Series A / PMF capital
Investors who fund the jump from early traction to proven product-market fit and a repeatable growth engine.
What this thesis means
Series A and PMF capital sits between “this might work” and “this clearly works.” These investors want evidence that a wedge is converting into a repeatable motion, retention, sales efficiency, or density, and a plan to turn that into category leadership.
In India, Series A diligence is sharper than seed: cohorts, contribution margins, hiring plan, and competitive reality matter. Founders who still pitch only vision get pushed back; founders who can show learning loops and a credible path to the next 18 months of milestones do well.
Lead with what is proven, what is still a bet, and exactly how the round buys proof, not only growth vanity metrics.
Who it fits
- Founders raising pre-Series A or Series A with real traction
- Teams with early retention or revenue signals seeking a lead
- Companies ready for more process than a seed round
What to prepare
- Cohorts, retention, or sales funnel metrics
- A 18-month plan tied to use of funds
- Honest competitive map and why you win the wedge
Funds with this thesis
021 Capital
021 Capital focuses on Seed, Series A opportunities across technology and adjacent sectors, operating as a VC relevant to Indian founders.
$1M – $6M108 Capital
108 Capital focuses on Seed, Series A opportunities across technology and adjacent sectors, operating as a VC relevant to Indian founders.
Seed · Series A12 Flags
Invest in founders from emerging countries building global businesses
$100K – $500K