Anu Hariharan, the former head of YC Continuity, has joined forces with two ex-colleagues and former Brex executive Lucas Fox to establish a new fund named Avra. The fund is aiming to raise approximately $350 million and is positioned as a “YC for growth,” according to four sources familiar with the matter.
Avra’s plan involves running an eight-week program each quarter, inviting a select group of about a dozen post-Series A startups. The program, accessible by invitation only, targets startups demonstrating a robust product-market fit and generating at least a few million dollars in revenue, sources.
Following a model similar to Y Combinator, Avra’s initiative seeks to connect startup founders with seasoned entrepreneurs at the late stage. The founding members of Avra, including Hariharan, Fox, and two former YC executives, will guide newer CEOs through various challenges, offering insights on leadership maturity and helping them avoid common pitfalls.
Avra recently concluded its inaugural eight-week program and plans to potentially invest in some of the startups from each cohort, according to anonymous sources.
The first batch of startups in Avra’s program included Runway, Supabase, Roboflow, and Hex Technologies, with mentors such as Tony Xu of DoorDash and Parker Conrad of Rippling. Entrepreneurs from these startups praised Avra’s program for its valuable insights and mentorship.
The move to establish Avra followed YC’s unexpected decision to abandon its growth-stage fund earlier in the year, leaving a gap in the growth and late-stage venture space. Anu Hariharan, known for her strong support of founders, quickly formulated plans for Avra just two months after YC shut down the Continuity fund. Entrepreneurs participating in Avra’s program praised it for addressing significant challenges and providing valuable time with experts and peers who have experienced similar situations.
