Sequoia Injects IDR 2.8 Trillion to Boost a Startup Accelerator Program
Sequoia Capital India has injected US$ 195 million or around IDR 2.8 trillion to accelerate its startup accelerator program, Surge. Held twice a year, Surge is an acceleration program aimed at startup companies in Southeast Asia and India.
Starting March 25, 2019, the Surge community has grown to 69 startups, covering more than 15 sectors and 164 founders from 17 different nationalities.
One-third of Surge startups are building SaaS products, the majority for the global market; 25% build consumer internet startups (consumer internet); 13% are building consumer brands, and 12% are in the B2B space.
“We also have Surge startups in EdTech, HealthTech, Deep Tech, FinTech, and others,” wrote Shailendra Singh and Rajan Anandan, Managing Director of Sequoia Capital India in the company’s official blog.
The company pioneered the idea of an ‘open architecture’ (open architecture) to make Surge a collaborative effort with seed funds and other angel investors and does not charge program fees so that other investors can invest on the same terms.
“Startup Surge from the first four cohorts have raised a combined total of US$ 172 million or around IDR 2.5 trillion in their Surge round. We are pleased that more than 100 investors have partnered with Surge in this round at the start of the program,” he said.
He explained that 30 of the 52 startup companies from the first three cohorts had collected a total of US$ 390 million or IDR 5.6 trillion as follow on capital after the program.
“We are very pleased with what has been prepared for startup Surge 04, which has completed the program in mid-March and will attend their first UpSurge in April,” he added.
Surge founders have seen a sharp increase in the valuation of their company, although the success of the fundraiser is only an indicator of the direction of the startup’s potential.
There are several startups with break-out trajectories that have seen their valuations increase more than 10 times before and after the Surge. The average startup that has succeeded in raising follow-on capital has seen its valuation increase between 3 and 4 times.
In the last two years, the company said it had held more than 640 hours of workshops and company-building masterclasses, as well as thousands of office hours. Engaging over 150 top founders, mentors and speakers.
“We are deeply inspired by the founders and the developments that have shown in the past 24 months. Their passion, vision and strong desire to make an impact on the world and be agents of change are truly special,” concluded Shailendra Singh and Rajan Anandan.
There are already 69 Startups that are Members of Surge Community
Surge, a startup acceleration program in Southeast Asia headquartered in India, announced that there are 69 companies affiliated in the community. Surge has continued to experience growth since its inception in 2019.
Managing Director of Sequoia Capital India Rajan Anandan said that 2 years of being founded, Surge has helped dozens of startups to develop and survive.
The Surge community continues to grow and grow, it is noted that since its inception in 2019 there are 69 startup companies, covering more than 15 sectors, and 164 founders from 17 different nationalities who are members of the community.
“One-third of Surge startups are building Software as a Services (SaaS) products for the global market; 25 percent build consumer internet startups, 13 percent build consumer brands, and 12 percent are in the B2B space,” said Rajan in a press release, Friday (9/4).
Rajan added that the startup companies that are members of the Surge community are engaged in educational technology, health technology, financial technology, and so on.