We back the
unglamorous middle
of the supply
chain.
SPV II invests at seed and early stage in companies working where software meets physical goods — agriculture, food, trade, and logistics. We hold to your company's actual cash flow trajectory rather than a fund clock, we help you land the US market, and we make non-dilutive working capital available through SPV I so your equity funds growth instead of inventory.
Where domain expertise
is an actual edge.
We invest where the Managing Member's operating history creates a genuine diligence advantage — sectors where we can assess a supply chain, a counterparty, or a unit economic claim from direct experience rather than from a market report.
Agri-tech
Farm inputs, yield and traceability technology, procurement platforms, post-harvest infrastructure, and agri marketplaces.
Food-tech
Ingredients, processing, packaging innovation, cold chain, food safety, and brands with defensible sourcing.
Trade finance technology
Underwriting, documentation, settlement, and risk tooling for cross-border commerce — a market we operate in as a principal.
Supply chain innovation
Logistics, warehousing, freight, customs and compliance, and the software layer that makes physical movement legible.
Three things beyond
the cheque.
Most early-stage investors offer introductions. What follows is narrower and more concrete: the specific help this particular firm is genuinely equipped to give, drawn from operating history rather than from a platform team.
US market entry and go-to-market
The hardest part of entering the US is not incorporation. It is the first twenty customer conversations, the distribution structure, and the pricing you commit to before you understand the channel.
- Positioning and pricing for US buyers and channels
- Distributor, broker, and retail structure — where we have run the category
- Introductions into the Bay Area and US business network
- Practical guidance on entity, banking, and commercial contracting
Working capital through SPV I
Growth in a physical business consumes cash long before it produces it. Funding that consumption with equity is the most expensive financing decision an early-stage founder can make.
- Purchase order finance against confirmed orders
- Receivables factoring so net terms stop capping growth
- Commodity-backed and inventory facilities
- Assessed separately and on arm's-length terms — see SPV I for founders
Cross-border corridor access
Counterparty relationships built as a principal since 2005 — real trading relationships with real history, not a logo wall of "portfolio partners".
- India — pan-India commercial and IIT Madras alumni network
- GCC — UAE and wider Gulf trade and family office relationships
- Singapore and Southeast Asia — trade hub and logistics corridors
- Vietnam, Africa, and Taiwan — sourcing and manufacturing corridors
Time-matched,
not clock-driven.
A conventional blind-pool fund must return capital on its own schedule, which becomes your schedule whether or not the business is ready. SPV II's Series 1 fund-of-one structure separates those two clocks.
What this means for you
- The hold period is set against your company's cash flow trajectory, typically three to seven years
- No pressure to engineer an exit because an unrelated fund is winding down
- Each investment is separately subscribed, so the capital behind you is committed to your company specifically
- Full liability segregation between series under Delaware §18-215 — no cross-exposure to other positions
What we ask in return
- Honest, regular reporting — including the quarters that go badly
- Standard early-stage governance and information rights, proportionate to the position
- A genuine willingness to use the operating help, not just the capital
- Clean cap table, clear IP ownership, and no undisclosed liabilities
Read this before
you apply.
We would rather cost you ten minutes than three weeks. A "no" below is not a verdict on your company — it is a statement about what this particular vehicle is built to do well.
Founders who have shipped
A product in market, early customers, or a pilot with a named counterparty. Pre-product is possible where the founding team has direct, deep experience in the specific supply chain being addressed.
A physical-world problem
Businesses where the difficulty lies in goods, counterparties, margins, and logistics. This is where our diligence is genuinely differentiated and our post-investment help is genuinely useful.
A US or corridor thesis
Companies for whom the US market, or an India–GCC–Southeast Asia corridor, is central to the plan. That is where we can move the needle rather than simply hold a position.
Pure consumer social or gaming
Excellent businesses; we would add nothing beyond money and would be a poor shareholder for you. We would rather say so than take the meeting.
Later-stage growth rounds
SPV II enters at seed and early stage through Series B. If you are raising a large priced growth round, this vehicle is not sized for the lead position you need.
Idea-stage with no domain depth
A deck and a market size without either a product or lived experience of the problem is too early for us specifically, however promising the space.
Five steps,
with a real answer
at each one.
Deal flow at InUSA Capital has historically been relationship-driven. This page opens a second door — but the standard of directness is the same one we apply to our own investors.
Submit
Complete the form below. Roughly fifteen minutes. A deck is optional and can follow.
First read
We read every submission and reply either with a straight no and the reason, or with a call.
Founder call
A working conversation about the business, the market, and where our help would genuinely apply.
Diligence
Product, customers, unit economics, cap table, corporate and IP records, and reference calls.
Terms
If we proceed, terms and structure are documented and the series is subscribed for the investment.
Tell us what
you are building.
Write plainly and specifically. We read for clarity of thought about a real problem, not for polish. Submitting opens a pre-filled email in your own mail client, so you keep a copy of exactly what you sent.
Ram N Ramachandran
Managing Member, InUSA Capital LLC
Send us commercial substance, not secrets. Submitting a company does not create a confidentiality obligation, an investment commitment, or any relationship between us, and we may be looking at companies in adjacent spaces. Please do not send trade secrets, unpublished technical detail, or personal data beyond what the form asks for.