As many as 23 early-stage startups have been selected for fifth cohort of Sequoia Capital’s accelerator program Surge. The Venture capital firm has invested a total of $55 million along with co-investors in this current batch. The latest batch has 13 companies from India and rest from southeast Asia and Hong Kong. A majority of selected companies are working in domains of fintech, payments, communications, logistics and Software as a Service (SaaS).
Surge typically invests $1-2 million in each startup, while other investors also put in funds. This cohort also features 10 women founders, another record for the accelerator program which started its journey in March 2019 and has backed 91 startups since its inception in March 2019.
“We are incredibly proud of all 23 companies who have joined Surge 05 and the founders who have forged their businesses in sectors that have seen tremendous tailwinds. These leaders have displayed grit, exceptional talent, and relentless purpose in shaping the world. At this inflection point of global regrowth, we are excited to be part of the journey of our founders and their companies,” said Rajan Anandan, managing director, Surge and Sequoia Capital India.
Surge has included Absolute, ADPList, ApnaKlub, Belora, Durianpay, Dyte, Gumlet, Locad, Mailmodo, Mesh, Multiplier, OneCode, PowerPlay, Pankhuri, Rara Delivery, Revery, TWID, Vah Vah, Vara, Veera Health, Virtual Internships and WATI in its program while one startup is in stealth mode.
Nearly 50% of companies from the first three cohorts have raised their Series A rounds, the blue-chip venture capital firm said.