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LetsVenture raises Series A funding from Accel Partners & others

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Online fundraising platform LetsVenture has raised an undisclosed amount in its Series A round of funding led by Accel Partners and Anupam Mittal, with participation from Nandan Nilekani, Rishad Premji, Kunal Bahl, Rohit Bansal, Girish Mathrubootham, Amit Ranjan and Singapore Angels among others.

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The company will use the funds to scale up, bring on board new investors and expand its employee base from the current 22 to 40 by the end of the year. Note that the company earlier raised a seed fund worth Rs 4 crore from various investors in May last year.

LetsVenture is an online deal-making platform that brings together investors and startups, much like AngelList. It essentially works like a marketplace for global investors to connect with entrepreneurs of India. The platform is currently free for investors, and charges startups 2 per cent of the funds raised as fee. Interestingly, the last time to company raised funds, it said it might start charging investors around Rs 20,000 as annual registration fee, which it has yet refrained from doing.

In 2015, the company claims to have funded 50 startups for a total of up to $17 million. This includes over 10 startups in the consumer internet sector and 5-10 startups in mobile, SaaS, education and ecommerce sectors. It also claims to have an investors base of over 1200 angels from over 20 countries.

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AngelPrime funding: In July, seed-stage fund AngelPrime raised Rs 300 crore from  The Social+Capital Partnership and several institutional investors. The company said then that it would infuse up to Rs 6 crore in a single round in companies across business segments such as financial technology and services, mobile internet, internet-connected devices, education and healthcare, with about a fifth of the funding to be deployed this year.

Other VCs to raise capital:

– In March, Venture capital firm SAIF Partners raised $350 million for a new India-focused fund from 27 investors.

– Mayfield Fund closed its second India-dedicated fund at $108 million in February.

– Sequoia Capital added another $210 million to its existing $530 million-India fund in April.

– In March again, Accel Partners, the venture capital firm that backed the Flipkart, launched a $305 million India-focused fund to capitalise on favourable conditions for start-ups.

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Image credit: Flickr user GotCredit

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