Micro-VC firm Eximius Ventures on Thursday announced the first close of its maiden fund of $10 million. The New Delhi-headquartered VC firm aims to invest the raised amount at the pre-seed stage in early-stage Indian startups, with approximately $300,000 equity cheque per startup.
Founded in March 2020, Eximus plans to invest the capital in at least 25-30 emerging startups in the next three years. It will focus on sectors, including edtech, fintech, gaming, healthtech, B2B SaaS, and online media.
Speaking on the development, Pearl Agarwal, Founder and Managing Director, Eximius, said,
“As a fund investing in the pre-seed stage, we would primarily focus on addressing funding and accessibility gaps faced by startups, and extend our support beyond capital to offer unconditional network access, expert guidance, help with future fundraising, and more. I am delighted to share that I have been able to create an Eximius community, which is strengthened by industry experts, thought leaders, and mentors, who together create a nexus for founders to scale their startup.”
Moving forward, the VC wants to meet startups that have moved past their minimum viable product and have evidence of initial traction. Further, a strong founding team with relevant experience, initial market validation, and a view on the path to profitability adds additional merit to the entire evaluation criteria, Eximius said in a statement.
The micro-VC sector has seen maturity in the US, with a 230 percent rise in the number of micro-VC funds closed in 2017 as compared to 2009. In India, it still is in its nascent stages. With the ecosystem expanding, and more startups emerging every day, there will be a need for more such agile funds in the near future, it said.
Moreover, these focussed funds will need to develop deep knowledge and expertise in notable sectors to move swiftly at the same pace as angel investors and write much bigger cheques compared to individual angel investors, with the additional visibility of follow-up on funding.
Pearl added, “As a woman entrepreneur, I want to create ample growth opportunities for women founders in India, and want to set a precedent for them, enabling them to become equal partners in building a sustainable economy. Also, as a micro-VC fund, we are open to smaller seed investments and are excited about nurturing young talent in the industry. We have seen founders today are spending a lot of time chasing angel investors and facilitating supporting paperwork. This time can be better utilised in focussing on product development and innovation. We aim to bridge this gap in the ecosystem through Eximius.”