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Anu Hariharan , who lead YC Continuity before the storied acceleratorscrapped the program , has partner with two of her former colleagues and former Brex executive Lucas Fox to set up a new fund that is target lift about $ 350 million and operating a program that some pegleg as “ YC for growing , ” four sources familiar with the matter told TechCrunch .
The new fund , whose name is Avra , design to operate an eight - week program with a cohort of about a twelve post - Series A startups each quarter . The invite - only program will pick startups with potent product market fit and generating at least a few million dollars in taxation , people briefed on the matter told TechCrunch .
Resembling Y Combinator ’s approach , the initiative aims to tie startup founder with experienced entrepreneurs at the late point . Together with Avra ’s partners — besides Hariharan and Fox , another two former YC executives are founding phallus of Avra , according to sources — these seasoned business loss leader will channelise the newer CEOs through various challenge , including how to maturate in the leadership role , and assist them in steering clearly of common mistakes .
Avra of late conclude its initiatory eight - hebdomad program . It plans to provide to invest in some of the startups in each cohort , some of the sources said , quest anonymity as the details are private .
Hariharan and Fox decline to point out .
The first cohort of startups let in Runway , Supabase , Roboflow and Hex Technologies , the sources said . Barry McCardel , carbon monoxide - father and chief executive director of Hex , corroborate that his inauguration participated in Avra ’s maiden program . Tony Xu of DoorDash and Parker Conrad of Rippling were among the mentors in the first age bracket .
“ The thing that sold me on Avra was the caliber of guests they had come in to speak with us . It was signally useful and inspiring to listen from other founders , CEOs , and operator about how they built their companies . I am ordinarily pretty doubting of VC programming – but Anu ’s insight and the calibre of the guests made it truly useful and worthwhile , ” McCardel severalise TechCrunch in an email .
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Paul Copplestone , co - founder and chief administrator of Supabase , also reassert the startup ’s involvement in Avra ’s first cohort .
“ The program was excellent , ” he told TechCrunch . “ Primarily they invited some of the most exceptional CEOs who have faced similar challenges that we are going through now . The program is well - structured , filling in a stack of the blind spots we had over the next 24 calendar month horizon . ”
YC ’s precipitous move earlier this year to abandon its maturation - degree investment trust caught several executives off guard , including Hariharan and Ali Rowghani , who jointly handle the late - leg fund . This unexpected shift also left a gap in the growth and late - phase venture sphere , particularly for a fund capable of provide resources and connecter cognate to YC ’s expressive style .
Over the years , Hariharan has build a strong reputation for being implausibly supportive of founder , a trait evident in her continued panel membership in numerous YC Continuity portfolio startups . Just two calendar month after YC close Continuity fund , she had finalized plans for set in motion Avra , harmonize to two individuals who interact with her in May .
“ ‘ Early growth ’ company are in an embarrassing phase angle : you may have PMF , but still have a lot to project out . [ Avra ’s ] program come to all the biggest , tough challenge we are dealing with , and give us a luck to expend meter with expert and peers who have gone through the same thing . It was super utile . My only feedback is that I bid the program went longer , ” said Hex ’s McCardel .
