Mercury co-founder and CEO Immad Akhund immediately introduced the launch of a $26 million fund to again early-stage startups, a transfer that formalizes his intensive historical past of angel investing. Axios first reported in February.
Akhund has been an energetic angel investor since 2016, backing over 350 startups at their earliest phases. His portfolio consists of corporations comparable to Airtable, Applied Intuition, Decagon, Gecko Robotics, Linear and Substack, amongst others.
“I really like supporting entrepreneurs – whether or not it’s by way of constructing Mercury or investing. It provides me vitality, 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 immediately, additionally including that he’s nonetheless 100% centered on Mercury.
By launching a fund, the chief govt of one of the extensively used enterprise banking platforms globally hopes to offer extra structured assist to founders whereas operationalizing his funding course of. This consists of bringing on Yash Doshi as a accomplice, an early investor in Mercury who has collaborated with Akhund on investments for a while.
The fund will concentrate on founders with a “confirmed monitor file 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 accomplice 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 have been buyers in that spherical.
