Immad Akhund, co-founder and CEO of Mercury made a big announcement today that is sure to get you excited. He created a $26 million fund to back seed-stage startups! This program is intended to go beyond symbolic support and give actual financial resources to founders. These folks have a very real history of creating deeply influential products that push humanity forward. The new fund is a testament to Akhund’s commitment to precedent of cultivating innovation and developing entrepreneurial talent in growing the startup ecosystem.
In March, Mercury completed a $300 million primary and secondary round led by Sequoia Capital. This most recent funding round saw participation from top tier investors like Coatue, CRV, Andreessen Horowitz, Spark Capital and Marathon. Mercury’s post-money valuation exploded to $3.5 billion following this strong round. This represents a doubling from its last capital raise in 2021.
Even with the launch of his new fund though, Akhund is as all-in as ever on his day job at Mercury. He explained that the fund allows him to provide more systematic support to founders. This makes it easier for him to invest.
“I love supporting entrepreneurs – whether it’s through building Mercury or investing. It gives me energy, perspective, and deep satisfaction to help ambitious founders build the future. A dedicated fund allows me to go deeper and back founders more meaningfully,” – Immad Akhund
From Akhund’s perspective, his new fund will focus on connecting with the founders whose aptitude for running a business stands out. It looks for people who are committed to building a better world. By concentrating on entrepreneurs with a strong vision for innovation, Akhund aims to foster a generation of startups that contribute meaningfully to technological advancement and societal progress.