Here's a quick wrap of all the startup stories that matter.
Here’s a lowdown of the top deals from the startup space.
Facebook co-founder Eduardo Saverin's B Capital closes $250M early-stage fund
B Capital, a global multi-stage investment firm, has closed a $250 million Ascent Fund II, its first dedicated early-stage fund.
Ascent invests in pre-seed through series A rounds globally, with an emphasis on the US and Asia, including India. With $6.5 billion in assets under management across multiple funds, B Capital has backed Indian unicorns such as Byju's, Meesho, BlackBuck and Dailyhunt.
The VC firm co-founded by Facebook co-founder Eduardo Luiz Saverin and Bain Capital veteran Raj Ganguly, said it targets founders across digital healthcare, enterprise software, fintech and logistics, among other growing industries.
Healthtech startup Fitterfly bags $12M in Series A round
Fitterfly, a healthtech startup has bagged $12 million in Series A funding round led by Amazon Smbhav Venture Fund and Fireside Ventures. This is Amazon Smbhav Venture Fund’s first healthtech investment in India. Amazon had announced a $250 million fund to support small businesses.
The co-investors in this round include 9 Unicorns, Venture Catalysts and Nihar Parikh, Founder of 4point0 Health Ventures and Sriram Natarajan, Founder of Molbio.
The Mumbai-based startup will use the capital to enhance its technology stack and branding, and improve the reach of its diabetes management digital therapeutics programme Diabefly.
“This funding will help us strengthen our research, launch new verticals in the heart health space and grow our customer base by reaching out to people living with diabetes as well as the universe of doctors and organisations in the field of chronic disease management,” said Dr Arbinder Singal, CEO and Co-Founder, Fitterfly.
First Cheque closes second fund at $5M
Early stage venture capital fund First Cheque has launched its second fund to invest in 50 startups in the next 18 months.
The fund, which used to operate as an AngelList syndicate and had invested in more than 100 startups in the past three years, has raised Rs 38 crore ($5M) from global investors for its second fund.
The firm will focus on first-time founders and will invest $100,000 in each of its portfolio companies, which is essential for founders to get their business started from scratch.
“We are looking to back aspirational founders with lesser emphasis on conventional prerequisites such as educational pedigree, previous founding experience, and conviction from other venture capital firms. In our investment decision, ‘Founder Market Fit’ will take precedence over these factors,” said Prateek Agarwal, investment lead at First Cheque.
Geekster raises $1.30M in Pre-Series A round led by Inflection Point Ventures
Edtech startup Geekster has raised $1.30M in a Pre-Series A round led by Inflection Point Ventures with participation from MyNavi Corporation, Japan.
Existing investors We Founder Circle and Ah Ventures also participated in the round. With this, the brand has raised a total of $1.5 million till date.
The fund raised will be primarily utilized towards expanding the team. A part of the raised investment will also be exhausted in expanding the portfolio of offerings, adding new programs, and building scalable learning and hiring platforms, a statement said.
Trainman gets $1M in Seed round from US-based investors
Trainman, an online train ticket booking platform, has bagged $1 million in its seed funding round led by marquee US investors like Goodwater Capital, Hem angels and others.
Angel investors including Justin Hamilton and Ivy Growth Associates also participated in the funding round.
The startup intends to use the funds to further enhance and optimize its platform for people looking for seamless train travel experience in India. The company also plans to increase its investment in technology and products while tapping into the growing verticals like predictive and data analytics on a vast scale.
Agritech startup Growcoms raises $1M from Info Edge
Agritech startup Growcoms has raised $1 million (about Rs 7 crore) in Pre-Series A round of funding from Info Edge, to scale up operations. The firm is supported by Kerala Startup Mission and incubated in Indigram Labs foundation.
The company intends to use this funding to scale up the tech platform and enhance the market reach. Besides, the firm plans to facilitate cross-border trade and further strengthen traceability and transparency of the spices value chain, it added.
“The company focuses on creating awareness among farmers about enhancing the quality of produce and thus getting the right value for their produce”, said Founder and CEO Kannanthanam
Birla Brainiacs raises undisclosed investment in Pre-Series A round
Edtech startup Birla Brainiacs has raised an undisclosed sum in Pre Series A funding round at pre-money valuation of $9 million. The funding round was led by angel investors Sunit Gajbhiye and Rohit Gajbhiye, Founders of Finance Peer.
This fresh capital will be used towards accelerating Brainiacs into the next phase of growth and expanding operations in India, Middle-east Europe and America and also enhancing Product in UI and AI, a statement said.
The startup was launched in 2019 by Nirvaan Birla who is the son of Yashovardhan Birla, the chairman of the Yash Birla group. “The new round of funding will enable Brainiacs to expand on Pan-India basis as well as reach out new geographies within the next three to four years with 1L plus students,” said Nirvaan, Founder, Birla Brainiacs.
Adaptive raises Pre-Seed round from Antler India
Infrastructure automation platform Adaptive has raised an undisclosed amount in Pre-Seed funding round led by Antler India, Pareto Holdings, Adept Ventures, Hustle Fund and Haresh Chawla to transform the current state of DevOps and infrastructure management for software companies.
The fresh capital will be used to hire talent and build a superior product, the startup said.
“We are going after a $70bn+ process automation market globally. By automating and templating cumbersome processes undertaken by developers and technical stakeholders, we want to build the universal ‘internal Ops’ platform for organizations for all infrastructure and SaaS tools,” said Ronak Massand, Co-founder, Adaptive.
Botsync raises Pre-Series A round led by Venture Catalysts and others
Botsync, a Singapore-based robotics startup, has raised an undisclosed amount in a Pre-Series A round led by Seeds Capital, Venture Catalysts, and AngelCentral.
According to the company, the funds will be used to scale the company’s automation solution offerings and support the growing demand for automation across existing factories and warehouses.
“We are excited to expand our teams in Singapore and India, scale our commercialisation strategy and enhance the features of our AMRs to improve the product experience for our customers. We are now primed to build strong partnerships with our customers and offer tailor-made solutions that can be implemented flexibly across Asia,” said Rahul Nambiar, CEO and Co-Founder of Botsync.
The company’s flagship product is the MAG robot line. Powered by a deep learning algorithm, these robots can navigate autonomously through factories and warehouses by creating a one-time map of the operating site. They are also capable of transferring loads of up to 1,500 kilograms.
Gourmet cheese maker Cremeitalia raises $600,000
MD Food Product, which runs gourmet cheese company Cremeitalia, has raised $600,000 (Rs 4.6 crore) from BL Taparia Family Office.
This is the first round of fundraising for the firm from external investors, after initial funding from family and friends in the last three years.
With this fundraise, the company plans to deploy this capital towards new product launches, entering new tier 2 and 3 markets for retail expansion from the current cities and ramping up its current manufacturing capacities by 5X.
The brand started with four products in December 2018 with techniques from Europe. The company, they said, aims to sell fresh cheeses like bocconcini, burrata, cream cheese, cheddar, among others.
Backspace Tech secures $450K in Pre-Seed round
Fintech startup Backspace Tech has raised $450,000 from strategic investors including Mohan K & Jai Kumar, Founders of Ippopay (Fintech), Omar Bin Brek, UAE-based founder of Foloosi (fintech) along with M2P Founders and Other Angel Investors.
The fresh round of funds will be used to strengthen the technology stack, team expansion and for Go To Market, a statement said.
Backspace Tech’s product can be subscribed on a yearly subscription with strategical plans, which also includes volume-based pricing.
Fretbox raises Rs 4M to expand its operations
Fretbox a SaaS based proptech startup, has raised Rs 4 million in a funding round led by Persistent System board members, an ex-CIO of Tata Motors, and an Invasystems VP.
The firm will use the fresh capital to expand its operations in Tier II and Tier III cities.
(Edited by : Anand Singha)
First Published: IST