Mercury co-founder and CEO Immad Akhund today announced the launch of a $26 million fund to support early-stage startups. Axios first reported this in February.
Akhund has been an active angel investor since 2016, supporting over 350 startups at its earliest stage. His portfolio includes companies such as Airtable, Applied Intuition, Decagon, Gecko Robotics, Linear, and Substack.
“I love supporting entrepreneurs. Whether it’s mercury building or investing, it gives ambitious founders energy, perspective and deep satisfaction to help them build their future. A dedicated fund can return to deeper and more meaningful.”
By launching the fund, the CEO of one of the most widely used business banking platforms hopes to provide more structured support to its founders while operating his investment process worldwide. This includes bringing in Yash Doshi as a partner. This is an early Mercury investor who has worked with Akhund and Akhund for a while.
The fund will focus on “actually building impactful products,” target opportunities in markets worth over $10 billion, and backstartup founders pursuing “facilitation of humanity.”
In March this year, Mercury raised $300 million in primary and secondary funds at a post-money valuation of $3.5 billion, doubling its valuation since it raised capital in 2021.