Afore Capital, a venture firm specializing in pre-seed investments, has raised $185 million for its fourth fund, expanding its ability to back early-stage founders.
The firm, known for writing larger-than-average first checks, has also launched a new Founders-in-Residence (FIR) program to support entrepreneurs still in the ideation stage.
Redefining Pre-Seed Investing with “Pre-Seed 2.0”
Since its launch in 2017, Afore Capital has built a 200-company portfolio with a collective valuation exceeding $13.5 billion. Previous investments include Modern Health, BenchSci, Neo Financial, New Lantern, and Hightouch (which recently hit a $1.2 billion valuation).
With this new fund, Afore is introducing a flexible investment approach, where:
- Founders with clear business plans can still receive up to $2 million in funding.
- Aspiring entrepreneurs who are still exploring ideas can receive smaller, customized investments based on their needs.
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Founders-in-Residence (FIR): A Different Take on Startup Incubation
Unlike accelerators like Y Combinator, which focus on fast-tracking companies to fundraising, Afore’s FIR program offers:
- Eight-week cohorts of 5–8 founders exploring startup ideas.
- Custom funding structures tailored to each founder’s needs.
- No pressure to fundraise immediately, allowing startups time to iterate and pivot.
Gaurav Jain, Afore’s co-founder, explained:
“We’re not accelerating anything—we’re helping founders invent alongside us.”
Expanding Support for Pre-Seed Founders
From its fourth fund, Afore aims to:
- Invest in 35–40 pre-seed startups
- Support 50–75 founders through the FIR program
With $185 million in fresh capital, Afore Capital is doubling down on early-stage investing, making it easier for pre-seed founders—whether they have a startup idea or not—to secure funding and build from scratch.
