The second batch comprises 12 female founders who are looking to solve problems across sectors and industries, including climate tech, health-tech, Software-as-a-Service (SaaS), Web 3.0, consumer internet and direct-to-consumer (D2C) brands, it said in a statement.
Eight of the 12 founders are from India and four from Southeast Asia.
Some of the Indian companies include Zerocircle, which is helping brands replace single-use plastics; Hoop, a wellness platform for young Indians; and Plodo, which helps digital-first brands launch operations in India.
According to Sequoia India, the first batch of Spark, which comprised a cohort of 15 companies and 20 female founders have gone on to raise follow-on institutional funding totalling $51 million after the programme. This also includes one exit, which was acquired by Wipro.
“We are thrilled about the success of the first cohort and incredibly excited about the potential of the Spark 02 founders. The Sequoia Spark fellowship program is born out of the desire and commitment to increase the number of female founders in the region and play a role in enabling the early stages of their journey, especially when access is such a challenge,” said Sakshi Chopra, managing director, Sequoia India.
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During the programme, Spark founders are also provided one-on-one mentorship with Sequoia’s portfolio founders and from a senior Sequoia India and Southeast Asia investment advisor. Over the past years, venture capital firms have launched initiatives to help women entrepreneurs scale up.
In 2021, domestic venture fund Kalaari Capital launched CXXO, where it set aside $10 million (Rs 74 crore) annually to invest in startups that have women founders as key decision makers.
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