru, Delhi, Pune, Ahmedabad, Hyderabad, and Gurgaon.

The 15 chosen startups are Arthum, Bepure, Buckmint, Cutbox, Dailybee, Datavio, Flabs, Hatchfast, HYRGPT, JoySpoon, MiClient, Offside, Sprentzo, THAP, Wastefull Insights.

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The completion of Class 10 takes the fund’s total investment to 142 startups since its launch in July 2019.

“We are thrilled to announce our newest cohort, Class 10, consisting of 15 innovative startups. With these additions, we have now invested in 142 early stage startups spanning diverse sectors. We firmly believe that India’s early-stage startup landscape has many game-changers, and the startups of Class 10 epitomise these promising opportunities,” said Ninad Karpe, Founder & Partner, 100X.VC.

Post investment, 100X.VC spent more than 100 hours on mentorship to help the latest portfolio ventures, before announcing them at the VC Pitch Day, said the company in a statement.