scrapped the program<\/a>, has partnered with two of her former colleagues and former Brex executive Lucas Fox to launch a new fund that is targeting raising about $350 million and operating a program that some peg as \u201cYC for growth,\u201d four sources familiar with the matter told TechCrunch.<\/p>\nThe new fund, whose name is Avra, plans to operate an eight-week program with a cohort of about a dozen post-Series A startups each quarter. The invite-only program will pick startups with strong product market fit and generating at least a few million dollars in revenue, people briefed on the matter told TechCrunch.<\/p>\n
Resembling Y Combinator\u2019s approach, the initiative aims to connect startup founders with experienced entrepreneurs at the late-stage. Together with Avra\u2019s partners \u2014 besides Hariharan and Fox, another two former YC executives are founding members of Avra, according to sources \u2014 these seasoned business leaders will guide the newer CEOs through various challenges, including how to mature in the leadership role, and assist them in steering clear of common mistakes.<\/p>\n
Avra recently concluded its maiden eight-week program. It plans to offer to invest in some of the startups in each cohort, some of the sources said, requesting anonymity as the details are private.<\/p>\n
Hariharan and Fox declined to comment.<\/p>\n
The first cohort of startups included Runway, Supabase, Roboflow and Hextech, the sources said. Barry McCardel, co-founder and chief executive of Hex, confirmed that his startup participated in Avra\u2019s maiden program. Tony Xu of DoorDash and Parker Conrad of Rippling were among the mentors in the first cohort.<\/p>\n
\u201cThe thing that sold me on Avra was the caliber of guests they had come in to speak with us. It was remarkably useful and inspiring to hear from other founders, CEOs, and operators about how they built their companies. I am usually pretty skeptical of VC programming \u2013 but Anu\u2019s insight and the quality of the guests made it truly useful and worthwhile,\u201d McCardel told TechCrunch in an email.<\/p>\n
Cristobal Valenzuela of Runway also confirmed the startup\u2019s participation in Avra\u2019s first cohort.<\/p>\n
\u201cThe program was excellent,\u201d he told TechCrunch. \u201cPrimarily 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 lot of the blind spots we had over the next 24 month horizon.\u201d Supabase and Roboflow didn\u2019t immediately respond to a request for comment.<\/span><\/p>\nYC\u2019s abrupt move earlier this year to abandon its growth-stage fund caught several executives off guard, including Hariharan and Ali Rowghani, who jointly managed the late-stage fund. This unexpected shift also left a gap in the growth and late-stage venture sphere, particularly for a fund capable of providing resources and connections akin to YC\u2019s style.<\/p>\n
Over the years, Hariharan has built a strong reputation for being incredibly supportive of founders, a trait evident in her continued board membership in numerous YC Continuity portfolio startups. Just two months after YC shut Continuity fund, she had finalized plans for launching Avra, according to individuals who interacted with her in May.<\/p>\n
\u201c\u2018Early growth\u2019 companies are in an awkward phase: you may have PMF, but still have a lot to figure out. [Avra\u2019s] program hit all the biggest, hardest challenges we are dealing with, and gives us a chance to spend time with experts and peers who have gone through the same thing. It was super useful. My only feedback is that I wish the program went longer,\u201d said Hex\u2019s McCardel.<\/p>\n<\/p><\/div>\n
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