Accel India has selected 10 startups as part of its second cohort of Atoms programme that was launched last year for pre-seed and seed stage companies. Separately, specialty chemicals platform Covvalent has raised $4.3 million in a funding round led by Nexus Venture Partners.
Accel selects 10 startups for second cohort
Venture capital firm Accel India has selected 10 startups as part of its second cohort of Atoms programme that was launched last year for pre-seed and seed stage companies, per an announcement on Monday.
The startups include BRIK, DataBrain, DhiWise, Dpanda, Fishlog, Gut Wellness Club, Mello, Ripik, Upflowy, and Youshd.
The Atoms programme provides $250,000 as base capital in pre-seed rounds as uncapped convertible note structure, which converts to equity in the next round of fundraise. The selected startups also undergo 100 days of learning and development.
Over two cohorts, Atoms has invested in 23 startups from across SaaS, B2B marketplaces, Web3, D2C, hardware, health, and wellness sectors. These companies have gone ahead to further raise close to $100 million from VCs and investors, Accel said in a statement.
Nexus leads funding in Covvalent
Specialty chemicals platform Covvalent has raised $4.3 million in a seed funding round led by Nexus Venture Partners.
Angel investors and founders including Vishal Chaudhary (co-founder, Zetwerk), Ramakant Sharma (founder, Livspace), Rajesh Yabaji (founder, BlackBuck), Rehan Khan (MD, MSD India Region), Jawaid Iqbal, Anubhav & Ankit Singh (co-founders, Rupifi) and Kaushal Soparkar (founder, Meghmani Group) also participated in the round.
Covvalent will utilize the funds to build its product and business teams and sharpen its technology tools.
Founded in 2022 by Sandeep Singh and Arush Dhawan, Covvalent is a tech-enabled platform that aims to solve sourcing and procurement challenges in the highly fragmented $800-billion global specialty chemicals industry.