Afore Capital Launches $185M Fund & Founders-in-Residence Program for Early-Stage Startups
The Evolution of Pre-Seed Investing
Afore Capital, the largest dedicated pre-seed investment firm, has raised a $185 million fourth fund while introducing an innovative Founders-in-Residence (FIR) program. This dual announcement signals a strategic shift toward greater flexibility in early-stage funding.
A Track Record of Success
Since its 2017 founding, Afore has:
- Built a 200-company portfolio worth $13.5 billion+ collectively
- Returned $47 million to limited partners in the past year alone
- Backed notable startups including Modern Health, BenchSci, Neo Financial, and Hightouch (which recently raised \(80M at a \)1.2B valuation)
The Pre-Seed 2.0 Strategy
With its new $185M fund, Afore is implementing what it calls “pre-seed 2.0” - a more flexible investment approach:
- Traditional investments: Still offering $1-2M checks for founders with established ideas
- Emerging founder support: New programs for entrepreneurs in earlier ideation phases
“We can write a small check, we can write a bigger check, but the idea is we want to help you get the business off the ground,” explains General Partner Anamitra Banerji.
The Founders-in-Residence Program
Afore’s eight-week FIR program differs significantly from traditional accelerators:
- Small cohorts: Just 5-8 founders per group
- Focus on innovation: “The goal is to invent. The goal is to build. The goal is not to fundraise,” says GP Gaurav Jain
- Customized terms: Unlike standardized accelerator deals, FIR investments are tailored to each startup’s needs
“We’re the polar opposite of an accelerator,” Banerji notes. “We’re trying to invent a product alongside our founders.”
Investment Outlook
From its fourth fund, Afore plans to:
- Back 35-40 pre-seed companies
- Support 50-75 founders through the FIR program
This balanced approach allows Afore to continue its successful pre-seed strategy while nurturing the next generation of entrepreneurial talent at even earlier stages.
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