Mercury co-founder and CEO Immad Akhund as we speak introduced the launch of a $26 million fund to again early-stage startups, a transfer that formalizes his intensive historical past of angel investing. Axios first reported this in February.
Akhund has been an energetic angel investor since 2016, backing over 350 startups at their earliest phases. His portfolio contains firms similar to Airtable, Utilized Instinct, Decagon, Gecko Robotics, Linear, and Substack, amongst others.
“I really like supporting entrepreneurs – whether or not it’s by constructing Mercury or investing. It offers me vitality, perspective, and deep satisfaction to assist bold founders construct the longer term. A devoted fund permits me to go deeper and again founders extra meaningfully,” he tweeted as we speak, additionally including that he’s nonetheless 100% targeted on Mercury.
By launching a fund, the chief govt of one of the crucial broadly used enterprise banking platforms globally hopes to supply extra structured help to founders whereas operationalizing his funding course of. This contains bringing on Yash Doshi as a companion, an early investor in Mercury who has collaborated with Akhund on investments for a while.
The fund will concentrate on founders with a “confirmed observe report of constructing impactful merchandise,” goal alternatives in markets valued at $10 billion or extra, and again startups pursuing options “advancing humanity,” says the ex-part-time companion at Y Combinator.
This March, Mercury raised $300 million in main and secondary funding at a $3.5 billion post-money valuation, double its valuation from the final time it raised capital in 2021. Sequoia, Coatue, CRV, Andreessen Horowitz, Spark Capital, and Marathon had been traders in that spherical.
{content material}
Supply: {feed_title}
