Start-up world gets three new funds
Start-ups can look forward to funding with three new angel and VC funds set up.
April 18, 2012 / 11:52 IST
Exclusive to SME Mentor
The start-up funding space is buzzing. Early stage investment fund Kae Capital raised money from a cluster of venture capital (VC) firms for its maiden fund, the first instance of VCs taking long-term exposure to a small fund. Marquee investors Sequoia Capital, SAIF Partners, Omidyar Network and a fourth that did not want to be identified have contributed about one-fifth to the $25 million (Rs127.25 crore) raised by Kae, which was formed by Sasha Mirchandani, co-founder of Mumbai Angels, India's second-largest angel investors' network. In another development, YourNest angel fund said it would invest in India focused start-ups. Former Bharti TeleTech CEO Sunil Goyal, along with two other partners, has set up a new early-stage venture capital fund looking to invest in start-ups tapping India's growth story. YourNest is raising Rs 100 crore and expects to make a first close in the next 30-45 days, according to Goyal, CEO & fund manager. The Gurgaon-based venture fund will invest into 12-20 India-focused start-ups.Also, the week saw the founding of Venture Nursery, a start-up accelerator in Mumbai. Founded by Shravan Shroff, founder and former MD, Fame Cinemas and Ravi Kiran, former CEO-South East & South Asia, Starcom MediaVest Group have partnered to launch Venture Nursery (VN), an angel-backed startup accelerator. Kiran is also co-founder and managing partner of Friends of Ambition.Based on its belief that the angel ecosystem must focus primarily on maximizing the success potential of start-ups, VentureNursery aims to undertake an intensive and immersive coaching and mentoring role in the chosen start-ups and helps each with end-to-end infrastructural and learning support. Invite your friends and family to sign up for MC Tech 3, our daily newsletter that breaks down the biggest tech and startup stories of the day
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
