LetsVenture launches funding initiative to support early-age startups
LetsVenture’s new programme called LetsGrow aims to leverage its existing network of angel investors and industry experts to mentor early age startups
New Delhi: Online funding platform LetsVenture has launched an initiative to support fledgling start-ups in transitioning from seed stage to Series A and B funding rounds through to raising “growth” capital of $1-5 million, the company said in a statement on Tuesday.
Founded in 2013 by Sanjay Jha and Shanti Mohan, the platform aims to leverage its existing network of angel investors and industry experts to mentor early-age start-ups with its new programme, LetsGrow.
Vivek Khare, angel investor in Zomato, Meritnation, and Cashify, and former leader at investments and corporate development at InfoEdge, will lead the LetsGrow team as director of strategy.
“As a marketplace, which has understood investor preferences and organized the more difficult early-stage segment, we believe LetsGrow is the obvious progression,” the company statements added.
Registered in Singapore, with offices in India and the US, LetsVenture Online Pte is a platform for fund-raising, and for start-ups and investors to connect. It has enabled 170 funding rounds since inception and has a portfolio worth $550 million, including startups such as DailyNinja, MyUpchar, Bobble and Testbook.
LetsVenture’s network of 125 family offices and 100 funds is expected to facilitate the deals for LetsGrow.
According to the company, few bankers give time and attention required in the pre-Series A/B and Series A market because of negligible returns on investments. “LetsGrow will now help startups identify the right metrics that they would need to target when they raise growth capital of $1-5 million.”
It counts venture capital firms such as SAIF Partners, Sequoia Capital, Matrix Partners, Nexus Venture Partners, and Beenext, among others, as investors in its portfolio companies. It had initiated reporting on start-ups last year, and facilitates setting up of investor calls.
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