Indian American venture capitalist Sheel Tyle, a former investor who led New Enterprise Associates seed-investing practice, has raised $100 million for his own fund, Amplo.
The existence of the new fund was revealed Oct. 10 by education startup Andela, which announced a $40 million funding round from the previously unknown firm as one of its new investors, according to a Forbes report.
Led by Tyle, 26, Amplo is raising $100 million for seed and follow-on deals, according to the report.
The firm completed a first close in recent weeks and is oversubscribed for the rest, according to several sources with knowledge of its fundraising process, the publication said.
The fund has already quietly made one other investment to date besides Andela, in a company called 1concern, which uses artificial intelligence to give damage estimates for natural disasters, it said.
In the report, Tyle confirmed to Forbes his role at Amplo.
While Tyle is expected to make several junior hires and potentially add a junior partner during the fund, he’s the firm’s sole leader, sources say, according to the report.
The fund’s $100 million target, meanwhile, is to allow Tyle to aggressively follow on with companies it sees as winners in the portfolio, investing about 20 percent at the seed stage and the rest in 8 to 10 of the best through new allocations, pro rata shares and secondary purchases, it added.
Amplo got its start in May when Tyle left NEA after his second stint at the VC firm. The son of Indian immigrants, Tyle graduated from Stanford at age 19 and worked at Skybox Imaging, which was acquired by Google, then at Bessemer Venture Partners. He also earned a law degree from Harvard.
Tyle helped source Snapdeal, the Indian e-commerce giant, and then Robinhood for NEA, the firm he worked at after Bessemer and rejoined partway through joint advanced law and business degrees at Harvard, Forbes reported.
Tyle said in the report that Amplo will focus on young entrepreneurs who want to create global companies to solve “real problems.”