Mayfield Fund, a California based global venture capital firm, has announced that it will be backing AngelPrime, a Bangalore-based incubator, reports Techcrunch. While the fund has not released exact financial details about the deal, a report by NDTV Profit states that the fund raised by AngelPrime is less than $10 million.
AngelPrime was founded by Bala Parthasarathy, Shripati Acharya and Sanjay Swamy in 2011. The incubator provides seed capital to startups in the $200,000-$600,000 range and nurtures them for 12-14 months. Currently, the company’s website states that it has incubated a mobile payments company (Ezetap) and an e-commerce company. The company also claims that it plans to incubate three companies every year.
Mayfield Fund made the investment out of its Mayfield India Fund, a $111 million fund raised in 2008. Mayfield Fund India has previously invested in Centum Learning, dealsandyou, Fourcee, Genesis Colors, Geodesic Techniques, and Sohan Lal Commodity Management. Apart from a India focused fund, Mayfield also operates a $365 million U.S.-focused technology fund. Previously, Mayfield had also invested in Seedfund, an early-stage venture fund, in 2007.