(L-R): Junge Ventures’s Managing Partners Anurag Srivastava, Amit Anand, and David Gowdey
Singapore-based VC firm Jungle Ventures has launched First Cheque@Jungle, a bespoke programme for partnering with seasoned operators at the idea, pre-seed and seed stages.
The sector-agnostic programme invests across India and Southeast Asia with limited early-stage dilution.
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First Cheque@Jungle is based on two core concepts: focus on only a few exceptional teams with bold ideas at any given time and a sizeable first cheque with no minimum ownership criteria. It will invest at least US$2 million as 50 per cent in equity and 50 per cent as a no-cap convertible note.
“We believe that taking a minimum 25-30 per cent ownership upfront creates misaligned incentives and can harm the company in the long run. That’s why we created a disruptive model with 50 per cent of the funding in uncapped convertible notes at a fixed discount to the next round,” the VC firm said in a statement.
The firm will also lead or co-lead subsequent Series A funding rounds without any need for follow-on funding from other investors, with investments ranging from US$5 million to US$10 million per company.
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“Moglix, Kredivo and Livspace are prime examples of companies that started out as mere ideas when they approached the team. We believed in their vision, had the privilege of being their first cheque, and worked with them through multiple business cycles, investing in them from their early to growth stages. We deeply understand the power of being the first to believe in an idea and provide essential capital and business-building support,” it said.
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