Peak XV unveils Surge 12 cohort with 18 startups
The cohort includes a former professional baseball player among its founders.
Peak XV, a leading venture capital firm with over $10 billion in assets under management, has raised the investment ceiling for its seed-stage investing platform Surge to $5 million per company, up from the previous limit of $3 million. The new cohort, called Surge 12, consists of 18 startups and is the first to operate under this higher investment limit.
The venture firm invested over $50 million across the cohort, which has collectively raised more than $90 million in seed funding. Peak XV's managing director, Rajan Anandan, noted that the bar to raise a Series A has significantly increased, and the firm is seeing more capital-intensive companies, particularly in deeptech, raising larger rounds at the seed stage.
Surge has become more global, with its latest cohort spanning founders and companies from San Francisco to Sydney. While only five of the 18 startups in Surge 12 focus on the Indian market, more than half are based in India, with the remaining 13 targeting global markets. Since its launch in 2019, Surge has backed over 180 startups, with the 10 largest companies from those cohorts generating more than $1 billion in combined annual revenue.
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