Alter is raising a $30M early-stage venture fund to capitalize on our conviction that the next decade’s unicorns will be created and led by entrepreneurs based not only in the Silicon Valley, but in South and Southeast Asia, Latin America, the Middle East, and Africa. This fund will make investments - ranging from $200K to $500K - in Pre-Seed, Seed & Series A financing rounds.
We started Alter 9 years ago as a non-profit entrepreneurial support organization, interested in learning about and contributing to the growing entrepreneurial ecosystems in emerging markets.
In February 2020, we began investing into early-stage opportunities in South and Southeast Asia, Latin America, the Middle East, and Africa. We invested ~$9M into 18 companies, earning a 2.6x Multiple on Invested Capital (“MOIC”). We doubled down where we had high conviction and invested another ~$6M of follow-on capital into 3 companies for an overall MOIC of 2.3x.
With our strong track record and proven process, we launched our Rolling Fund in November 2021 and have invested ~$14.1M into 19 companies ($6.1M RF; $8M SPVs) over the past 9 quarters. In all, we’ve backed 31 amazing companies, 10 of which have grown up to be Endeavor Entrepreneurs.
Alter is building a venture capital firm for the next generation, backing the world’s boldest tech founders. We are here to alter the status quo and venture boldly. This is not impact investing - this is venture capital with a higher purpose.
Our Mission & Approach
Our theory of change is predicated on the belief that one company’s success can spark a ripple effect of growth that extends beyond the success of that business; a scalable venture can be the foundation for socio-economic development in ways even traditional aid cannot. Our mission is to catalyze emerging tech ecosystems by backing future success stories led by role model founders - and to make top-decile venture returns along the way. By 2030, seven of the world's 10 largest economies will be emerging markets, including India, Indonesia, Turkey, Brazil, and Egypt. By 2050, the world's top 20 economies will feature these countries, as well as Mexico, Nigeria, Pakistan, the Philippines, and Vietnam. This is where Alter operates, backing high-character founders custom-building startups in Commerce, Financial Services, Logistics, and Education for emerging markets.
As investors, we seek to be allies to our founders in all aspects of their businesses, working closely with them on developing their products, connecting them with talent, and sharing their stories. Through our signature Alter Fellows program founded in 2018,
we’ve sent ~100 young professionals
from Google, Facebook, McKinsey and more to work directly with ~30 of our ventures
. Moreover, 15 stayed on full-time
. This deep, daily focus on becoming true partners has earned us an NPS of 91 from our portfolio, and we aim to be #1 on every cap table when it comes to our ‘Check Size: Helpfulness’ ratio.
Our Investment Thesis
A+ Founders: Early-stage investing is a people business. In pursuing where to invest our time and capital, we prioritize the quality, integrity, and potential of the founder(s) above everything else. We seek long-term partnerships with founders who will be the role models of tomorrow - catalyzing the next generation of entrepreneurship and growth in their countries.
Emerging Tech Cities: We focus beyond the US and China, which still absorb the majority of the world’s investment dollars. Instead, we seek to invest ~50% in India, Brazil and Indonesia, fast-growing markets we believe many category-creating businesses will come from over the next decade. The other ~50% will focus on other key markets in Latin America (Mexico, Colombia, Argentina), Asia (Turkey, Pakistan, Bangladesh, Vietnam, Philippines), and Africa (Egypt, Nigeria, Kenya).
Business models we know...and can see coming: With deep ties to founders in 30+ countries, we observe and closely study dozens of business models, giving us a sustainable competitive advantage to see “what’s coming next” in these ecosystems. For instance, we were early backers of the global SMB digitization wave by investing in Bazaar in Pakistan, Kippa in Nigeria, and Sumer in Colombia.
- Jesse Sullivan: Founder & CEO of Alter. Presidential Leadership Scholar and Stanford GSB grad. Previously served with the DoD in Afghanistan.
- Allen Taylor: Founding Board Member of Alter & Managing Director of Endeavor Catalyst, the innovative co-investment fund of Endeavor. 250+ emerging market investments, including 50+ Unicorns. Kauffman Fellows board member.
- Yash Vardhan Kanoi: Head of Investments with startup and investing experience in both South and Southeast Asia.
- Yana Yasevich: San Francisco-based Head of Platform. A former founder herself, Yana is a key node in our global founder community, supporting our ventures and scaling Alter.
The Alter team also includes Sidd
in Delhi, India, Fernando
in São Paulo, Brazil, Heba
in Cairo, Egypt, Ana
in Dallas, Texas, and Benek
in Boulder, Colorado.
Our Track Record
Prior to our rolling fund, Alter deployed $15M into 18 companies, producing a 2.3x MOIC and 31% IRR. With the majority of our investments at the Pre-Seed and Seed stages, we've also helped our founders raise follow-on capital from world-class funds like Sequoia, a16z, Lightspeed, and Founders Fund.
If you would like to see more of our portfolio, our full list of investments can be found here.
As you’ve hopefully realized by now, we’re on a mission to create an unprecedented global network of the world's best tech founders, and we would love for you to join us. We consider ourselves incredibly lucky to already be backed by such an awesome network of LPs and advisors, and are excited to be opening up to outside LPs for the first time. Click here to watch a short (4 minute) video featuring some of the amazing entrepreneurs we’ve backed so far in Indonesia, Nigeria, Bangladesh and Vietnam. Then, click to invest.
We invite you to venture boldly.
Jesse, Allen, Yana, Yash and the entire Alter team!