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Venture capital firm Accel and Europe-based technology company Prosus have partnered to co-invest $1 million each in selected early-stage companies that are part of Accel’s accelerator programme, Atoms X. Atoms X, which was launched earlier this year, is a track under Accel’s pre-seed scaling programme. The investments will look to back LeapTech companies, firms that go beyond deeptech and combines engineering innovation with scientific breakthroughs, that can be scaled in the country. “This is not merely two prominent funds co-investing in a deal; it is a pivotal step in expanding the LeapTech ecosystem through our Atoms X programme,” said Pratik Agarwal, Partner at Accel. “We’re seeing an unprecedented convergence of deep technology and entrepreneurship in India and globally — founders who are not just iterating, but inventing. Together, Accel and Prosus will help them scale faster with the right capital, mentorship, and conviction,” he added. To date, Accel has backed 40 companies through its Atoms programme, and according to the firm, over 30% of these companies have managed to raise follow-on funding from external investors. Prosus, which has backed companies like ride-hailing firm Rapido and food-tech major Swiggy, has reiterated that it continues to see incredible opportunities in India amidst Swiggy’s IPO last year. The Dutch investment company has also written early-stage cheques to back India-based startups that are leveraging AI. This co-investment strategy along with a few of its recent bets signals a shift in the firm’s earlier strategy of writing large cheques. This partnership will look to bring Accel’s early-stage expertise with Prosus’ strength to scale ideas into global companies, patient capital and long-term commitment. “This is Prosus’s first collaboration of its kind globally. Accel is a natural partner to join hands with. We see extraordinary potential in LeapTech founders building from science and engineering first principles to solve global problems,” said Ashutosh Sharma, Head of India Ecosystem, Prosus. (Edited by Megha Reddy)
