The startup ecosystem gets its ACT together, sets up fund to help fight COVID-19

The startup industry, in yet another major initiative to help fight COVID-19 has come together to create a fund of Rs 100 crore and a pool of experts who can help the sector in this difficult times. This fund will be given out as grants to companies and innovators who can help fight the pandemic.

The initiative, which has been named ACT (Action Covid 19 Team), counts leading entrepreneurs, investors and other industry veterans among its members. They will collaborate with innovators and will partner with startup founders as they deal with the economic carnage caused by the COVID-19 outbreak.

Moneycontrol was the first to report on how Indian VCs and startup founders were coming together to form a Rs 100 crore fund. What was evidence of the enthusiasm around this initiative was that more than 40% of the fund got subscribed to within the first few days of the initiative getting launched.

"It seeks platforms that have capital efficient scalable solutions which need initial seed grant to fight COVID-19. Additionally the ACT network will bring its networks, team, money and startup assets to create a force multiplier to help these initiatives make rapid meaningful progress," said the collective in a note released on social media channels.