Startup Superfuel, a seed stage fund by 5ideas accelerator announced its first close on Thursday. The fund is looking to raise a total of $10 mn.
Startup Superfuel is now in the process of making it’s first set of investments and the first investment will be announced in the next two weeks, said 5ideas. The fund plans to invest in 40 startups over the next 3 years, of which 10 to 12 investments will be made this year.
5ideas was launched by Pearl Uppal and Gaurav Kachru some six months ago.
Pearl Uppal, who co-founded Fashionandyou, has over 13 years of experience in the Internet industry while Gaurav Kachru has been at the helm of dealsandyou.com and was part of the Smile Group.
“Now with the first close and a few identified investments, we are ready to commence the Superfueling,” said Pearl Uppal.