Mercury co-founder and CEO Immad Akhund at this time introduced the launch of a $26 million fund to again early-stage startups, a transfer that formalizes his in depth historical past of angel investing. Axios first reported this in February.
Akhund has been an lively angel investor since 2016, backing over 350 startups at their earliest levels. His portfolio contains corporations corresponding to Airtable, Utilized Instinct, Decagon, Gecko Robotics, Linear, and Substack, amongst others.
“I really like supporting entrepreneurs – whether or not it’s via constructing Mercury or investing. It provides me power, 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 at this time, additionally including that he’s nonetheless 100% centered on Mercury.
By launching a fund, the chief government of one of the vital extensively used enterprise banking platforms globally hopes to offer extra structured help to founders whereas operationalizing his funding course of. This contains bringing on Yash Doshi as a associate, an early investor in Mercury who has collaborated with Akhund on investments for a while.
The fund will deal with founders with a “confirmed monitor document 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 associate at Y Combinator.
This March, Mercury raised $300 million in major 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.
