VC firm Arāya Ventures has announced the £8.25m initial close of its £19m early-stage super angel investment fund.
Investors include Bridgerton actress Charithra Chandran, former Credit Suisse CEO Phil Cutts, and former Browns CEO Holli Rogers.
The firm, led by exited entrepreneur Rupa Popat, plans to invest in up to 60 pre-seed and seed-stage founders over the next four years in HealthTech, FinTech, ClimateTech, commerce, and work.
Popat aims to adopt a more community-powered model with the goal of being the ‘most value-add investor’ on the cap table.
The Arāya Super Angel fund, which has a total of 80 investors, will invest pre-seed and seed cheques of $200k to $550k (£159k to £438k). It will also provide its roster of founders with access to Popat herself and the investors.
More than 15% of the fund is made up of family offices, which invest directly at Series A and B; at least 65% are from ethnic minority backgrounds; 60% are current or exited founders and 16% are from outside the UK across the US, Middle East, and India.
Capital from the fund will be deployed over four years, with 10 to 15 investments per year to increase diversification and maximise performance, reserving 25% for repeat founders who have previously built a business, the firm said.
Some of Popat’s previous investments include Sequel, an investment platform on a mission to help athletes build a legacy for their families and the world and Lapse by Dan and Ben Silvertown, which last year closed a $30m (£22.7m) Series A round.
Rupa Popat said: “This is Arāya Ventures’ first fund, and I’m incredibly proud of what we’re able to offer both investors and founders.
“As a former founder turned investor, I’ve been on both sides of the table, and I know that for most early-stage founders, whilst capital is important, it’s also about the additional value and support that investors can provide.
“Our approach is incredibly bespoke and personalised, and with this unique structure, we’re optimising not only for performance but also plugging a gap to offer real support to early-stage founders and giving them value beyond the cheque.”