The SOAR program, a pioneering fast-track funding initiative, was launched on 1 May 2020 with the single-minded objective of investing in a select few startups, despite the Coronavirus pandemic that has brought the world in general – and the venture funding industry in particular – to a grinding halt. At YourNest we believe that this is, in fact, the ideal time for passionate, future-oriented startups to be encouraged even more.
The program will invest anywhere between US$ 250,000 and US$ 1 mn in funding – within four weeks of the application deadline which was 14 May 2020.
Applications are now closed, and we are shortlisting and contacting those startups who have met the eligibility criteria. If your venture has not made it to the second round, this does not necessarily mean that it is not viable; it simply means that it does not fit into our investment thesis for any number of reasons and that you should continue building the business and seek funding from other sources.
At this stage, a shortlist of startups is being contacted for additional information and a conversation after which the first cohort of SOAR Startups will be selected: term-sheets should be issued by 15 June 2020 i.e. within four weeks of the application deadline.
The program has been supported by several eco-system partners – Amazon Web Services, Cisco, Intel Maker Lab, Freshworks and JioNext along with Agnii and Invest india – who have committed their network, resources and specialists to the selected startups.
We would like to thank everyone who applied and supported SOAR. And will issue an update this section shortly.