Bangalore-based online fund-raising platform LetsVenture has joined hands with India-focused technology venture capital fund IDG Ventures India Advisors to discover and seed-fund early-age startups in India indicating the rise in interest among VC funding bodies for seed-funding early-age start-ups.
IDG Ventures will provide funds of around Rs.3 crore for seed-funding early-age startups via LetsVenture. As part of a seedcamp, which will run in Bangalore and Delhi this week, the fund will have a one-onone session with each of the 15 start-ups curated by LetsVenture
LetsVenture which enables startups looking to raise seed/angel money to create investment ready profiles online, and connect to accredited Investors. Once a startup has verbal commitments from investors, LestVenture help them in the funding closure process through our Commitment-to-Closure package.
Founded in 2013 by Sanjay Jha, Manish Singhal and Shanti Mohan, the platform has a network of 1,900 start-ups, with 725 investors from 19 countries, and has closed 17 rounds of funding in amounts ranging from Rs50 lakh to Rs5 crore.
Earlier in May this year LetsVenture got around $670K (Rs.4 crore) of funding from group of angel investors which includes – Manav Garg (co-founder, Eka Software), Naveen Tewari (co-founder, InMobi) , angel investor Rajan Anandan and Sharad Sharma who is co-founder of software product industry think tank iSpirt.
“We kept getting deals from incu bators, accelerators and platforms. However LetsVenture’s deal flow and the quality of crowdfunded deals have been exceptional,” said Karthik Prabhakar, senior associate at IDG Ventures, which will be looking to tie up with other platforms over the next 12-18 months.