South Park Commons (SPC), a Silicon Valley-based collective of engineers, researchers, and entrepreneurs, is raising a $40 million fund dedicated to India, as revealed in a filing with the U.S. Securities and Exchange Commission.
This marks a significant milestone for SPC, which entered the Indian market in June 2024.
A Unique Approach to Early-Stage Ventures
Founded in 2016 by Ruchi Sanghvi, Facebook’s first female engineer, South Park Commons focuses on the “-1 to 0” stage of venture building. Instead of targeting founders ready to raise capital, the platform supports technologists with strong ideas who may still be refining their vision.
SPC operates two programs:
- Community Membership: For entrepreneurs not immediately seeking funding.
- Founder Fellowship: Offers $1 million in funding, divided into an upfront $400,000 investment and a $600,000 commitment for the next funding round.
The collective has a thriving community of 175 active members and over 800 alumni, 80% of whom are founders, with the rest being domain experts and researchers.
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India Expansion Backed by Industry Leaders
SPC’s India chapter, headquartered in Bengaluru, was launched in partnership with Binny Bansal, co-founder of Flipkart. In September, SPC brought on Prateek Mehta, former Executive Director at Angel One, as the founding partner for its India operations.
The India-specific fund reflects SPC’s commitment to fostering innovation in a market that boasts over 149,000 startups yet faces challenges in achieving unicorn status. Despite the complexities, global investors like Accel and Lightspeed remain bullish on India, while others like SoftBank and Tiger Global have scaled back operations.
Building on SPC’s Vision
The India-focused fund aligns with SPC’s mission to empower technologists and early-stage startups with the tools and mentorship to succeed. Sanghvi and Aditya Agarwal, her husband and South Park Commons Co-founder, bring decades of experience from tech giants like Facebook and Dropbox to guide SPC’s expansion.
This fund positions South Park Commons to play a pivotal role in nurturing India’s next generation of transformative startups, creating a bridge between Silicon Valley expertise and South Asia’s dynamic entrepreneurial landscape.
