BankerBay, a platform which connects companies with investors has raised under $1 million angel funding from Nomura, Ernst & Young, Government of Singapore, Jefferies and other high net worth individuals, the company has confirmed to Medianama.
The story was first reported in TechCircle.
BankerBay raised the funding at $5 million pre-money valuation on a convertible note-basis. The company will use this capital to expand its engineering team and to rope in more investment bankers. It is also looking to raise an intermediary round of $3 million to its expand operations.
BankerBay is a Bangalore- and Singapore-based company that helps private equity firms and investment banks find prospective companies looking for funding. In other words, it is a match-making site for companies looking to lend and borrow. It lets members apply for funding directly to banks, investment banks, PE/VC firms and other accredited and institutional investors.
How it works: The company uses a scientific approach to match opportunities in finance and introduces them. When you register your company and add a proposition for funding, the company finds you prospects after using a software. It generates a match between you and lenders. BankerBay then considers the investment criteria of investors and deal parameters of the sell side. These are tallied using a combination of technology and analysts, and matches are generated. The two parties’ identities are disclosed after approvals, and over the BankerBay platform, investors are introduced to companies seeking capital.
BankerBay claims to handle over 500 live transactions at present. By mid-2014, they plan to introduce location-features that will notify you of opportunities based on proximity.
Typically, investments in the funding space are made based on word-of-mouth. With the number of startups is increasing in the country and the funding space getting competitive, this platform can perhaps help bring the deserving companies into the picture.