Start-up accelerator, PedalStart has unveiled the commencement of its Series-2 Internal Company Fund, securing a substantial $250,000 to support early-stage start-ups.
The primary objective of this fund is to allocate capital to 5-7 promising early-stage start-ups that have demonstrated notable progress and execution over the preceding three to six months.
PedalStart will orchestrate the selection process for identifying the recipients of the fund through a meticulous vetting procedure, emphasizing the execution and performance exhibited by start-ups within PedalStart’s Accelerated Startup.
Commenting on the launch, Manas Pal, and Aditya Darolia, the Founders of Pedalstart, said, "The infusion of funds from our Series-2 initiative will catalyze these start-ups to propel their growth and realise their vision. We extend a warm invitation to all enterprising founders to seize this opportunity and begin the transformative journey with PedalStart. Together, we can forge a future brimming with innovation, resilience, and boundless possibilities.”
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Started in 2021, the firm has grown to 10,000 startups, over 300 mentors, and 800 founders. Talking to the news platform, Entrackr, Pal said that he is aiming to form a community of around 1000 founders in a year who will strengthen the PedalStart community.
The firm is sector agnostic and invests across agritech, insuretech, cleantech, healthcare among others. The firm also intends to invest in robotics, medical science, deep tech, etc.
Accelerator programmes have played a significant role in supporting early-stage start-ups, exerting an indirect but substantial impact on economic progress in India. Apart from dedicated accelerator funds, established companies such as Google, AWS, Amazon, and Flipkart Ventures are also actively organising such programmes to support early-stage start-ups.
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