Singapore-based venture capital firm Jungle Ventures is launching First Cheque@Jungle, a bespoke program for partnering with seasoned operators at idea, pre-seed and seed stages.
The firm said in a statement on Tuesday that First Cheque@Jungle is based on two core concepts- focus on only a few exceptional teams with bold ideas at any given time and a sizeable first cheque with no minimum ownership criteria.
With a strong focus on delivering unparalleled access to early-stage business building experience, the program is led only by the most experienced Partners at Jungle.
Collectively, the firm brings over 200+ years of operating experience in the region, have partnered with over 45 Founders in sectors as diverse as consumer brands and platforms, business to business (B2B) and software and have created more than $12 billion in enterprise value with over $2.9 billion in follow-on capital raised.
First Cheque@Jungle also introduces a first of its kind investment structure that ensures right sized early-stage capital to go after big ideas but with limited early-stage dilution.
The firm will invest minimum of $2 mllion as, 50 percent in equity and 50 percent as a no-cap convertible note.
The firm is also committed to lead or co-lead subsequent Series A funding rounds, without any need for follow on funding from other investors (although we welcome the same), with investments ranging from $5 million to $10 million per company.
“We don’t need anyone but the founders and us to validate if we are building something to last here and we will demonstrate it with our continued capital commitments,” Jungle Ventures said.
According to the statement, First Cheque@Jungle is sector-agnostic and invests from idea to seed stages across India and Southeast Asia.
More recently the firm has had the privilege to partner with Patrick Barnes who is building a suite of interconnected, high performance SaaS tools for ecommerce enablement with AMP, Achmed Alkatiri who is building a house of lifestyle brands in Southeast Asia with HypeFast, and Tarun Katial in helping him build a women’s only, Web3 based creator and community platform with CoTo.
Q: Does Jungle invest in ideas?
A: Yes, we do. Moglix, Kredivo and Livspace are prime examples of companies that started out as mere ideas when they approached the team.
We believed in their vision, had the privilege of being their first cheque, and worked with them through multiple business cycles, investing in them from their early to growth stages.
We deeply understand the power of being the first to believe in an idea and provide essential capital and business building
support.
Q: What are Jungle’s key criteria for early-stage investments?
A: We believe in the Founder x Market fit, often stemming from deep operating experience or an understanding of the problem one is solving for.
Q: Can I discuss multiple ideas with you to evaluate them?
A: Absolutely. We are more than happy to help you assess the pros and cons of various ideas, providing frameworks to assist in shortlisting the Founder x Market Fit, among other ways of evaluating different opportunities.
Q: Does Jungle focus on specific sectors or categories?
A: We are sector-agnostic and continuously evaluate tech or tech-enabled ventures in India and Southeast Asia.
We have experienced successes and gained valuable insights across consumer, business to business (B2B) and software, as well as new and emerging spaces like Web3, climate tech. etc.
Q: Can I pitch my business if I’ve already raised funds and have a product and customers?
A: Certainly. While we prefer to be your first cheque, we are open to evaluating your business even if you have already secured angel or friends-and-family (F&F) capital.
Q: What is Jungle’s first cheque size?
A: We provide funding of $2 million in a combination of 50 percent equity and 50 percent no-cap convertible notes to ensure that you do not give away too much equity at this early stage.
Q: Are there ownership requirements for your first cheque?
A: No, we do not have specific ownership requirements.
We believe that taking minimum 25 percent to 30 percent ownership upfront creates misaligned incentives and can harm the company in the long
run.
That’s why we created a disruptive model with 50 percent of the funding in uncapped convertible notes at a fixed discount to the next round.
Q: Can other venture capitals and angels participate alongside Jungle’s first cheque?
A: Yes. In fact, we will actively work with you to build a network of investors and partners who can contribute to your success and help establish a stronger foundation for your company.
Q: What is your investment process?
A: Generally, we spend three to five meetings with the founding team, conduct industry research, engage with your future customers and stakeholders, and gain a deeper understanding of your thesis and industry alongside you.
Q: How long does your decision-making process usually take?
A: We are committed to getting back to you within two weeks to express interest in your business.
Our entire process spans two to four weeks from start to finish.
Q: In which areas will Jungle typically provide support and get involved?
A: At the pre-seed/Seed stage, we want you to reach product market fit as soon as possible and we will provide all help, including capital, needed along the way.
We actively assist with helping you find the right legal structure and initial cap table, followed by working with you on team building and go-to-market strategies.
Q: Do you participate in follow-on rounds?
A: Yes. Unlike our peers who require you to seek follow-on funding elsewhere, the First Cheque@Jungle team will lead your follow-on round within a short timeframe, without needing any other fund to show commitment.
By the time we reach Series B, we would have typically injected up to $10 million in your company.
Jungle also participates in all follow-on rounds through to unicorn stages – all of our successful partnerships including Kredivo, Livspace and Moglix have been seed to unicorn investments for us.
Q: Would you consider investments in Series A or B rounds?
A: As a multi-stage firm, we invest from Seed to Series B/C.