Day One Ventures has agreed to lead the pre-seed round of funding for the best companies with a $1 million check.
New Delhi: A US-based company has started a programme specifically for those affected by the worldwide computer industry layoffs. The startup capital firm Day One Ventures created the “Funded not fired” campaign. By the end of the year, the company will invest 20 in startup teams with $100,000 in checks (about Rs 81 lakh), according to a Tech Crunch report.
Day One Ventures has agreed to lead the pre-seed round of funding for the best companies with a $1 million check. From its $52.5 million fund, the venture firm will allot $5 million (and no more than $10 million) to support the fired workers from businesses including Meta, Twitter, and Amazon.
A minimum of 0.1 percent to 1 percent of the thousands of employees affected by tech layoffs this year, according to entrepreneur Masha Bucher, who abandoned her previous profession as a politician and TV reporter in Russia, would succeed as a brilliant founder.
The programme, according to Bucher, is “not a charity” but rather a serious endeavour. According to her, people from Twitter and Stripe won’t be given any special treatment during the pitching round. In addition to Day One Ventures, additional initiatives have emerged to support the next generation of entrepreneurs, such as Z Fellows and the defunct fellowship programme for laid-off employees run by Cleo Capital.
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Job cutbacks at well-known corporations, such as Amazon.com Inc., which intends to fire 10,000 employees as early as this week in its largest-ever staff reduction, have accelerated in recent weeks. Startups and tech behemoths alike have both declared considerable austerity measures.
Both the car-hailing service Lyft and the online payment company Stripe recently announced significant layoffs. Over 10 percent of the workforces of Lyft Inc. and Meta Inc. were reduced. About half of Twitter’s 7,500 employees were let go earlier this month after Elon Musk recently acquired the company.
