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When PlanGrid cofounder and CEO Tracy Young was asked by one of the partners to become a scout for Sequoia, “I had no idea what that meant, but they basically give us $100,000 to do whatever we want, assuming it passes a stringent approval process. Instead, he says. Some scout programs are run by venture funds that for the most part focus on Series A or later investing. The platform offers a playbook for startup founders to scale up their operations. I’m pretty sure a lot of [people in the scout program] are going to become future VCs because a lot of them are really good at investing in and valuing companies.”, A lot of them are also women and minorities, she notes. It was a brilliant idea. 2019 – Present 1 year. Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. There is currently no minimum investment for Sequoia Capital Scout Fund I, L.L.C. The company plans to use the proceeds on strengthening its two new business lines - neo-banking platform Razorpay X and its lending arm Razorpay Credit. Sequoia invests the vast majority of its capital via its full-time GPs at Series A stage through IPO. (One of them was Sam Altman, then the founder of another Sequoia-backed startup called Loopt. “I have a very busy full-time job,” says Shih. Among those first scouts — one of now hundreds to work with Sequoia — was Jason Calacanis, a serial entrepreneur whose then startup, a search engine called Mahalo, quickly raised $20 million from Sequoia and others after its 2007 founding. Venture Highway, Global Founders Capital and angel syndicates, CloudCapital, Better Capital, 100x Entrepreneur Fund and Sequoia Scout have also participated. San Francisco Bay Area. What we learned in the process is that their experiences, while fairly different, have had an outsize impact on the way they lead as well, as on the founders whose paths have crossed with their own. Venture Highway, Global Founders Capital and angel syndicates, CloudCapital, Better Capital, 100x Entrepreneur Fund and Sequoia Scout have also participated. (Says Macinnis, the company was “surprise, surprise, oversubscribed right away.”), Given different circumstances, Macinnis might have been out of luck. [Sequoia] wants to know: how big can this get? “I’m not out there prospecting,” says Shih, “but a lot of women entrepreneurs reach out to me, because there are still too few of us and it’s my mission to change that.” Young meanwhile says she hears from founders in spaces “adjacent” to her own. For reprint rights: IMD issues red alert for Mumbai, Thane & Pune, How Delhi could respond in case of grid failure, China introduces military labour policy for Tibet, Trump and Biden to headline dueling town halls, India's 1st Online Instant Personal Loan Marketplace, Despite ban, anybody can download and play PUBG; government says it's aware of breaches, ICICI Prudential Bluechip Fund Direct-Growth, Bangladesh is about to beat India in regional per capita GDP sweepstakes, 8 Mind-blowing PCs that are best suited for your needs, Infosys Q2 Results: Net profit jumps 20.5% YoY, revenue guidance increased, Tata Group's Tanishq pulls ad featuring Hindu-Muslim family after social media criticism, Infosys to roll out salary hikes from January 2021; to pay special bonus in December quarter, View: Modi has established his reformist credentials alongside PMs like Rao and Vajpayee, Gamer, student or creator, this is a must buy for all, Rakesh Jhunjhunwala, LIC hiked stake in this pharma company in Q2, Future Group may argue companies involved in Reliance deal not party to Amazon case, India's public debt ratio to jump to 90 per cent because of COVID-19: IMF, What is making your medicines safe to consume, This PSU could see a 100% upside in next 2-3 years, Tata Group looks to tie up with BigBasket for online groceries push: Report, World experiencing one of the deepest recessions since Great Depression due to Covid: World Bank, Shutdown caused Rs 7,000 crore loss, had no option left but to sell business to Reliance: Biyani.

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