Early-stage venture capital fund 8i Ventures has introduced Origami, a seed funding initiative targeting early-stage entrepreneurs.

Under Origami, the firm is offering investments in the USD 250,000 to USD 2 million range in the pre-seed to early revenue phases, its co-partner Vikram Chachra said. He added that the Deals would be finalized within the four-week timeframe.

For this program, 8i Ventures has allocated USD 10 million from its second fund (Fund II) and will aim to back eight to ten startups this year.

“At a time when there is talk of a funding winter and many companies are struggling to find business models, we have historically seen that this is one of the best times when the best founders tend to come out,” Chachra said.

8i Ventures, started in 2019 by Chachra and Vishwanath V, has backed seven early-stage startups from its maiden USD 13 million Fund I, including companies such as Slice, M2P, Easebuzz, and Blue Tokai.

With its first fund, it had mainly invested in the fintech, consumer, and software sectors.

Under the new program, the firm is open to investing in any sector. "We believe innovation can happen in any sector and we remain open to all possibilities," Chachra said.

"We want to find great teams with a clear insight and quickly back them so they can spend their time building," he said. "The digital economy is growing very quickly and the valuations are also attractive. Many founders are very passionate about building, but somehow the winter financing continues. So we said: let's declare the end of this winter of financing." at least from an 8i perspective, and put good founders into business."

In November 2022, the company achieved the first close of its second USD 50 million fund, raising USD 25 million, largely from family offices like Salgaocars and Kothari (DSP), which also invested in 8i Venture's first fund.

Also Read: Mudrex launches US Bitcoin Spot ETFs for investors in India