8i Ventures, an early-stage venture capital fund, announced the launch of ‘Origami’, a seed funding program that aims to support early-stage founders.
‘Origami’ represents the transformation of a simple idea into something extraordinary. Through this seed program, 8i Ventures targets those businesses in the pre-seed to early revenue stage, prioritising ‘speed’ as its hallmark feature, as per a press release.
The programme will ensure a streamlined process with a response within 1 week, a term sheet in 2 weeks, and deal closure in 4 weeks.
Vikram Chachra, Founding Partner, 8i Ventures, said, “Some of the most successful start-ups have been created in the deepest of funding winters. Uber, Airbnb, and Whatsapp were all incorporated during the great financial crisis of 2008. We believe that there has never been a better time to build than right now, which is why we created ‘Origami’. Through this seed program we aim to invest in 8–10 start-ups this year, and if this initiative is well-received, we hope to double our allocation to $20 million.”
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In the middle of the funding winter season, 8i Ventures announced the first close of its $50 million second fund by raising $25 million. The firm has allotted $10 million from Fund II to launch this initiative, as per a company release.
Vishwanath V, Partner, 8i Ventures, said, “Origami is meant to simplify fundraising for founders who would prefer to use their bandwidth on customers rather than on long fundraising cycles.”
The seed program will follow the "1-2-4 model," offering a streamlined pathway for start-ups to secure crucial funding within 4 weeks of applying. Participating start-ups will be funded with $250k–$2M, depending on their needs.
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