IANS | 30 Jun, 2023
Seed-stage, India-focused VC firm Good Capital on Friday announced a
new $50 million fund to back founders who are leveraging AI for
distribution, personalisation or business operations.
Good Capital said it is deploying the fund with target cheques of up to $1.5 million over the next 4 years.
The VC firm has been an early investor in unicorns such as Meesho and LEAD School.
“Integrating
AI is now table stakes for any startup. Much like the platform shift to
mobile in the past, the success of tech businesses will depend on how
they leverage AI”, said Good Capital co-general partner Arjun Malhotra.
“This
isn’t an AI-focused fund as much as a recognition of a land-grab
moment, where startups leveraging AI in intelligent ways will have the
right-to-win,” he added.
The company made investments in firms
such as OrangeHealth which raised Series A funding from General Catalyst
and Accel Partners, SimSim which was acquired by Google, and
SolarSquare which raised a $13mn Series A funding led by Lowercarbon and
Elevation Capital.
“We invest with deep conviction by being lead investors for every investment we make”, said Good Capital co-GP Rohan Malhotra.
Shreya
Mishra, CEO and co-founder of SolarSquare, said that Good Capital has
been instrumental in its growth “by first leading our Seed round and
then introducing us to Lowercarbon Capital who led our Series A round.”
Vidit
Aatrey, CEO and co-founder of Meesho, added that the VC fund worked
with them “through several iterations of what eventually became Meesho’s
business model and played a role in guiding us and helping us with
challenges.”
