Early-stage venture capital firm First Cheque has launched a second fund to invest in 50 startups over the next 18 months. The fund, previously run as an AngelList syndicate that has invested in over 100 startups in the past three years, has raised Rs 38 crore from global investors for its second fund. The firm will focus on first-time entrepreneurs and invest $100,000 in each company in its portfolio, which is critical for founders starting from scratch.

First Cheque aims to be the earliest institutional capital available to founders by investing in the pre-seed stage. The company takes an industry-agnostic approach and is willing to support the founding team during the thesis planning stage. The closing of the second fund brings the company’s total AUM to Rs 90 crore.

First Cheque has streamlined its deployment process to less than 30 days – from initial discussions to capital deployment. It also launched an internal program inviting leading founders, industry experts and venture capitalists to share their experiences in building companies, GTM strategy, recruiting and retention, monetisation and fundraising.

• Cupid Hits Fresh 52-Week High on Rs 128 Crore Block Deal
• Ather Energy Slips Despite $200 Million Fundraise Buzz
• Shyam Metalics Slips Even as Q1 Volumes Surge
• Unihealth Hospitals Shares Hit 5% Upper Circuit on Plans to Raise Stake 
• Oswal Pumps, Shakti Pumps Rally on Solar Order Wins

First Check worked with more than 20 venture partners during its first fund and added about 100 startups to its portfolio. Its portfolio companies include Fashinza, Giva, Rocketlane, Fleetx, Wint Wealth, Plaza/Rigi, Global Fair, Drink Prime and Bellatrix Aerospace.