Amidst the global pandemic, startups are facing it hard to continue but Venture Capitals are coming forward and funding these entrepreneurs. YourNest Venture Capital launched SOAR, a fast-track funding program focused on early-stage technology-based startups, especially for the ones in the deep tech domain. SOAR is accepting applicants from May1- May 14 and thereafter shortlisting startups for second round with terms sheets to be issued by June 15.
The SOAR program is being backed by big names like Intel India maker Lab, Amazon Web Services, Cisco, Freshworks and JioNext. Cisco, Intel and JioNext are finalized to work with YourNext in finalizing the applicants while AWS and Intel will provide credits to startups to utilize their services. The selected startups under SOAR can receive funding between $250,000- $1 million and support in essential functions like strategy management, compliance, legal and talent sourcing.
Sunil K Goyal, MD YourNest stated that the times are uncertain and it is important to encourage the committed young entrepreneurs in the country. They not only create life-changing solutions but also create employment opportunities. The selected startups in the SOAR program will also be eligible for a follow-on funding and YourNest’s proprietary ‘Post investment 100-day playbook’ to focus and achieve heights faster with credits/rewards.
According to the Venture Capital, the eligibility criteria for applicants is having registered with certification from DPIIT or at least have already applied. The startups should have a minimum viable product, and be IP-led businesses with the potential of going global. The company will continue to support the budding startups in deep tech SaaS domains.